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Let Our Experts Help You With The Closing on Any Property

“Closing” or “settlement” is commonly thought of as the actual day that the transaction is finalized. The process begins as soon as a purchase contract is signed. It comprises the following:

Choosing a Settlement Agent/Attorney

This needs to be done early in the process so that your closing team can begin work. This starts with the title search. A title search may identify any issues that need to be addressed.

Home Inspection

Hire a professional inspector to walk you through the property and detect any issues. Be sure to obtain a written contract (look for limitation of liability) and a written summary of the inspector’s findings. You will use these findings to request repairs pursuant to the contract.

Appraisal

If required, your lender will arrange for the appraisal of the property.

Title Insurance

Title insurance protects you against any unforeseen claims against the property that may or may not be disclosed by the title search. Click here to learn more about title.

Homeowner’s Insurance

Because your new home will be used as collateral against your loan, your lender requires that you to purchase homeowner’s insurance (sometimes known as hazard insurance). Be sure to do this well in advance of the closing date.

Walk-Through

Your Realtor will usually schedule this and accompany you.

Within 24 hours of your closing date, conduct a walk-through of the property to ensure that it’s in the condition required by the contract. Checking that any issues and/or contingencies (usually raised by the inspection) are resolved.

What Your Settlement Agent is doing as part of the Closing Process.

The team at Charlottesville Settlement Company will help you finalize all the necessary paperwork to buy your new home. Our experienced staff is here to service you.

During the closing process, we’re conducting a search of the property’s title. We review the public records of the property. Records searched include, but not limited to, deeds, mortgages, tax liability, and other documents that may affect title to the property.
Your closing team is working closely with your lender to follow and satisfy their requirements for closing.
Your closing agent’s job is to coordinate many behind-the-scenes activities and gain the cooperation among all interested parties to ensure a smooth and mutually satisfying transaction.
They will work with the lender in preparation of the final closing documents.

If there are any problems with any aspect of the process, we bring them to the attention of all parties involved for resolution.

What your Closing Agent is doing as Part of the Closing Process.

Your closing agent’s job is to coordinate many behind-the-scenes activities and gain the cooperation among all interested parties to ensure a smooth and mutually satisfying transaction.

They will submit the title binder to your lender along with other items the lender has requested. They will work with the lender in preparation of the final closing documents.

If there are any problems with any aspect of the process, we bring them to the attention of all parties involved for resolution.

When “closing day” finally arrives, you’ll meet with your closing agent to finalize the transfer of property. Generally, the steps are:

What Do I Need to Bring

Buyers and sellers need to bring approved photo identification, such as a valid driver’s license, government issued Passport or Visa.
The amount of funds required for closing isn't always available well in advance of the settlement date. Working diligently with your lender and agent, we'll get you these figures as soon as possible. Ensure that the funds are ready for wire transfer at least the day before the closing. You will be provided wiring instructions and advised of how much to send from your closing agent. WIRE FRAUD IS REAL: before sending any funds call the office to verify the banking information provided.

Signing

On closing day, we will be going through your closing documents. This may include a loan package, signing all necessary documents, and answering your questions. Allow for at least one hour with us. In some cases, it may be longer in others it may be shorter.

When Will I Get the Keys?

Ask your realtor about keys. They will arrange delivery of keys.

Post-Closing

After the settlement meeting and recording has taken place, the recorded documents are returned to you from the clerk’s office and your title policy will arrive in the mail or email address provided. You will be given a copy of the Deed of transfer at closing.