What Happens at Settlement?

 

Settlements are important financial and legal transactions, but the closing can be overwhelming. It’s essential to be prepared and know what to expect so that you can focus on signing the necessary settlement documents to finalize your real estate transaction. 

The following tips ensure a smooth and efficient settlement:

  • Timely complete and return any requests for information from your real estate agent, lender, and settlement processor.

  • Carefully review the closing disclosure with your loan officer for accuracy.

  • Confirm what paperwork or other documents need to be brought to closing. A government-issued photo ID must be presented as proof of identity.

  • Confirm how funds to close must be received by the title company. It’s a good idea to bring a personal check for minor extras but down payment funds must be certified in the form of wire or certified bank check.*

*Wire fraud is a serious issue so be sure to verify all bank wiring instructions that you receive. Modern Settlements does not provide wiring instructions except through our secure closing platform or via email while on the phone with each client to verify receipt. Wire instructions will never change.*

 

What to expect at your closing

Closings can differ depending on the transaction, but generally, expect your Modern Settlements partner to:

  • Review the closing statement and lender Closing Disclosure, as applicable.

  • Review and notarize all settlement company, required jurisdiction, and lender documents.

  • Collect remaining down payment from the buyer.

  • Verify seller instructions for disbursement of proceeds.

After settlement, the title company will disburse the file and any proceeds to the seller, record the deed and any deed of trust, and provide copies of final signed documents to all parties.

 

Convenient closings

Closings can take place in one of many available office locations or, for added convenience, we can come to you. We also arrange mobile notaries and offer eClosings with remote online notarization (RON) for certain types of transactions. When scheduling with your settlement processor, discuss your preferences and what settlement option works best.