An additional layer has been creeping into the settlement process: a practice known as a split closing or split settlement where the buyer and seller each use a title company for a single transaction. In a split closing, the seller hires a title company separate from the buyer’s title company to complete the sale, partly for reasons of convenience. The sellers “feel they’re going to get better service and have a more streamlined process,” says Genevieve Concannon, founder and broker of Advon Real Estate in Falls Church, Va. But there is potential for delay, since the paperwork has to shuttle from one title company to another.
November 23, 2016