Have you ever wondered what a Title Company does in a Real Estate transaction after they receive the contracts?
by Bryan Zupan
on Tuesday, August 9th, 2016 at 9:30pm.
There are many parts of the process in buying a home. It starts with selecting your real estate agent and working with them to find the perfect home for you. After you have negotiated a contract on that home, the contract is then sent to a title company by your agent. At this point many may not know exactly what occurs. While you are waiting to become a home owner the Title company does many things to make sure you have a succcesful closing.
I have asked the Attorney John Richter at RGS Title in Springfield, VA to provide an outline of what it is exactly they do.
If you would like to get more details about Real Estate transactions or the information provided below, Please contact us!
3. Review title abstract to determine marketability and insurability
4. Review survey for encroachments or other boundary line issues
5. Work to resolve any known title issues
6. Contact the Seller’s lender to obtain the amount needed to pay off the Seller’s existing loan(s)
7. Prepare title insurance commitment pursuant to lender requirements
8. Contact your lender to schedule settlement and prepare any required documents
9. Contact the local taxing authority to verify the amount of property taxes and determine proration between Buyer and Seller
10. Contact Homeowner’s Association to verify the amount of homeowner’s dues and determine proration between Buyer and Seller
11. Coordinate deed preparation with local attorney
12. Obtain the lender’s loan documents and loan proceeds wire
13. Prepare the Closing Disclosure if applicable, and any other required documents
An attorney or licensed settlement agent will conduct the closing at our office. We will go through the settlement documents as you sign them, explaining the general purpose of each one. Since many of the documents you will be signing at settlement must be notarized, you will need to bring to settlement a current and acceptable form of identification containing your picture. Some lenders may require two forms of identification. Examples of acceptable forms of identification include a valid driver’s license, a United States passport or an unexpired foreign passport stamped by the USCIS, or a valid United States military ID. At closing, you will be required to provide your cash to close via bank-wired funds. It is required that the lender provide you with a Closing Disclosure at least three business days before you close on your loan. To determine the amount of money you need for closing, please reference the final Closing Disclosure provided to you by your lender.