Quick Answer: Can You Sell Property in Virginia Without a Title Company?
Selling a real estate property is expensive because there are many legal fees that add up quickly.
To cut costs, at Lilly Title & Settlement, we often get asked if you can sell property in Virginia without a title company.
To cut costs, at Lilly Title & Settlement, we often get asked if you can sell property in Virginia without a title company.
The answer is that Virginia does not mandate the use of title services especially if you do not use a realtor.
So, it’s not always required but it is risky not to use a title company for the biggest investment of your life.
So, it’s not always required but it is risky not to use a title company for the biggest investment of your life.
The Risks of Selling Property Without a Title Company
Title companies conduct in-depth title searches of past owners of the property. What we’re looking for are any hidden liens or title defects that could lead to legal problems for the new buyer.
If you choose not to use a title company, you’re also risking selling your property without proper legal documentation. Without proper documentation, your closing can increase the risk of legal disputes and further complications.
Perhaps the biggest reason to use a title company is that many mortgage lenders require lender's title insurance to close on the property.
Unless your buyer is paying cash, it will make it difficult for them to get financing.
If you choose not to use a title company, you’re also risking selling your property without proper legal documentation. Without proper documentation, your closing can increase the risk of legal disputes and further complications.
Perhaps the biggest reason to use a title company is that many mortgage lenders require lender's title insurance to close on the property.
Unless your buyer is paying cash, it will make it difficult for them to get financing.
What’s the Biggest Job of a Title Company?
A title company’s biggest job is to get you to the closing table which includes:
• In-depth legal research
• Managing escrow accounts
• Acting as a notary
• Making sure all parties receive the proper legal documentation prior to closing
All of this information must be meticulously documented, checked and rechecked. Money must be securely protected until it is released at closing.
Given the legalities of buying and selling real estate combined with the many creative ways people find to defraud others out of their money, the question to ask is this: Is it worth the risk to not hire a title agency?
Lilly Title & Settlement is a woman-owned title and settlement company that is obsesses with legal details. When you’re ready to close on your new home, turn to the pros at Lilly Title & Settlement.
From Staunton and Waynesboro, to Lexington, VA, as well as remotely, you can put your trust in Lilly Title & Settlement. Just ask our clients!
• In-depth legal research
• Managing escrow accounts
• Acting as a notary
• Making sure all parties receive the proper legal documentation prior to closing
All of this information must be meticulously documented, checked and rechecked. Money must be securely protected until it is released at closing.
Given the legalities of buying and selling real estate combined with the many creative ways people find to defraud others out of their money, the question to ask is this: Is it worth the risk to not hire a title agency?
Lilly Title & Settlement is a woman-owned title and settlement company that is obsesses with legal details. When you’re ready to close on your new home, turn to the pros at Lilly Title & Settlement.
From Staunton and Waynesboro, to Lexington, VA, as well as remotely, you can put your trust in Lilly Title & Settlement. Just ask our clients!
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