How Long Will Settlement Take?
So you've made it to the end of your real estate transaction and you wonder, "How long will settlement take?" You have to know how much time to block off on the calendar. I'm sure settlement is not the only thing happening that day.
In Virginia, most title companies start with the sellers. They sign the deed, the HUD and a few other docs, some of which may be required by the buyers loan, and they are done. Thirty minutes max for a seller. Not so for a buyer. I joke with my buyer-clients that settlement isn't over until they've got a hand cramp from signing their name.
The stack of papers for a buyer is much larger than that the seller goes through. That's because most buyers who purchase real estate are doing so by a deed of trust. The deed of trust itself is a sizable document, but the lender will have additional paperwork for you to sign. To be on the safe side, allot an hour of time. Sometimes, the settlement will take longer. Maybe ninety minutes. Those are rare. An hour is about the amount of time a buyer's side takes. Of course, if you are a buyer purchasing with cash, your time will be more like that of the seller. You'll be in and out in thirty minutes.
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