Intro to the Settlement Process
The duties of this office will consist generally of:
- An examination of the land and court records to determine if title to the property is good and marketable
- Review of the house location survey (if applicable) to determine if there are any encroachments, projections or mislocated fences that effect title
- Payment of all liens filed against the property to clear the title
- Review of the tax records and payment of any unpaid taxes
- Payment and adjustment of any condo or H.O.A. dues
- Preparation of the title insurance commitment of your lender
- Preparation of the title insurance policies
- Preparation of the documents required to convey the title to you
- Review and completion of the loan closing documents
- Preparation of the HUD-1 Settlement Statement, incorporating the lender's fees and charges and any other adjustments between the parties under the terms of the contract
- Conduct the settlement, reviewing and explaining the documents to be signed
- Recordation of the Deed, the lender's Deed of Trust, and other related documents, in the public land records
- Disbursement of funds and payment of invoices received from service providers
Important points to remember:
- A house location survey is required by your new lender if the property you are purchasing is a single family home.
- The lender will also require a termite inspection report.
- Your lender will also require a fire and hazard or homeowner's insurance policy with a one-year paid receipt, before settlement, for single family home purchases.
- Upon receipt of a copy of your Good Faith Estimate of Closing Costs prepared by your loan officer, we will prepare an estimated HUD-1 Settlement Statement that more closely determines the amount of funds required for settlement. You must provide a cashier's or certified check payable to "Stewart Title" or payable to you for endorsement, for the estimated amount. A personal check will be acceptable for any miscellaneous adjustments. If your cashier's or certified check is in an amount that is more than required, we will immediately refund the difference.