Settlement Process



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



Emerald Bay serves as your closing agent and operates as a neutral third party to make certain that the following conditions are met: the Seller has good and marketable title to pass to the Purchaser the Lender's Instructions and Conditions are satisfied. All expenses incident to the sale are paid and/or prorated to the proper parties (e.g., required inspections, lender fees, escrow account contributions, title insurance premiums, loan payoffs, homeowner association dues, water bills, taxes of all kinds, etc.), and the sale proceeds are distributed in accordance with the Seller's instructions 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 a 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



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 a good and marketable title will vest in the new owner. 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 Closing Disclosure (CD), also known as the Settlement Statement is prepared, and the parties review the statement and then agree to meet to sign documents and close the transaction.



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.​





Emerald Bay Escrow Services LLC



(443) 522-9868
info@embescrow.com