The Settlement Process

It is the purchaser’s choice to select the title agency/attorney for their closing, however, the seller may opt to have their own representation. Usually, in Virginia, the purchaser and seller are represented by the same settlement agent throughout the closing process. The buyer’s chosen title agency/attorney is stated in the contract so all parties are made aware.

Once your fully signed contract has been sent to your title agency/attorney, that is when ‘WE GET TO WORK FOR YOU’.  We will conduct a search of the property’s title through the official land records. The results of the title search are reviewed by our licensed underwriter, who then determines whether there are any title issues or concerns that need to be addressed in order for you to obtain clear title to the property. A title commitment is prepared that offers title insurance for both a Lender’s Policy and an Owner’s Policy. Because the lender’s policy protects only the lender, the purchaser should carefully consider purchasing an Owner’s Policy protecting the owner’s equity in the property against unforeseen defects as well.

While the processor and lender are working to prepare the final figures and paperwork, other very important things are happening as well. The home inspection is being done to point out any additional negotiations that might be needed for repairs, the lender is ordering the appraisal for the property to determine the property value. This is a good time for you, the buyer, to be shopping for a home owner’s insurance policy that fits your needs.

Both the purchaser and the seller should review the final figures in advance of signing their documents. Your title agent will send out a closing statement itemizing the closing costs. Any items that are not understood and/or agreed upon should be questioned at this time. It’s YOUR money – Ask Questions! Once approved, the purchaser should arrange to have required funds wired to Seven Hills Settlement in advance of the closing time

Congratulations, today is the day you have been waiting for! You will meet your title agent to finalize the transfer of title to the property. You will be asked to sign and/or initial several documents. You can expect to see your real estate agent and your lender joining us at the closing table. You will have your entire ‘A Team’ by your side cheering you across the finish line!

Your title agent will follow up with the procedures to record and disperse funds held in escrow as well as email notarized copies of documents signed at closing to the clients. Finally, title policy applications will be submitted and then a copy of the final title polices will be delivered.