Real Estate Settlement
Services –
Closing
On Your Purchase or Refinance
You’ve worked. You’ve
saved. You’ve sacrificed. You’ve found your new home. The
contract has been signed and financing has been arranged. Or
you're refinancing and the paper work has been approved, either
way, now,
it’s time to plan for Closing & Settlement.
Even
though you may not be familiar with this final step in a real
estate transaction, it’s the necessary process to
complete the property transfer and includes the coordination of
all services related to the sale, coordination and recordation of
necessary documents and the exchange of monies.
Once
Virginia Title Company has been selected by you or designated by
your lender, we start the final steps for you to own your new home
or refinance your existing property:
An
integral part of Closing is the examination of the “title” -- or
status of ownership -- of the property. In nearly every
transaction, Title Insurance is issued to protect the interests of
the buyer and/or mortgage lender.
Before the Settlement (Closing),
Virginia Title Company will:
|
1. |
|
Confirm current ownership of the property and
legal description through county/city tax records. |
| 2. |
|
Order and conduct the title search of the
property. |
| 3. |
|
Examine the title to verify that all outstanding
liens have been satisfied. |
| 4. |
|
Order the property survey for your home or
townhouse to determine if the house is built on the
correct lot or if there are encroachments on border
properties. |
| 5. |
|
Prepare a title commitment for the lender which
ensures their protection against a title claim. |
| 6. |
|
Place homeowner’s insurance policy with client's
agent. |
| 7. |
|
Contact the lender to obtain the information
regarding your loan. |
| 8. |
|
Obtain pay-off terms from present mortgage
lender, if necessary. |
| 9. |
|
Order deed from seller’s attorney, if purchasing. |
| 10. |
|
If appropriate, contact the Homeowner’s
Association to verify that all fees are current and
determine pro-rate of fees, if necessary. |
| 11. |
|
Contact the city or county tax department where
the property is located to verify if taxes have been paid
or how much is due. |
| 12. |
|
Coordinate information among all parties. |
| 13. |
|
Obtain loan closing package from the lender,
prepare settlement package for closing, provide settlement
statement for lender and buyer review. |
| 14. |
|
Determine funds needed by buyer at settlement, if
any. |
| 15. |
|
Establish time and place of settlement conference
– at our office or your home. |
| 16. |
|
Receive loan proceeds check from lender. |
| 17. |
|
Conduct settlement conference. |
At the Settlement (Closing):
Once
our office has received the Closing package from the lender, we
will compile, complete and review all documents for your
signature. We will also determine how much money you will need to
provide at the time of closing (if any, depending on the type of
loan you are getting).
Any
payment must be either a certified or cashier’s check. We
recommend you talk with your Closing Coordinator prior to your
settlement date to verify the amount, if any, that will due at
closing. Or, bring a certified or cashier’s check in the amount
that appears on your estimate provided to you by your lender.
At
the Closing, we will review with you all the documents you are
signing which are necessary to complete the sale. Some of them
include:
In
addition, you will review and sign a series of documents
including: property survey, termite letter and other documents
your lender has provided.
After the Settlement:
After you have signed all the documents and required monies have
been received, our work continues on your behalf:
-
Forward
closing package to the lender within 24-48 hours.
-
Disburse
all funds – payoffs, taxes, commissions and other fees, as
stated in the Settlement Statement.
-
Record
title documents at the local courthouse.
-
Obtain
and record the release from the seller’s payoff company.
-
Prepare
and send new Title Insurance Policy to lender and buyer.
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