The Closing Process In Virginia
Closing the real estate transaction is basically a process undertaken by either your title agent or settlement attorney before we can issue your title policy. There are four basic steps that we follow in every real estate transaction.
Signing The Contract
A sales contract is signed by the buyer and seller and delivered to the New Day Legal, usually with a deposit check, which we note on your contract. We help you to begin the document collection process that the lender requires, which may include your your tax information, loan payoffs, survey , maintenance fees, inspections, and insurance as well as other related legal papers.
Title Search And Examination
Upon completion of step 1, we make a thorough 30 year title search of all the public records. Records searched include deeds, mortgages, paving assessments, liens, wills, divorce settlements and other documents affecting title to the property. We verify who is the legal owner as well as the debts owed against the property. We prepare the official documents for your closing We review the new lender’s requirements, reviews instructions from other parties to the transaction, reviews legal and loan documents, reviews all payments and expenses, prepares closing statements, and schedules the closing.
Going To Closing
New Day Legal oversees the closing of the transaction. Seller signs the deed and closing affidavit. Buyer signs the new note and mortgage. The old loan is paid off. Seller, real estate professionals, attorneys and other parties present at the closing of the transaction are paid.
Our title insurance policies are underwritten by Old Republic Title Insurance Group.
After the signing has been completed, the escrow/settlement agent will forward payment to any prior lender, and pay all parties who performed services in connection with your closing (if they have not been paid). The transaction documents are recorded in the county in which the property is located. Title insurance policies are prepared and sent to the new lender and to you. This all happens without any further actions by the buyer or seller.
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