Old American Title

Frequently Asked Questions

1) Why should I use Old American Title?

2) Do I have a choice as to which settlement or closing company I use?

3) What do I need to bring to closing?

4) How much money do I need to bring to closing and why does it take so long to get this final figure?

5) Why do I have to bring certified or cashier's funds to closing and can I wire the money instead?

6) When will I get my proceeds from sale or the cash out from my refinance?

7) How can I help to make my settlement process less stressful and more efficient?



1) Why should I use Old American Title?
  • We are small, local, full service title company and have provided professional, timely real estate settlement services to the people in this area since 1984
  • Old American Title is able to provide you with more personalized care rarely found in many businesses today.
  • An individual, experienced settlement processor will be assigned to you, to assist you through the entire "settlement" or "closing" transaction.
  • Old American Title has the latest technology available in the industry today.
  • Our settlement officers are experienced professionals.
  • We have attorneys on staff.
  • We take the time to answer any and all of your questions and pledge to return all telephone calls and e-mails promptly.
  • We promise to provide you with prompt, personalized service.

2) Do I have a choice as to which settlement or closing company I use?
Absolutely! Virginia law gives you the absolute right to choose the settlement company you want. Tell your realtor or loan officer that OLD AMERICAN TITLE is your choice.


3) What do I need to bring to closing?
  • A government issued photo ID (driver's license, military ID, passport). Please be advised that Old American Title is required to make a photocopy of this identification.
  • All monies needed to close in the form of certified or cashiers funds payable to OLD AMERICAN TITLE, or wire transmittal. Contact Old American Title to obtain wiring instructions.
  • Sellers will need to provide us with information on how they would like to receive the sale proceeds (check or wire transfer).

4) How much money do I need to bring to closing and why does it take so long to get this final figure?
Old American Title must receive written closing instructions from your mortgage lender and prepare the final HUD-1 settlement statement before we know what that final amount will be. The estimate of closing costs you received during the loan application process (your Good Faith Estimate) is a good tool to use, as that amount is usually very close to the actual amount needed to close.


5) Why do I have to bring certified or cashier's funds to closing and can I wire the money instead?
A certified or cashier's check payable to 'Old American Title" is needed so that we can provide a timely disbursement of all funds, since bank's will typically put a hold for up to seven days on personal checks. Additionally, secure funds ensure that the title being conveyed is clear. In the alternative, our office can provide you with wiring instructions to facilitate the transfer of funds. In that event, please be sure that the wired funds are received no later than the last business day prior to your closing, since the closing cannot take place without confirmation of said funds.


6) When will I get my proceeds from sale or the cash out from my refinance?
According to Virginia statue, we are not able to disburse any funds from a transaction until we have received and deposited all funds from the borrower and the lender and have recorded the new deed and/or deeds of trusts (mortgages) in the county or city land records. We do our best to do this as soon as possible given the specific circumstances of your transaction. If you need your money quickly in order to have it available for a purchase the same day or early the next day, be sure that you discuss this in detail with your agent and processor in order to schedule your closing earlier in the day.

If you are receiving cash back from a refinance or home equity line of credit transaction, Virginia law states that you must be given a three-day right to rescind or cancel this transaction. We cannot record the new deed(s) of trust (mortgages) until your rescission or right to cancel period has ended. You will not receive your money for at least 4 business days after closing. However, we always do our best to get your money to you as quickly as possible once all requirements have been met.


7) How can I help to make my settlement process less stressful and more efficient?
  • Select a competent real estate professional to handle your transaction.
  • Select a reputable mortgage lender.
  • Select an experienced title company such as Old American Title.
  • Schedule your closing during business hours when lenders are available to answer questions and make any needed changes to lender documents.
  • Communicate any changes to the sales contract to avoid last minute issues at the closing table, such as changing the sales price, adding or deleting people on title, increasing or decreasing any closing cost credits. Contract changes can and do affect loan programs and closing documents.
  • Buyers need to make sure they have access to all funds prior to closing, as some accounts (stock, money markets, IRA's etc.) may require a few days to process your request. Check with your financial institution.
  • Sellers need to provide Old American Title with all information on items to be paid off at closing (mortgages, equity lines, credit cards, car loans, etc.). Make a list of account numbers and customer service telephone numbers as well as copies of statements for your settlement processor.
  • Sellers need to have a plan for the disbursement of their sale proceeds and bring appropriate information to closing. We will need forwarding address information for all sellers as well as bank account wiring information if you choose to have your funds wired. PLEASE NOTE: Our bank does not charge to wire your sale proceeds to another bank or title company. However, many banks do charge for incoming wires. Check to see what your bank's policy is as Old American Title is not responsible for wire fees charged by other banks.
  • Sellers please do not shut off the utilities (gas, water, electricity) until after closing, as the new buyers will need to test the plumbing, heating, air conditioning and major appliances during the final walk through. Additionally, you should not cancel your homeowner's/hazard insurance policy until after closing. This will avoid the situation of lapsed coverage in the event the closing is postponed.