Frequently Asked Questions1) 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?
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?
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?
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