FAQ

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.

• 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. If you, or your spouse, is unable to attend the closing, please let us know so that we can have the proper documents executed prior to the closing date. Other than that, all we ask is that you bring a smile!
• You must provide all necessary closing funds to us by wire transfer only. Your bank representative, realtor, or loan officer may suggest other methods of payment, we require wire transfers to safeguard your money and avoid delays in funding. We do not accept ACH debits/transfers. Please contact you assigned processor at 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). In the event that you are receiving proceeds from the sale of your home, please advise us on the day of closing if you would like your funds in the form of a check or would like the funds wired directly to your account. If you would like them wired, at closing we will need you to provide us a cancelled check or specific wire instructions from your bank, which must include your account number, name(s) on the account, the bank name, ABA# and the address of the bank. Please give the information to the closing agent at settlement

Old American Title must receive written closing instructions from your mortgage lender and prepare the final Closing Disclosure before we know what that final amount will be. The estimate of closing costs you received during the loan application process (your Loan Estimate) is a good tool to use, as that amount is usually very close to the actual amount needed to close. Typically, you should receive your CLOSING DISCLOSURE from your lender 3 days before closing. Look at this right away! Please contact your processor prior to wiring any funds.

You must provide all necessary closing funds to us by wire transfer only. Your bank representative, realtor, or loan officer may suggest other methods of payment, we require wire transfers to safeguard your money and avoid delays in funding. We do not accept ACH debits/transfers. Please contact you assigned processor at Old American Title to obtain wiring instructions 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.

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.

• Select a competent real estate professional to handle your transaction. A good Realtor® is a valuable resource to help make the process much simpler. If you are new to the area, or have questions about some local Realtors®, please contact us for a referral.
• Besides working with a licensed Realtor®, the home buyer can also help move the transaction along by working with a local lender. If you are in need of a lender, please contact us for a referral.
• 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: 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.

Of course! Here at Old American Title, we believe in strong family values and we welcome children to visit with us during the process, especially ones who are old enough to understand the significance of buying a new home. Our staff might have some fun activities available for your children while we are signing papers, all you need to do is ask!

Like other kinds of insurance policies, title insurance provides protections to the insured for certain events or issues. Unlike other kinds of insurances, title insurance protects against events occurring in the past. A title insurance policy is a great way to get a peace of mind in knowing that your family’s home is protected from various issues, such as forgeries and fraud, omitted heirs, hidden rights of way, or boundary issues. Also unlike other insurance policies, there is only a ONE-TIME premium to pay, and you are afforded protection up to the amount of your home. Premiums are set by the State of Virginia and no title company has the authority to change them. Be sure that you get an Owner’s title insurance policy to become the ‘insured.’ In most financed transactions, you will buy a Lender’s policy, which only protects the lender.