Angelica Alford

Settlement Agent

Phone 804-448-9000

[email protected]

17470 Center Drive, Unit 4-B

Ruther Glen, VA 22546

Fax 804-448-9001

Frequently Asked Questions

What should I bring to my closing?

You should bring two forms of identification if you are a buyer and just one if you are a seller.  If you are bringing money to closing and have not wired us your funds then please bring certified funds to closing as well.  Certified funds can come from your bank or in a money order. 

How long will closing take?

If you are a buyer allow 30 minutes for closing.  A seller will typically be done with closing in about 10-15 minutes.  If you are refinancing your property and don’t have many questions then plan for 15-20 minutes.  We value your time and your investment so if more time is needed for you we accommodate that as well! 

When should I schedule my closing?

We should schedule your closing per your sales contract or whenever your lender tells us to.  We can be flexible with closing dates and times but we want to make sure that your lender will be ready with the closing package as well! 

If my lender requires that I purchase Lender’s Title Coverage, why do I need an Owner’s Title insurance policy?

The Lender’s Policy only protects the Lender, and only for the life of that loan. The Owner’s policy protects the Purchaser’s interest in the property purchased and that coverage continues for a lifetime. This is important because liability for title defects can survive through and even beyond the period of the Purchaser’s ownership. Therefore, for a one-time premium paid at the time of settlement, the Purchaser is protected against prior title defects, or claims made against the title, even after the property is sold or pays off the loan. We strongly recommend that Purchasers obtain their own title insurance policy to protect themselves as Lenders do.

Can you wire my proceeds to my bank, money market, or stock account? If so, what do you need?

Yes we can!  We need written instructions from our client in order to do so.  The instructions must have the name of the bank we are wiring to, the account name, name on the account, address, routing number and account number.

Can I have my closing funds wired to your account? Do you have wiring instructions?

We will accept wired funds and that is the preferred method of payment. These funds MUST be received prior to closing. The closing cannot be finalized until all funds are received, which could conceivably delay delivery of the keys to your new home. We suggest that you arrange to have funds wired for arrival at Alford Title the day before closing.

Can I receive my funds at the closing table for selling my house?

We cannot issue funds at the table because in the Commonwealth of Virginia that is against the law.  In order to release funds to ANY party with a closing the necessary documents have to be recorded at the property county courthouse.  However, depending on the time of your settlement and business of the courthouse we may be able to get your funds to you same day.  If this is what you are requesting just be sure to let us know ahead of time so we can get you scheduled early enough in the morning for closing and do our very best to get your documents recorded at the courthouse and then able to release your funds.

I am paying off my mortgage with (1) the sale of my house or (2) my refinance, so when should I expect to see this paid in full and why is my payoff higher at closing than on my last mortgage statement?

If you are paying your mortgage off with a sale then expect the mortgage company to show your loan paid in full within 72 hours.  On a sale we have 48 hours by law to get your mortgage paid off and if we overnight the payoff to your lender then that will be the 72 hours.  On a refinance (of a primary home) you have a 3 day rescission period to account for which cannot be waived so expect your mortgage company to be paid off about a week after you sign your documents.  Your payoff will always be higher at closing than on your mortgage statement because you pay your interest in arrears and your payoff statement will reflect that as well as any additional late fees that have accumulated or any other clerk fees.

Am I able to use a Power of Attorney for closing?

Yes you are but only with prior authorization.  This is an extra charge for closing and not only needs to be approved by your title company but also by your lender. 

Still unsure of the process? Have a different question? Let us help.