Settlement is a brief process where all of the necessary paperwork needed to complete the transaction is signed. Title to the property is transferred from seller to buyer. The buyer receives the keys and the seller receives payment for the home. From the amount credited to the seller, the closing agent subtracts money to pay off the existing mortgage and other transaction costs. Deeds, loan papers, and other documents are prepared, signed and filed with local property record offices.
One of the best parts of settlement is that buyers and sellers need to do very little.
At closing itself, all papers have been prepared by closing agents, title companies, lenders and lawyers. This paperwork reflects the sale agreement and allows all parties to the transaction to verify their interests.
You may want to make a photo or video record of the home and their possessions for insurance purposes and then keep the records in a safety deposit box. You may also want to maintain fire, theft and liability insurance. As the value of your property increases such coverage should also rise. Your insurance professional will advise you on details.
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