Settlement, or “closing,” is the part of the home-buying process in which ownership is transferred from one party to another.
Before ownership can be transferred, steps must be taken to ensure the appropriate documents and affidavits are prepared, the Closing Disclosure settlement statement is complete and accurate, funds are collected, all documents are signed and notarized, the pertinent documents are recorded, and funds are disbursed appropriately.
This is where we come in – we are here to do the hard part and walk you through the process! We function as a neutral third party and coordinate with all parties involved in the transaction to make sure your settlement is completed properly.
Completion of the process leading up to settlement typically takes approximately 30 days, but this can take anywhere from 30-90+ days, depending on the file.
Most homebuyers should expect to spend 1-2% of the home’s purchase price for closing costs. Closing costs can include (but are not limited to):
Homebuyers should also expect to pay another 1-2% of the purchase price for pre-paid items, which are costs associated with the first year of homeownership; pre-paid items include homeowner’s insurance premiums and real estate taxes.
Buyers, sellers, and refinance borrowers need to bring approved photo identification, such as a valid driver’s license, as well as any funds necessary to complete their settlement. Your settlement agent will contact you prior to settlement to provide the exact dollar amount as well as the manner in which funds must be submitted. Nearly all transactions require certified funds in the form of a wire or a cashier’s check.