Some new home buyers are startled by the amount of work that goes into closing the sale. There are several steps and considerations during the settlement process, and it can feel overwhelming to try doing it alone. A Northern Virginia title company can provide professional real estate settlement services that make the entire process faster and easier. Working with a professional title company can also help you identify potential issues with your new home, allowing you to address them sooner and close your sale more quickly. Here are five services to look for when it’s time to begin the settlement process on your new home.
Home Buying Settlements
Many people know mortgage settlements as closings. During the closing process, the home buyer, selling party, their title company (if any), and the lender meet to agree on the terms of the transaction and legally transfer funds for the purchase. Your title company agent ensures that all of the necessary documents are signed and understood, that the lender receives all payments, and that other important documents — such as the deed to your home — are registered at the appropriate offices. When you hire a title company to assist you with your settlement process, you save the time it would take to check and register those documents yourself. You can also have the peace of mind that comes from knowing your closing process was completed legally, with no cause for future problems.
Mechanics Lien
When contractors complete remodeling work on a home, they often place a lien on the home to ensure that they are properly compensated for the work. Many remodeling projects are paid correctly, with no need to use the lien. However, some contractors may forget to remove the lien from the home, presenting an issue when the home is eventually sold. The lien must be removed before a sale can be completed, and a title company can assist with placing and removing liens as necessary to facilitate payments and sales.
Contract Preparation and Review
When buying a home from a seller using a real estate agent, that agent will handle the contract preparation and review process. If the home is being sold by its owner, however, that responsibility falls directly on the parties negotiating the sale. A title company can create a purchase agreement between you and the seller that clearly outlines expectations, timelines, transfer of funds, and other important information. The contract will be legally binding according to local laws, ensuring that the sale and mortgage agreement are successfully completed.
Refinancing a Home
Modifying a mortgage is a legal process that involves negotiation and a strong understanding of lending practices. A title company can take over this responsibility for you by researching and managing titles, preparing closing documents, and cooperating with mortgage lenders to help home buyers receive the best rates possible on their refinancing agreement. Working with an established title company can help you avoid common legal issues while closing negotiations in a timely and successful manner.
Title Insurance
Prospective homeowners can be surprised by issues with their title during the title transfer process. Errors in the public record, unknown liens, omitted heirs to the property, and fraud can all delay the closing process until the issues are resolved and may prevent some buyers from actually purchasing the home. Title insurance helps avoid this outcome. After a home buyer purchases title insurance, their title company agent will research the title to ensure that there are no hidden concerns with the title. If anything is discovered, the agent can help solve the issues before using an underwriter to insure the title with owner’s and lender’s policies . These protect against any future transfer-of-ownership problems that may occur during the settlement process.
Title Companies with Legal Expertise
The home buying process is filled with legal proceedings, from contract writing to final closing meeting. While most title companies understand these legalities, a title company whose employees have an extensive legal background will be best equipped to assist throughout the settlement process. These title agents can identify problems before they derail your settlement process and work on legal solutions that help get you into your new home sooner. With a stronger understanding of exactly what laws come into play when purchasing a home, you can be sure that the purchase will be completed legally and correctly.
Working With Real Estate Settlement Services
Speak to Mathis Title Company for more information about real estate settlement services and the services provided during the home buying process. Robin Mathis has decades of experience in helping Northern Virginia homeowners buy and sell homes with ease. She oversees each closing that her company completes herself and is available throughout the closing process for other assistance, providing personalized attention to every client. Mathis is also an accomplished attorney with the legal background necessary to identify potential problems and bring creative resolutions throughout the closing process.
