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Who attends the settlement of a property?

By
Real Estate Agent with Frankly Real Estate Inc.

The Who, Where, When & Why of Real Estate SettlementAt the settlement table

 

Who attends the settlement of a property?

 

In my experience there are usually 6-8 people at the  settlement table

  • The Buyer(s)

  • The Seller(s)

  • The buyers real estate agent

  • The sellers real estate agent

  • Settlement officer or title attorney

  • Lenders

 

With that said, circumstances often dictate who will attend. There are only two parties who are required to attend, the buyer(s) and the settlement officer or title attorney. Sometimes the seller signs in advance, separate from the buyer. Maybe the sellers are relocating and need to be out of town prior to the actual settlement day.

 

Realtors® and lenders are not required to attend. It is my practice to attend all my clients settlements. Purchasing a home is stressful. It’s new territory for many people. After all it’s not something most people do more that a few times in their life. My job, as your Realtor® is to see you through the entire process.  

 

Where is settlement held? I’m a pretty logical person. My practice has always been to settle in a location convenient to the property being settled. That could be the title company office or a real estate office, whichever is convenient to the parties attending settlement. However, the settlement company and location are the buyers choice.

 

When does settlement takes place? Typically settlement takes place 30-90 days from contract acceptance. Settlement date is negotiated as a condition of the offer. There area number of factors that play a part in the decision. First, the needs of the buyer and seller. Second, the ability of the lender and title company to complete all the necessary work. Of course one depends on the other. Realtors will often consult with the lender and title company to ensure the settlement requirements can be met for settlements on a shorter timeline.

 

Why settlement? Settling up, closing the transaction, is a the final step in the purchase or sale of real property, real estate. The deed is transferred from the seller to the buyer through the documentation signed at settlement. For more details checkout the Homebuyers ask: What does the title company do?

Comments (5)

Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

One has to have "good" representation before this event so it can glide to a close

Apr 03, 2015 12:29 AM
Trumps Elite
Keller Williams Realty Acadiana - Lafayette, LA
Realtors/Career Consultant

Great information, Diane. We often forget that buyers are unaware of these basics.

Apr 03, 2015 12:46 PM
JoAnn Moore
The Mortgage Market of Delaware - Georgetown, DE
Home Loans in Delaware

I make it a high priority as the lender to attend closing. Like you said, the process is very stressful for the buyers so we're there to make sure the closing goes as smoothly as possible.

Apr 04, 2015 11:11 AM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

I love when our lenders attend settlement.  And as an agent, I wouldn't dream of not being there.

Apr 17, 2015 02:03 AM
Diane M. Phillips Realtor 443-286-4365
Frankly Real Estate Inc. - Manchester, MD
Specializing in Carroll Co., MD

Chris Ann Cleland  I'm with you! Our clients need us to see them and the  transaction through to the end.

Apr 17, 2015 02:38 AM