Common Questions

Paperless Closer

What is Paperless Closer?

Paperless Closer is an online closing system that stores documents and information regarding your closing. You can log in to this system any time to see your closing progress as it happens. After your closing, your documents are securely stored indefinitely for you to access.

What is my User Name and Password for Paperless Closer?

When your account is set up at the beginning of your closing, you will be emailed your user name and password. If you lose this email, you can request your password by clicking on the “Forgot Password” link at the bottom of the Paperless Closer login screen.

My Property is Closed but I Can’t Find it on Paperless Closer. Is it still there?

Yes. By default, the system shows “Open” files only. To see closed files, change the Status to show “All.”

Closing Process

What Closing Costs do Buyers and Sellers Typically Pay?

View our Closing Costs Explanation to see how the closing costs are broken down between buyers and sellers. However, these may change depending on the contract negotiation and terms.

What Information does SETCO Need When I Give them my Signed Contract?

Please include: Buyer Name, Address, Phone and Email, Seller Name, Address, Phone and Email, Mortgage Terms and Contact Info, HOA Contact Info, Buying and Listing Agent Name, Company and Contact Info

Where do I get the Earnest Money Form?

Download the current Deposit Transmittal and Verification Form. You can get more forms on our Realtor Resources Page.

Who Comes to the Closing Table?

Buyers, Sellers, Realtors and Title Company Representatives come to the table. If you are unable to attend, SETCO will handle the closing by mail.

What Documents are Needed at Closing?

Driver’s License or another form of valid ID, Previous Property Title, Payments Necessary and Power of Attorney if signing for another person.

What Does it Mean to Record the Deed?

After the closing documents are signed, SETCO works with the County to let them know the property changed ownership. The county “records” the change in their records by updating the deed information in their system.

When Will I Receive my Post Closing Documents?

We will send them to you within 45 days after your closing. If it’s been 45 days and you have not received them, please let us know.

What Documents Will I Receive After Closing?

There are two types of policies – owner’s policies and lender’s policies. The owner’s policies sent to buyers include the original warranty deed and their policy. The lenders receive the original mortgage, their lender’s policy and a copy of the warranty deed. You may also get a few more documents as they apply to your purchase.

Title Insurance

What is Title Insurance?

Title Insurance protects your home investment and makes sure that your ownership isn’t jeopardized by previous title issues such as liens, encumbrances, miscommunication, improperly recorded documents, forgeries and more. Unlike other insurance policies, title insurance protects you from problems in the past and is a one-time fee at closing, not a month to month expense.

Do I Really Need Title Insurance?

Absolutely! Northwest Florida is not exempt to title discrepancies. In fact, we’ve seen several issues arise locally. People may think they own a parking spot at their building and their title doesn’t reflect ownership of the spot. Someone may have defaulted on their primary home loan somewhere else, and even though their second home here is okay, there’s a lien against the property.

What Does Title Insurance Cover?

At SETCO, we believe your home purchase should come with peace of mind. That’s why we use Fidelity underwriters to search your title’s history and ensure you have a “clean” title record. Title insurance protects you from many things.

Property Taxes

Why do I Have to Pay Property Taxes for the Full Year? I’ve only Owned my Property for a Couple of Months?

If you are the current owner of the home when property taxes are due, you will pay the full amount for the taxes then. However, you received a credit at closing to cover the amount of time that you did not own the house. You can see the amount of taxes the previous owner paid you on your HUD by viewing it on Paperless Closer. For example, let’s say you bought your house March 1st. On your HUD, you’ll see where the previous owner paid money for the taxes for January and February (since you hadn’t purchased the home yet). You were credited that amount, so now you must pay for the entire year since the previous owner didn’t pay those taxes to the Florida Department of Revenue. They actually paid them to you.

How Do you Calculate Property Taxes for Closings?

Basically, we find out the daily tax rate by dividing the total taxes by 365. Then, we multiply that by the number of days the previous owner owned the property. If you bought the house March 1st, the number of days is 59 (January + February = 31 + 28), so the previous owner pays you taxes for 59 days.