Holding The Settlement Funds in Trust & Disbursement
Once you have entered into a contract for the purchase of your new home you will be required to produce earnest money. That money goes toward the cost of the home and is held in trust until the closing day when all the funds are disbursed to the appropriate parties. At the closing table, all the payoffs for previous liens, taxes, utility bills, government recording fees and the price of the home will be disbursed according to the terms of the contract. These costs, closing costs, will be presented to you three days prior to settlement and any questions will be clarified so at the closing table you can close with confidence.