FAQS

What sets apart Title One from other title companies?

Our team has several years of experience in real estate title and settlement services. We often conduct over 200 settlements each month, and treat each settlement as if it were one of our own transactions. In addition to an experienced staff with decades of experience, we also have attorneys in our office available to assist you in your transaction.

What is the main function of the title company?

The title company must prepare and record documents required for closing and handle disbursement of funds. The title company coordinates with realtors and lenders to ensure the closing package is available and prepared in time for your settlement date. Title One will make sure that a title search is conducted and reviewed to ensure that the property at hand is marketable and free from any encumbrances or title defects. We work with you realtor and lender to ensure compliance with the contract and address potential title and survey defects. Our experienced staff is available to answer any other questions or concerns you may have prior to settlement. Our goal is to ensure that your settlement runs as smoothly and efficiently as possible, so that you can enjoy the culmination of your hard work.

When are the settlements scheduled?

For purchase transaction: We schedule settlement between 9:00 AM and 6:00 PM Monday through Thursday and 9-5 on Friday.
We conduct settlements in our Vienna or Chantilly office or a location convenient to the buyers.

For refinance transactions: We schedule settlements 9-5 as well as evening and weekends for the convenience of the borrowers.
We can conduct settlements in our Vienna or Chantilly office or a location convenient to the borrowers.

How long does it take to conduct my settlements?

Typically a settlement will take about an hour. The majority of documents you sign at settlement are standard for every transaction. Should you wish to read these documents ahead of time, please let us know in advance so that we can try to forward you the standard documentation for your review prior to settlement.

Do I have a choice in selecting title insurance?

Yes. Title One offers the Enhanced or Advantage Owner’s Policy in addition to the standard ALTA 1992 Owner’s Policy. The protection from title defects offered by the Enhanced Policy is more extensive than the standard Owner’s Policy. The Enhance Policy also includes affirmative mechanic’s lien coverage.

Can I have my funds for settlement wired into your account?

Yes, Title One accepts wired funds at no charge. If the funds are not received by Title One prior to your settlement, your settlement will be incomplete. We will accept a personal check for any amount due under $1,000.00. A balance due in excess of $1,000.00 requires either certified or wired funds. We suggest that you contact your bank several days prior to settlement and wire the funds no later than one day prior to your settlement. Often times, companies that wire funds will require written authorization, and need more than 24 hours to process and complete the wire transmission.

If I am due money back from settlement, how and when can I receive it?

If you have a balance due from settlement, you can receive the funds in several different manners. Once the settlement goes to record, our office releases the funds and processes the necessary checks, usually within 48 hours of settlement. At that point we can wire funds into you checking/savings account (you need to provide us wiring instructions or a voided check at settlement), you can pick up the check, or we can overnight the check directly to you.

Why can’t I receive the proceeds from the sale of my property at settlement?

State statue prohibits disbursement of funds from a settlement until the transaction is recorded in county/city Land Records. The recordation can often be time consuming, and varies between different counties depending on the jurisdictions’ specific recording requirements and their volume of recordings.

What should I bring to my closing/settlement?

In addition to any documents or funds required by your lender, you must bring a valid, government issued identification to comply with the Patriot Act.

If I am unable to attend my settlement, can I use a Power of Attorney for my closing?

Yes, you can use a Power of Attorney, however you must remember the following:

Title One charges a Power of Attorney preparation fee for preparing the Power of Attorney.
If you need a Power of Attorney prepared for settlement, you need to provide us with your full name, address, property address, the name of the person signing for you, and their county/city of residence in order for us to prepare the required documents.
If you have a Power of Attorney prepared by a non-employee of Title One, it must be approved by our office prior to settlement.
The fully executed, original Power of Attorney must be notarized and received in our office prior to the date of settlement.
The original Power of Attorney and Power of Attorney Affidavit must be recorded with the county land records. Each document has a recordation fee of approximately $21, depending on the county/city in which the property is located.
If you are a seller and need a Power of Attorney, make sure the person signing for you has the keys and any other information that needs to be given to the purchaser at settlement.
If you are a purchaser and need a Power of Attorney, make sure that the funds due at settlement are made payable to Title One Settlement Group, LLC. Any amount due in excess of $1,000.00 must be in the form of a certified check. These funds must arrive at our office prior to or at the time of settlement.

Can I receive a seller or realtor credit at settlement?

Yes, you can receive credits at settlement. However, different lenders have different requirements regarding credits at settlement. Lenders will typically not allow credits that exceed the amount of the purchaser’s/borrower’s settlement costs from page 2 of the HUD Settlement Statement.