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Frequently Asked Questions

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Settlement FAQs

When can I settle?

Sales Transactions – all parties agree to a date in the Sales Contract
Refinance Transactions – settlement is scheduled when your lender is ready to proceed


Who will be at the settlement?

Buyers and seller (or borrowers in the case of refinances) must be present at settlement.  Generally the realtors will also attend settlement and in some cases the loan officer is present.  A representative from Titleworks, Inc. will be present to conduct the settlement.  Buyers, sellers (borrowers) who cannot attend may appoint someone to act for them.  The absent person must execute a power of attorney appointing an attorney-in-fact to act on his/her behalf.  Powers of attorney for buyers/borrowers generally must be approved by the lender.


Who selects the settlement company?

In Virginia, all parties have the right to select their own settlement company. 


What will it cost to settle?

Fees are fixed based on the type of transaction (sales, refinances, construction loans, home equity loans).  Title insurance costs are calculated based on the sale and/or loan amount.  Parties can expect to pay government recordation/transfer taxes.  Borrowers will insur lender’s fees, interest and tax and insurance escrows at settlement.  The Settlement Statement is prepared as soon as the lender provides Titleworks Inc. with the closing instructions.  The Settlement Statement is then forwarded to the lender for review and approval.  After lender’s approval, the Settlement Statement is forwarded to all parties for review prior to settlement.  Funds needed at settlement must be in the form of a bank cashier’s check or certified check and are payable to Titleworks, Inc. as the settlement agent.


What should be brought to settlement?

All parties must bring their valid, government issued, picture identification (driver’s license or passport).  Sellers shuold also bring house keys, garage door openers, owners manuals, parking permits, pool passes.  Anyone receiving funds from the settlement and desiring those funds to be transferred electronically should bring their wiring instructions (in most cases a voided check or deposit slip is sufficient).


What happens at settlement?

The Settlement Statement (also referred to as the “HUD-1”) is reviewed with all parties by the settlement company.  With sales, the sellers execute documents first including a deed transferring ownership of the property to the buyers.  After signing their documents, the sellers usually leave the settlement table at which point the buyers/refinance borrowers begin the review of their loan documents.  The Titleworks representative will make sure that all parties understand the documents.  The entire process takes about an hour.


When do I receive my money?

Titleworks will disburse all of the funds received in a settlement as soon as all the appropriate documents have been recorded in the land records of the City or County where the property is located.  In Virginia, all funds are received from all parties, then documents are recorded in the land records at the City or County Courthouse and then all funds are disbursed to all appropriate parties according to the Settlement Statement.


When will the current mortgage be paid off?

Payoffs will be sent by overnight delivery or by wire transfer on the day of recordation.


What happens to escrowed taxes and insurance when the loan has been paid off?

The payoff lender will send the escrow balance refund within a few weeks after receipt of the payoff.


Title Insurance FAQs

What is a title?

Titel is the legal evidence, or right, that a person has to ownership and possession of land.  It is possible that someone other than the seller has legal right to the property you are buying.  If that right can be established, this person can claim the property outright or make demands on the owner for its use.


What can make a title defective?

There can be any number of problems that remain undisclosed ever after the most careful search of public records.  These hidden “defects” are very dangerous and sometimes are not discovered for months, even years after you purchase your home.  You might be forced to spend a substantial amount of money on a legal defense, and still result in the loss of your property.


What is title insurance?

Title insurance provides protection from these hidden defects.  The list of defects goes on and on, but here are a few examples:

  • Deeds from minors or non-existent entities
  • Creditor claims
  • Defective title
  • Easements by prescription not discovered by a survey
  • Errors in tax records
  • Duress in execution of documents
  • Undisclosed heirs
  • Federal and/or state inheritance gift tax liens
  • Mistaken interpretation of wills and trusts
  • Deeds executed under a false or expired power of attorney

Title insurance protections your investment in your home.  It will protect you from financial loss caused by title problems.  Title insurance provides all the coverage you need to protection the investment in your home.


What are the two types of title insurance policies?

  • Lender’s policy - When you have a mortgage on the property, the lender will more than likely require a lender’s title policy.  The lender’s policy only insures that the lender has a valid, enforceable lien on the property.  A lender’s policy only protects the lender. 
  • Owner’s policy – This policy is designed to protect the owner from title defects that existed prior to the issue date of your policy.  It also covers the full cost of any legal defense of your title.


How often do I have to pay title insurance?

The title insurance premium for an owner’s policy is a one time fee.  Because the lender’s policy only protects a particular loan, when you refinance, in most cases, the new loan will require a new lender’s policy.  If you have an existing owner’s policy, the premium for a new lender’s policy can be issued at a reduced rate (reissue rate).


As a purchaser of real property, why should I purchase an owner’s title insurance policy?

Purchasers of real estate need protection against serious financial loss due to a defect in the title to the property purchased.  For a single, one-time premium, a buyer can receive the protection of a title insurance policy – a policy that is backed by the reserves and solvency of a national title insurance underwriter.  A title insurance policy will cover both claims arising out of title problems that could have been discovered in the land records, and those not of record defects that could not be discovered in the land records even with the most complete title examination.

A title insurance policy will not only protect the insured owner, but also that person’s heirs for as long as they hold title to the property and even after they sell by warranty deed.  The title insurance underwriter will not only satisfy any valid claim made against the insured’s title, but it will pay for the costs and legal expenses of defending against a title claim.


As a seller of real property, is there an advantage to having purchased an owner’s title insurance policy?

An owner of real property whose interest is insured by an owners title insurance policy has the assurance that the title will be marketable when selling the property.  The title insurance policy protects the seller from financial damage if the seller’s title is rejected by a prospective purchaser.  Also, when the seller conveys title with “warranties”, the seller is still proected if the buyer sues because of a breach of those warranties.




Have your real estate loan closed quickly and efficiently by the Northern Virginia settlement experts at Titleworks.

Titleworks, Inc. is a Real Estate Title Company providing real estate closings, mortgage closings, title search, title abstract, title insurance, encumbrance searches, records research, document recordings and escrow services in Virginia. We specialize Real Estate Settlement Services in the following Northern Virginia cities, counties and zip codes listed below:


Alexandria City  
  Alexandria 22301, 22302, 22304, 22305, 22311, 22313, 22314, 22320, 22331, 22332, 22333, 22334





Arlington County  



22201, 22202, 22203, 22204, 22205, 22206, 22207, 22209, 22210, 22212, 22213, 22214, 22215, 22216, 22217, 22219, 22222, 22225, 22226, 22227, 22230, 22240, 22241, 22242, 22243, 22244, 22245, 22246

  Fort Myer 22211
  Ft Myer 22211
  Rosslyn   22209


Fairfax City  



22030, 22038


Fairfax County  


22303, 22306, 22307, 22308, 22309, 22310, 22312, 22315

  Annandale 22003
  Baileys Crossroads 22041
  Belleview 22307
  Burke 22009, 22015
  Centreville 20120, 20121, 20122
  Chantilly 20151, 20153
  Clifton 20124
  Community 22306
  Dunn Loring 22027
  Engleside 22309
  Fairfax 20151, 20153, 22031,  22032, 22033, 22034, 22035, 22036, 22037
  Fairfax Station   22039
  Falls Church   22041, 22042, 22043, 22044
  Fort Belvoir 22060
  Franconia 22310
  Great Falls   22066
  Greenway 22067
  Herndon 20170, 20171, 20172, 20190, 20191,20192, 20194, 20195, 20196, 22095, 22096
  Jefferson Manor 22303
  Kingstowne 22315
  Lorton 22079, 22199
  Mason Neck 22079
  Mc Lean 22067, 22101, 22102, 22103, 22106, 22107, 22108, 22109, 22101, 22102, 22103, 22106
  Merrifield 22081, 22082, 22116, 22118, 22119
  Mosby 22042
  Mount Vernon 22121
  N Springfield   22151
  Newington 22122
  North Springfield 22151
  Oak Hill   20171
  Oakton 22124, 22185
  Pimmit 22043
  Reston 20190, 20191, 20192, 20194, 20195, 20196, 22095, 22096
  Seven Corners   22044
  Springfield 22009, 22015, 22150, 22151, 22152, 22153, 22156, 22158, 22159, 22160, 22161
  Sully Station 20120
  Vienna 22027, 22124, 22180, 22181, 22182, 22183, 22185
  W Springfield   22152
  West McLean   22102, 22103
  West Springfield 22152


Falls Church City  


Falls Church  

22040, 22046


Fauquier County  
  Bealeton 22712
  Broad Run 20137
  Calverton 20138
  Casanova 20139
  Catlett 20119
  Delaplane 20144
  Goldvein 22720
  Hume 22639
  Markham 22643
  Marshall 20115, 20116
  Midland 22728
  Morrisville 22712
  New Baltimore   20187
  Orlean 20128
  Rectortown 20140
  Remington 22734
  Somerville 22739
  Sumerduck 22742
  The Plains 20198
  Upperville 20184, 20185
  Vint Hill Farms 20187, 20188
  Vint Hill Frm 20187, 20188
  Warrenton 20186, 20187, 20188


Loudoun County  
  Aldie 20105
  Alexandria 20598
  Arcola 20148
  Arlington 20598
  Ashburn 20146, 20147, 20148, 20149
  Brambleton 20148
  Broadlands 20148
  Chantilly 20152
  DHS 20598
  Dulles 20101, 20102, 20103, 20104, 20166, 20189
  Fairfax 20152, 20598
  Falls Church 20598
  Hamilton 20158, 20159
  Herndon 20598
  Hillsboro 20132, 20134
  Lansdowne 20176
  Leesburg 20175, 20176, 20177, 20178
  Lincoln 20160
  Lorton 20598
  Lovettsville 20180
  Mc Lean 20598
  Middleburg 20117, 20118
  Paeonian Spgs 20129
  Paeonian Springs 20129
  Philomont 20131
  Potomac Falls 20165
  Purcellville 20132, 20134, 20160
  Reston 20598
  Round Hill 20141, 20142
  South Riding 20152
  Springfield 20598
  Sterling 20163, 20164, 20165, 20166, 20167, 20598
  Stone Ridge 20105
  Waterford 20197


Manassas City  



20108, 20110


Manassas Park City  





Prince William County  
  Bristow 20136
  Catharpin 20143
  Dale City 22193
  Dumfries 22025, 22026
  Gainesville 20155, 20156
  Haymarket 20168, 20169
  Lake Ridge 22192
  Manassas 20109, 20111, 20112
  Manassas Park 20111
  Montclair 22025
  Nokesville 20181, 20182
  Occoquan 22125
  Prince William 22192
  Prince Wm 22192
  Quantico 22134
  Southbridge 22026
  Sudley Spgs 20109
  Sudley Springs 20109
  Triangle 22172
  Woodbridge 22191, 22192, 22193, 22194, 22195


Stafford County  
  Brooke 22430
  Falmouth 22403, 22405, 22406, 22412
  FBI Academy 22135
  Fredericksburg 22403, 22405, 22406, 22412, 22403, 22405, 22406, 22412
  Garrisonville 22463
  Hartwood 22471
  Quantico 22135
  Ruby 22545
  Stafford 22554, 22555, 22556