Buyers, sellers, and real estate agents often seek counsel from Tucker Griffin Barnes with real estate closings at our Charlottesville and Lake Monticello real estate offices. They know we fully understand real estate law, and can guide them through any pitfalls that may arise during property transfer. Our Charlottesville and Lake Monticello real estate attorneys and staff provide closing/settlement services for the following transactions: Sales, Purchases, Refinancing, Deed Drafting, Construction, For Sale By Owner, 1031 Exchanges, Reverse Mortgages, Title Problems, Partition Suits, Right of Way, Boundary Disputes and Family Land Disputes.
Why should I close with a law firm versus a settlement company?
Should I order a survey when purchasing property?
Yes. It is not uncommon to discover a fence is not the boundary line or a neighbor’s shed is on your property. Without a survey, you are buying the seller’s problems. A settlement company will not advise you to get a survey, since surveys identify any legal problems with the property. If a survey identifies a problem, settlement companies are not allowed to point out the problem, or provide advice on which course of action you should take.
Should I use cashier’s checks or bank wires?
For many years, it has been local practice to require certified or cashier’s checks for all closings. Recently, the Federal Reserve has been putting random holds on these checks, thus causing local banks to sometimes not give immediate credit when deposited into escrow. This Federal Reserve policy is due to the recent increase in counterfeit cashier’s checks.
One way to avoid the difficulties and delays these holds can cause is to use bank wires instead of cashier’s checks. After consultation with your settlement attorney, buyers should arrange with their bank to be able to wire to the settlement attorney the necessary funds to close. As long as buyers arrange for the wire ahead of time, this practice may actually be easier for the buyers, as they do not need to rush to their bank to get a cashier’s check. Also, as the exact amount needed to close may not be available until just before closing, the final amount of the bank wire can be adjusted accordingly.
Will I have help understanding the settlement statement?
The new CD form is a statement of all the actual settlement costs. We will guide you step-by-step through the settlement statement and help you understand the numbers.
What is involved in recording the title?
When you purchase real property, you receive the deed that transfers ownership or title of the property to you. The conveyance of real property is not complete until the deed is delivered to you or your authorized agent. The deed should then be filed with the recorder in the county or city where the property is located for public notice that you own the property. When title insurance is purchased, the title insurer checks the change of title to determine whether any defects occurred in prior conveyances and transfers—defects may then be pointed out and excluded from coverage. It is critical to ensure that each time the property was transferred, the previous purchasers obtained clear title.
What is your fee structure?
We handle most closings on a flat-fee basis. Please contact us for specific costs.
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""Bill Tucker and his team were the answer to my real estate prayers! After being transferred to another state .."" - Short Sales
""Yvonne Griffin represented me in an accident case that required many months of hands on attention .."" - Personal Injury
""Ms. Barnes, I cannot thank you and your staff enough for taking my case at was a very dark time for me .."" - Social Security Disability
""Lynn Bradley has been a force that has proven to be competent, professional and exceled at her work .."" - Worker's Compensation
""Ms. Hakes, Thank you so much. You don't know what a wonderful gift you just gave to me, my son's .."" - Criminal Defense
""When you first interview Laura Butler, it is apparent you are in the presence of a true professional in all .."" - Family Law
""Mr. Tucker, I cannot thank you enough for all your work. I wish everyone had your work ethic and attention .."" - Real Estate