Settlement Services

Heritage can provide all or some of the services listed below:

Pre-Closing Services

* Obtain payoff statements for open mortgages, liens and/or judgments;
* Follow up with lender’s requirements so that we receive a “clear to close.”

Closing Services

* Prepare HUD-1 Settlement Statement – send to parties for approval;
* Prepare mortgage closing package;
* Attend closing with attorney;
* Gather documents to be recorded;
* Receive and disburse funds in connection with closing.

Post Closing Services

* Scan and return closing package to lender;
* Send documents for recording;
* Obtain and record satisfaction documents.

Fees

The fee for providing all of the above services ranges from $300.00 to $375.00 (plus mileage when applicable) depending on the time and location of the closing.

*Our charge for the settlement services we provide must show as a separate line item on the HUD-1 Settlement Statement.

*Recording fees must appear as a separate line item and will be remitted to Heritage who will, in turn, handle the recording of documents.

What’s different now that Heritage will be handling Settlements for your clients…

The attorney will continue to handle contract review and negotiations as well as inspection and walk-through issues. Basically the attorney handles tasks that require legal advice.

Once the order is placed with Heritage we will contact all parties involved to advise them that we are working with your office on the transaction. From time to time, we may need someone in your office to confirm that this is the case so that the other parties feel comfortable releasing “sensitive” information to us.

Heritage provide a copy of our Commitment to Insure Title to your office, the Seller’s Attorney and the lender. Heritage will also obtain all of the requisite information needed to prepare the HUD-1 Settlement Statement, the Mortgagor’s Affidavit of Title, and whatever the lender requires in order to clear us for closing.

Once we receive notification that we are cleared to close Heritage will make contact with all parties so that we can agree upon a date, time and location of closing, as well as to request a breakdown of fees due to the attorneys and realtors, final water and/or sewer bills, etc.

Heritage will review all Seller Documents for accuracy and to verify that the Deed is in recordable form.

Heritage will arrange to receive the Lender’s Closing Package as well as the Loan Proceeds. Once the HUD-1 has been approved by all parties the purchaser will be advised of the amount of funds needed to close and will be provided with instructions for the delivery of same. Please note that we always require certified funds or funds delivered by wire transfer.

What Information is needed by Heritage Once the file is out of Attorney Review

Along with the information you are currently accustomed to providing on our Search Request Form, the following information and/or documentation will assist us in handling your settlement needs:

1. A Copy of the Contract of Sale;
2. Target Closing Date;
3. Deposit information – how much money is being held and by whom;
4. Title order including all of the usual information shown on our Search Request form PLUS:
   a) Contact Information (e-mail address, work, home and/or cell phone number) for the purchasers,
   b) Purchaser’s current address;
5. Lender’s Contact Information ;
6. Copy of Mortgage Commitment and/or Lender’s Preliminary Closing Instructions;
7. Seller’s Disclosure Form (when provided);
8. Realtors’ names and contact information.

Note: Our company will provide an “Authorization to Obtain Information” form to both the buyer and seller for their signatures so that we can obtain insurance, payoff and/or any other information.

AT THE CLOSING…

Heritage will have a fully prepared Lender’s Closing Package at the time of closing. The mortgage closing can either be conducted by Heritage or by the attorney, whichever the attorney prefers.

A full unsigned copy of the Lender’s Closing Package and a fully executed HUD-1 Settlement Statement will be provided to the purchaser’s at the time of closing. All other parties at the closing will receive, if required, a fully executed HUD-1 Settlement Statement along with checks for any fees or commissions as required.

After the Closing and Disbursement of Funds:

A full copy of the executed HUD-1, all executed Seller Documents and a full copy of the executed Lender’s Closing Package are scanned into our system and maintained electronically. You do not have to store a copy in your file. Should you ever require a copy of any of the closing documents we have the ability to e-mail the documents, fax the documents, or publish the closing documents so that you can retrieve the documents off of our website: www.heritageabstract.com using the attorney’s login information.

We find that communication between the attorney’s office and our office is essential… so please, if you have questions along the way, don’t hesitate to call our Settlement Services Department.

Who will be handling our “Settlement Services” file at Heritage…

Your file will generally go through the same channels as it currently would. Beth York or Karen Petruzzi will open the file and order all necessary searches and a survey if required. Once the searches have been received the file moves to one of our Title Officers (Heidi Meyer, Steve Wallace or Marilyn Schulkind) for the preparation of our Commitment to Insure Title. The file will then move back to Beth York and/or Karen Petruzzi for processing, copying, scanning and delivery to all parties.

Once the file has left our Production Team, it will go to Joe Bannan and Pat Engravalle in our Settlement Services Department. They are responsible for gathering all necessary information and documentation in preparation for Closing.

Mike Harris or Karen Gallagher finalize the HUD-1, review the figures with all parties, finalize the paperwork and attend and/or conduct the Mortgage Closing.