Settlements


Closing (or settlement) is the final step in executing a real estate transaction. The closing date is set during the negotiation phase, and is usually several weeks after the offer is formally accepted. On the closing date, the parties consummate the purchase contract, and ownership of the property is transferred to the buyer. Several things happen during closing:

  • The buyer (or his/her bank) delivers a cheque (generally in the US, a Cashier’s check or wire transfer) for the balance owed on the purchase price.
  • The seller signs the deed over to the buyer, and delivers the keys.
  • A title company, lawyer or civil law notary registers the new deed with the local land registry office.
  • The seller receives a cheque for the proceeds of the sale, less closing costs and mortgage payouts.

What should I expect?

On the day of settlement, we will meet to explain the documents you are signing and walk you through the process.  We will meet at our office located at 5225 Wisconsin Avenue, NW #500, Washington, D.C., unless alternative arrangements have been made.  Please let us know if you are not able to attend the closing, and we will work with you to make alternative arrangements.

What should I bring?

  • Please bring photo identification and the funds needed for settlement. We will be sure to let you know if we need anything else from you.
  • For a purchase, the funds are required to be in the form of a wire transfer, or certified or cashiers’ check, for a refinance a personal check is acceptable. Please make the check payable to “Law Offices of Chasen and Chasen.” We will try to have the amount necessary for settlement available to you the day prior to settlement, if not earlier.
  • We compile charges from many sources, including your lender, and if one source is not ready it will delay the availability of a final figure. If this is the case, please obtain a certified or cashiers’ check for the “good faith estimate” of the settlement charges provided by your real estate agent or loan officer and any small difference can be paid with a personal check.  We will refund any overpayment immediately.

Feel free to contact our office if you have any questions, or if we can assist you in any way. We look forward to working with you, and to making your settlement a smooth and easy one.