SPLIT SETTLEMENTS

A split settlement means the Buyers and Sellers are closing with different Title Companies. This has become quite common since the market crashed in 2008. At that time, when someone was purchasing a bank owned property, the Seller/Bank always closed with their preferred Attorney. Most Buyers, and their Realtors, felt their interest would be best represented if they had “their own” Title Company. Thus began the trend of splitting the settlement.

Pruitt Title, LLC has a lot of experience handling split settlements. The duties are simply split up amongst the two Title Companies. The Buyer’s Title Company deals with the Buyer’s Realtor and the Lender, performs the title search, underwrites the title (decides what needs to be done to clear title), prepares the documents for settlement, conducts the buyer’s settlement, records the deed and deed of trust, if applicable, disburses and issues the title policy approximately 60 days after settlement. The Seller’s Title Company prepares the Deed, clears any title issues and conducts the Seller’s closing.

Whether you are selling a home or purchasing a home, you have the right to choose the Title Company. We suggest asking your Realtor for two or three recommendations. Call each one, get a quote and ask any questions you may have about their process. It is also wise to read their online reviews. Once you’ve collected information from each one, you’ll be able to make a decision you feel comfortable with. Remember, the Title Company is at the epicenter of the process and can make or break the deal for you.

If you decide to select Pruitt Title, LLC to handle your settlement, we promise to keep you well informed and guide you through every step of the process. An extra perk of working with Pruitt is that we close anytime, anywhere, literally. We often conduct the Seller’s closing on a day prior to the Buyer’s closing. And, if you’re out of town, we can facilitate a settlement where ever you are for no extra cost.

Our mission is to help people have a smooth and pleasant closing, no last minute surprises. There is a difference working with us!

Click Here to get a quick quote to close with Pruitt.