What is a settlement?
A settlement is a closing on a real estate transaction.
BEGINNING THE SETTLEMENT PROCESS
- Buyer and seller send Avenue Title Group a signed sales contract.
- Avenue Title conducts extensive research and information gathering.
- Buyers apply for mortgage and property appraisal, and they supply a credit report.
- Avenue Title reviews the abstract of title/title search.
- Avenue, sellers and buyers arrange a day and time for the closing.
THE DAY OF THE CLOSING
- Buyers perform a property walk-through, note any unfulfilled terms of the contract.
- Buyers obtain approved certified check or send a wire transfer from their bank or credit union.
- Avenue Title settles, collecting all funds, preparing, signing and transferring deed from seller to buyer, paying all brokerage commissions, taxes, liens, recording fees and other charges.
THE FOLLOWING DAY
- Avenue Title Group records the buyers’ new deed, provides sellers with the balance of their proceeds and issues the owners’ and lenders’ title insurance policies. With electronic recordings in many jurisdictions, this step typically happens the day of closing. Funds cannot be disbursed until they have cleared the escrow account. If the buyer provides a cashier’s check at closing, that means it will need to clear overnight before disbursing.