What Does a Title & Settlement Company Do in Virginia?
A Simple Guide for Buyers & Sellers
Here at Lilly Title & Settlement, our job is to handle the complexity of a real estate transaction for you. By managing the intricate logistics of a closing, we make it simple for you.
We make sure all legal documents adhere to Virginia’s specific closing laws, CRESPA, or the Real Estate Settlement Agents Act.
We’re also a neutral third party to protect all parties, the buyer, seller, and lender interests.
Here are four commonly asked questions about title and settlement closings.
We’re also a neutral third party to protect all parties, the buyer, seller, and lender interests.
Here are four commonly asked questions about title and settlement closings.
What else does a title and settlement company do in a real estate transaction?
- We research the property’s ownership history, also called chain of title.
- Identify any liens or legal issues with the property that would prevent clear title transfer
- We manage the entire closing process
This work ensures the buyer has clear ownership and that all funds and documents are handled securely and accurately
Why Do Buyers and Sellers Need a Title and Settlement Company?
In short, to protect the biggest investment of your life! Using a title and settlement company reduces risk.
Without this process, unresolved liens, errors, or title issues could create costly problems following the closing. Making a one-time purchase of homeowner’s title insurance further protects from future loss from hidden defects of forgeries, fraud,
lost wills, clerical errors, illegal trusts, and more.
- We verify legal ownership
- Help to resolve title issues
- Ensure the transaction follows Virginia state and local requirements
Without this process, unresolved liens, errors, or title issues could create costly problems following the closing. Making a one-time purchase of homeowner’s title insurance further protects from future loss from hidden defects of forgeries, fraud,
lost wills, clerical errors, illegal trusts, and more.
What is a Clear Title?
This just 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 get to the closing table. Ownership can transfer because it has been cleared of all recorded problems, or defects.
Do Buyers Get to Choose Their Title and Settlement Company in Virginia?
Absolutely! Your realtor or lender may make a recommendation, but ultimately, it’s up to you to choose a trusted local title and settlement company, one that ensures a transparent and smooth closing experience.
At Lilly Title & Settlement, a woman-owned company, we’re obsessed with legal details that ensures your property is closed properly by adhering to Virginia state and local requirements.
At Lilly Title & Settlement, a woman-owned company, we’re obsessed with legal details that ensures your property is closed properly by adhering to Virginia state and local requirements.
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