Questions? We have Answers.
Whether you’re a title law geek or just coloring in your first home-buying book, we’re here to help fill in the picture.
What is a title search?
A title search is the process of determining from the public record what the property rights are and who owns them. It also identifies who has the ability to sell the property. Finally, it notes if there are any clouds on the title.
Who selects the title company?
- During a sale, the purchaser, or seller in some cases, chooses the settlement company.
- During a refinance, the borrower or lender chooses the settlement company.
What happens at settlement?
Are your offices metro-accessible and is parking available?
What is title insurance and why do I need it?
What do I need to bring to closing?
- Funds for closing. This should be in the form of a wire or a cashier’s check made payable to Prime Settlement, Inc.
- Photo Identification. The identification must be a valid state driver’s license, a passport, or a valid state identification card.
- Personal checkbook. This will be used in the event that additional funds are needed.
- Any additional items required by your lender or realtor.
Do you contact the utility companies to tell them I am moving out/in?
For VA properties, it is the seller’s responsibility to contact the utility companies and notify them that he/she is selling the property and a final reading of the utility meter (if applicable) is required.
What is the DC Homestead Deduction?
The Homestead Deduction subtracts $69,100.00 from the assessed value of your residential property before your real estate taxes are calculated. To be eligible, you must:
- Own the property
- Occupy the property as your principal residence (domicile)
Also, the property must be less than the highest amount eligible for the credit, which is determined each year by DC. We will let you know if you qualify.
What is a survey and why do I need one?
- House location drawings delineate the property’s approximate boundary.
- Boundary surveys, which are considerably more expensive, delineate the exact location of all improvements, encroachments, easements, and other matters affecting the title to the property in question. Most lenders require a survey as a condition of the loan.