The Who, Where, When & Why of Real Estate Settlement
Who attends the settlement of a property?
In my experience there are usually 6-8 people at the settlement table
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The Buyer(s)
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The Seller(s)
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The buyers real estate agent
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The sellers real estate agent
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Settlement officer or title attorney
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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?
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