The Pre-Settlement Process

KEY TITLE after receiving your contract of sale will follow procedures that have been put into practice to meet the lender requirements, and to follow the details as stated in your contract.

• Order the Title Abstract
• Order the Survey or Location Drawing
• Upon receipt of the title abstract, review it along with the survey
• Schedule the settlement with your lender and receive instructions to prepare the appropriate documents the Lender will require along with the Title Insurance Commitment
• If there is a payoff of the seller's mortgage, we will get this information (Existing loans must be paid off at settlement)
• Contact any local authorities concerning taxes, water and sewer
• Contact the Homeowners Association (if any)
• Make arrangements to receive the lender package of documents for settlement, including the funding for the loan
• Prepare the settlement sheet (HUD-1), Deed, and other required documents

Every effort will be made to put together the settlement sheet prior to the day of your closing so you will know exactly how much you will need. The funds you will need should be in the form of a certified or cashier's check, made payable to yourself. At settlement, you can endorse the check to KEY TITLE. If circumstances prevent getting exact information for the amount of funds you will need for settlement, an estimate can be given based on your Good Faith Estimate from the Lender. If more money is stated than the actual amount, a refund will be given at the time of settlement. If the estimate is for less than required, a check can be written.

A settlement officer from KEY TITLE will conduct the closing, presenting the settlement statement first; then review the package of documents with you, and get signatures where appropriate. You will receive a copy of the documents. Please allow one hour for the closing. If there are items to be resolved at the closing, KEY TITLE will be glad to help in any way possible and provide legal assistance from an attorney, if necessary.

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