Settlement Questions

After a Seller and Buyer have negotiated a contract, the seller will have some important settlement questions to answer before a closing can occur.

Scotland Yard Realty has skilled professionals to assist you when these questions arise.

• Are you sure of the property legal description? Will a title policy or abstract of title be used? Who will record post-closing documents such as deeds and title changes? Who will make sure that the new deed and title documents get mailed to the buyer? What closing company or real estate attorney will be used?
• Is there an existing property insurance policy? Should you assign the policy to the buyers or should they get a new policy?
• Is a survey required or necessary? Who orders the survey and how do you find a qualified surveyor? Who pays for the survey and can it be obtained in time for the closing? How can encroachments or easements be cleared up? Will this cloud the title?
• How do you prorate escrows for homeowners’ association dues, taxes, insurance and interest adjustments? Who pays the difference if escrow comes up short? If new financing is obtained, who gets the present escrow?
• Should there be one attorney, or should the buyer and seller each have their own representation? Who pays for the attorney?
• What are closing costs? Who pays for them? How much are they and how are they computed? Most important, who coordinates all of this for you?
• Who takes care of recording the necessary documents after closing, such as the warranty deed and mortgage documents? Who will transfer the loan documents, assign the insurance and secure the necessary title policies?
• Who will see to it that contingencies and concessions are scheduled, coordinated and cleared before closing? Who will ensure that contingencies are written into the contract? What happens if contingencies are not fulfilled or removed?
• How do you coordinate the possession date? What happens if the seller moves and the deal falls through? Who will advise the buyers of their responsibilities, such as bringing a certified check in the proper amount to the closing?

Questions?
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