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Settlement

Settlement is the process of transferring property between owners. It is the point at which the Buyer and the Seller come together for the purpose of exchanging payment for ownership. The Buyer typically brings payment to settlement in the form of a down payment and a mortgage.  The Seller typically brings ownership to settlement in the form of a lien-free title. At the beginning of the settlement, the settlement processor will review the HUD-1 - the accounting of all moneys involved in the transaction - after which the Buyer signs many different papers, primarily for the mortgage. The Seller will also sign several documents transferring ownership of the property to the new Buyer. At the conclusion of Settlement - after all the paperwork has been signed and notarized - the Buyers usually walks away from the table with the keys to their new home and the Sellers head for the bank with a check for the net proceeds from the sale.

To learn more about these topics and more, follow the links below:

• Introducing Ms. Karen Daley, President/CEO, Homeland Title and Escrow, LTD.
• What Is Title Insurance?
• Is Purchasing Title Insurance Obligatory
• Does Title Insurance Do Anything For Me?
• Doesn’t The Lender Policy Indirectly Cover Me?
• When Does Title Insurance Protection Begin and End?
• For How Long Is The Property Owner Purchasing Title Insurance Covered?
• How Does Title Insurance Relate To Other Insurance I Purchase?
• If A Borrower Does Shop For Title Insurance, Would It Pay?
• What Is A Title Abstract?
• When Are Liens Paid Off?
• What Is A HUD-1?
• What Is A Survey?
• What Basic Closing Costs Should A First-time Home Buyer Expect?
• What Is A Reissue Rate?
• What Will Happen At Settlement?

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© 2007 The Stephen Howell Realty Group, LLC. The content of this web site (including videos, text and links) is provided for informational purposes only and is not intended, nor shall be deemed, to provide or offer legal, financial or tax advice or guidance. The views and opinions set forth are not necessarily the views and opinions of Coldwell Banker Real Estate Corporation. You should always consult your own advisor when dealing with any of the issues visited herein.