​Think Jesse James stole a mountain of money? It’s nothing compared to what cyber criminals steal with real estate transactions.
 
A lucrative, nefarious business that shows no sign of slowing down, real estate wire fraud scams are increasing every year.

​In 2017, the FBI reportedly received 301,580 complaints about real estate wire fraud with losses exceeding $1.4 billion dollars.
 
Yes, that’s billions with a “b.” There were more than 9,600 victims who lost over $56 million in broken dreams.
 
Compare that number to more traditional thefts like bank robberies. A thief is limited by what can be carried. With cyber crooks, there’s no limit on how much cash they can steal. But how does it happen? And what can you do to protect yourself?
 
Here’s a look.

​Even though, worldwide, businesses spent $93 billion fighting cybercrime in 2018, humans continue to be the weakest link.
 
Any party involved in a real estate transaction is a target for hackers. That includes the real estate agent, the buyer, the seller, the title company, closing attorney, and the financial lending institution.
 
And it all starts with a hacked email. A fraudster hacks into the lender or title company’s server searching for upcoming real estate closings.
 
The scammer then assumes the identity of the real estate or title company, or the financial institution handling the real estate sale.
 
The business emails you receive look authentic but if you look closely, you’ll usually see a few letters missing in the email address. 

The fraudsters will claim that the wiring instructions have been changed, and that it’s urgent for you to transfer funds immediately. To delay, they claim, will hold up the closing.
 
The fraudulent email is to provide you with new instructions for the wire transfer. That transfer, of course, is to the scammer’s account.

When you’re buying or selling your home, you’re eager to get the process underway and settled. Scammers know that, and they use that to their benefit.
 
What’s more, because email is commonly used to communicate during a legal transaction, it makes it that much easier to scam people.
 
That means that all parties have to be hypervigilant so that the closing goes smoothly.
 
At Lilly Title & Settlement, here’s what we do to guard against wire fraud:
 

• We establish a phone procedure for calling us using a confirmed phone number. This verifies the legitimacy of the wire instructions received by fax or email.

 

• We use encrypted emails with our wire transfer instructions.

 

• Then we verify by email that the wire transfer instructions were received. Additionally, we verify the information and instructions prior to sending funds on your behalf.

For the buyer and seller, here’s what we recommend:
 

• Look for red flags that are usually associated with fraudulent emails. For example, stating the matter is urgent, misspellings, and emails sent after business hours.

 

• Be suspicious of any email that states a change in payment type. For example, from a certified check to wire transfer. Or a last-minute change in account numbers.

 

• Know your closing process beforehand. We’ll talk with you prior to settlement so that you know exactly what to expect.

 

• Talk with your lending institution about valid payment methods. Discuss with your lender about how the money is to be wired.

 

• Confirm everything! Ask your lending institution to confirm the account number as well as the name on the account before proceeding with the wire transfer. Don’t follow emails with instructions on wiring money. You might think it’s legitimate but it’s best to contact a representative directly to be sure.

 

• Only use the phone numbers you trust. Scammers will fake phone numbers. Don’t fall for it!

 

• Don’t email your financial information—EVER! It’s just not safe. For the safety of your money, stick with phone calls or in-person meetings to share important information.

 

• If you receive an email about last minute changes to wiring instructions, ignore it! Do NOT call the number in the email. 

 

• Watch out for phone calls! It’s difficult to tell whether a phone call is legitimate or scammy. If anyone asks you to confirm your identity, hang up.

 

• If you’re concerned you may have been the victim of wire fraud, call the lending institution immediately. Get them to issue a recall notice on the wire transfer. Then, report the crime to ic3.gov. Call your regional FBI office and local police.

 
Buying and selling a home is an exciting time. Don’t let someone else’s greed ruin your dream of homeownership.
 
Educate yourself on the dangers of real estate wire fraud scams. Follow what your lender, title company, and settlement agency tell you to do for the closing.
 
Just like you, they have an investment in getting the transaction closed. Use their experience to your benefit so you can get on the road to homeownership!
 
At Lilly Title & Settlement, we take every precaution to ensure that your real estate transaction is safe, smooth, and secure. Learn more about us here.

When you buy or sell a home, one of the most important questions you can ask is: what does a title company actually do?

The short answer is that a title and settlement company ensures the smooth, legal transfer of property ownership from the seller to the buyer. But the work behind that simple promise is far more involved.

 At Lilly Title & Settlement, a woman-owned company serving Virginia buyers and sellers, our job is to handle the complexity of your real estate transaction, so you don’t have to.

We manage the intricate logistics of a closing, protect your interests as a neutral third party, and make sure every legal document complies with Virginia’s specific closing laws under CRESPA, the Consumer Real Estate Settlement Protection Act (formerly known as the Real Estate Settlement Agents Act).

Below, we answer the most common questions buyers and sellers ask about title searches, title insurance, and the closing process in Virginia.

A title and settlement company does far more than push paperwork. Our core responsibilities fall into three areas:

• We research the property’s ownership history, also called the chain of title, by examining public records.
• We identify any liens or legal issues that would prevent a clear title transfer.
• We manage the entire closing process, from escrow to final disbursement of funds.
  

This work ensures the buyer receives clear ownership and that all funds and documents are handled securely and accurately.

A title search is the process of researching public records to uncover a property’s complete ownership history. It matters because, in order to transfer title from seller to buyer, the title must be clean and marketable.
 
During a title search, we look for:

• Court judgments against the property
  
• Unpaid property taxes
  
• Outstanding mortgages or liens
  
• Disputes over ownership or easements
  

If we find any encumbrances on the title, we work directly with the seller to get them removed so the sale can proceed without complications

A clear title means there are no unresolved recorded liens, ownership disputes, or legal claims against the property.

These issues are all resolved by the title and settlement company before you reach the closing table. Ownership can only transfer once the title has been cleared of all recorded problems, or defects.

Lenders require buyers to purchase lender’s title insurance on the lender’s behalf. What most buyers don’t realize is that this policy only covers the lender should a legal property dispute arise. It does not protect the buyer.
 
If lenders believe protecting the property is important enough to require coverage, we believe it should be just as important to the buyer. In Virginia, homeowner’s title insurance is optional, but we encourage every new homeowner to make this one-time purchase.
 
A homeowner’s policy protects you for as long as you own your home against future losses from hidden defects such as:

• Forgeries and fraud
• Lost or fraudulent wills
• Clerical and recording errors
• Illegal or undisclosed trusts
• And more

For the biggest investment of your life, this one-time purchase is one of the smartest ways to reduce long-term risk

In short: to protect the biggest investment of your life. Working with a title and settlement company reduces risk at every stage of the transaction. We:

• Verify legal ownership of the home to be purchased
• Help resolve title issues before closing
• Ensure the transaction follows Virginia state and local requirements

Without this process, unresolved liens, errors, or hidden title defects could create costly problems after you’ve already closed on your home.

Closing on a new home involves much more than researching the title. As your settlement agent, it’s our responsibility to:

• Hold funds securely in an escrow account
• Prepare and file all required documents for your city or county
• File legal documents, including the deed and settlement statements
• Ensure all documents are properly notarized and signed
• Schedule and conduct the closing
• Disburse funds to the appropriate parties upon successful completion of the closing

In Virginia, a property survey is also required. This verifies property lines and any structures on the property, and we make sure the survey is completed before closing.
 
Throughout the process, it’s our job to keep you informed every step of the way and answer any questions you have, so your closing happens on time and goes smoothly.

Absolutely. Your realtor or lender may offer a recommendation, but ultimately the choice is yours. You have the right to select a trusted, local title and settlement company that ensures a transparent and smooth closing experience.

At Lilly Title & Settlement, a woman-owned company, we’re obsessed with the legal details that ensure your property closes properly and in full compliance with Virginia state and local requirements. From the title search to the final disbursement of funds, we make a complex process simple, transparent, and on time.
 
When you’re ready to close on your new home, turn to the trusted experts at Lilly Title & Settlement for a smooth and timely closing. Give us a call to learn more.

Unlike lender’s title insurance, which only protects your bank, owner’s title insurance protects you, the buyer, from hidden title defects, fraud, unpaid liens, and ownership disputes that a title search may not catch.

For most homebuyers, a home is the largest investment of their lifetime. Owner’s title insurance is the safeguard that protects that investment.

When you buy a home, you’re not just buying the physical structure — you’re buying the legal right to own it. That legal right is called “title.” Owner’s title insurance is a policy that protects your title against claims from the past.

Think of it this way: every home has a history. Previous owners, contractors, ex-spouses, heirs, lenders, and tax authorities may all have had some claim to the property at some point. Most of those claims are resolved before you close. But not all of them show up in public records — and that’s exactly the gap that owner’s title insurance fills.

If a title problem surfaces after closing — even years later — your owner’s title insurance policy pays the legal costs to defend your ownership, and covers financial losses if a valid claim forces you to give up part or all of the property.

Owner’s title insurance protects against a wide range of title defects, including:

• Forged deeds or signatures in the property’s chain of title
• Fraud, including identity theft by someone who sold a home they didn’t own
• Errors or omissions in public records
• Undisclosed or missing heirs who later claim ownership
• Unpaid property taxes, contractor liens, or judgments from previous owners
• Illegal trusts or improper estate transfers
• Boundary disputes and survey errors
• Easements or restrictions that weren’t properly recorded

Some of these situations are rare. Others,  like clerical errors in public records or contractor liens that weren’t released, are far more common than most buyers realize. According to the American Land Title Association (ALTA), title issues requiring corrective work arise in roughly one in three real estate transactions, though most are resolved before closing. Owner’s title insurance protects you from the ones that aren’t.

This is one of the most common points of confusion for homebuyers, so it’s worth spelling out clearly.
Lender’s title insurance (also called a loan policy) is required by virtually every mortgage lender. It protects the bank’s financial interest in your property — not yours. The buyer pays for it as part of closing costs, but the bank is the one who benefits.

Owner’s title insurance is optional in most states, but it protects you — the person who actually lives in and owns the home. It covers your equity, your legal fees, and your right to stay in your home if a title dispute arises.

Owner’s title insurance is a one-time premium paid at closing. There are no ongoing monthly payments. The cost varies by state and purchase price, but in Virginia, a typical policy ranges from a few hundred dollars to roughly 0.5–1% of the home’s purchase price.

For the protection it provides, covering your home for as long as you own it, it’s one of the most cost-effective purchases you can make at the closing table. And because you’re already paying a closing attorney or settlement company, the added cost of the owner’s policy is relatively small compared to the overall transaction.

In Virginia, the seller often pays for the owner’s title insurance policy as a customary part of the transaction, though this is negotiable. Ask your settlement agent or real estate agent what’s standard in your area.

No. In Virginia, owner’s title insurance is not legally required. However, lender’s title insurance almost always is if you’re financing the purchase with a mortgage.

While you can technically waive the owner’s policy, doing so means you’re accepting full personal liability for any title problems that arise after closing.

For most buyers, skipping the owner’s policy to save a one-time fee is a gamble that isn’t worth taking, especially when the alternative is leaving your single largest asset unprotected.

Yes. If you decide to sell your home in the future, your owner’s title insurance policy can also protect you as the seller.

If a title claim surfaces during the sale such as an old lien, a boundary dispute, or a recording error, for example, your policy may cover the costs of resolving it so the sale can proceed.

This is an often-overlooked benefit. The policy you purchase when you buy your home continues to protect you through future transactions.

How long does owner’s title insurance last?
Your owner’s title insurance policy remains in effect for as long as you or your heirs hold an interest in the property. There are no renewal fees or ongoing premiums.

Can I shop around for owner’s title insurance?
Yes. In Virginia, you have the right to choose your title and settlement company. You are not required to use the company recommended by your real estate agent or lender. It’s worth comparing services and asking about what’s included in the premium.

What if the title search already found no problems?
A title search is a thorough review of public records — but it’s not infallible. Forgery, fraud, and missing heirs may not appear in any record. Owner’s title insurance covers events that a title search couldn’t reasonably detect.

Does my owner’s title insurance cover future events?
No. Owner’s title insurance covers claims that arise from events that occurred before you purchased the property. It does not cover title problems you create after closing, such as failing to pay your own property taxes or mortgage.

Who pays for owner’s title insurance in Virginia?In Virginia, it’s customary for the seller to pay for the owner’s title insurance policy, though this is negotiable and varies by transaction. Your settlement agent can clarify what’s typical for your area and purchase agreement.

At Lilly Title & Settlement, we handle real estate closings for buyers and sellers throughout Staunton, Waynesboro, the Shenandoah Valley, and beyond. We take the time to explain your title insurance options clearly — so you close with confidence and peace of mind.

Questions about owner’s title insurance? Contact us at our Staunton, VA office or visit lillytitle.com to learn more about our homeowner title services.

Most Virginia real estate closings get delayed for one of five reasons — lender underwriting issues, title problems uncovered late, missing or incorrect documents, low or disputed appraisals, and last-minute changes from the buyer or seller. The good news: nearly all of these are preventable when you know what to watch for and start the title work early.

If you're buying or selling a home in Staunton, Waynesboro, or anywhere in the Shenandoah Valley, a  smooth closing date is one of the most important dates on your calendar.

• Movers are booked
  
• leases are ending
  
• payoffs are timed
  

And in many cases another transaction is stacked behind yours. A delay of even a few days can cost you money and patience. No one on either side of the table wants that!

So what actually causes closings to slip here in the Shenandoah Valley? Here are the practical steps you can take to stay on schedule.

In Virginia, closing (also called settlement) is the day ownership of the property officially transfers to the buyer. Here at Lilly Title & Settlement:

• We prepare the deed
• Run the title search
• Coordinate with the lender
• Balance the figures
  
• Collect funds
• Conduct the signing
• Record the legal documents at the courthouse

For everything to land cleanly on your closing date, dozens of moving pieces from three or four different parties have to line up. When one piece slips, the whole closing slips with it.

The number one cause of closing delays is the loan, not the title. Underwriters often request additional documents late in the process: an updated pay stub, a letter explaining a recent deposit, an updated insurance binder, or proof a debt was paid off.

If the buyer doesn't respond quickly, the lender can't issue the "clear to close," and without that, the title company can't finalize numbers or schedule signing.

How to avoid it: Respond to your lender within 24 hours, every time. Don't make large purchases, change jobs, or open new credit during the loan process.

A title search may turn up an old lien, an unreleased mortgage, an unresolved estate, a boundary dispute, an unpaid HOA balance, or a deed error from a prior owner. These are exactly the issues we are trained to find and clear.

But some take time to fix, especially when they involve out-of-state heirs, prior lenders that have merged or closed, or older Virginia deeds with unclear chain of title.

How to avoid it: Choose your title company as early as possible, ideally the moment your contract is ratified, so the title search starts immediately. The earlier defects are found, the more time there is to cure them before closing.

Closings depend on paperwork from many sources:

• The lender's closing disclosure
• The seller's payoff statements
• HOA or condo resale packets
• Survey results
• Homeowners’ insurance declarations
• Power of attorney documents
• Trust paperwork

Any missing piece can stall settlement.

How to avoid it: If you're using a power of attorney, a trust, or signing remotely, tell your title company at least two weeks before closing. If your home is in an HOA, request the resale packet early.

If the appraisal comes in below the contract price, the lender will only finance based on the appraised value. The buyer and seller then have to renegotiate, the buyer brings extra cash, or the deal restructures, all of which take time. Appraisals can also be delayed simply because appraisers are booked out, especially in busy seasons.

How to avoid it: Order the appraisal early and stay flexible on terms. If the value comes in low, work quickly with your agent to negotiate rather than letting days pass.

A buyer changes their mind on a co-borrower. A seller decides to take an appliance that was supposed to convey. Someone wires funds late. A signer can't make the appointment, and no one mentioned a power of attorney. These small human moments are some of the most common causes of last-minute reschedules.

How to avoid it: Confirm who is signing, how funds are being delivered, and what's conveying with the property at least a week before closing, not the day of.

A smooth closing in Virginia almost always traces back to a few habits:

• Pick your title company immediately after ratification. In Virginia, the buyer typically has the right to choose. Don't wait for the lender to assign one.
• Get your homeowner's insurance early, at least two weeks before closing, and send the binder to both your lender and your title company.
  
• Read every email from your title company and lender carefully. If something is requested, send it the same day.
• Avoid financial changes during the loan process: no new credit cards, no car loans, no job changes, no large unexplained deposits.
  
• Plan your wire transfer in advance. Wire fraud is real, and here at Lilly Title & Settlement, we will give you verified instructions. Always call to confirm wire details using a phone number you've independently verified — never one from an email.
  
• Do your final walkthrough the day before, not the morning of closing, so any issues can be addressed before the signing table.

How long does a typical closing take in Virginia? From ratified contract to closing is usually 30 to 45 days for a financed purchase, and as little as 7 to 14 days for a cash purchase. The settlement appointment itself typically takes about an hour.

Who picks the title company in Virginia? Under federal law (RESPA), the buyer generally has the right to choose the title company in a residential purchase. You are not required to use a company recommended by your lender or real estate agent.

What happens if we don't close on the contract date? Most Virginia contracts allow a short grace period or can be extended in writing by mutual agreement. If a party is unwilling to extend, the contract can be terminated, and earnest money disputes may follow, which is why preventing delays is far better than negotiating after one.

Can I close remotely in Virginia? Yes. Virginia allows remote online notarization (RON) and mail-away closings in most cases. Tell your title company early so they can prepare the right documents and coordinate with your lender.

What's the single best thing I can do to avoid a closing delay? Start title work the day your contract is ratified and respond fast to every request from your lender and title company. Speed and communication prevent more closing delays than anything else.

At Lilly Title & Settlement, we've guided buyers and sellers across Staunton, Waynesboro, and the Shenandoah Valley through thousands of closings since 2014. We start title searches early, communicate clearly, and work directly with your lender and agent so surprises don't show up at the closing table.

If you have a contract in hand, or you're shopping for a title company before you do, give us a call at our Staunton office or reach out to us. The earlier we're involved, the smoother your closing day will be.