Main Line Homes Blog

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When does settlement end?

You didn't really think it was over just because everybody had signed the HUD? You may have come across this strange aberration that settlement is never finished. Because of the errors forms that clients are asked to sign at settlement, just in case a form is missed or there is some error, settlement is not over when everyone leaves with smiles on their faces after signing all the paperwork. That signed HUD form can be changed post settlement if errors were made.

As a buyer or seller you need to understand that the settlement company may contact you to fulfill that paperwork and fulfill your obligations to the contract after settlement.

An example would be a signature missed on one of the pages; an error in the tax calculation requiring a change in the numbers on the HUD, condo or home owner association fee mistake, errors to the calculation of pro-rata taxes, a mistake in the commission charged to either buyer or seller. there can be countless reasons. And when the title company handling settlement asks for these changes to be made, they generally will not assure you that there are no more errors or release you from having to make further changes.

I spoke to an attorney about this last week and he confirmed that there is no statute of limitation to the settlement and that yes the settlement company can ask you to fulfill your obligations post settlement for an undefined period of time.

So, as an agent make sure you go over all those charges and check that they are correct and that the settlement company is also not padding the sheet with junk fees as we saw last week charges for $75 for wire tracking fees to confirm that payments have been made on top of the wire fees.

 

If you are buying or selling on or around Tredyffrin Easttown or along the Main Line we can help you,  contact us or connect

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Comment balloon 2 commentsNick & Trudy Vandekar, 610-203-4543 • October 24 2011 02:26PM
When does settlement end?
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