The settlement company will conduct an approximately 1 hour settlement at their offices at which Purchaser and Seller sign all papers. Then the house is yours.

Normally, the Purchaser selects the settlement company. This is by custom in this area and is based on the fact that the Purchaser pays most of the costs of settlement. However, in some cases the Seller may ask for a specific company.

The work of the settlement company is to prepare or to have others prepare all the documents needed. Some of the most important items are the title search, releases of mortgages, and the deed. The settlement company also works with your mortgage lender to assure that all lender paperwork is completed on time for the scheduled settlement.

Under Virginia law, the settlement company does not represent either Purchaser or Seller. Rather, their job is to conduct a complete, fully documented settlement. The actual person who sits with you and the Seller at settlement may or may not be an attorney—but, be certain, if he is not, there are attorneys in the background. You may bring your own attorney if you feel you need representation. It is very rare for either a Purchaser or a Seller to do so.

The settlement company will send you a letter which will describe their role in detail. If you have questions about it, or if it seems to conflict with what your Kit Britton Team agent has told you verbally, call and ask.

In selecting a settlement company, the key rule is to make sure that the company is full time in the business. There are many. Also, The Kit Britton Team advises against selecting a personal lawyer or a divorce lawyer as a settlement attorney. Settlement is not rocket science; but it is highly specialized.

Settlement companies are quite competitive and prices reflect that. Aside from title insurance premiums, which are collected by the settlement company at settlement, total settlement company charges to Purchasers are in the area of $400. These are shown on the settlement statement. Sometimes a settlement company will offer a discount coupon to attract business. They distribute these through agents. Ask your Kit Britton Team Agent.

Here are several full time settlement companies that have done the job well for Kit Britton Team purchasers. Call at least two of these or others, asking about their fees and any discounts available: