The settlement company will conduct an approximately 1 hour settlement at their offices at which Purchaser and Seller sign all papers. The date will have been agreed in the contract.

You will receive your net proceeds two-three days later from the settlement company. The reason for the delay is that the settlement company must record the transaction at the courthouse. (This assures that you did not sell the house to someone else an four hours later at another settlement company down the street!)

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, the Seller may ask for a specific company. There are several reasons this might be appropriate. But it is a negotiated change in the standard contract. Kit Britton agent will discuss this point with you.

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 the 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 Buyer at settlement may or may not be an attorney. But, 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. Consult Kit before you decide to do this.

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 Kit has told you, call and ask.

If the Buyer selects a settlement company that is not full time in the business, or selects a personal lawyer or a divorce lawyer, red flags will go up. Settlement is not rocket science; but it is highly specialized. Your Kit Britton Team agent may recommend further negotiation on this point.

Settlement companies are quite competitive and their prices for their services reflect that. If you have one mortgage outstanding—a typical case—charges to the seller are in the area of $400. Your Kit Britton Team agent will give you an estimate of net proceeds early in the process, and revise it as different offers are considered by you—this estimate will include settlement charges—also commonly called closing costs. The final charges will be shown on the settlement statement at the settlement. Sometimes a settlement company will offer a discount coupon to attract business. They distribute these through agents. Ask Kit.