Signs Your Real Estate Settlement Isn’t Final… Yet.

Checklist of Things to Do Before Your Settlement Day
In the process of finding the right title insurance agent for you? Then take a look at all the necessary steps needed to complete the real estate transaction.
Before you get to move into your new home, there are plenty of documents and procedures that must be signed and completed before the sale is finalized and you’re listed as the new owner.
Prepare yourself for the closing date to finalize the settlement on time.
Getting a Settlement Agent
Before you ever begin the closing process, you need an agent. A settlement or closing agent works with an underwriter as well as the seller/s and lender/s involved in the transaction to provide you a title insurance policy and process that suits your needs. This agent also works to investigate any inconsistencies on the records to assure that all information is correct.
Signing and Dating the Contract
Not only does your title insurance policy require you to sign an extensive list of forms for the Loan Estimate and Closing Disclosure, you also must sign and date the contract (with the correct settlement day) before your purchase can be finalized.
Inspecting the Property
You should always complete a final inspection of the property. Some lenders require that you hire a professional inspector to back your claims before they ever allow any investment in the property. Take the time to match all the dimensions and details with what will eventually be recorded to ensure you’re getting what you paid for — things like light fixtures, property lines, pests, damages, and the state or quality of the home should match what’s written down in the forms.
Setting the Mortgage in Place
How will you be paying — cash or mortgage? If you require a mortgage loan to cover the cost of your new home, then all of this must be set in place or sent by the date of the sale. If you’re unsure if the Loan Estimate paperwork and Closing Disclosure statement have been signed and the process properly completed, then your transaction is likely not yet final.
Clearing Previous Mortgages
Is the home loan still under the previous owner’s name? Then you need to clear these past mortgages in order to complete the closing procedure.
Putting the Funds Together
Before the home is yours, you have to pay for it. Assure that your escrow transfer process is as smooth as possible by working with a title insurance company that uses innovative technology. You want a secure sale from beginning to end, and your funds should be sent to the right place by the settlement day.
Fulfilling all Sales Stipulations
Has everything listed in the fine print of the contract been fulfilled before signing? If not, the property may not yet be eligible for sale, the seller may be obligated to make further modifications to the home, or the buyer may be prohibited to purchase the property until all stipulations that require attention are satisfied as outlined in the sales contract.
Registering the Transfer of Land
Before the real estate settlement is finalized, you’ll need to record the sale with the state. The state and local government require that your title agent registers the transfer of land in the public records. Any changes in ownership require that you do not skip this step.
Want a quick and painless closing experience?
Then work with a title company you can trust. BNTC offers title agents who are well versed in real estate law and each step of the closing process. Let us help you prepare to buy a home with your consultation today.
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Understanding the Settlement Process
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