Welcome to our web site, and thank you for taking the time to learn more about
our company. We at DKS, have years of experience performing settlements for
individuals and families throughout the National Capital Region. Whether you are
relocating, a first-time buyer, seasoned investor or simply building your dream
home, we apply rigorous energy, experience and resourcefulness to every
settlement we accept. Most importantly, our team is dedicated to you, our client.
--DKS Management Team
our company. We at DKS, have years of experience performing settlements for
individuals and families throughout the National Capital Region. Whether you are
relocating, a first-time buyer, seasoned investor or simply building your dream
home, we apply rigorous energy, experience and resourcefulness to every
settlement we accept. Most importantly, our team is dedicated to you, our client.
--DKS Management Team
Helpful Information for the Settlement Process
What documents should I expect to sign at my closing?
You will be required to sign numerous documents at the time of closing. In the majority of closings, the lender
prepares and delivers the documents to the closing agent the day before or day of closing. Thus, most
borrowers do not have the opportunity to review the documents prior to closing. Moreover, most borrowers
do not take the time to read the documents at closing because of time constraints. While the majority of the
documents are simply disclosures and other non-binding notices to borrowers, a handful of the documents are
vitally important and legally binding. The documents described in Items I-III are legally binding and ones that
you should take the time to read at closing. Documents under Item IV are disclosure and non-binding
documents.
I. HUD-1 SETTLEMENT STATEMENT - This is the document which provides an itemized listing of the
funds that are payable at closing. Settlement charges (closing costs) are categorized on the HUD-1 into seven
series sections as follows:
II. NOTE (DEED OF TRUST NOTE/ PROMISSORY NOTE) - The Note, sometimes referred to as either
the Deed of Trust Note or Promissory Note, is the borrower's promise to repay the loan. The note identifies
the amount of the loan, the rate of interest, the term of the loan (i.e., 30 year, 15 year, etc.), the payment due
dates, the grace period and late charges, prepayment penalty provisions, and other general default
provisions.
III. DEED OF TRUST (MORTGAGE) - The Deed of Trust is a lengthy document (approximately 7 to 12
pages) requiring the signature of all owners of the property for the purpose of granting a security interest.
After closing, the Deed of Trust is recorded with a legal description as a lien among the land records and as a
matter of public record for the purpose of securing the borrower's promise to repay on the Deed of Trust
Note/Promissory Note. In addition to identifying the property owners, the loan amount and the term of the
loan, the Deed of Trust generally describes matters that would constitute a default on the loan thereby giving
the lender cause to commence a foreclosure proceeding against the property.
IV. OTHER DOCUMENTS OF DISCLOSURE - The following Lender documents are disclosing various
details about your loan and/or lender.
What do I need to do to prepare for Closing?
Upon receipt of the ratified contract, our office will begin the process of conducting a title search and
coordinating settlement with your lender. If you have not already scheduled a date and time for your
settlement convenient to all attendees, please call (703-730-9737) or e-mail us to do so, or you may have your
real estate agent coordinate closing with us.
*YOU WILL NEED TO BRING CERTIFIED FUNDS/CASHIER'S CHECK WITH YOU TO CLOSING*
You may also wire funds into our Escrow Account - please call us for instructions at 703-730-9737. Please call
our office one day prior to closing and we will provide you with the dollar amount you will need to bring to
settlement. In the event we do not have figures from your lender and cannot provide you with an exact
amount, you may refer to the Good Faith Estimate provided by your lender and use a personal check for any
remaining balance due. Please make checks payable to DKS Settlement Group, LLC.
You will be required to sign numerous documents at the time of closing. In the majority of closings, the lender
prepares and delivers the documents to the closing agent the day before or day of closing. Thus, most
borrowers do not have the opportunity to review the documents prior to closing. Moreover, most borrowers
do not take the time to read the documents at closing because of time constraints. While the majority of the
documents are simply disclosures and other non-binding notices to borrowers, a handful of the documents are
vitally important and legally binding. The documents described in Items I-III are legally binding and ones that
you should take the time to read at closing. Documents under Item IV are disclosure and non-binding
documents.
I. HUD-1 SETTLEMENT STATEMENT - This is the document which provides an itemized listing of the
funds that are payable at closing. Settlement charges (closing costs) are categorized on the HUD-1 into seven
series sections as follows:
- 700 Series Line Items (Total Sales/Broker's Commission) detail the realtor's commissions paid by the
parties to the transaction. This section is only used in purchase (not refinance) transactions, and in
most jurisdictions it is the seller(s) who pay the real estate commissions.
- 800 Series Line Items (Items Payable In Connection With Loan) detail the charges of the mortgage
lender and/or mortgage broker including such items as loan origination and loan discount points,
appraisal and credit report charges, lender document preparation fees, lender underwriting fees, lender
tax service fees, lender flood certification fees, lender application fees, lender commitment fees, lender
overnight delivery fees, etc.
- 900 Series Line Items (Items Required By Lender To Be Paid In Advance) detail any required prepaid
interest charged by the lender as well as any homeowner's/hazard insurance premiums, mortgage
insurance premiums, flood insurance premiums, etc.
- 1000 Series Line Items (Reserves Deposited With Lender) detail the number of months and monthly
amounts required by the lender for establishing an escrow account to pay for real estate taxes,
homeowner's/hazard insurance, mortgage insurance, flood insurance, or any other assessments required
to be held in escrow by the lender.
- 1100 Series Line Items (Title Charges) detail the fees and costs charged by the closing agent for
coordinating closing with the parties, conducting the closing, and issuing title insurance. These items
include such things as settlement or closing fee, abstract or title search, title examination fee, document
preparation fee, notary fee, attorney fee, title insurance premiums, etc. This section generally
represents the bulk of the actual closing costs charged to the borrower.
- 1200 Series Line Items (Government Recording and Transfer Charges) detail the recording fees,
state/county/city transfer and recordation taxes, and any other governmental tax assessed for the
transfer or recording of instruments.
- 1300 Series Line Items (Additional Settlement Charges) detail other miscellaneous charges not falling
into any of the above categories. These items may include such things as survey costs, pest
inspection fees, messenger/courier fees, etc.
II. NOTE (DEED OF TRUST NOTE/ PROMISSORY NOTE) - The Note, sometimes referred to as either
the Deed of Trust Note or Promissory Note, is the borrower's promise to repay the loan. The note identifies
the amount of the loan, the rate of interest, the term of the loan (i.e., 30 year, 15 year, etc.), the payment due
dates, the grace period and late charges, prepayment penalty provisions, and other general default
provisions.
III. DEED OF TRUST (MORTGAGE) - The Deed of Trust is a lengthy document (approximately 7 to 12
pages) requiring the signature of all owners of the property for the purpose of granting a security interest.
After closing, the Deed of Trust is recorded with a legal description as a lien among the land records and as a
matter of public record for the purpose of securing the borrower's promise to repay on the Deed of Trust
Note/Promissory Note. In addition to identifying the property owners, the loan amount and the term of the
loan, the Deed of Trust generally describes matters that would constitute a default on the loan thereby giving
the lender cause to commence a foreclosure proceeding against the property.
IV. OTHER DOCUMENTS OF DISCLOSURE - The following Lender documents are disclosing various
details about your loan and/or lender.
- Federal Truth in Lending Disclosure
- Initial Escrow Account Disclosure
- Escrow Reserve Account or Waiver Agreement
- Document Correction and Fees Due Agreement
- Settlement Acknowledgement and Certification
- Hazard Insurance Requirements
- Borrower Certifications
- Errors and Omissions
- Transfer Disclosure
- Tax Forms
- Taxpayer Identification, Form W-9
- Transcript of Tax Form, Form 4506
What do I need to do to prepare for Closing?
Upon receipt of the ratified contract, our office will begin the process of conducting a title search and
coordinating settlement with your lender. If you have not already scheduled a date and time for your
settlement convenient to all attendees, please call (703-730-9737) or e-mail us to do so, or you may have your
real estate agent coordinate closing with us.
*YOU WILL NEED TO BRING CERTIFIED FUNDS/CASHIER'S CHECK WITH YOU TO CLOSING*
You may also wire funds into our Escrow Account - please call us for instructions at 703-730-9737. Please call
our office one day prior to closing and we will provide you with the dollar amount you will need to bring to
settlement. In the event we do not have figures from your lender and cannot provide you with an exact
amount, you may refer to the Good Faith Estimate provided by your lender and use a personal check for any
remaining balance due. Please make checks payable to DKS Settlement Group, LLC.
DKS Settlement Group, LLC
| From Your Loan to Your Home We Are With You Every Step of The Way. |
| About DKS Settlement Group, LLC |
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| From Your Loan to Your Home We Are With You Every Step of The Way. |