Escrow and Settlement or Closing Company
When you have a signed contract to purchase real estate in Florida, you are going to need a settlement company or closing company. In Naples, Florida, the title company or attorney issuing the title insurance is usually chosen as the closing or settlement company. Most times the closing company will hold the buyer’s deposit and coordinate much of the activity that goes on during the escrow period. Other times, the buyer may have his real estate firm or attorney hold the escrow deposit. Also, a buyer and seller can have separate attorney representation through closing.
In Collier County a buyer usually chooses the title company because he typically pays for title insurance. An offer to purchase a property must include the title company where the buyer is placing his escrow deposit(s).
Keep in mind that the seller may also have a preference for escrow deposits and closing. This may be a point of negotiation in a counter-offer.
It has become customary in Naples, Florida that the buyer chooses the title insurance company and thus the settlement/closing company as well. Even so, everything in real estate is negotiable.
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