Settlement Services

How does Closing work?

• On the day of closing, we will meet with you to review and have you sign your loan documents. We are required by most lenders to email the signed loan documents for their review and verification that all documents have been signed to their satisfaction. Once that is done, your lender will wire the loan proceeds to our trust account. Upon confirmation of receipt of your funds and the lender’s funds, we will then exchange funds for the signed Deed and Seller documents with the Seller’s attorney/settlement agent. Next, we will then go to the courthouse, update title to make sure there are no liens or judgments that have been filed between the time the title search was completed and the date of Closing. If no liens or judgments are found, we will record the Deed and Deed of Trust. The home is then officially yours and your realtor will release the keys to your new home. In the event a lien or judgment is found, we will contact the Seller’s attorney or settlement agent to work out a solution. We will also notify you so that you are aware and comfortable with the solution being worked on.

Where and when is Closing?

• Closing will take place at our offices located at 200 Garrett Street, Suite A, Charlottesville, VA. We are located in The Gleason Building and our main entrance faces 2nd Street Southeast. There is plenty of street parking, or as an alternative, you may park in the Water Street Garage, 1 ½ blocks up 2nd Street Southeast. A map and street view are attached to assist you in locating us.

  Cash Only Purchase: We should be able to schedule closing for morning if the attorney or title company representing the Seller is on time confirming final numbers. If you are out of town or traveling, settlement for a cash purchase Buyer can be accomplished by email or fax. As compared to closings with loans, cash only purchases can be quite “hassle free” given how they are regulated.

  Purchase with Lender Financing: We cannot confirm closing time until your lender advises when they can provide loan documents. We aim to schedule closings before the lunch hour to allow the afternoon for funding and recording, however, some lenders experience closing delays and we encourage purchasers with lender financing to be as flexible as possible on the day of closing. Many Buyers take the day of closing off from work for walk through inspection, closing and last minute issues that may arise. We value your time, appreciate the challenge of coordinating schedules and will do everything reasonably possible to accommodate you.

What do I bring to Closing?

• Your Closing Disclosure from your lender so that we can compare closing numbers and make sure that they meet your expectations.

  Two forms of picture ID. Not all lenders require this, but rules around this topic change frequently. There are many documents that need to be notarized and therefore, you must have proper identification.

  Patience—there are lots of forms to sign.

How do I transfer money for Closing?

• We do not accept personal checks or cashier’s checks for closing as banks often place a hold on these types of checks, resulting in closing delays of up to three days. Our company’s wiring instructions are enclosed for your use in transferring closing funds. If time allows, we encourage you to contact your bank, credit union, or stock broker well in advance of closing to learn how to initiate a wire transfer shortly before closing. Delays in the wire process can result in a delay in your closing, which may mean a tremendous inconvenience to you and the Seller.

How much money do I need to transfer?

• Cash Purchase: Our office will provide you with the final numbers for a cash purchase. Assuming the Seller’s attorney or settlement agent has confirmed final numbers with us, we should be able to provide you with the numbers several days before Closing.

  Lender Financing: The Lender’s Closing Disclosure, issued 3 days prior to closing, should include the final numbers. Please confirm the final numbers the afternoon prior to closing with our office.

  Early transfer of funds: If you need to transfer funds before final numbers are available, we will work with you to come up with a “close/best guess” of adequate funds. After closing, we will refund any excess funds to you.

Who attends Closing?

• You will meet with one of our employees to sign your documents and often realtors will attend closing. Your Realtor has supported you throughout the closing process and are often valuable resources at the closing table. Occasionally, your loan officer might choose to attend closing as well.

Can I bring my children to Closing?

• We understand that buying a home is a strenuous and stressful process, especially as closing times are often moving targets, which makes finding childcare a challenge. We are happy for you to bring children of all ages to closing—it’s not a problem (we promise!). You are, however, responsible for your children’s behavior while they are in our office and request that you are mindful that this is a place of business.

How long will it take to complete Closing?

• Please plan on about 30 minutes for a cash closing. For a lender financed closing, please plan on about an hour as we will spend time with you to walk through, sign and discuss your loan documents. We will not have you sign your name without understanding what you are signing. We will review your documents for errors or issues prior to closing but we also rely on you to recognize any errors by your lender in terms of its commitment to you.

What if I cannot attend Closing? What if I need a power of attorney for Closing?

• • Immediately inform your lender of the need to have another party sign documents with a power of attorney on behalf of any Buyer or Borrower. Please note that there are new requirements surrounding powers of attorney when purchasing with a lender. These requirements can cause delays with your closing.
  • Please note that an original power of attorney must recorded in the Clerk’s Office with the Deed of Trust.
  • Please provide the original power of attorney to our office in advance of closing for review by the title insurance underwriter.
  • Our office can prepare a power of attorney, which would be $21.00 to record at the courthouse. Please do not assume any other power of attorney prepared by another individual, firm or U.S. government entity will be satisfactory for closing.

What can I do to move the closing along?

• Respond promptly to any requests made by your realtor, lender or this office. Government regulations already have the “clock ticking” on items needed for your closing—it is critical you do all that you can to help your realtor, lender and Red Fox stay on track to avoid any delays.

  Provide your cell, work and home phone numbers as well as email address and indicate when and which number/email address is the best one to use.

  Provide this office with a copy of your sales contract together with the names and telephone numbers of the real estate agents.

  Please complete the attached forms, sign where indicated and promptly return the attached forms to our office by email to Joy Jackson (jskaggs@redfoxtitle.com) or fax them to 434-227-7177. These forms are critical for closing and should be returned as soon as possible to avoid any delays.