Sales Transactions: The parties agree to a date in their contract.
Refinance Transactions: Settlements are scheduled when the lender is ready to proceed with the loan.
Buyers and sellers, or refinancers, must be at settlement. Their realtors will also attend as well, and in some cases, a loan officer or broker. Our attorney will conduct the settlement. Buyers, sellers and refinancers who can’t attend may appoint someone to act for them. The absent person must execute a power of attorney document.
With home sales, the buyer selects who will be the settlement agent. Sometimes the sellers select their own settlement agent, and the settlement occurs in two different locations. With refinances, usually the lender recommends the settlement agent, but the homeowner has the right to select who they wish.
Fees are fixed based on the type of transaction (i.e. sales, refinances, home equity loans). Title insurance costs are calculated based on the sale and/or loan amount. Parties can expect to pay government recordation/transfer taxes. Borrowers will incur lender’s fees, interest and tax and insurance escrows at settlement. You will be told at least one business day before settlement how much is needed. All funds must be paid through a cashiers check or wire transfer.
They are remitted directly to the borrower from the lender within a few weeks after settlement. In some cases, the lender might credit this against the payoff amount it is due.
The settlement statement is reviewed for accuracy. With sales, the seller executes a few documents, including a deed transferring title to the property to the buyers. Buyers and refinancers review and execute loan documents and tender a cashiers check, where necessary, to pay the amount due on the settlement statement. The entire process normally takes one hour.
We will disburse all of the funds received in a settlement the same day that all the documents that must be recorded (i.e. the deed and the mortgage) are actually recorded in the land records of the county or city where the real estate is located.
Payments will be sent by overnight mail or wire transfer on the day of recordation.
All (buyers, sellers and refinancers) must bring their valid, government-issued, picture identification. Sellers should also bring keys, garage door openers, manuals, parking or pool permits, etc. Buyers and refinancers must bring certified funds (i.e. cashiers check). Anyone expecting to receive funds from a settlement and wish to have it wired to a bank account, should bring wiring instructions for that account.