DC RESPA/Settlement

Real Estate Agent Districtre.com

DC Real Estate RESPA/Settlement

DC RESPA/Settlement 

RESPA is the Real Estate Settlement Procedures Act.

Settlement is the "closing" of a real estate transaction. Your settlement company will use its knowledge of real property laws, contacts in the offices of the Recorders of Deeds, Courts, and Surveyors' offices, and the information provided by the parties to the transaction to assemble and review the pertinent documentation then effect a title transfer.

When a buyer and seller ratify (both parties have signed) a sales contract, the settlement company is sent a copy of the contract along with contact information for the buyers and sellers. They'll order a title report to review for title issues (called "clouds"), a property survey if the property is a single-family home, and a certificate of property insurance. They will generate a payoff letter for the sellers' mortgage loan if one exists, and compile all other relevant material necessary for the title company to insure the buyers' new title to the property.

A day before settlement your real estate agent should request a "preliminary HUD1" which is a draft of the HUD-1 settlement statement. It will be a draft because many of the important numbers are finalized on the day of settlement. This is reviewed for errors such as name spellings, addresses, and make certain that all the credits you're supposed to have are on the statement. The preliminary HUD-1 should be very close to the actual HUD-1 in terms of data.


Posted by

Copyright All rights reserved The Isaacs Team LLC

The Isaacs Team LLC Evers & Co. DC

The Isaacs Team LLC





Evers & Co.
1509 22nd St NW, Washington, DC 20037
Washington DC Top 50
Washingtonian Best 100
Trulia Top 1% Award 2014
Washington Post Power Players 2014
Client Reviews: Zillow  Yelp  Trulia
The Isaacs Team LLC is a Virginia Limited Liability Company
Equal Housing Opportunity


New condos in Washington DC & Northern Virginia; Logan Circle, Adams Morgan, Dupont CircleSouthwest DC, Capitol Hill, Eastern Market, Brookland, Georgetown, Penn Quarter, Glover Park, Cathedral Heights, LeDroit Park, H Street Corridor, U Street, 14th Street corridor, Mt. Vernon Triangle, Kalorama, Arlington VA, Alexandria VA, Vienna VA, Fairfax VA, McLean VA and Great Falls VA.


This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Home Buying
District of Columbia
dc real estate
washington dc respasettlement information

Spam prevention
Show All Comments
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Susan - Thank you for sharing detailed quality information about DC RESPA/Settlement.

Apr 27, 2012 02:55 AM #1
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?


The Isaacs Team llc

Top-tier Washington DC Realtors
What's your DC Metro real estate question?
Spam prevention

Additional Information