Buyer Step 12: The Settlement Process

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Buyer Step 12: The Settlement Process

Congratulations- you’ve made it to settlement! Now that you’re at the finish line, what happens? There are so many forms to sign and fees to pay. But don’t worry – we’re here to help guide you through it all. In this blog post, we’ll cover everything you need to know about settlement so that you can close on your new home with confidence.

What to Expect at Settlement

It’s almost time to settle up! As the buyer, you choose the time and location. It can be at the title company, an attorney’s office, the property you are buying- really, anywhere. The seller is not required to attend, they can sign ahead of time, but oftentimes the seller likes to be present as well. Your title officer who you have checked in with throughout this process will be there to ensure all paperwork is signed and completed, and funds are received / transferred to their correct places. There will be many forms for you to sign, especially if you have a mortgage. We recommend reserving at least an hour of your time for settlement. You never know how long you and the seller may talk about the property, and all the fond things you have to look forward to while living there.

You will also need to transfer funds before settlement, or bring a check the day of. The amount of money needed varies based on a few factors, but the final number will be broken down on your settlement statement. 

Review All Paperwork Prior to Closing

The title company will send you the settlement statement days before closing. If they haven’t, follow up with them to make sure you have plenty of time to look everything over- accidents happen, and incorrect fees can be added without realizing. It’s better to address those ahead of time then attempting to fix it at closing. You’ll also want to make sure your name is spelled correctly on all paperwork. That is the name that will be recorded on the deed, so accuracy is of the utmost importance. 

Carefully reviewing all the documents prior to closing will also make sure you have an accurate sense of how much money you need for closing fees and other expenses. Don’t leave yourself surprised when you make it to the closing table – make sure your paperwork is ready!

Is it Necessary to Hire Someone to Review Documents for You?

Most people know that the purchase of a new house should be read through carefully, but should one hire someone to review all of the closing documents? It is essential for individuals to take into account the amount of time and money needed to hire a specialist, who should be able to make sense of what everyone involved in a transaction is signing. In some cases, it might seem like a waste of resources; however, it could end up whisking away potential headaches later down the road. After all, the personal implications should never be underestimated and legal missteps cannot always be undone. For those still indecisive about how much should I hire someone to review all of their closing documents for them—our advice

The settlement professional can discuss any changes needed with the agents involved and make sure that everything is done correctly before settlement day. Check out our partner brokerage for affordable and professional real estate services.

Who Conducts Settlement?

Settlements are a tricky business, and that’s why it’s best to leave it to the professionals. From big title companies to individual attorneys, there are a number of folks that specialize in settlement procedures who can make sure everything goes as smoothly as possible. Most title companies will handle settlement themselves, including title searches and loan documents, while attorneys may be called in to clarify document language or represent individuals at the closing table. In any case, a well-qualified professional should be your go-to when the dust needs to settle after a real estate transaction.

Do I Need to Be at Settlement or Can I Sign Remotely?

Planning a real estate purchase as a buyer can be stressful – as if signing away thousands of dollars isn’t enough, now you’re probably wondering if you need to be at settlement too. Most title companies do require the buyer to be in attendance, but luckily, as the buyer, the choice is yours; you get to pick the date, time and place of your settlement! Plan accordingly, and pick the best date and time that works for you. Like previously mentioned, if that doesn’t work for the seller, they do have the ability to pre-sign at a time that better fits their schedule. 

Which Parties Will Be at Settlement?

If the real estate deal of the century is about to close, the big question is: who are the players at the settlement table? Chief among the participants for the momentous occasion will be the title officer – the banker’s best friend. Next up is you, and your agent if using one, showing their support. Not to be left behind, the seller and their agent can choose to attend, as well as any attorneys representing either party. So there you have it – all the necessary attendees for a successful settlement!

The Settlement Process: Closing Thoughts

A quick run-down of what to expect at settlement and some things to keep in mind as you inch closer and closer to owning your very own home. Be sure to do your research ahead of time so that everything goes as smoothly as possible on closing day. And remember, if you have any questions or concerns, don’t hesitate to ask for help – we’re here for you every step of the way!

Ready To Buy?

Congrats! You now know how to buy a home and what to expect along the way. If you feel that you would prefer professional help from experienced agents, check out our partner brokerage to get assistance every step of the way while saving immensely. Buying without a Realtor doesn't mean you're on your own. Take advantage of the services offered to buy your perfect home without the stress!

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