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SETTLEMENT PROCEDURES FOR MARYLAND
AND VIRGINIA REAL ESTATE
Relax !! We'll be there with you. Homefinders.com agents attend
settlement meetings with our home buyers. Once you have an accepted
contract and we know we will settle, your agent will advise
the title company of the settlement and provide them with a
copy of the Contract of Sale.
- The title company will order a review of the documents on
file at the Office of Land Records, Record of Deeds or the
respective office for the county in which your home to buy
is located. The "Abstractor" as they are known,
will review all documents recorded on the property you are
purchasing and send a report to the title company.
- The title company or title attorney will review the documents
and make sure that the seller can convey clean title to you.
- The title company will also order a survey of the property
(not condominiums) and review it for encumbrances before settlement.
So, when you settle, you'll know that everything is in order
and you're buying a property that conveys to you completely
with no liens or encumbrances.
HOW MUCH MONEY WILL YOU NEED?
You'll have the written Good Faith Estimate from your lender
with a bottom line for Cash Needed at Settlement. That document
is based on the type of loan you are obtaining, your down payment,
lender fees, legal, appraisal, termite, etc. All of these costs
are reflected on the Good Faith Estimate. Your Homefinders.com
Buyers Agent will review the document with you to make sure
you understand the numbers and make sure the lender prepared
the costs correctly.
IT'S SETTLEMENT DAY !!
Your Homefinders.com Buyers Agent will accompany you to the
title company office, review the settlement documents and explain
any items you don't understand.
You get the keys to your newly purchased home. WELCOME HOME.
Maps for Maryland and Northern Virginia
A part of the Homefinders.com Network
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