You have the right to choose a settlement agent to handle this transaction. Usually, the settlement company is chosen by the buyer, however, you can use a different company if you prefer.
The settlement agent’s role involves many administrative and clerical functions related to the collection of documents and distribution of funds.
The Settlement Company Will:
- Order the title search for your home. The title search is a review done by the title company of all records available to determine if the title is indeed clear of all liens and claims.
- Should there be any “clouds” (any document, claim, unreleased lien or encumbrance that could invalidate or impair the title or make the title doubtful) they will work to “clear” the title. Clear title means you are free and clear to sell the property without any such encumbrances.
- Order the payoff for any outstanding loans on the property. They will work with your mortgage company to make sure the funds needed to pay off your loan go directly to the company should you have one or more mortgages on the property
- Prepare all necessary legal documents including but not limited to, ALTA Statement (itemized list of all fees and charges that both the buyer and seller incur during the transaction), Closing Statement (form that provides final details about the mortgage loan; it includes the loan terms, your projected monthly payments, and how much you will pay in closing costs), Power of Attorney (allows you to give someone the authority to buy or sell real estate for you in your absence).
- Obtain all necessary transfer information for home owner’s or condo association
- Schedule closing
Questions? Please give us a call at 703-539-2053 or email us at [email protected].
Step 1: Hire a Realtor
Step 3: Declutter and Stage!
Step 4: Conduct a Pre-Listing Inspection
Step 5: Repairs
Step 6: Deep Clean
Step 7: Professional Photography
Step 8: We’ll Pre-Market Your Home
Step 9: We’re live on MLS, now what?
Step 11: Time for Showings
Step 12: Week One on the Market
Step 13: You’ve got your first offer!
Step 15: Offer was accepted! Congrats!
Step 16: The Home Inspection Period
Step 18: Select a Title Company
Step 19: Scheduling closing date
Step 20: Hire Movers, Start packing!
Step 21: Utilities Transfer
Step 22: Home Owner’s Insurance Cancelation
Step 23: Hire a Cleaning Service
Step 24: Buyer’s Mortgage Approval
Step 25: Final Walkthrough
Step 26: It’s Closing Time!
Step 27: Review Us
About the Author: The above article was written by Abraham Walker, Your Alexandria Virginia Real Estate Agent, helping clients market their homes to achieve high sales with a quick closing time is my main priority.
He’s the co-founder of Ask A Walker and can be found on YouTube, Facebook, and HERE on this blog.
Abraham can be reached via email at [email protected] or by phone at (703)539-2053.
He’s happy to answer all your real estate questions.
Thinking of selling your home? Check out my 20+ step process to selling your home. Or contact me now to start the home selling process. Same day appointments are available on a case by case basis.
Your Alexandria, VA Realtor, Abraham Walker, helps people sell and buy real estate in the following Northern Virginia area cities & neighborhoods: Kingstowne, Island Creek, Cameron Station, Overlook, Alexandria, Old Town, Belle Haven, Fort Hunt, Mount Vernon, Springfield, West Springfield, Burke, Lorton, Woodbridge, Lake Ridge, Manassas, Annandale, Fairfax, Arlington, McLean, Reston, Herndon and of course Vienna.