What Happens At A Southern Maryland Real Estate Settlement?

Offices of Andrews, Bongar, Gormley & Clagett

Andrews, Bongar, Gormley & Clagett

This page is to help those who are having their Southern Maryland real estate settlement conducted at Andrews, Bongar, Gormley & Clagett.  We want to help make sure that you know what expect, and what you can do to make sure your settlement goes smoothly.


If you are the buyer:

Your lender is required to provide your final figures at least 72 hours prior to your “consummation date” (settlement date). This new regulation has really taken the guess work (and some of the nervousness) out of the final part of the process. You will need to provide wired or certified funds at closing, and your agent and loan officer should have reviewed this information with you. Sometimes, there are changes at the last minute that may require you to provide additional funds at the closing, so it’s always in your best interest to bring your check book, just in case. Please make that cashier’s/certified check made payable to Southern Maryland Law. Don’t forget to bring two forms of identification with you.  All lenders require one and it must be a government issued form of ID (ex. Driver’s license, military ID, etc.) The second can usually be a credit card, social security card, work ID, etc. 

If you are the seller:

By the time you come to our office, everything should be set and ready to move forward – so your job should be pretty easy. Your agent (if you have one) should have reviewed the final ALTA statement and Seller’s CD with you so that you know what your proceeds from the sale will be.  If you don’t have an agent, our settlement officer provides this information for review prior to closing. 

Like the buyer, the seller must also supply a government issued form of identification, so make sure you have it with you! If you have to provide any money at the closing, please be sure that you bring a cashier’s check or certified funds (if the amount is over $500.00) made payable to our office.

The Day has arrived. Now what? We are located at 11705 Berry Road, Suite 202, Waldorf, MD (between the Best Buy and Jared Jeweler). You can get to our office on the second floor via elevator or stairs. Once you arrive at the offices of Andrews, Bongar, Gormley & Clagett, PA please check in with the receptionist.  Let them know that you are here for your property settlement. When all parties have arrived, our settlement officer will take everyone back to the conference room where she will collect and copy your identification.  While these copies are being made, take a few minutes to get acquainted with the other parties involved and to relax a bit. And don’t worry, we’ll take good care of you! 


The Settlement Room2

Our Settlement Room, with our licensed Settlement Agent Vicki Rickett on the left.

We will always begin the settlement with a review of the ALTA/HUD-1 Statement.  This is the document that provides an accounting of all monies involved in the transaction for the purchase. It gives a detailed breakdown of every penny and includes lender charges, title charges, county/state charges and other contracted items (escrows, repairs, warranties, etc.).  It is a lot of numbers, but we will review them line by line, so feel free to ask questions. We will always do our best to answer any questions and concerns that you may have. 


Once the ALTA/HUD-1 review is complete, it gets signed by all parties.  Next we will ask for the funds needed to complete the transaction. Your check will be reviewed, endorsed (if needed) and the amount verified. Don’t worry if you brought too much money, we can refund the overage right away.

We will then review the buyer & seller CD information, as well as other miscellaneous documents, including the deed. Once the title documents have been completed, the seller’s job is pretty much done other then waiting for the buyer to review and sign the documents from the lender.  The rest of the settlement involves the buyer reviewing and signing the closing documents and the lender package. Generally speaking the buyer should already be aware of (and have agreed to) the terms of the financing for the purchase, so the paper work should basically confirm and support the information you already know (rate, payment amount, etc.).


Once all paperwork has been reviewed and signed by all parties, the settlement agent will make copies of all the signed documents (one set for the buyer, one set for the seller), request and obtain any lender required funding approvals and return to the room with a package for each of you. 


Now it’s done…time to celebrate!! You did it – you’re officially a homeowner!  Regardless if you have owned other homes or if this is your first one, we are always happy and excited to have assisted you with this rigorous process. We understand the time, effort, patience (and sometimes sweat and tears) it takes to get to this point.  We truly celebrate with you!


Thank you so much for allowing us the opportunity to help you with this important milestone. We are here to assist with anything you might need (post-settlement questions or other legal needs) so please don’t hesitate to call on us!

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About Dave Gormley

Dave Gormley is a Partner and the head of our bankruptcy department. He has been doing bankruptcy work for over 10 years, since before the bankruptcy law changed dramatically in 2005. He has been active in stopping the wave of foreclosures since 2008 when the financial crisis hit. There isn’t much related to bankruptcy or foreclosure he has not already seen. He is admitted to practice in Maryland and the Federal Courts, including the U.S. Bankruptcy Court and the U.S. Supreme Court.