Serving the Greater Area of
DC, Maryland and Virginia

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:

  1. A house location survey is required by your new lender if the property you are purchasing is a single family home.
  2. The lender will also require a termite inspection report.
  3. 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.
  4. 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.
113