Improve Your IT Sales Process with airSlate SignNow

How to create outlook signature

how's it going everyone Matt Leighton welcome back to another real estate video guys today we are joined by David Carter a settlement attorney with Highland titled David thanks for being here today thank you Matt for allowing me to be here cool so what we want to do in this video is paint a picture in that picture is if you're a seller what to expect the day of settlement so David here's the picture I just sold my house it's under contract right now we're on our way to closing within 30 days at full list price if you chose me as the listing of course um but what happens next so we have a signed contract but where do you come in what do you provide and where do we go from here right so what we see nowadays most times when we get involved I'm part of the title company so I'm an attorney I have two hats on usually I'm either a settlement agent and/or I am an attorney with the title company depending on what my role is at any given time so the contract will come in from you guys and we appreciate that and we'll see that we are named the title company usually the buyer chooses the title company but we do have a lot of split closings more nowadays once we get the contract in we start looking out and we send out our welcome letter asking the seller for their information if you have a loan on the property we'd like to need you to know your payoff information any kind of format that there's any kind of liens on the property that you know of beforehand we'd like to know if there's an HOA we need to have the contact information for the HOA board so we can order the docs and so forth so they'll tell you about any liens but then you're also digging in some paperwork and running your searches for any lien correct yes we have our title abstractor and he comes in and he will be able to go research the property back 60 years to make sure everything is good and going okay and that the chain of title is clear before we go to settlement okay awesome and then so once you fill out that paperwork as a seller and you get to settlement what happens there what do you need what should a seller expect that settlement day so once we have all their information and the sellers are going to be around a lot of times the sellers are remote or they've already moved away you know we live in the DMV area so people are always on the move or traveling if the seller knows that we're ready to get to closing we have everything all the ducks are in line and everything is good to go you know we can sign beforehand so this is going to leave but you know week before closing we can have the seller come in and we will sign everything beforehand and then we'll have it finalized on the date that the buyer does sign yeah yeah so a lot of times the buyer is signing the day of closing but the seller they don't have to be on that timeline if we're closing on the 31st they can sign in the 30th a couple days before it doesn't have to be something where everyone is sitting at the table at one time right you know you know six or seven years ago when I first got into this side of the business it was more common to have everybody at the table and then nowadays I'd say probably 85% of my closings are split right now I never see both sides sitting at the same time so as a seller what sort of things do you need to bring a photo ID a checkbook or for wiring instructions maybe you've already taken care of that beforehand what what sort of items does a seller need to bring so when they come to closing we just need a photo ID make sure it matches the name that's on the contract and matches the name that we have in title and has to be valid and then as you said if you're planning on having your money wire to you we need a have a check or something of your account information that you have prior to us coming in and you hand that to us will void out a check or if it's going to a certain bank account you can give us that information and then we will process it and that's how we're gonna you're gonna get your money the big important thing yeah definitely so the settlement statement for the seller that's something that they can see beforehand right usually how quickly before in a day before a week before a month before most the times we can probably do it a week or week and a half we can do a prelim one pretty quickly and that's just really our fees and then just whatever fees are dealing with the real estate brokerage and things like that the only thing that we usually have to wait on time is ordering them pay off so if you did have a loan out on the property we have to have certain money you know whatever's left on the loan it takes the bank a few days to get that to us and if over there HOA stuff that's the only thing that really holds it off the reason I asked that question is I'm trying to think what sort of surprises you may see if you're a seller at the settlement table I mean think about you've probably done hundreds if not thousands of closings in your lifetime yeah like why do sellers get upset other than maybe selling for a lower price what what is causing them at the settlement table to be surprised or shocked or taken aback why oh I had no idea you know let's talk more about what happens so we strive that you should have no surprises I mean everyone should be okay with everything in the southern statement the only time that I ever see certain things there's walkthrough issues that's you know you you as a buyer agent go in and hey you know something wasn't fixed or something just all of a sudden you know was not the same as when you walked in the first day there's company of the the house and now all of a sudden we have to do something right we have to either either do it has to be repaired there has to be a credit given there has to be something along the lines the seller was not expecting at that time okay so there shouldn't really be any surprises the preliminary settlement statement I mean you can probably get that out in what 24 hours 48 hours something immediately once you're under contract so hopefully by the time you get to settlement you already know what you're signing or maybe you're signing like a week before something which is what a lot of sellers do that's uh basically what you need to know on the day of settlement guys David Carter you worked with Highland title here in the Northern Virginia DC area I'm doing a few videos with him so be sure to check out the channel for more title and settlement videos on what to expect David thanks for joining me until next time create a productive day take care