Court Square Title Agency, LLC
Call us: (540) 932-1788

September 20, 2017

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Frequently Asked Questions
Closing
Answers
  1. What are closing costs and how much are they?
    Closing costs or Settlement Charges are best described as fees, premiums and charges which an individual pays when purchasing or selling real estate. These costs differ for buyer and seller and are broken down on the Hud-1 Settlement Statement.

    Typical costs or charges for the purchaser may include lender fees and/or broker fees; home owner’s insurance premiums, settlement fees, recording fees and title insurance.

    Costs for the seller may include commissions to realtors, deed preparation fees, termite and/or septic reports and payoffs.

    Closing Costs will vary depending on fees that must be collected for items such as:

    City and State the property is located
    Appraisal Fees
    Lender Fees
    Settlement and/or Attorney Fees
    Government Recording Fees
    Property Taxes

    For more information, contact your Settlement Agent or Attorney.
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  2. What do I need to bring to closing?
    Both Buyer(s) and Seller(s) will need to bring valid picture identification, such as a driver’s license. Buyer(s) will need to bring a Cashiers or Certified Check for the total amount of closing costs and/or down payment made payable to Court Square Title Agency, LLC, or Buyer(s) can make arrangements to have their funds wired to Court Square Title Agency by calling the local office handling your closing for the wiring instructions. Seller(s) if you would like your proceeds wired into your account, you will need to provide wiring instructions for your Banking Institution.
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  3. How long does a closing usually last?
    A purchase closing usually lasts about an hour and a refinance closing usually lasts about a half hour.
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  4. What do Buyer(s) and Seller(s) need to do to get ready for their closing?
    1. Once the title request is received from Lender/Realtor for a purchase, Court Square Title Agency will contact the Buyer(s) for several things:
    A. for Buyer(s) to select date and time of closing,
    B. Buyer(s) will be asked if they have selected a Homeowners Insurance Company.
    C. What is the best way to reach them if additional information is needed?

    2. Court Square Title Agency will contact Seller(s) for the following information:
    A. To confirm date and time of closing,
    B. To request Seller’s payoff information, Lender’s name, Loan number, Customer service phone number and social security number. Depending on your Lender, you may be required to sign an Authorization Form so we may obtain your payoff. C. Who (which attorney) is preparing your deed,
    D. Who will be doing the inspections needed on your property, such as termite, septic and/or water?

    3. Next Court Square Title Agency will contact the Lender and Real Estate Agents to confirm the date and time of closing with them.

    4. For a Refinance closing the Borrower(s) will be contacted for the following information:
    A. To schedule date and time of closing,
    B. To request who the Homeowners Insurance Company/Agent will be,
    C. To request the payoff information, Lender, Loan Number, Customer Service Number and Social Security Number. Depending on your Lender, you may be required to sign an Authorization Form so we may obtain your payoff.
    D. Information regarding any additional items being paid off at their refinance closing, such as any car loans, personal loans, or credit cards.

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  5. Do I need to hire an attorney?
    Virginia law does not require any party of a real estate transaction to be represented by legal counsel but Settlement Agents are required to be licensed under the Real Estate Settlement Procedures Act (RESPA). Most closings are completed without the presence or advice of an attorney.

    However, any large financial transaction may bring up questions which require legal advice. As a non-attorney, your Settlement Agent cannot offer legal advice. If you desire legal counsel, you will be given every opportunity to contact an attorney.
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  6. How long will it take to get my proceeds from the sale of my real estate?
    Proceeds are typically disbursed once funds are received from the lender and the required documents are recorded in the Clerk’s Office in which the property being conveyed lies. The time frame for this process is approximately 2-5 hours. However, there are certain circumstances which may delay disbursement of proceeds. Should you have questions as to whether or not this will pertain to your transaction, contact your Settlement Agent.
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  7. Can I move in or take possession the day of closing?
    The decision as to whether you can take possession immediately after signing closing documents is outlined in your contract of purchase and may also depend on lender approval.
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  8. When will I receive my deed?
    Your deed will be mailed by the Settlement Agent or Attorney responsible for the closing and is typically mailed to you within one week of your closing. Should additional documents need to be returned to you, such as an Owner’s Title Insurance Policy, the time frame may be longer.
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  9. What do I do if I receive a tax bill after selling my property?
    Should you receive a tax bill after selling your property, it is suggested that you forward the tax bill to the purchaser. If you do not have contact information for the purchaser, it best to contact your Settlement Agent.
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  10. What are the most common ways to hold title?
    There are multiple ways that real estate can be titled in Virginia, and the vehicle used may have significant tax, estate, creditor’s rights, or other implications. In Virginia, some the most common vehicles for holding title to real estate are:

    1. Corporations
    2. Limited Liability Companies
    3. Partnerships
    4. Trustees on behalf of various types of trusts
    5. Individuals

    There are three ways to hold title when two or more individuals have a vested interest. They are as follows:

    1. Tenants in Common – This occurs when two or more individuals own real estate. Each tenant can mortgage or sell his or her respective interest, and each interest may be subject to the claims of creditors. Upon death, the interest passes either by will, or if there is no will, by the statute governing intestate succession.
    2. Joint Tenants with the Right of Survivorship- This occurs when two or more individuals own real estate under certain circumstances. A joint tenancy can ONLY be created by the use of certain language in the deed or other instrument. Joint tenancy has the same characteristics as Tenants in Common with the distinguishing feature that upon the death of one of the joint tenants, his or her interest passes by operation of law to the surviving joint tenant(s), and passes outside of any will.
    3. Tenants by the Entirety with Right of Survivorship- This ownership can only exist between husband and wife, and neither spouse can sell or mortgage his/her interest independently of the other spouse. As with Joint Tenants with the Right of Survivorship, upon the death of one spouse his/her interest passes to the surviving spouse, and the creation of this tenancy can also only be created by the use of certain language in the deed or other instrument. A distinguishing characteristic of this tenancy is that it provides certain protection against creditors, a protection that is unavailable with other tenancies. The vast majority of husbands and wives hold their family residence as tenants by the entirety.

    AN ATTORNEY CAN HELP YOU DECIDE THE BEST WAY FOR YOU TO HOLD TITLE.
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