Terrapin Settlements
Your local experts in settlements and disbursements
About Us
Settlement, Escrow, and Disbursement are three parts of the end stage of buying and selling a property. Whether you are a new homeowner ready for your first home or a business owner selling an unneeded location, you will most likely need all three parts done at some point before the sale is finished. Choose a trustworthy professional title company experienced in all three so you can focus on your property.
Contact our team today 610-750-9557 to get started.
Settlement
A settlement or closing is the finalized legal agreement between two parties involved in a real estate transaction that neither will resort to litigation relating to the property. This signifies the end of a real estate transaction and starts any post-purchase steps such as starting mortgage payments and setting up utility accounts.
Part of the reason a settlement is an important step in a real estate transaction is to ensure things are finalized legally, completely, and with reduced risk to you as a buyer or seller. Without using a settlement company, you are at a higher risk of miscommunication, overlooking mistakes, or miscalculating. In some of the worst cases, you may even be actively deceived by another party in the process. This can lead to many issues down the line if not caught during settlement.
Our team can answer many questions about settlement and guide you through the process so you understand each part. Give us a call 610-750-9557, and we'd be glad to assist you with settlement services!
Escrow
Escrow is a process in real estate dealings and other situations where large amounts of money are being exchanged. The buyer and seller both want the money to go where it is supposed to go, and when lenders are involved that's another party invested in the proper handling of funds. The more money involved in the sale and the more parties involved, the more likely it is something will be missed.
Our job as an escrow agent is to ensure all funds make it into our federally insured escrow account safely. Then we ensure they remain secure until it is time for disbursement. Using an escrow agent helps reassure all parties that money will be exchanged fairly and correctly.
Disbursements
Disbursement is the final step in the real estate sale process and involves ensuring all funds go where they need to go. This includes HOA dues, utility bills, and other taxes or liens. Before your sale can be truly completed and off your plate, all parties that you might owe need to be paid what is required to leave you with a Free and Clear Title on your property. Without a disbursement agent to assist, you may forget or overlook a potential party that needs to be paid, leaving the sale messy or unfinished until that is handled.
Make your sale a fresh start with a clean title! Terrapin Settlements title officers have experience handling many cases of disbursement in the Wyomissing area. Contact us 610-750-9557 to start working with a team that offers reliable disbursement, escrow, and settlement.
Contact Us
The Terrapin Settlements title officers look forward to working with you, and we hope to provide you with the quality settlement and disbursement services you need.
Feel free to contact us with questions or to get started. We have experience working in Wyomissing, Berks County, and beyond.
Phone: 610-750-9557 | Fax: 610-850-6437
FAQs
What is involved in settlement?
A member of our team sits down with you to go over any documents that need signed and explain their purpose. We also go over bills and payments necessary for your new property. Finally, we discuss the next steps so you are as prepared as possible. We want to educate you on the process so you can feel confident once settlement is done.
What government assistance is available to first-time home buyers?
There are usually multiple means a first-time home buyer can find assistance including government and private options. A common form of assistance is a simple grant. The grant could have certain requirements for qualification or have an expectation you will pay a certain amount first before receiving a designated amount.
There are different programs and agencies for different states, counties, cities, and more. You want to find what programs are available in your region and determine if what they can offer will be helpful in your buying endeavors. If you need assistance as a first-time buyer, ask us what programs we know about. Our experience in the Berks County area means we know up-to-date information and work with other first-time buyers going through the same things as you.
What is the point of a third party holding money from my transaction?
When handling money, it can be easy for someone to accidentally mismanage it. That is why a third party, specifically a professional escrow officer, should be entrusted with holding and distributing money involved in the transaction. This third party helps ensure the buyers and sellers can end the transaction satisfied.
What can I expect going into disbursement?
We will work with you to document all potential costs related to your house. These often follow the title, so it is best to have them paid and closed before the transfer of the title. Preparing a list of known fees and questions going into the process can be helpful for you and our team. Additionally, hiring a title officer to handle the entire process including disbursement can reduce the risk of unaccounted-for costs or missing fees.