Frequently Asked Questions
This is the time and place agreed upon by all parties for the final documents to be signed to complete the real estate transaction, where all funds are paid by Buyer and distributed to realtors and Seller, and where the Buyer receives the keys to the property.
The settlement company is charged with searching the title to the property, assuring that all taxes and liens and mortgages are paid in full, collecting and distributing funds and assuming the recording of all documents such as deeds and mortgage is performed correctly.
Your Lender will provide a Closing Disclosure (CD) to you at least three days in advance of closing. Your Settlement Coordinator/Officer at Medallion Settlement will call you, review the CD and give you instructions for closing.
All settlement companies are required to check support obligations in the Commonwealth of Pennsylvania on certain individuals, to provide the IRS with 1099 reporting information in certain cases and to clear matters such as judgements, etc. We also need the social security numbers of the Seller in order to obtain mortgage payoff information.
A survey can provide valuable information about the property you are purchasing. What is the difference between staked and an unstaked survey? A staked survey actually has markers placed on the ground when the survey is completed. An unstaked survey is a drawing of the property with no markers on the ground. There is a difference in cost.
There are many reasons we may ask a client for a copy of their previous Title Insurance Policy. For Instance, a mortgage or judgement that was paid, but not properly satisfied in the public records, presents a matter requiring title clearance. Medallion Settlement will help you clear this defect. The first step is contacting your previous title insurer, to verify that particular mortgage or judgement was paid.
These are required documents that are completed by Local Municipalities and Tax Collectors (or their Agents). They include but are not limited to......and wage tax forms. Medallion Settlement will help the seller to procure the necessary documents as outlined in their Agreement of Sale.
There are two different kinds of escrow accounts. One is an escrow account which may be held to guarantee the payment of repairs or inheritance taxes. The other type of escrow is an escrow amount which may be held by us to guarantee payment of repairs or final water/sewage bills.
If the escrow is for the guarantee of a repair, we will follow the direction of the escrow agreement that was outlined by both the buyer and seller. If the escrow is to insure the payment of inheritance taxes, the seller will need to provide a copy of the Inheritance Tax Return as Accepted by the State of Pennsylvania.
