Home Closing Questions Answered
Settlement (or closing) is the day where you sign on the dotted line and get the keys to your new home. This may be one of the most important and memorable day as a new home buyer.
At Coakley Realty, we have helped hundreds of people in the Washington, DC metro area close on residential and commercial properties, and we are experts when it comes to handling every detail.
Home settlements are a big deal! If you have questions that need answered, contact the experts at Coakley Realty. Simply fill out the form to the right or give us a call.
and commercial real estate
What Happens on Settlement Day?
Your settlement will occur at a prearranged location and date—they are often held at the title company’s office. During closing, you will sign all of the loan documents; make sure that each document is explained to your satisfaction so that you thoroughly understand each item that you are signing.
You will be required to present proof of homeowners insurance and any necessary inspections, as well as a certified or cashier’s check to cover the down payment, closing costs, and other settlement costs. Your lender should help you determine the complete cost of closing by filling out a HUD-1 Settlement Statement. This is a document that will cover the final credits and charges for both you and the seller, based on the terms of the contract. You will receive a copy of the HUD-1 at least one day before settlement—talk to your lender about getting it earlier, if necessary.
Once all the papers are signed and the payment has been made by your lender, all that is left is to get the keys to your new home and move in.
Who Will Be Present on Settlement Day?
On settlement day, who attends can vary, but it generally includes:
- The real estate agent for both parties
- The real estate attorney for both parties (if applicable)
- A lender representative
- The closing agent
- A notary public
Learn More About the Settlement Process
If you want to know more about the home settlement process, contact the experts at Coakley Realty. We can guide you through every step of the home buying process in the DC metro area, including closing and settlement.