Settlement Process

After you have received a copy of an accepted offer on the home you are purchasing, your real estate professional will coordinate scheduling a settlement date and time. As a home buyer in Maryland, you have the legal right to pick the settlement company of your choice. However, if you would like recommendations, your real estate agent can usually provide you with references of reputable companies.

If you are a home seller, you will be contacted by the settlement company (after the buyer schedules a settlement date) for information regarding any mortgages and/or liens which may be associated with the property.

Once settlement is scheduled, you should be sure to gather any necessary records to take with you to settlement, including:

Buyers need:

• Certified or cashier’s check for down payment amount as provided by lender.
• Homeowner’s insurance policy or binder.
• Drivers licenses for all parties purchasing.
• Contact utility companies to change accounts to your name.
• Power of Attorney, if applicable, to sign documents for another buyer who can’t attend settlement..

Sellers need:

• Drivers licenses for all parties in selling.
• Contact utility companies to cancel service.
• Power of Attorney, if applicable, to sign documents for another seller who can’t attend settlement.
• Keys to the house and any other buildings (shed, garage, etc.)
• Any warranties or invoices for repairs done as part of the transaction.

Settlement is the final step you will take toward purchasing or selling your home. If you are properly prepared and remember the correct documents, everything will go smoothly and you will have successfully completed your transaction.
 

Title Companies