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The Closing
Information for Sellers
For sellers and buyers, the last step in the transaction process is the closing. In Virginia, a "deed of trust" instrument is established, in lieu of a mortgage. This arrangement allows title to be received by the buyer, but in turn the buyer conveys title to a third party trustee until the loan is paid in full. When you sell the home or pay off your mortgage, be sure to obtain a release of deed when the loan has been fully satisfied.
Mortgage loan documents must be calculated using the actual date of closing, so it's typical for some paperwork to come together at the last minute. A homebuyer has the right to choose the closing attorney or settlement agent.
When you select your attorney or settlement agent, consider the reputation of the person or firm, and their experience in real estate and mortgage closings. To serve as a closing agent, the individual must be registered with the Virginia State Bar as a settlement agent. Your real estate professional can provide a list of qualified attorneys or settlement agents who are reputable and provide quality service. Fees vary, so inquire about all of the fees up front. Sometimes a low closing fee is offered, but may be offset by the charging of unnecessary fees or higher than normal fees for routine processing. Be aware of what you're paying for. A closing agent ensures that all aspects of the transaction are finalized; verifies that the property is in the promised condition by inspecting the title evidence, the seller's deed, documentation about seller's liens; and prepares the paperwork for the closing itself.
Closings customarily take place at the office of the buyer’s attorney or settlement agent. Typically, only the buyers and the attorney or settlement agent will attend the closing, and if requested, the real estate agent will accompany the buyers. The process takes about an hour to complete. After closing, the attorney or settlement agent will record the deed at the clerk’s office for the municipality where the home is located. After recordation, final papers will be mailed to all parties, usually within a month. RESPA (the Real Estate Settlement Procedures Act) requires that a final closing statement be provided to both the buyer and seller, giving the final accounting and detailing what each can expect to pay or receive.
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