SETTLEMENT PROCEDURES ARE USUALLY 90% COMPLETED BEFORE
WE ARRIVE TO SETTLE YOUR NEW PURCHASE
Simply put, at settlement you give the seller the money you are paying them (mostly from your mortgage company) for their home and the sellers sign the deed over to you give you the keys to the front door.
Prior to settlement, the title company orders the title search on the subject property, orders a survey, obtains the seller's loan payoff information, coordinates settlement with the lender, gathers any and all additional information required to complete settlement in a timely fashion.
The title company will review all legal terms and contract provisions, review the title to the property, prepare the deed and any other legal instruments that need to be prepared. Once a transaction is ready to settle, the real estate agents and title company will arrange a mutually convenient settlement date, place and time.
At settlement, the settlement officer or attorney reviews the settlement statement and other documents with the parties, ensures all legal requirements are satisfied, confirms proper execution of all documents, carries out lender instructions, and collects necessary funds.
We will be there with you to review the settlement sheet for accuracy. Enjoy your home.
Do Real Estate Terms confuse you? Check out our glossary!
Montgomery County MD Real Estate
A part of the Homefinders.com Network
