NTSG TITLE
Closing agents are representatives of a title company or a real estate attorney that conducts your closing (or settlement) of a home purchase, refinance, or 1031 exchange transaction. Our main function is to ensure there is a proper transfer of legal title cleaning, and overseeing the closing process.
Yes! In Virginia, the buyer has the absolute right by law to pick the title agency for the transaction. No one, even by contract, can force you to pick another title company - even in refinance transactions. It is important the title company you pick best protects your interests. Sellers can choose to work with the buyer's choice of settlement agent or hire their own legal counsel to represent their side (or represent themselves).
Following settlement, NTSG TITLE will disburse funds as authorized, including charges for title insurance, recording fees, commissions, closings costs, and loan payoffs. We also will make arrangements for recording of deeds and any other documents as instructed. In Virginia, a recorded copy of the deed is more important than the original since Virginia is a record-notice state.
Closing Process.
The answers to your questions.
Closing agents are representatives of a title company or a real estate attorney that conducts your closing (or settlement) of a home purchase, refinance, or 1031 exchange transaction. Our main function is to ensure there is a proper transfer of legal title cleaning, and overseeing the closing process.
Yes! In Virginia, the buyer has the absolute right by law to pick the title agency for the transaction. No one, even by contract, can force you to pick another title company - even in refinance transactions. It is important the title company you pick best protects your interests. Sellers can choose to work with the buyer's choice of settlement agent or hire their own legal counsel to represent their side (or represent themselves).
Following settlement, NTSG TITLE will disburse funds as authorized, including charges for title insurance, recording fees, commissions, closings costs, and loan payoffs. We also will make arrangements for recording of deeds and any other documents as instructed. In Virginia, a recorded copy of the deed is more important than the original since Virginia is a record-notice state.
Closing Process.
Let's start here.
A title search researches the public records to uncover possible title defects and risks that affect the ownership rights to the property being purchased, which include liens, assessments, and judgments. A title search must be completed before a title commitment is issued, and determines what needs to be cleared before closing.
A title commitment is a promise to issue a title policy after closing. The title commitment will contain terms, conditions, and exclusions that will be in the actual title insurance policy. The title commitment further identifies requirements and title defects that need to be addressed prior to closing so that the title policy can be issued, and that closing can properly close.
Liens are a legal claim placed on the property by creditors that gives them the right to keep possession of property belonging to another person until that particular lien is paid. Examples includes a contractor was never paid for work completed by the previous owner may put a lien on the property, or more commonly a mortgage on a property by a lender. If that lien isn’t discovered during a title search, however, it would be your responsibility to resolve it once you become the property owner.
A title defect is a problem with the property title that negatively impacts the transfer of property ownership. A previous owner might have forged a signature or not paid real estate taxes, and defects like that can easily go undiscovered during the title search process. If you have title insurance, however, you won’t be responsible for dealing with any claims and legal fees associated with undiscovered defects — our title company will.
The goal of every real estate contract is to essentially deliver to the buyer a deed with “clear title”. A clear title is a title without liens, poses no question to legal ownership, and is marketable to future sellers.
Title
Basics
The most important terms explained.