Settlement

Settlement, also known as closing, is the final step in a real estate transaction where the parties meet to finalize the sale/purchase of the property. It is a crucial event where legal ownership of the property is transferred from the seller to the buyer, and all necessary financial and contractual obligations are fulfilled.

During the settlement process, several key activities and tasks handled by the Title Company:

• Coordination: We ensure that all parties involved, including the buyer, seller, real estate agents, and lenders, are prepared for the closing and have completed their respective obligations.
• Documentation: Various legal documents and paperwork are reviewed, signed, and exchanged during the settlement. These documents may include the deed, bill of sale, loan documents, title insurance policies, and any required disclosures or affidavits.
• Payment and Funds Distribution: You provide the funds required to complete the purchase, which usually includes the down payment and closing costs. We ensure that these funds are distributed appropriately to cover the seller’s proceeds, loan payoffs, real estate agent commissions, and any other relevant fees or expenses.
• Proration and Adjustments: We calculate and adjust various financial obligations between the buyer and seller, such as property taxes, utility bills, and homeowners association fees.
• Review and Explanation: We review the closing documents, explaining their contents, rights, and obligations. Any questions or concerns are addressed before the final signatures are obtained.
• Disbursement of Funds: Once all documents are signed and reviewed, and the transaction is officially closed, We disburse the funds to the appropriate parties.
• Recording and Title Insurance: After the settlement, the deed and other relevant documents are recorded in the county or city’s land records office by Title Company.