Closing Day

Settlement is the final step in the home selling process where all parties fully execute the terms of a purchase and sale agreement or refinance agreement. Most people refer to this process as closing instead of the settlement.

Upon closing, ownership of the property is transferred from the seller to the buyer, and the buyer executes all documents required by the lender to formalize the underlying loan. The closing disclosure and settlement statement shows all underlying costs of the transaction, and funds are disbursed to the relevant stakeholders as provided on the closing disclosure. Funds can be distributed by check or wire, and buyers may need to bring additional funds to closing to effect settlement. Once all the documents are executed, keys are typically transferred to the buyer and the settlement agent then files the warranty deed and security deed in the appropriate county deed book. The county will time and date stamp those deeds and returns them to the settlement agent who, in turn, forwards those stamped copies to the buyer.

What BUYERS need to bring:

  • Their driver’s license or equivalent government issued photo identification
  • One year’s paid up Homeowners Hazard Insurance Policy prior to closing

If the amount due at closing is equal to or greater than $5,000 only wires are accepted. Certified funds or personal checks are appropriate for any amounts due that are less than $5,000 and $1,000 respectively.

Our office provides written wire instructions to clients without fully publishing our account number. You must call our office to obtain our full wire instructions. We don’t issue or change wire instructions via text or email, and we don’t initiate calls to you to change our wire instructions. Wire fraud is a serious risk and all parties must work diligently to prevent it.

What SELLERS need to bring:

  • Your driver’s license or equivalent photo identification
  • House keys, garage door opener controls, and security system codes
  • A current forwarding address, email and cell phone number in the event we need to contact you.
  • Your bank’s wiring instructions including your name and address as it is listed on your account.
  • Provide the survey, if you have obtained one, prior to closing