Frequently Asked Questions
When can I settle?
Sales Transactions – all parties agree to a date in the Sales Contract
Refinance Transactions – settlement is scheduled when your lender is ready to proceed.
Who will be at the settlement?
Buyers and seller (or borrowers in the case of refinances) must be present at settlement. Generally the realtors will also attend settlement and in some cases the loan officer is present. A representative from Titleworks, Inc. will be present to conduct the settlement. Buyers, sellers (borrowers) who cannot attend may appoint someone to act for them. The absent person must execute a power of attorney appointing an attorney-in-fact to act on his/her behalf. Powers of attorney for buyers/borrowers generally must be approved by the lender.
Who selects the settlement company?
In Virginia, all parties have the right to select their own settlement company.
What will it cost to settle?
Fees are fixed based on the type of transaction (sales, refinances, construction loans, home equity loans). Title insurance costs are calculated based on the sale and/or loan amount. Parties can expect to pay government recordation/transfer taxes. Borrowers will incur lender’s fees, interest and tax and insurance escrows at settlement. The Settlement Statement is prepared as soon as the lender provides Titleworks Inc. with the closing instructions. The Settlement Statement is then forwarded to the lender for review and approval. After lender’s approval, the Settlement Statement is forwarded to all parties for review prior to settlement. Funds needed at settlement must be in the form of a bank cashier’s check or certified check and are payable to Titleworks, Inc. as the settlement agent.
What happens to escrowed taxes and insurance when the loan has been paid off?
The payoff lender will send the escrow balance refund within a few weeks after receipt of the payoff.
What should be brought to settlement?
All parties must bring their valid, government issued, picture identification (driver’s license or passport). Sellers should also bring house keys, garage door openers, owners manuals, parking permits, pool passes. Anyone receiving funds from the settlement and desiring those funds to be transferred electronically should bring their wiring instructions (in most cases a voided check or deposit slip is sufficient).
What happens at settlement?
The Settlement Statement (also referred to as the “HUD-1”) is reviewed with all parties by the settlement company. With sales, the sellers execute documents first including a deed transferring ownership of the property to the buyers. After signing their documents, the sellers usually leave the settlement table at which point the buyers/refinance borrowers begin the review of their loan documents. The Titleworks representative will make sure that all parties understand the documents. The entire process takes about an hour.
When do I receive my money?
Titleworks will disburse all of the funds received in a settlement as soon as all the appropriate documents have been recorded in the land records of the City or County where the property is located. In Virginia, all funds are received from all parties, then documents are recorded in the land records at the City or County Courthouse and then all funds are disbursed to all appropriate parties according to the Settlement Statement.
When will the current mortgage be paid off?
Payoffs will be sent by overnight delivery or by wire transfer on the day of recordation.
Title Insurance FAQs
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