Home Mortgage Lenders Miami Broward. A&D Mortgage offers an extensive variety of residential mortgage programs for today’s qualified borrower. Our professional staff and loan officers will provide you with a pleasant mortgage experience. Everything we do is transparent and disclosed to you prior to closing, thee are no surprises! Your experience is the Key to maintaining our success in our market place. You can count on A&D Mortgage to deliver the outstanding service and experience you deserve.

What Happens at Closing?

The property is officially transferred from the seller to you at “Closing”.

At closing, the ownership of the property is officially transferred from the seller to you. Closing can take anywhere from 1-hour to several depending on contingency clauses in the purchase offer or complications that sometimes arise.

Most paperwork in closing or settlement is done by title companies and attorneys and real estate professionals. You may or may not be involved in some of the closing activities; it depends on who you are working with.

Prior to closing you should have a final inspection, or “walk-through” to insure nothing has changed to the home prior to closing and to insure requested repairs were performed, if applicable.

In most states the settlement is completed by a title company or escrow firm in which you forward all materials and information plus the appropriate funds needed to close so the firm can make the necessary disbursement. At closing the seller is given their funds and then the keys to the home are given to you.

What are Statutory Costs?

These are expenses you have to pay to state and local governments, even if you paid cash for the house and didn’t need a mortgage:

• Transfer Taxes– Required by some localities to transfer the title and deed from the seller to the buyer.
• Deed Recording Fees– To pay for the County Clerk to record the deed and mortgage, and to change the property tax billing.
• Pro-Rated Taxes– Such as school taxes and municipal taxes may need to be split between the buyer and the seller since they are due at different times of the year. For example, if taxes are due in October and you close in August, you would owe taxes for 2-months, and the seller would owe for the other 10-months. Pro-rated taxes are usually paid based on the number of days, not months of ownership.
• State & Local Fees– Other state and local mortgage taxes and fees may apply.