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Settlement Process- What you can expect



What we do



The Settlement Process



After a buyer and seller negotiate the terms of their deal and sign a sales contract, many tasks must be completed before they can officially close the deal. As the title and escrow company coordinating the transaction's many elements, Emerald Bay facilitates the process of getting buyer and seller to the settlement table by working closely with real estate professionals, brokers, lenders, insurers, local government authorities and others to ensure that the process goes smoothly. For refinance transactions, our work is very much the same but there is one (1) less party involved.



Purpose Of A Closing/Settlement



As your closing agent, Emerald bay acts as a third party to ensure that: all provisions of the real estate sales contract are fulfilled the Seller has good and marketable title to convey to the Purchaser Lender's Instructions and Conditions are met all costs incident to the sale (e.g. required inspections, lender fees, escrow account contributions, title insurance premiums, loan payoffs, homeowner association dues, water bills, taxes of all types, etc.) are paid and/or prorated to the appropriate parties and that sale proceeds are disbursed in accordance with the Seller's directions and local laws.


Prior To The Closing Day



Upon receipt of the signed Sales Contract, Emerald Bay contacts the sellers and buyers to obtain information essential to preparing documents and ordering any loan payoffs and to determine if all parties will be present at settlement. The government land records will be searched to determine what liens and/or judgments encumber the property and the steps to be taken to ensure that good and marketable title will vest in the new owner. A survey is ordered and reviewed to determine if there are any encroachments on the lot or whether any buildings violate set-back lines or easement areas. Real Estate tax amounts and whether they have been paid current are verified and communicated to the lender along with a preliminary title report. When the lender provides closing instructions, a HUD-1 Settlement Statement is prepared and the parties review the statement and then agree to meet to sign documents and close the transaction.



On Closing Day



The sellers, buyers and their respective real estate agents gather at a previously agreed upon location to approve the settlement statement and sign documents. The real estate agents discuss and appropriately settle any outstanding contract conditions and walk-through inspection items. With lender approval, funds are escrowed as necessary for any discrepancies and as security for any seller rent-back. Keys are passed and the deal is closed.​ . ​



Post Closing



Emerald bay disburses funds to the appropriate parties in accordance with local law. Once a final "bring-down" title search is completed and legal documents are recorded, title insurance policies are issued. ​





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Emerald Bay Escrow Services LLC


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