You’ve spent weeks or even months searching Sanibel Island real estate for the ultimate home. Perhaps you have looked far and wide to find the perfect home for you and your family to enjoy, and finally found the home of your dreams. Congratulations! However, the journey isn’t over quite yet.
One of the most vital yet overwhelming steps in the home buying process is the closing.
While closing on your home can be incredibly exciting, it might also be worrisome if you’re not sure what documents you need. That’s why we are here to let you know all of the Sanibel Island closing documents you will need to make your home officially yours.
Steps to Purchase Real Estate
On Sanibel Island
Once you’ve searched through the real estate on Sanibel Island and found the home that’s right for you, there are several steps you’ll need to take to finish the deal. During your closing, you’ll be working closely with your real estate agent, the sellers of the home, and any potential attorneys or title companies that may be involved.
One of the parties will be responsible for paying the closing costs, and you’ll need to provide quite a few documents to finish everything up. If you ever have a question about anything you’ll need to do or provide during this step, be sure to ask your real estate agent for more details.
After you’ve provided all the necessary documents and paid any closing costs, your home is officially yours! All you’ll have to do next is move in your things and start enjoying the amazing beaches of Sanibel Island, which are just steps away from your new home.
Sanibel Island Closing Documents
When you’re working to purchase Sanibel Island or Captiva Island real estate, there are six main documents that you’ll need: a bill of sale, trustee, funding, insurance, certificate of occupancy, and appraisal. You may need additional information, and your real estate agent will be able to tell you anything else that’s necessary.
Bill of Sale
The bill of sale is perhaps the most important document you’ll need on the day of your closing. This document is essentially a receipt that confirms the sale of the property and any other contents you might be purchasing. Often, your bill of sale will be combined with your deed. The deed to the home details the property and is what will be posted in public records. It’s almost impossible to have a home sale that doesn’t require a bill of sale, so make sure you have this document at closing!
You’ll also need a label of a trustee, which you might also hear referred to as a revocable living trust. This document is used to authorize a new owner of the property in case of the purchaser’s passing. Essentially, you’ll be able to use this document to designate who you want the home to belong to in case you pass away. You can choose to authorize a spouse, child, family member, or anyone else who you want to be responsible for the property.
Of course, one of the most important parts of purchasing Sanibel Island real estate is making sure you can pay for it. That’s why you’ll also need a funding verification form, which makes it clear where you’re getting the money to purchase your new home. If you’re paying for the home outright and have enough money in your bank account to cover the cost, this form will verify the funds. If you’re using financing to purchase the home, your funding verification form will determine the lender that is responsible for the payment.
Homeowner’s insurance is another vital part of purchasing a property, and you’ll need to decide on a policy when purchasing a new home. Many closings will require you to determine your insurance policy and present it on the day that you close. This process is often handled weeks ahead of time, so you shouldn’t be scrambling to come up with a document at the last minute. You’ll need to decide whether you want your insurance policy to cover strictly your home or the items inside as well, along with what scenarios will be covered (fire, flood, burglary, etc). You may choose to forego insurance, but you’ll still need a document stating this decision.
Certificate of Occupancy
To stay in line with local government regulations, you’ll need a certificate of occupancy, which essentially states that your home is officially fit to live in. This document is needed for virtually all Captiva and Sanibel Island homes for sale. Your certificate of occupancy will verify that the home meets local codes and is compliant with the building regulations in the area. Again, this process of inspection and verification is usually done weeks ahead of the closing, but it can often take time to get your official certificate of occupancy. Be sure to keep an eye on this process as your closing date approaches.
Finally, you’ll want to make sure you have an appraisal. It’s important to understand the value of your property to make sure that you are paying a fair price for the home. Your appraisal document basically confirms that you understand what your home is currently valued at. these documents are often required in order to prevent unknowledgeable buyers from purchasing a home without knowing the true value and potentially being taken advantage of. Having your home appraised is a vital step to ensuring that you aren’t paying too much for your home and that both you and the seller get a fair deal.
Make Your Home Purchase with
As we stated, you may wind up needing more documents than this when it comes to closing on your home. However, your Sanibel Island real estate agent will be right by your side guiding you through the process and can let you know if you need anything else to secure your dream home. Before you know it, you’ll be settling into your new home, enjoying the incredible weather in Sanibel, and taking your time exploring all of the wonderful sites and attractions that this area has to offer!
If you’re searching to make Sanibel Island or Captiva Island a more permanent home, you’re going to want a dedicated and experienced real estate agent by your side throughout the process. There’s simply no more trusted real estate professional in the area than David Schuldenfrei. David has decades of experience connecting passionate buyers with the best homes in the Captiva Island and Sanibel Island area, all while ensuring they get a great deal for their property and that they are able to close on the home quickly.
Sanibel Island Real Estate Agent
Whether you’re looking to relocate as you retire or you simply want to spend your days by the shore in the summer, David Schuldenfrei has the expertise you need to lock down your dream home. So, what are you waiting for? Contact David Schuldenfrei today to learn how he and his team can help you in your journey to move to Sanibel Island!