YOU'VE FOUND YOUR NEW HOME, NOW WHAT?

NOW WHAT | INSURANCE| SETTLEMENT | SPECIAL PROGRAMS | MOVING CHECKLIST


Settlement

What Happens on the Day of Settlement:

 

Review the HUD-1 and Obtain Certified Check for Closing Funds

Before settlement takes place we will receive a copy of the HUD-1 (a document which explains all fees and tranfers of funds). The settlement company can only produce the HUD-1 after they receive all documents from the lender which is usually the day before or day of settlement. We will review the HUD-1 with you as soon as we receive it. The Hud-1 will give the amount of closing cost you will need to bring to closing in the form of a certified check. This amount can change slightly at the actual settlement; overages will be reimbursed to you and a small shortage can be paid with a personal check.

Final Walk Through

Before settlement we take one final walk through (either the day of settlement or the day before settlement) to make sure the property is still in same condition and make sure no damage has been done during a move out.

Attend Settlement

At the settlement we will review the HUD-1 again with the title attorney and the seller. You will then sign all of your loan documents, hand over any closing funds, receive the keys and the seller will transfer the title over to you. Transfer of title moves ownership of the property from the seller to you.

The two events that make this happen are:

Delivery of the buyers funds:
This is the check or wire funds provided by your lender in the amount of the loan

Delivery of the deed:
A deed is the document that transfers ownership of real estate. The deed names the seller and buyer, gives a legal description of the property, and contains the notarized signatures of the seller and witnesses. At the end of closing, the deed will be taken and recorded with the city. It will be sent to you after it is recorded, which usually takes several weeks.

What to Bring to Settlement:

To make sure your closing goes smoothly, you should bring the following:

  1. A certified check for closing costs and down payment made out to the title company (your lender will let you know the exact amount before the settlement)
  2. A personal check in case the closing costs are adjusted
  3. Social security numbers
  4. Photo IDs (passport or driver's license for each buyer)
  5. If you are eligible for the DC Tax Abatement Program, please bring your last two paystubs, your most recent W-2 and your most recent tax return.