Phase 1 – Selling/Finding Your Home

  • Seller decides to sell his house and chooses a real estate professional to help with the process.
  • Buyer decides to start looking for a new home and begins to work with a real estate professional.
  • Buyer obtains preapproval letter from a lender which states the amount of house and mortgage payment he can afford.
  • Buyer finds the house he wants to purchase.

Phase 2 – Sales Agreement Process

  • Buyer and Seller enter into an agreement of sale and negotiate such items as appropriate inspections, home warranty, etc.
  • Buyer applies for a mortgage with a lender.
  • Buyer has inspections completed.
  • Seller has all necessary dye tests, code enforcement inspections, etc. completed.

Phase 3 – Pre-closing

  • Settlements, Ltd. receives the agreement of sale from the buyer’s agent and contacts Buyer’s lender.
  • Seller and Buyer questionnaires are sent to the respective agents for timely completion by their clients and return to Settlements, Ltd.
  • Buyer considers whether or not to purchase a survey and selects a homeowner’s insurance product.
  • A title search, terrorist name search, tax certifications, no lien letters, etc. are ordered by Settlements, Ltd.
  • We coordinate with all parties including Buyer’s lender in terms of what is needed to close, date and time of closing.
  • Seller decides whether or not he can attend closing; if not, he makes appropriate arrangements with Settlements, Ltd. to sign documents ahead of time.

Phase 4 – Closing

  • When Buyer’s lender is ready and has delivered a Closing Disclosure to Buyer three days in advance, a closing can be scheduled.
  • Buyer obtains his certified funds for closing made payable to Settlements, Ltd. or arranges to wire his/her funds to Settlements, Ltd.
  • All parties attend closings with two forms of ID, one of which si a current, government-issued photo ID. Closing documents including a new Deed, Note, Mortgage, Truth in LendingHUD1escrows are signed and notarized by all parties.
  • Funds are distributed.

Phase 5 – Post-closing

  • Deed and Mortgage are recorded.
  • The bank package of all documents signed at closing are returned by Settlements, Ltd. to Buyer’s lender.
  • The original Deed and Title Insurance Policy are returned to Buyer.