Tools & Resources
What You Need for Closing:
- The most important thing to remember is all parties that are on title or on the loan must be present for closing unless prior arrangements have been made for signing by Power of Attorney (POA)
- All parties must bring a valid government issued photo ID (such as a driver's license or identification card)
- All necessary funds:
- ACSS will provide you with the final amount as soon as it is available. Many times, this figure is not available until one to two days prior to closing.
- Any amount less than $25,000.00 may be in the form of a cashier's or certified check. Please make check payable to Atlantic Coast Settlement Services.
- Any amount greater than $25,000.00 MUST be wired (wiring instructions available upon request).
- Homeowner's Insurance - If you are obtaining a loan for your new home, your lender will require that you obtain homeowner's insurance. Once you obtain a satisfactory quote from a homeowner's insurance agent, please provide us with your agent's name, contact phone number, and your policy number. We will reach out to the agent to obtain a declarations page and invoice so the policy can be paid at the time of closing. We will also pass along this information to your lender.
- Survey - If you would like to have a survey completed for your new purchase, please let us know as soon as possible.
- Multiple Buyers - If there is more than one buyer, we will need to know how you would like to hold title. There are multiple ways that the title of the property can be held in the Commonwealth of Virginia. Please download and complete this form and return to our office via fax (804-541-6908) or via email.
- Power of Attorney - If the buyer will be using power of attorney to have someone sign closing documents on their behalf, we must be informed immediately. Please contact us with any questions.
- Proceeds - If you want your proceeds wired, be sure to provide us with written wiring instructions prior to closing.
- Current Liens/Mortgage Info - We will need to know if there are any liens, such as a mortgage or home equity line of credit on the property. If so, we will need to know the name(s) of the lender(s) and loan number(s) as a payoff statement must be ordered prior to closing.
- Authorization - Many lenders require the seller(s) to sign an authorization form in order for us to order final payoff statement(s) on your behalf. Please complete this form and fax to our office at (804) 541-6908.
Frequently Asked Questions:
Q: What is Title Insurance and do I need it?
Title insurance is a form of indemnity insurance which insures against financial loss from defects in title to real property. For example: Undisclosed heirs, unreleased liens held by prior financiers of the prior owners, forged deeds, etc. Title insurance is a one-time premium that is paid at the time of closing and coverage will last as long as the insured retains an interest in the land. Title insurance will defend against a lawsuit attacking the title, or reimburse the insured for the actual monetary loss incurred, up to the dollar amount of insurance provided by the policy. Every lender requires that a lender's policy of title insurance be issued to insure their interest in the property in return for their granting of a loan to refinance or purchase a property. Owners Title Insurance is typically issued at the purchase of the property, and will insure you against any future claims that might result in loss to you. In the Commonwealth of Virginia, it is not required that you obtain an Owner's Policy of Title Insurance, but Atlantic Coast Settlement Services, Inc, strongly recommends that one be obtained whenever a new purchase is made.
Q: Do I need an attorney?
You have the right to an attorney; however, you are not required to have an attorney conduct your closing. All closings in the Commonwealth of Virginia must be completed by a licensed settlement agent. Atlantic Coast Settlement Services, Inc, (ACSS) is a fully-licensed and bonded settlement and escrow agent. This authorizes ACSS to hold both funds and documents at the behest of all parties to the transaction, including all buyers, borrowers, purchaser, and lenders; conduct the settlement/closing appointment; and disburse funds according to the written instructions of all parties involved in the transaction. In Virginia, you have the right to select your own settlement agent. Because ACSS is not a law office, we are not able to grant legal advice. You have the right to have an attorney to represent your interests in any transaction, and upon request, we can provide you with the contact information of several attorneys knowledgeable in real estate law.
Q: How long does closing take?
For purchase and refinance transactions, a closing will typically take approximately 30 minutes. Seller document signings typically take approximately 15 minutes.
Q: When will I know the final figure for closing?
The final settlement statement and closing figures are typically ready 1 to 2 days prior to closing. Once we receive approval from all parties (lender, realtor(s), seller(s)), we will provide the buyer with the final figure required for closing. Any amount less than $25,000.00 may be wired or submitted as a cashier's check or certified check. Please make check payable to Atlantic Coast Settlement Services. Any amount greater than $25,000.00 MUST be wired (wiring instructions available upon request).
Q: Will I need to be present for closing?
Yes. All parties on title or on the loan must be present at closing unless prior arrangements have been made for signing by Power of Attorney (POA).
Q: How late in the day can I close?
We are extremely flexible and offer closings as late as 7:00PM Monday - Friday. If you have a unique situation, please contact us so we can find the best solution for you.