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The Settlement Process and What You Can Expect
Purchasing a new home can be an exciting experience, but it can also be quite overwhelming, especially if you are unfamiliar with the settlement process. The settlement process is the final step in purchasing a home, where all parties involved sign legal documents and transfer ownership of the property. In this blog post, we'll discuss the settlement process and the steps involved to ensure a smooth settlement.
Once your settlement date has been scheduled, you will be contacted by a customer coordinator approximately 30 days prior to the settlement date. The coordinator will provide you with as much notice as possible and confirm your settlement date. After the settlement date is confirmed, you will receive an official settlement notice with a utility contact sheet and a calendar invite. Each settlement is allotted a one-hour timeslot.
After receiving the official settlement notice, you will receive a DocuSign with a Utility Acknowledgement and an HOA acknowledgment if your purchasing community has an HOA. As settlement nears, you will need to be in constant communication with your lender to avoid any delays in the settlement process. If you or your lender delay your settlement date, you may be charged a late settlement fee.
About a week prior to the settlement date, you will have your New Home Orientation walk, which is scheduled with the Superintendent. This walk provides you with an opportunity to inspect your new home and ask any final questions you may have before settling.
On the day of settlement, you will have a "zero walk," which usually takes place an hour before settlement. You will arrive at the settlement location and be greeted at the door by a settlement agent who will take you to the settlement room. Once all parties involved have arrived, the settlement process will begin. If you are purchasing your home with cash, you will have a few documents to sign, which takes about 10-15 minutes. However, if you are purchasing your home using a loan, you will have a package that needs to be signed. The settlement agent will begin reviewing the documents you will be signing with you, which takes about 30-45 minutes.
Once all the documents are signed, you will receive the keys to your new home, and you can start moving in! Remember, the settlement process can be overwhelming, but with the proper preparation and communication, you can ensure a smooth settlement.