The settlement agent’s responsibility is to carry out the transaction between the buyer and the seller, and the borrower and the lender, as everyone intended. As a settlement agent we see that the seller is paid for the property they are selling, the buyer receives title to the property, and the lender receives security for the money it lent to the borrower to purchase or refinance the property. In doing so we primarily serve three roles:
We review and clear title. As soon as we receive a ratified contract, we order a title search on the property which informs us of any liens or encumbrances on title. One of our experienced settlement attorneys reviews the title report and works diligently to clear any title issues to ensure a smooth and timely settlement. We also issue title insurance policies at settlement to both the lender and borrower (if requested).
We hold funds in escrow. Concurrent with reviewing titles, our processors gather all financial data related to settlement. This includes the seller’s mortgage information, taxes, homeowners’ association dues, commission information and financing fees. We prepare a settlement statement detailing the sellers’ and buyers’ credits and debits, hold any funds in an escrow account until settlement, and disburse all funds from our escrow account after settlement and recordation of the deed.
We conduct settlement. We arrange a time for all parties to the transaction to sign documents at settlement. We prepare the settlement documents for our clients to approve and sign, and one of our experienced settlement attorneys explains each document at settlement so our clients have a clear understanding of what they are agreeing to. After settlement, we record the deed and mortgage with the county, and disburse funds as designated on the settlement statement.
Our industry-leading technology and team of experienced professionals allow for a custom settlement experience that affords our clients and partners flexibility and transparency. We work hard “behind the scenes” to ensure our clients a smooth settlement.