What is settlement?

Truilauser09
Home Buyer
Berwyn, PA

What is settelement day? What happens on that day? Can it be extended under what circumstances?Nowadays everyone seems to be pushy to sell !!

Answers (6)
Best answer: Christopher…
First to answer: Christopher…
Christopher Pat...
Agent
Bear, DE

That is exactly what I would work towards. Let your agent handle the details to avoid getting too personally involved. Tell him/her what you want and strive to get it. Again, good luck.......................chris

Web Reference: http://come2de.com
Tue Oct 13 2009, 05:52
Christopher Pat...
Agent
Bear, DE
BEST ANSWER

If you are working with a buyer's agent, usually he or she will recommend an attorney that he/she has had successful closings with in prior settlements. If you do not have an agent, you can ask friends, neighbors, family, etc. for their attorney. Best of luck...........................................chris

Web Reference: http://come2de.com
Tue Oct 13 2009, 02:47
Christopher Pat...
Agent
Bear, DE

I am referring to the settlement attorney. He/She will be able to work through options prior to settlement......................chris

Mon Oct 12 2009, 08:15
Christopher Pat...
Agent
Bear, DE

These unanswered questions should be able to be handled by your attorney. Most of the time, the warranty information is sent straight to the settlement attorney and given to you at the settlement table. The issue with contractual obligations of the seller will take a plan of action that you and your attorney will need to work through.. Best of luck...............................chris

Web Reference: http://come2de.com
Mon Oct 12 2009, 05:55
Carol Succarotte...
Broker
Delaware

Settlement day is when all your dreams olf owning a home come to pass. That is when the transfer of the deed to your home takes place. In Delaware, we do that thru the buyer's attorney. Your mortgage documents are signed., deed is signed and keys pass the table from seller to buyer. Can it be extended? In many cases it can but it has to be for good reason. Example, mortgage documents are not completed. Remember though you are in a contract and therefore all parties need to act in good faith and practice due diligence. Pushy to sell? Not sure what you mean by that one. Sellers are selling and buyers are buying. Reasonable dates and time framesmust be kept so life can go on. Hope this helps. Always feel free to visit our website or contact me for more questions or info. Good Luck in your endeavors.

Mon Oct 12 2009, 05:14
Christopher Pat...
Agent
Bear, DE
FIRST ANSWER

Settlement day is the scheduled time to transfer ownership of the property from the seller to the buyer. In Delaware, this is completed by an attorney. Documents of transfer are signed by the seller and the buyer signs any loan documents to complete the sale.

Delaware contracts state that "time is of the essence" meaning that each date on the contract must be adhered to including the settlement date. Only extenuating circumstances can cause the delay of the settlement date. I hope this helps. Let me know any other questions or concerns.....................................chris

Web Reference: http://come2de.com
Mon Oct 12 2009, 04:37

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