What Is Closing?

Closing (also called settlement) is the final step in selling your home. It's the meeting where ownership officially transfers from you to the buyer, all financial obligations are settled, and you receive your proceeds. In Florida, closings are typically handled by a title company or real estate attorney.

Who Is at the Closing?

In Florida, the seller and buyer don't always need to be in the same room — or even present at the same time. Common participants include:

• Seller (you): You'll sign documents transferring ownership
• Buyer: Signs their loan documents and takes ownership
• Title company representative or closing agent: Manages the paperwork and funds
• Real estate agents: May or may not attend
• Lender representative: For financed transactions

In many Florida closings, sellers and buyers sign separately. You may not meet the buyer at all.

What Documents Will You Sign?

Deed

The deed is the most important document. It transfers legal ownership of the property from you to the buyer. In Florida, the most common type is a warranty deed, which guarantees you have clear title to the property.

Closing Disclosure (CD)

This document shows all the financial details of the transaction — the sale price, your mortgage payoff, all fees and costs, and your net proceeds. Review this carefully before signing.

Affidavit of Title

You'll sign a statement confirming that you have the right to sell the property, there are no undisclosed liens, and there are no known title issues.

Bill of Sale (if applicable)

If personal property (appliances, fixtures) is included in the sale, a bill of sale documents what's being transferred.

1099-S Form

The title company may have you sign a form for IRS reporting of the real estate transaction. This is used to report the sale to the IRS.

What Happens to Your Mortgage at Closing?

Your mortgage is paid off directly from the sale proceeds at closing. The title company sends the payoff amount to your lender, and the lien on your property is released. You don't need to do anything — it's handled automatically.

How Long Does Closing Take?

For sellers, signing typically takes 30–60 minutes. The buyer's signing (especially with a mortgage) can take 1–2 hours. If you're signing separately, your portion is usually quick.

When Do You Get Paid?

In Florida, sellers typically receive their proceeds the same day as closing or the next business day. The title company wires the funds directly to your bank account after all documents are signed and the buyer's funds are confirmed.

For cash sales, funds are often available the same day. For financed transactions, the lender must fund the loan before proceeds are distributed — this can sometimes push payment to the next business day.

What to Bring to Closing

• Government-issued photo ID: Driver's license or passport
• Any keys, garage door openers, and access codes: You'll hand these over at closing
• Cashier's check or wire transfer information: If you owe money at closing (rare for sellers with equity)
• Bank account information: For receiving your proceeds via wire transfer

What Happens After Closing?

Once closing is complete:

• The deed is recorded with the county — this officially transfers ownership
• Your mortgage lender receives the payoff and releases the lien
• You receive your net proceeds via wire transfer
• You hand over the keys and vacate the property (if you haven't already)

Closing on a Cash Sale

Cash closings are simpler and faster than financed closings. There's no lender involved, so there's less paperwork and fewer parties. The title company still handles the process, but it moves more quickly. Most cash closings take 30–45 minutes and funds are typically available the same day.