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What is a Title?

The title to your home or business property is the legal proof that it belongs to you, that you own it.

 

What is a “Title Search”?

A title search is a review of the public records on a property’s history before you purchase it. This is done to make sure that the house or business property you are purchasing is actually available for sale. An investigation can reveal any number of restrictions on the property, and is needed to establish the integrity – hence insurability, of the title before it is given to you, the buyer.

 

What are title defects?

All to often there are hazards lurking in a title that could keep you from getting title to the property you want to own. A few things we have discovered during title searches include:

  • Mistakes that were made in the public records
  • Mortgages, judgments or tax liens that were outstanding
  • Documents that were executed using fabricated or expired powers of attorney
  • Undisclosed heirs with claims against the property
  • Deeds by persons not legally capable of signing the documents

 

What is Title Insurance & what does it cover?

Title Insurance policies guarantee that you own your property. It protects you from any title defects by defending it in court, and helps to correct or clear your title where possible. Title insurance may also compensate you for any loss that may occur, including the cost of legal representation.

 

What is closing?

The Closing or ‘settlement’ process is what it takes to complete any real estate transaction.

 

Is there a difference between a “closing” and a “settlement”?

Not really. Both terms are used more or less interchangeably, and refer to the process of finalizing a sale or refinance, the exchanging of money or real property, and the recording of all legal documents.

 

What are closing costs?

Closing costs often include the following: recording fees, title insurance, storm water fees, prorated interest and property taxes, mortgage insurance premium, attorney’s or settlement fees, document preparation fees, homeowner’s insurance premium, and escrows for homeowner’s insurance.

 

What do I have to do during the closing process?

Once a contract is signed you may be contacted for information. Seashore Title & Settlements handles the rest, keeping you up to date on the progress of the closing and informed of any details needed along the way. Once everything is together, we will contact you to set your closing time and date.

 

How long does a closing take?

On the designated closing date itself, a sale or refinance takes approximately 30 minutes, whereas a new home purchase could take up to an hour. The steps leading up to a closing date however typically requires a couple of weeks to coordinate and complete.

 

What do I need to bring to the closing?

Most of what is needed will have been obtained prior to closing. All you may be required to bring is:

  • An official photo-ID (drivers license or passport)
  • Funds due at closing in the form of a cashier’s or certified check.
  • You should have been given the amount and “made payable to” information by your settlement coordinator.

 

What is it that makes Seashore Title & Settlements a better choice for our closing?

Ask anyone who has worked with us, and you’ll probably hear the difference at Seashore Title is attention to detail without the tension and stress sometimes associated with the process. We stay on top of the entire process, and keep everyone informed at every step so that if things do get complicated, we can handle it for you with ease.

 

If you have any other questions you do not see here, please feel free to contact us and let us know how we can help you.

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Location

565 N. Birdneck Rd., Suite #103
Virginia Beach, VA 23451

Office Hours

9AM to 5PM
Monday through Friday

Contact Us

seashore@seashoretitle.com
Tel. 1.757.233.6366

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