Real Estate Closing

Seamless Real Estate Closing

When you’re starting the process of buying or selling a home, knowing the right place to begin may be a bit tricky. High Crest Settlement is glad to help you with every step of the closing process. Real estate closings have specific requirements and specifications as well as a strict process. To start closing your property, give us a call at 434-361-0397 or visit our location in Nellysford, Virginia. To learn more about how the process looks and where we are involved, keep reading! 

The Closing Process

An escrow or title company must become involved in the home closing process after a seller accepts a buyer’s offer. Once the seller has accepted the buyer’s offer, several things will occur.

Request of Documents

Working with your real estate agent, we help compile escrow instructions and documents that outline how funds will be held in escrow and how they will be dispersed. This is so the buyer and seller can agree upon specific conditions of sale.

Earnest Money Deposit

As your escrow company, we will handle all funds and transactions for home sale as a neutral third party. A “Good Faith” deposit of about 1-3% of the selling price will be put into an escrow trust account. 

Loan Approval

Working with your lender, we help lead you through the loan process. Filling out a loan application as soon as possible can help speed up this aspect of the home closing process. You will provide your lender with important financial information such as bank statements, tax returns, and paycheck stubs.

Seller’s Disclosure

Under Virginia State Law, the seller must disclose any known problems with the house or property. This is usually done with an extensive questionnaire done by the seller in the beginning of the escrow process.

Title Search

A title search is performed by us on public records to ensure there are no existing claims on the property. We then prepare a preliminary title report that will be viewed by all parties and resolving an issues before the process continues.

Appraisal

Many lenders will require a property appraisal to view any physical issues or defects so there are no threats to structural integrity. Any repair costs are discussed between the buyer and seller.

Document Preparation

After the loan application is approved, an escrow agent prepares crucial documents such as a settlement statement, warranty deed, and any other documents required by the IRS.

Signing

Once everything has been agreed upon, we will schedule a review for both the buyer and seller to sign closing papers.

Closing

Discussing with both buyer and seller, we determine a closing date wherein all repairs and conditions are met by the seller. We make payment on any existing claims using the funds held in escrow. An escrow agent will order the recording of title and will deliver all necessary paperwork to involved parties.

Loan Closing

If you’re in need of help handling your closing, High Crest Settlement is here to help you. It is crucial to properly apply to ensure that you don’t pay more than needed. It is important to make sure that you have all critical documents so that you can guarantee your loan can be paid off and that you fit all criteria required to finalize it.

Share by: