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PLEASE CHOOSE BELOW: |
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| Settlement |
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| Written by Jody Cowdrey | |
| Saturday, 15 April 2006 | |
 Signing Papers And Transferring Keys
The big day is here! Tonight you can pop open the champagne, but today there
will be a lot of paper signing and a poignant passing of the keys (don’t forget
the garage keys, and the electric garage opener, too).
At the settlement will be an attorney or title company representative, the
buyer, listing and selling brokers, and all owners. The home seller should
bring all warranties on equipment (or leave them in the house) and any
instructions on equipment maintenance or operation.
The attorney will have searched the title, and obtained old and new lender
instructions. First, all unresolved walk-through deficiencies are resolved.
With the buyer, the attorney explains the deed of trust, deed of trust note,
and settlement sheets. The buyer signs all three, and pays the balance of the
down payment and buyer’s closing costs.
With the seller, the attorney explains the deed and settlement sheets and gets
the home seller’s signature on them. The seller pays appropriate closing costs.
Seller’s Settlement Costs
 Closing
costs for the seller may include:
(Again, ask your listing broker.)
If the seller’s taxes or insurance have been escrowed, the seller will receive
any money accumulated in the account for bills not yet due. Additionally, the
seller will be reimbursed for any money paid in advance and not used, such as
property taxes. The seller will receive these refunds at or after settlement,
depending on the locality. Taxes and homeowners association dues or condominium
fees will be prorated on a daily basis. The seller, buyer, and brokers are
supplied a copy of settlement sheets for their records. The house keys are
transferred to the new owners.
Disbursement
The attorney or title company will disburse funds after all funds are in hand,
checks have cleared, the new lender has reviewed papers, and the title has been
re-checked and the deed recorded. The seller should not plan to receive funds
for up to four days, although they may be disbursed the same day in some
localities. Check with your listing broker.
The house has now been sold, settled, and funds disbursed.
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