The Settlement or "Closing" Process     

       Upon receipt of an accepted offer, the settlement company confirms they have all the necessary information they need to begin their due diligence. If additional information is needed, they will contact my company  for any missing documents. To prepare your property for closing, the settlement company will order a title search and updated lien payoffs. A title search is a process by which the settlement company researches the history of the property through the land records to ensure that you are the actual owner and that there are no complications in the current ownership and titling of the property. They also request updated lien payoffs which means they request a final payoff amount from your mortgage company and any other liens attached to your house. The payoff is the exact dollar amount that needs to be paid off on the day of settlement. Sometimes, upon performing this due diligence, the settlement company will discover things that you as the owner never knew existed, or they will encounter mistakes that were once made by other banks or companies.

        The settlement company is usually able to get information easily and schedule your settlement for the date originally planned. In cases where the settlement company encounters problems in the title or additional lien payoffs, it usually takes additional time to resolve such issues. It is their duty to produce clear and equitable title so that the transaction closes smoothly. In cases where the title isn't clear they may have to do some additional research or talk to additional people to ensure that they can resolve any issues they see. In cases where they find there are additional liens on your property, it will take them more time to get payoff information on each lien so that it can be incorporated into your final payoff. In these situations, the settlement company does its best to keep to the original settlement date, but sometimes they may need additional time to resolve these items, thus delaying settlement by a few days. The settlement company coordinates and schedules the settlement date with me then I respond to you on the day and time that is most convenient for you. Settlement is conducted at the office of the settlement company. They request that you bring all your house keys, a form of identification, and a voided check with you to settlement. The settlement process usually takes 30-45 minutes.

        You will meet with a settlement attorney who will explain the entire process to you. During this time, the settlement attorney will confirm that you are the owner of the property. They will then review with you and have you sign a HUD-1 settlement statement, which details all debits and credits that you are to receive upon the sale of the house. They will also review with you the new deed of the property in which you will sign, granting ownership of the property to the new owners. Finally, they will collect your bank information to confirm how you would like your proceeds disbursed. They will explain to you when you can expect your money and will disburse it to you as soon as it is available.