Mathis Title Company, a Fairfax title company, recently released a blog answering the question "What is a real estate settlement?" This is the final step in the home buying or selling process that must be completed in order to end the transaction.
A real estate settlement, or closing, consists of a meeting between all parties involved in the transaction to formally transfer ownership of the property from the seller to the buyer. By meeting in person--and with a professional real estate settlement attorney--all issues can be resolved between the buyer and the seller. The settlement process can be a long one, so it is important to understand exactly what is expected of each person to ensure that nothing is left out. Missing checks, paperwork, and even people can delay the closing process and make it more difficult for you to take ownership of your new property. If you are unsure of what to bring to the meeting, consult your title agent and real estate agent for guidance.
During the settlement process, the buyer, seller, lender, real estate agents, and title agent meet to ensure a smooth title transfer. Sellers and real estate agents will receive payment, and the buyer will pay additional closing costs, including the total amount owed for the purchase price of the home. The escrow company will require signatures on several documents, and buyers may have to sign up to 30 times. Be sure to ask any last questions you have before signing. Once the deed is signed, ownership transfers to the buyer. The title company can then file the new deed with local authorities. Finally, the seller will receive any funds left over after the closing costs are paid and the balance of the mortgage is paid.
Speak to Mathis Title Company for more information about real estate settlements. Mathis oversees each settlement herself to ensure that clients receive comprehensive, personalized service. Her extensive experience in both the legal and real estate fields helps her ensure that all necessary paperwork is filed and regulations are met for a smooth sale. Contact the company online at https://www.mathistitle.com or by phone at 703-214-4020. The company is headquartered at 11325 Random Hills Road, Suite 160, Fairfax, VA 22030.