FAQ

Can I bring a personal check to settlement?

It depends. If the amount of personal funds needed to close the settlement is less than a thousand dollars, a personal check is fine. If it is any more than this amount, you should check with our office manager.

What happens to the money currently being held in escrow for the taxes and insurance by a lender who is being paid in full?

Under most circumstances you will receive a check for this amount within a few weeks of the settlement taking place. Sometimes this amount is rolled over, but only if the transaction is a refinance with the same bank.

Will my settlement proceeds be taxed?

This depends. If the property was a second home, the settlement will likely be deemed a taxable event. If not, and the sale price is under a certain threshold and is of a principal residence not used for business purposes, then the transaction will likely not be a taxable event.

How will I make my payments?

This information is included with the information signed at settlement and can be a number of possible alternatives. Almost every settlement has information to set up automatic payments.

What happens to the deed?

The original deed is recorded in the office of the Recorder of Deeds in the county where the property is located. Once this is recorded by that office the original is mailed to the tax bill address located on the last page of the deed.

Should I bring prior deeds to settlement?

You may but this is not required. Our office usually pulls the prior deeds off of the Recorder of Deeds records and creates a new deed. If you have the prior deeds, you can give these to the new owner which is universally appreciated for sentimental purposes.