The Closing or Settlement Process
will Old American
Title do for you? Purchasing, selling or refinancing
your home can be a complicated and confusing process. Most likely
you have spent a great deal of time choosing the right real estate
professional and/or loan officer to assist you. Once you do make
these important decisions, the company that brings everything together
and finalizes the transaction is a title company. This process is
also called a real estate "closing" or "settlement". Don't be shy!
Insist on Old American Title for your closing. Remember, in Virginia
it is your choice!
THE PRE-CLOSING PROCESS:
Once we receive a title request or fully ratified (signed) sales contract we begin what is called the Pre-Closing Process
- Your personal settlement processor will contact you,
usually by mail, confirming the date of your up-coming closing
and providing you with contact information and directions to
an Old American Title office of your choosing (Sterling,
Leesburg or Purcellville).
- We will schedule the closing at a convenient time for all parties.
- Old American Title will order a full title search (also called an abstract) of the property. After we receive the results of the search, we examine the title for any defects or problems and prepare the title commitment detailing the items that are required before closing.
- We will order a detailed house location survey of the property and examine it for encroachments or defects that would impact title.
- We contact the appropriate homeowners and/or condominium association when applicable, to obtain information on monthly/quarterly dues; transfer fees; outstanding dues; and any other fees required by the association.
- We contact the county or city tax offices to insure that all taxes on the property are current at the time of closing.
- We will obtain payoff information on all mortgages and/or liens on the property.
- Your OLD AMERICAN SETTLEMENT PROCESSOR WILL REMAIN IN CONTACT WITH YOU
and/or your real estate professional and mortgage lender to
keep everyone updated and to resolve any title issues that arise.
- Upon receipt of the loan closing package from your lender, we will prepare the HUD-1 settlement statement and any other required documents needed for closing.