5315 Lee Highway   

Arlington, Virginia 22207

703.531.1088 phone

Sellers

Sellers are asked to sign about six (6) documents at settlement.   Most important are the HUD 1 Settlement Statement and the Deed.  They will also be asked to attest to the fact that they own the property and have a legal right to sell it, and to sign IRS statements which report the transaction to the Federal Government. 

HUD 1 Settlement Statement

The HUD 1 includes all financial details of the purchase.  Disbursements by Chatham Title are directed by the HUD 1.  Credits/debits that have occurred outside of closing will be shown on the HUD 1; payments made by the buyer or seller prior to settlement will be shown as POC (paid outside of closing).  The HUD 1 Settlement Statement is prepared by Chatham Title using information gathered from various sources. 

Deed

Once signed, delivered and accepted, the Deed conveys ownership.  The Deed is signed by the Seller(s) who, by signing, offers the property to the Buyer.  The execution (signing) and delivery of the deed constitutes the legal transfer of the property.  Chatham Title will record the Deed at the appropriate courthouse after settlement to provide public notice that ownership of the property has changed.

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