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What To Expect At Settlement

The purchase or refinance of a home is one of the biggest events that most consumers well have during their live time; wet few people truly know what to expect at settlement.  
 
At settlement, there will be a lot of paperwork! Reading every page would take hours and settlements don’t last that long.  It is important to have an experienced real-estate attorney working on your case whose responsibility is to give the home buyer a concise explanation of what is being signed.  
 
Four documents deserve special attention in your settlement: (HUD1 or ALTA SS) settlement statement lists all of the costs associated with your loan.  This includes the sales prices, loan amounts, points, lender preparation fees, prepaid interest, escrow, settlement fees title examination and insurance expenses, recording expenses, transfer taxes, tax prorations, credits, down payments and what funds are due.  While estimates are not exact, these amounts should conform in principle with your sales contract and agreement with your lender.  Each amount should be reviewed and explained.  
 
The note is your contract with the lender.  Review it carefully.  it should list your interest rate, fixed or adjustable (change date and margin), term or your loan, late charges, and pre-payment penalty if any (generally not allowed in Maryland).  Do not sign a note with incorrect information on it.  
 
The deed of trust indicates the amount and the term of the loan.  The deed of trust gets recorded at the courthouse as evidence of the lien on your property.  Do not sigh a deed of trust with incorrect information on it.  
 
The deed is your document of transfer.  Review it carefully.  Make sure your name is spelled correctly and the sales price is reflected properly.  Be sure it states if you are a first time buyer in Maryland as they can save you state transfer taxes.  
 
Having the best attorney on your side can make a difference in a successful settlement!  Remember it is the home buyers right to choose who does their settlement!
 
Call Diamond Title (301-670-3445), compare, and experience like thousands of other satisfied home purchasers that “A Diamond Title Settlement Is Your Best Friend!”  
 
Robert P. Goldman, Esq. Specializes in Real Estate law for the Diamond Title Insurance Corp.  He was noted in Washingtonian Magazine the Real Estate Lawyer “that really delivers.”  Mr. Goldman is a member of the Bar in Maryland, Washington DC, Virginia, New York, and is admitted to practice before the Supreme Court of the United States. Mr. Goldman has been practicing law for 30 years.