Closing the Deal

Settlement
The settlement is the culmination of the purchase process.  Shortly after finalizing the sales contract you will select a title company.

A settlement agent at the title office or lenders office who will explain the various documents to be signed will conduct the closing.  There are a couple of things to keep in mind.  First, if you want those keys, you will have to sign the forms.  Most settlement agents will walk you through this at your own pace.  If you are feeling rushed, just ask them to slow down.   Second, most of the documents you are signing are strictly "boiler plate."  We will address the documents that you need to pay attention to below.

Title Company
The title company is responsible for ordering the title examination thereby providing the mortgage lender with a title insurance commitment, implementing proper steps to be sure the seller can convey marketable title, and scheduling the actual time and place for the closing with all concerned parties.  The settlement agent will receive the loan documents from the lender and will finalize preparations for closing following the loan instructions included with these documents.

The Settlement Statement
The settlement statement, often referred to as the "HUD-1," summarizes the financial aspects of the transaction.  For this reason it is the document that warrants the closest scrutiny at closing.  Basically the "HUD-1" translates the terms of your sales contract and mortgage commitment into numbers and acts as a balance sheet for an accounting between the buyer and seller.

We are dedicated to providing you with a copy of the "HUD-1" prior to settlement for your review.  At that time we will go through the statement line by line with you in person or over the phone, whichever is more convenient for you.

The closing itself usually takes about an hour.  During the closing, numerous documents must be explained and signed, funds must be received and disbursed, last minute questions on the condition of the property and operation of systems must be answered, and keys must be delivered.  In many instances, buyers need to coordinate settlement to coincide with the arrival of their movers - cannot afford delays.  Choosing a reputable, experienced title company is crucial to a smooth settlement.

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