There are effectively three (3) “phases” to the settlement process:
   • Pre-Closing
   • Settlement
   • Post-Closing
Important actions occur during each of these phases.

PRE-CLOSING ACTIONS:

Once SettlementOne Title & Escrow, LLC has received your Contract, the following actions are performed in preparation of the Settlement:

• Title Abstract is ordered for the property.
• A Survey of the property is ordered. SettlementOne will coordinate with the Home Buyers to determine if the standard "House Location Survey" or the more detailed "Boundary Survey" is desired. Maryland law requires that the Buyer indicate, in writing, to the surveyor, which type of survey is desired.
• Upon receiving the Title Abstract and Survey, SettlementOne will review these documents to ensure the marketability of title and insurability of the property.
• SettlementOne will contact your Lender to schedule the Settlement Date and prepare any documents required by the Lender.
• We will contact the Seller's Lender or Lenders to obtain the payoff figures for all existing mortgage loan(s).
• SettlementOne will prepare the required Title Commitment/Binder pursuant to your Lender's requirements.
• The local taxing authority will be contacted to verify the current payment and amount of property taxes owing on the property. SettlementOne will use this information to determine the required pro-ration of taxes between the Sellers and the Buyers.
• SettlementOne will contact the Homeowner's or Condominium Association, if applicable, in order to verify the amount of HOA/Condo dues on the property and any required "set up" fees charged by the Association. We will use this information to determine the required pro-ration of the dues between the Sellers and the Buyers.
• Prior to closing, SettlementOne will obtain the loan documents to be signed by the Buyers, as well as the Lender proceeds (via check or wire).
• Finally, SettlementOne will prepare the "settlement sheet"
  (HUD-1), Deed to the property, and all other required closing documents.
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AT SETTLEMENT:

Once the pre-closing actions have been completed, SettlementOne Title & Escrow, LLC is ready to welcome you to our offices for the settlement on your new home. At settlement, you can expect the following:

• An experienced real estate attorney or settlement officer from SettlementOne will meet all parties and conduct the closing transaction.
• The attorney or settlement officer will review and explain the purpose of all settlement documents as you sign them, including the loan documentation provided by the Buyer’s Lender. The documents executed will include, but are not limited to, the HUD-1 Settlement Statement, Promissory Note, Deed of Trust, First Payment Letter, Loan Commitment Letter, Loan Application, Flood Insurance Notification Form, Tax Escrow Authorization, Aggregate Analysis Disclosure, Survey, Truth-In-Lending Statement, and Termite Inspection Report.
• After all documents have been explained and executed, we will collect the required certified funds (if any) needed to complete the settlement. All required “at the table” disbursements will then be processed by our experienced staff.
• While the “at the table” disbursements are being prepared, we will collect the keys to your new home from the Sellers, along with any garage door openers, Alarm System Codes, garage pass-keys (if a Condo), and the like. All of these items will be received by you at the settlement table, unless other arrangements have been made.
• A courtesy copy of all documents executed by the Sellers and Buyers will be provided before you leave the settlement room, along with all “at the table” disbursements.
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POST-CLOSING ACTIONS:

Your closing is now complete, and the exciting process of moving into your new home is now underway. At SettlementOne Title & Escrow, LLC, we are also hard at work completing the settlement process. To ensure your settlement transaction is fully complete, we undertake the following actions, as required:

• The Deed and Deed of Trust (or Assumption Documents) are recorded among the Land Records of the appropriate Court House.
• The Disbursement or “D-Sheet” is audited for accuracy and all physical disbursements of funds not conducted “at the table” are made and/or scheduled to be released/wired.
• The required documents are grouped, copied, and the Lender’s package of all signed documents is forwarded to your Lender per their instructions.
• We issue the required pay off amount to the Seller’s Lender or Lenders, if any; and obtain, prepare and record a release of the Seller’s Deed(s) of Trust.
• Any funds that were required to be escrowed at closing are disbursed.
• The Title Insurance Policies are issued.
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