The Property Settlement Process
The settlement process may sound intimidating, but it really isn't. The reason why it's not intimidating is because CMDI Logic's Expert Property Specialists will be there to hold your hand through the entire process.
What does that mean? Well, it means:
- CMDI Logic will be there to answer any questions that you may have today along with any questions that you may develop during the settlement process.
- CMDI Logic will work tirelessly to gather all of the important information necessary so that we can meet your deadlines, expectations, and settle on time.
- CMDI Logic will make sure that all of the necessary documents and paperwork get submitted on time. We appreciate you choosing us to help you through your unique set of circumstances, and we want you to feel comfortable knowing that the experts are taking care of everything for you.
The purpose of the settlement process is to establish that you are the sole owner of the property. Through diligent research of land records and the property's history, the settlement company will work hard to unearth any liens or complications that may be attached to the property.
On rare occasions, the settlement company may find other relevant information that even you, the property owner, may not be aware of. The result of this information could be due to the past mistake of a mortgage company or it could be related to something that was overlooked by a previous bank.
If there are problems or complications in the title or ownership, it may require extra time for the settlement company to produce a clear title before you can start over, completely put your worries behind you, and allow CMDI Logic to proceed with the purchase of your property.
Barring these unusual circumstances, you can count on the settlement company to gather any necessary information quickly, and settle whenever you would like.
With us the process will be over and done with in just 7 easy steps:
- CMDI Logic will work closely with an independent settlement company from Virginia, Washington, DC, or Maryland. The name and details of this company will be provided to you during the home visit.
- Once our Expert Property Specialists have visited you at your property, we will submit your information, your signed authorization letter, and the signed purchase agreement to the settlement company. At that time, if the settlement company needs additional information, they will contact us—or you—for any missing information or necessary documents.
- A land and title search through Virginia, Maryland, or Washington, DC land records will be performed to ensure that there are no complications in the titling and ownership of the property.
- The settlement company will request an updated lien payoff amount from your mortgage company. This provides the final amount that is owed in mortgages and liens, and this is the amount due on the day of settlement.
- Settlement will be conducted at the office of the settlement company on the date that's most convenient for you. Be sure to bring all of your house keys, a government issued ID, and a voided check with you to the settlement table. The settlement process is very quick. Be prepared to spend 30 - 60 minutes signing documents and finalizing the sale of your property.
- A settlement attorney will be present to explain the entire process to you. They will confirm that you are the owner of the property, and also have you sign a HUD-1 statement. The HUD-1 is a form used to itemize all charges imposed upon a borrower and seller for a real estate transaction. It gives each party a complete list of their incoming and outgoing funds. After you sign the HUD-1, they will have you sign a deed granting new ownership to CMDI Logic.
- At the end of the process, they will confirm how you want the proceeds disbursed, explain when you can expect the money, and disburse that money, as instructed, as soon as it is available.
If you have any questions about this process, our agents can explain it in more detail upon request. Just send us an email at info@cmdilogic.com, feel free to fill out the sellers information form, or give us a call at 1 (877) 650-5577.
CMDI Logic--"Where strategy, precision, and real estate merge"