VETERAN OWNED AND LED
A real estate closing brings together the contract, title work, lender requirements and transaction funds. Ask who handles each step and what remains outstanding before planning around a completion date.
Opening the settlement file
Provide the property address, contract information and proposed closing date. The settlement team coordinates with the parties and identifies the records and documents needed for the transaction. Tell the team early about unusual ownership, an existing lien or an out-of-town signer.
Title research and insurance
Title work examines recorded ownership and interests affecting the property. Ask how a recorded lien, easement or other issue will be addressed. Review the proposed title insurance policies and exceptions; a lender’s policy and an owner’s policy protect different interests.
Settlement escrow is different from mortgage escrow
Settlement escrow handles funds associated with the transaction. Confirm who holds any earnest-money deposit and how it will be credited or released under the contract. The monthly mortgage escrow account used for ongoing taxes and insurance is managed by the lender or mortgage servicer, not by Pike Title as part of the closing.
Reviewing figures and preparing to sign
For a mortgage transaction, review your lender’s Closing Disclosure. Ask about differences between closing costs and cash to close, the accepted payment method and the signers required for the appointment. Verify wire instructions independently through a previously confirmed number.
Signing, funding and recording
Signing does not necessarily mean every step is complete. Ask when lender funding, recording, payoff and disbursement are expected for your particular transaction. Coordinate possession and moving plans with the contract and your agent.
The rest of your closing team
Your lender handles loan approval and terms. Your agent handles brokerage and negotiations. Inspectors and appraisers perform their own work. Legal advice or representation is a separate attorney engagement; Pike works with A. R. Pike Law Firm when legal assistance is appropriate.
Discuss your title and settlement questions
Pike Title’s Roanoke office provides title insurance, escrow services and attorney-directed closings at 2727 Electric Road, Suite 200, Roanoke, VA 24018. Call (540) 300-6911 or request a settlement quote with the property address and anticipated closing date.