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What happens at settlement, do I need to be there, who will be there, and what should I bring? (and how long will it take?)
What happens at a real estate settlement? Do I need to attend the real estate closing? Who attends the real estate closing? What should I bring with me to a real estate closing? How long does a real estate closing usually take?
What happens at a real estate settlement? A settlement, or real estate closing, is where a real estate transaction is completed. During the closing, you will sign all needed documentation, which may include a mortgage, note, and deed, as well as other instruments. We ensure that all of the Terms and Conditions of both the Agreement of Sale and Lender's Instructions have been complied with as they relate to the real estate closing. The financial accounting is completed, we prepare a HUD-1 Settlement Statement that shows the financial accounting for the transaction, and monies are disbursed to the appropriate parties.
Do I need to attend the real estate closing? We'd like to see you there! However, we realize that sometimes it's not possible for a party to attend the real estate closing. In that case, a Power of Attorney document must be prepared and approved prior to the real estate closing. The original Power of Attorney document must be brought to closing and will be recorded with the other mortgage documents or deed.
Who attends the real estate closing? The buyers and sellers (if it is a purchase transaction) and their respective attorneys and real estate agents. A settlement officer from our office will conduct the transaction, and the lender may send a representative. For refinance transactions, generally only the borrower and the settlement officer attend.
What should I bring with me to a real estate closing? You should bring the following: A photo-ID - a driver's license, passport, or other government-issued form of photo identification Funds to close - if required, you need to bring a certified check, cashier's check, money order made out to Mobile Settlement Services, Inc. Home owner's insurance information Any other documentation required by either your lender (per your commitment letter) or that we have notified you to bring prior to closing
How long does a real estate closing usually take? Most purchase transactions take approximately one hour, but the length can vary depending on the specifics or the transaction. Most refinance transactions can be completed in approximately 45 minutes.
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