Q: What other responsibilities does the title company have in addition to the title search? A: Title Concepts, LLC will initiate and conduct a title search of the property upon the request of the lender, the realtor or the buyer depending on whether the transaction is a refinance or a purchase being financed. The title search often reveals minor title problems that need to be corrected before title can be considered "clear". Most such minor title problems can be corrected by obtaining and recording "corrective" documents at the appropriate registry of deeds. Unless there is a more serious title issue to resolve, which is not the usual case; the closing can take place within days of receiving the title search request. Title Concepts, LLC can easily proces your purchase file in less than one week to give you a speedy closing date.
Q: What do I need to do to prepare for my closing?
A: Once you have entered into a purchase and sale agreement to buy a particular property, and applied for a mortgage loan to finance the transaction, your realtor, lender and Title Concepts, LLC will be working toward putting the various pieces together. You should strive to answer any questions directed to you, and to provide any additional information that may be requested, as soon as possible so as not to delay your closing. Your lender will require that you provide, at time of closing if not before, a homeowners insurance binder showing evidence coverage for the first full year as well as a receipt for payment of the first annual premium, or an invoice so the premium can be paid on the settlemen statement. It is certainly best to provide these items prior to closings.
Once the Settlement Statement has been prepared, you should carefully review it. The last thing you will need to do before the closing is to obtain a bank or cashier's check, for the total amount you will be asked to bring to closing. Also, don't forget to bring a form of picture ID. Anyone who will begoing on the title to the property needs to attend the closing.
Q: How soon after my closing will I receive my funds?
A: On a purchase transaction, your documents will be recorded the same day or the following
day of your closing, depending on what time you close. Once your documents are presented to the Clerk for recording, funds will be disbursed.
On a refinance transaction, if you are refinancing your primary residence, Virginia requires you to wait a thre day recission period. The day following the recission expiration, your ocuments will be presented to the Clerk for recording and then funds will disburse. On an investment property refinance, there is no recission period, so once your documents are presented to the Clerk for recording, your funds can be disbursed, just as in a purchase.