Frequently Asked Questions

What are Settlement Agencies?
The Settlement Agent’s job is to organize all aspects of the settlement process from ordering the title, working to ensure a clear title to the property, preparing the settlement statement, to disbursing funds after the closing.
How do I know if I want to use an Attorney/Title Company as my Settlement Agency for my closing?
No Lender or Agent can make you use a certain Attorney or Title Company, it is YOUR decision whom you prefer to use.
The following are the differences between closing with an Attorney or a Title Company:

    • Attorney:  An Attorney can offer legal advice and prepare legal documents such as Deeds, Deeds of Trust, and Notes.
    • Title Company:  A Title Company can explain any and all things related to the settlement, such as title requirements, liens, disbursements and taxes.

If a Settlement Agent is not an Attorney, then they will have legal counsel who provides any legal services for their customers.

What is a Title Search?
When a contract is placed on a home, your Title Company will perform a title search. This search determines if the property can be freely transferred by the party claiming to have the ability to convey it.

The title search is an important step in buying your home because it involves carefully examining public records to determine who has valid interests and claims to the property. But even though this search is done, it is not insured.

What is Title Insurance?
Title Insurance provides protection against the risk of financial harm that could arise from claims against the rights of ownership of real property. Examples include but are not limited to: forged legal documents, errors in indexing at the courthouse, etc. The policy also covers payment of all legal costs to defend the title claim.

You have the option to purchase title insurance when you purchase real estate. This is a one-time fee that not only covers you while you own the real estate, but also in the future. While title insurance is not required by law for you to obtain, it is required by lenders when getting a loan. Lender’s title insurance only covers the lender.

How long does a Settlement Agency have to disburse?
According to a state law known as the Wet Settlement Act, the settlement agency has 2 business days to disburse.
How long does closing take?
We ask that you allow yourself an hour. However, it depends on how many lender forms there are to be signed, how many questions you may have, etc.

Contact Us

(804) 520-0523 fax

M-TH: 9am-5pm, F: 9am-3pm, S-S: Closed

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