The Closing or Settlement Process
What exactly 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.
The Closing (or settlement)
At the appropriate time and location, an Old American Title settlement agent or attorney will conduct your closing. What do we do?
Quick & Convenient
Our flexible closing options provide the closing you need:
- Remote Closing
- Closing By Mail
- Curbside / “On-The-Go”
- Power of Attorney (Please let us know if you need one of our attorneys to prepare on your behalf)
- Traditional / In-Office
After the Closing
This is the most important part of the transaction. Old American Title will now complete the process.
- Copies of documents are prepared, closing funds are deposited, checks and/or wire transfers are written, and executed mortgage and/or title transfer documents are prepared for recordation in the city or county land records.
- The lender closing package is completed and returned to the mortgage lender.
- Contact is made with the title abstractor to conduct a final title search on the property which will insure that no liens, deeds or additional mortgages have been placed on the property since the previous title search was completed. If the title is clear, the new deed and/or deed(s) of trust are recorded in the land records which transfers the property to the new owner and/or attaches the new mortgage lien to the property.
- Once all documents are recorded in the land records, Old American Title will disburse the sale proceeds (or cash-out in the case of a refinance), according to your specific instructions.
- Our staff will follow-up to insure that the old liens or mortgages are released from title.
We are here to help and to follow through on our commitment to you, our valued client.