Real Estate Settlement Process

Once a buyer has made an offer on a home and the seller has signed the paperwork accepting that offer the parties have what is called a ratified contract. This is where the settlement (also known as closing) process really begins. At this point, the buyer has the right to select the law firm or title company that will handle the settlement. It is  important that you choose a title company where an attorney will handle all of the vital aspects of your settlement.

Purchasing and selling real property can be an extensive and complicated process. In the state of Maryland an attorney is NOT required to be present or involved in the closing of real property transactions, so it is important that you choose a title company where an attorney will handle all of the vital aspects regarding your real estate settlement. When you choose Salisbury, McLister & Foley, LLP you are choosing experience and expertise, and we will ensure a smooth transaction.

Settlement Steps:

1. Title Abstract

2. Title Examination

3. Title Curative

4. Survey

5. Title Insurance

6. Coordinate With All Parties

7. Deed Preparation

8. Loan Document Review

9. Settlement Statement

10. Settlement or Closing

11. Post-Closing

Refinance

Salisbury, McLister & Foley, LLP handles multiple refinance settlements throughout the year. In the real estate world, refinancing is a popular process for replacing an existing mortgage with a new one. The new mortgage typically offers more-favorable terms for the borrower. Please reach out to our office with any questions you may have regarding a refinance.

Short Sales

A short sale is usually a favorable alternative to foreclosure. In general, a short sale has a lesser effect on your credit score and you will be able to buy another home sooner than you would with a foreclosure. Short sales are extremely complex legal matters and you need competent, experienced representation to help you avoid the many potential pitfalls involved.

The short sale attorneys of Salisbury, McLister & Foley, LLP have successfully negotiated hundreds of short sales for homeowners in Frederick and surrounding areas in Maryland. We will review your situation and help you decide if a short sale is the right choice for you. If it is, we will negotiate with your lender to get you the best settlement available. We do not get paid unless your short sale negotiation is successful. And when it is, we get paid by the lender at settlement – this means you pay us nothing out of your own pocket!

Short Sale Services at No Cost to You

We will need quite a bit of information/documentation in order for us to effectively handle your short sale negotiation .  It is very important that everything requested is provided in a timely manner and that all forms are completed in their entirety to ensure success. The following documents are needed to get started:

  • 3rd party authorization form
  • Financial worksheet
  • Listing agreement
  • Most recent statements for any mortgages/lines of credit
  • Hardship letter
  • Most recent pay stubs covering at least 30 days
  • Award letters for any unemployment, social security, disability, or pension benefits
  • Most recent bank account statements covering at least 60 days
  • 2 most recent federal income tax returns
  • Most recent gas or electricity bill for the property
  • Ratified contract
  • Buyer’s pre-approval/commitment letter from lender

 

If you have any questions regarding the settlement process feel free to contact our office! 301-694-7235