Frequently Asked Questions About Real Estate Closings
Don’t I need a real estate attorney to close on my new home?
No. Under the law of the Commonwealth of Virginia (sections 55-525.18 and 55-525.19), a title company can process your real estate closing for you. There are many advantages to working with a title company. Because closings and title insurance are all we do, we tend to be more flexible and accommodating to your schedule. You can also get everything you need for your closing and your title insurance in one office. We can often work more efficiently and be more cost-effective, because we focus on closings and don’t have other tasks or jobs that could distract us. Safe Harbor also carries a larger Errors and Omissions insurance policy (eight times the amount required by the state) than the average closing company or real estate agent.
Does Safe Harbor Title Company only handle real estate closings in Virginia?
While many of our clients are based in Virginia, we’re able to handle commercial and residential closings nationwide. We’ve even arranged a notary closing for Hawaii-based clients who were buying property in Virginia.
Who does Safe Harbor Title Company work for at the closing?
The work we do is determined by which party hires us. If you’re the purchaser, we facilitate the execution of the terms of the transaction. In other words, we don’t negotiate the terms of the transaction; we simply make sure those terms are carried out properly according to the law. If you’re the seller, we work with one of our attorney partners to have a deed drafted for you. We also coordinate with the purchasers to execute the terms of the transaction. In a refinance closing, we work for the borrower. We are there to follow your lender’s instructions, to explain the documents to you, and to verify that they are properly executed.
How far in advance should I contact Safe Harbor Title Company to handle my closing?
If purchasing, you should contact Safe Title Harbor Company as soon as you have a signed contract. By contacting us as early as possible, you allow us adequate time to obtain a title abstract on the property being purchased and clear any outstanding concerns on the title prior to your contracted settlement date. Additionally, we can better coordinate the closing with everyone involved, including the sellers, purchasers, real estate professionals, and lenders.
If refinancing, you should contact us after you submit your loan application. Do not wait for final loan approval, as the time between your loan approval and closing is often only a few days. By scheduling with us early, you allow us time to obtain the title abstract and clear any issues with your title, obtain payoffs from your current lender, and coordinate closing with your new lender.
What do I need to bring to closing?
First and foremost, you need to bring a smile. Our goal at Safe Harbor Title Company is to make sure you leave with a smile, too. You will also need to bring a valid government-issued picture ID, such as a driver’s license, passport, or military ID. Additionally, if you are bringing money to the closing, also sometimes called the settlement, these funds will need to be certified funds. Certified funds can come in the form of a cashier’s check, teller’s check, money order, or certified personal check. Cash is only acceptable in small amounts. Please call our office in advance if you intend to bring cash to closing. You may also be required to bring additional documents, which our office will describe in advance.
Who attends the closing or settlement?
At a purchase closing, typically the sellers, purchasers, and their real estate professionals will attend, which will be conducted by one of our competent and experienced settlement officers. At a refinance closing, usually only the borrowers and our attorney or settlement officer are present.
What if I can’t attend the closing in person?
In certain circumstances, a power of attorney (POA) can be prepared for you. A POA is a legal instrument that allows another person to sign legal documents on your behalf. Please give one of our settlement officers a call to see if this is an option that could work for you.
How long will the closing take?
While the time required for a closing can vary, typically a refinance will take between 30 and 50 minutes and a purchase will take 45 to 75 minutes.