Once our office has received your sales contract, we start the following process:

1. Contact the lender and exchange all necessary information regarding your loan.
2. Order the title search on the property.
3. Order property survey for home or town house. (condos do not require a survey)
4. Contact seller’s lending institution and order a payoff on the current mortgage.
5. Contact the Homeowner’s Association to verify that the fees are current and determine the proration split between parties.
6. Contact the taxing authority for the county or city in which the property is located to verify amount due and payable and determine proration split between parties.
7. Prepare title insurance commitment (binder) and forward to buyer's lender.
8. Obtain loan-closing package from lender to start preparing necessary documents for the settlement

At Settlement..

Once our office has received the closing package from the lender, our office will be able to
determine the amount of money that you will need to bring to the closing table. You are required to bring the money in the form of a certified or cashier’s check payable to the settlement company. We understand that in some instances this may be difficult due to the time constraint, so another option is to bring the certified or cashier’s check in the amount that appears on your good faith estimate provided to you by your lender. A licensed title agent conducts your settlement. We will review and notarize all documents necessary to complete the sale. Some examples of these documents are:

1. Hud-1 Settlement Statement. This document will show all the details regarding the charges and credits for both the buyer and seller.
2. Deed of Trust. This document is filed at the courthouse and establishes a lien on the property for the lender.
3. Note. This document is your agreement with the lender to pay back the loan.

You will also review and sign documents such as: property location survey, termite report, and other documents that your lender has provided. Once all parties have signed the required documents, you will be on your way to moving into your new home!! 

After Settlement...

After you have completed your settlement, our office is required to do the following:

1. Record all necessary documents in the land records.
2. Disburse all proceeds; payoffs; taxes; commissions and other fees as shown on the Hud-1.
3. Forward closing package to lender.
4. Once our office obtains the recorded documents, we will then prepare the Lender’s Title Policy and Owner’s Title Policy. We will forward to you, the Owner’s Policy and the Deed to your new property.
5. Obtain and record the release from the sellers payoff company.

The process for a refinance follows closely to that of a sale with the absence of the seller involvement and pro-rations.

At Virginia Title & Escrow Services, our experienced staff is there to make sure your transaction runs
smoothly. We welcome any questions or concerns that you may have. We are committed to
excellent service!!