The Settlement Process

Once a purchase contract is signed, two processes begin which, when completed, will lead to settlement. Your loan officer will process your loan application and Home Loan Title LLC will initiate the steps necessary to prepare for a settlement. At the settlement you will sign your loan documents and pay the seller and the seller in turn, will deed the property to you.

When Home Loan Title LLC receives your real estate contract from your real estate agent, we will do the following:

1.Order title abstract and survey.

2.Review the title abstract and survey to determine marketability and insurability of property.

3. Request a payoff from the seller's lender to obtain the amount needed to satisfy the seller's existing loan(s).

4.Prepare the title insurance commitment pursuant to Lender requirements.

5.Verify the amount of property taxes and then pro-rate the amount between buyer and Seller.

6.Coordinate with realtors, buyers, sellers and the lender regarding the pest inspection, date, time and place of settlement and all other details to ensure a smooth, “no surprises” settlement.

7.Prepare the HUD-1 settlement statement.

8.Conduct the settlement.

9. Disburse all funds and record all proper documents at the Registry of Deeds