What Documents Do I Need When Closing on My Sanibel Island Home?

You explored all Sanibel Island real estate. You found the one dream home you want and you went through all the many steps required to eventually buy it.

You fought tirelessly to get here. Congratulations.

But is not over- yet.

There are just a few more things you need to make the home your own. You have a closing date and everyone is on the same page. Now, it is time to acquire all the documentation you need to make sure you don’t run into a tangle on the final day. We review the most imperative documents you need when you close on any Sanibel Island homes for sale.

In general, there are about six major documents you need. Different arrangements may require more specialized documentation, but it is hard to get away from these main six.

We review the most imperative documents you need when you close on any Sanibel Island homes for sale so you don’t run into a tangle on the final day.

The Bill of Sale

The bill of sale is commonly combined with the deed in a two-for-one package. Virtually every home sale in the country requires a bill of sale and a deed to finally be completed by all parties at the closing table. The bill of sale is like a receipt. It confirms the sale of the home and its contents. The deed is slightly different. It is a document which details the home and is the information posted in the public records.

Trustee

Almost all home sales require a label of a trustee, often called a revocable living trust. In short, the new owner must authorize who will be the owner of the property in case of their passing.

Funding

A funding verification form determines where the money is coming from. If the buyer has financing, this document will determine what the lender is responsible for payment.

Insurance

Upon closing, sellers must determine their insurance policy. This could vary to include everything inside the home or just the home itself. What scenarios are covered and how? Insurance is usually handled weeks before buying the home.

Whether they forgo insurance entirely or insure the home to the nines, this document will determine exactly what is covered and to what extent the moment the home is sold.

Certificate of Occupancy

The certificate of occupancy determines the livable status of the home. The city requires it for all Captiva Island real estate, as do most parts of the country. It verifies that the property is up to code and has achieved proper building compliance. This varies based on zoning, commercial uses, home size, purpose, and a lot more. This is typically completed weeks in advance, but it can often take time to receive proper building confirmation, especially if the seller is planning substantial changes.

Appraisal

The appraisal acknowledgment documents confirm that the new buyer understands the current valuation of the home. It is designed to help avoid any abuse situation where a buyer does not understand the value of the property they are buying.

You may need other documents to complete the closing process, but this is definitely a huge step in the right direction. If you have all the six documents above, you should be covered and ready to go. If you are handling a unique situation, be sure to contact your realtor. He or she may guide you to specific documents you need to complete so the close isn’t held up.

Learn more about buying and selling a home on our website. We cover many different parts of seeking Captiva Island homes for sale and selling in a competitive market. We look at the whole process, from preparing your home inspection when you buy to staging your home when you sell.