Refinance transactions are similar to closings for purchasing property. Differences include:
- No transfer of title (no deeds)
- Only a lender’s title insurance policy will be issued
- The transaction takes less time and effort
- Financing documents (mortgage, note, riders, truth-in-lending, etc.) are executed at the closing
- Money is held in escrow for three (3) business days, since owners have a three (3) day window (rescission period) in which to cancel the transaction.
- After the rescission period, the money is disbursed, previous mortgages and other liens are paid-off, and satisfactions of those liens are recorded.
This information is not intended as a conclusive explanation of the Law of Real Estate Transactions in Florida. It is to be considered only a summary for clients or prospective clients of this law firm. If you have any questions concerning a specific real estate transaction, you should consult an attorney experienced in the practice of real estate law.