The settlement, also called “closing“, is the process of the signing of documents and the exchanging of money that occurs when real estate is sold and purchased. From the buyer’s perspective this is when you receive the deed to the property (take “ownership”) and when you legally agree to the terms of the loan you made to buy the property.
RVA RES serves the buyer at settlement. We offer “remote closings” through local, trusted vendors; however, in nearly all of our closings the buyer(s) attend the settlement in person and typically at our offices on Monument Avenue in Richmond.
The closing can take up to an hour. This meeting is where the buyer signs a small stack of documents. The seller is rarely in attendance. RVA RES handles the money that changes hands in the transaction, records the deed and deed of trust at the courthouse of the city or county where the property is located, works with the lender to make sure all the lender’s requirements are satisfied, and issues the title insurance policies.
For the typical residential purchase settlement our settlement fee is a flat $475. This includes our settlement services plus access to a personalized, secure portal hosted by Qualia. The $475 does not include title insurance premiums and related title expenses such a title search and commitment or binder fee.
The home buying process can be intimidating and confusing. We are committed to providing to you, in advance, a full and clear explanations of all the settlement and title charges and fees when you do business with us. Click on the green icon on our website for a personalized, no-obligation quote of your closing costs. Of course, if you are getting a loan from a bank or mortgage company as part of your property purchase, that lender will charge you for their services.
The American Land Title Association provides a list and good explanations of the typical closing costs at Closing Costs Explained. RVA RES provides 1) settlement services, 2) title searches, 3) title binder/commitment, and 4) title insurance.
RVA RES is not licensed to practice law. If you need legal advice as part of your transaction, you will need to hire an attorney licensed in Virginia.
Title insurance plays an integral part in supporting private property ownership in our country. Title insurance provides the insured with protection – coverage in the nature of indemnity insurance – in the event there is a title problem that causes the insured a loss. We sell title insurance policies, underwritten by Old Republic National Title Insurance Company.
Visit our Title Insurance FAQ Page for more information.
In addition to providing title insurance to our customers and their lenders in connection with residential property and lot purchases, we provide title search and title insurance to buyers and lenders in connection with commercial property transactions. That service is provided primarily through lawyers who are representing their client, either an individual or business, in the client’s acquisition of commercial property.
If you are an attorney looking for title services for your client, please call our main number at contact page on his law firm website.and ask for John Lumpkins, the manager of RVA RES, or you can reach John at his main law firm phone number, (804) 756-4600, or through the
RVA Real Estate Settlements is an agent of Old Republic National Title Insurance Company.