Residential Real Estate Settlements
Residential Title Company in Northern VA
There is a lot of excitement around buying a new home - but there are many steps that need to take place for the sale to go through closing successfully. From the time you first order your title search until you are handed the keys to your new place, all of the experts at NVT&E are with you along the way.
Many different people play many different roles in your home buying process. The real estate agent, the seller, the title team, the lender, the inspector, the appraiser, the insurance company, and more. And for the settlement to be successful, everything has to come together in a smooth, organized fashion. At NVT&E, we make sure that happens.
Title Search and Title Insurance
When you purchase a home or property in Virginia, you'll want to protect your ownership in that investment.
A title search through NVT&E should always be done to uncover any potential issues that may interfere with your property rights. This search goes all the way back to the property’s beginning. Nobody wants unknown debts, claims, or legal issues to be uncovered down the road and cause any challenges related to your ownership of the property.
Thankfully, that's where title insurance can help.
A title insurance professional from Northern Virginia Title & Escrow will research public records to see if there are any problems that could cause legal issues. These could be unpaid taxes, undisclosed heirs to the property, issues with the deed, or pending legal actions to name a few. Simply put, we will ensure that the title is clean and that the seller has the right to sell it to you.
Once the title is deemed clear to close, you can proceed toward the closing since no encumbrances were found on the title. However, in the event that something was missed and a title defect surfaces in the future, having a title insurance policy can protect your rights to your property.
Most Common Title Defects
The most common title defects that arise after closing include:
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Illegal deeds
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Forged or fraudulent documents
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Unknown heir
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Undiscovered will
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Erroneously recorded documents
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Unknown easements
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Encroachments
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Previous owner’s bankruptcy
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Survey issues
By investing in a title insurance policy, you are protecting yourself from any of these common defects - and their potential to interfere with your ownership rights.
Types of Title Insurance
There are two main types of title insurance - owner’s title insurance and lender’s title insurance. If you are looking to protect your ownership rights to the property, it is important that you understand there is a distinct difference.
Both of these policies protect against title defects that didn’t appear during the title search. But an owner’s title insurance policy only protects the owner. A lender’s title insurance policy only protects the lender. Therefore, you may find yourself responsible for the purchase of two title insurance policies at closing.
Why Choose Northern Virginia Title & Escrow?
At Northern Virginia Title & Escrow, we have decades of experience in real estate transactions - including a real estate attorney with over 30 years of experience. And we play a pivotal role in making your real estate transaction happen smoothly.
We know that buying a home is one of the biggest investments you will make in your entire life - and we do everything we can to ensure that you can close on time, every time.
Frequently Asked Questions
How much does title insurance cost?
Title insurance is a one-time fee that is paid at closing. The cost of the title insurance will vary based on the sale price of the property.
Am I required to purchase title insurance?
No, you are now required to purchase an owner’s title insurance policy, though it is highly recommended. Your lender, on the other hand, may make purchasing a lender’s title insurance policy part of the conditions of the loan.
How long am I covered by title insurance?
An owner’s title insurance policy will protect you for as long as you have an interest in the property - including your heirs. A lender’s title insurance policy will cover you until your mortgage is satisfied.
What is a settlement?
A settlement is a real estate closing. These terms often get used interchangeably and generally mean the same thing. This is the point in the home buying process where the documents are signed and money is exchanged.
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