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Working Towards Settlement
Settlement normally takes place about two months after the sales contract is ratified, although there are many exceptions to this. New homes can take longer because of the time needed for construction. It is also possible with advances in technology that the loan approval could be accomplished more quickly, allowing for settlement to occur sooner.
The settlement process varies from state to state, so your real estate agent should keep you informed as to when things will happen and when you should be doing things. There are some things that you yourself might have to take care of, for example, obtaining insurance coverage for the new home before you go to settlement.
You should also make sure you know what monies you are going to need to bring with you to settlement, and how that money must be paid. You will probably need a certified check to cover most or all of the settlement costs. Title companies will probably not accept a personal check for a large amount of money.
©2002 Douglas R. Barry