About The Real Estate Group

The Real Estate Group (TREG) "Partners in Excellence"

The mission of The Real Estate Group, LLC is to be Hampton Roads finest provider of real estate services. Our goal is to create a company that provides absolutely the best service for our customers by fostering an environment of teamwork and a common vision. The Real Estate Group, LLC consists of an accomplished team of skilled professionals who take pride in their work and their company. We work hard to go beyond the expectations of our customers, agents, and employees.

Settlement: Preaparing Your Clients

This post was contributed by our very own Tara Muniz at Landmark Title!

Homeowners Insurance (also referred to as Fire or Hazard Insurance) When buying a home, your buyer’s lender will require that they pay one year’s worth of homeowner’s/hazard insurance in advance prior to establishing an escrow account (this will be collected for as part of the closing costs.) Going forward, they will pay into an escrow account as part of the monthly payment which will fund their account to facilitate the future payment of the insurance policy in the years to come. Both the title company and lender will need the contact information for the insurance company the buyers have selected at least 2 weeks prior to settlement to help finalize the monthly payment information.

Do your buyers wish to have a survey ordered on their property? (Not typically applicable to condos) (Optional but recommended service – cost: approx. $275 – 500):  

A property survey, certified by a registered surveyor, shows all property lines and existing structures on an individual residential lot. This survey will determine whether any improvements such as fences, sheds, gazebos, decks, additions, driveways, patios, hot tubs and garages encroach beyond the property lines. A survey can also be used in the future to obtain city/county or homeowner’s association approval for improvements requiring permits such as the items listed above. Please note that a survey is required to issue an owner’s title insurance policy without a survey exception.

Verify legal names as per the state or military identification that will be used at closing

Your buyers will need to bring a current and valid driver’s license, passport or government issued ID to the settlement, so that your title company can verify their identity and notarize the documents executed at closing. If your buyers have recently changed their name, the title company will need a copy of the applicable marriage certificate or divorce decree.

Verify all persons on loan and title will be present at closing and will not need a power of attorney

If a power of attorney will be used, a Specific/Special Power of Attorney for Real Estate will be required (A General Durable Power of Attorney is not typically accepted except in approved medical or military cases) and must be specific to the property your buyers are purchasing. Both the title company and mortgage company will need to see an advance copy for underwriting approval. The original will be surrendered to the title company at settlement for recording with the circuit court.

Funds to Close: To conduct your buyer’s closing and to ensure the prompt recording of the deed, the title company requires funds to be brought to closing in the form of a certified or cashier’s check at the time of settlement. These funds should be made payable to the title company as specified by your settlement team. If they are unable to provide your buyers an exact figure prior to settlement they will try to provide an approximate amount and should be able to refund your buyers any overage after settlement and recording.

All title companies have policies and procedures specific to them. Please check with your title experts to ensure that all required documentation, verifications, funds and other needed information is communicated prior to closing.

About The Real Estate Group

The Real Estate Group (TREG) "Partners in Excellence"

The mission of The Real Estate Group, LLC is to be Hampton Roads finest provider of real estate services. Our goal is to create a company that provides absolutely the best service for our customers by fostering an environment of teamwork and a common vision. The Real Estate Group, LLC consists of an accomplished team of skilled professionals who take pride in their work and their company. We work hard to go beyond the expectations of our customers, agents, and employees.