Sellers' Frequently Asked Questions
Who attends settlement?At a purchase settlement, typically the sellers, purchasers, and their real estate professionals will attend the settlement, which will be conducted by one of our competent and experienced attorneys or settlement officers.
What if I cannot attend settlement?In certain circumstances, a "power-of-attorney" can be prepared for you. A "power-of-attorney" is a legal instrument which allows another to sign legal documents on your behalf. Please give one of our attorneys or settlement officers a call to see if this is an option that would work for you.
Who does Peak Settlements represent at settlement?In a purchase transaction, the title company "represents" the contract. The title company does not negotiate the terms of the transaction; rather we facilitate the execution of the terms of the transaction. We do not act for, advise, or "represent" any one party.
How long will the settlement take?While the time of a settlement can vary greatly, typically a purchase settlement will take between 45 minutes and 1 hour and 15 minutes.
When can I find out how much money I need to bring to settlement?Because we rely on third parties such as lenders to provide us with instructions, information, and figures for your settlement, we often can not furnish to you the exact amount you need to bring to closing until the day before, or, sometimes, even the day of settlement. However, you should be able to rely on your lender's or your realtor's good faith estimate for the approximate amount of money you need to bring with you. If you happen to bring too much money to settlement, we refund back to you any excess amount upon completion of the closing.
I sold my primary residence this year. What form do I need to file?NOTE: Persons are advised to check with an accountant or tax attorney to verify eligibility and details regarding any tax information on this web site.
If you meet the ownership and use tests, you will generally only need to report the sale of your home if your gain is more than $250,000 ($500,000 if married filing a joint return). This means that during the 5-year period ending on the date of the sale, you must have:
- Owned the home for at least 2 years (the ownership test), and
- Lived in the home as your main home for at least 2 years (the use test).