SSD Title & Escrow

What’s Next?

In our last post, we explained what a Closing Disclosure is and how the buyer’s lender and settlement agent work in tandem to generate the form for closing. Once the Closing Disclosure is finalized, the remainder of the buyer’s down payment and loan proceeds are deposited into the settlement agent’s escrow account. If the transaction is a cash purchase (without financing), the buyer will also fund the remainder of the sales price and closing costs at this time.

The closing cannot occur until all funding has been verified. At SSD Title & Escrow, we always prefer the buyer to wire the down payment over a cashier’s or certified check. To facilitate the wire, SSD Title & Escrow will send the wiring instructions via a secure or encrypted message. As an added layer of security, we require the buyer to verify over the phone with SSD Title & Escrow, the instructions they received via email. A verbal confirmation of the wiring instructions received by the buyer reduces the risk of wire fraud.

So what’s next? Once all the required funding has been escrowed, we are ready for closing! In our next post, we will discuss what happens at the settlement table, including some helpful tips to ensure a smooth and stress-free closing.

What’s Next?

Last week, we described how a title search is conducted and reviewed to prepare the title commitment for closing. If the buyer is financing the purchase, the settlement agent will also be working with the buyer’s lender to create the Borrower’s Closing Disclosure (CD).

The CD is a form prepared by the lender that provides that details the final mortgage terms. It also includes the purchase price, loan fees, interest rate, estimated real estate taxes, insurance, closing costs and other expenses. The lender and the settlement agent work in tandem to create the CD. The CD will also reflect the full amount the borrower/buyer needs to bring to closing and includes any deposits that have already been paid to the settlement agent. If applicable, it will also display how much money the seller is paying toward the closing costs (seller concessions).

The lender is required by federal lending regulations to release the CD to the borrower/buyer 3 business days prior to closing. The 3-day rule is intended to allow the borrower/buyer time to review the final terms of the loan before the CD is officially signed at closing.

So what’s next? Our closing timeline is nearing its end! Check in next week to learn about the next and final step before the settlement – when the remainder of the buyer’s down payment and loan proceeds are deposited into the settlement agent’s escrow account.

What’s Next?

In our previous post, we explained how the contract is secured by obtaining the earnest money deposit (EMD) from the buyer. In the interim, the settlement agent has already begun its work towards the closing by first ordering a title search and then preparing the title commitment.

A title search commonly referred to as the title abstract, is performed by licensed title professional or attorney who searches the public records as far back as 60 years to retrieve the recorded documents relevant to the property. The abstractors job is to report all outstanding mortgages, lines of credit, judgments, delinquent real property taxes and homeowner liens. Once the title search is completed the title abstract is reviewed by a licensed title agent or attorney to determine ownership and lien status.

From the title abstract, the title/settlement agent will underwrite and prepare the title commitment also known as the title binder. The title binder represents the title/settlement agent’s commitment to insure the title for the buyer and buyer’s lender (if applicable) provided all “Requirements” are satisfied prior to or at the time of settlement this includes paying off the current liens and/or clearing any reported title defects. In addition to who owns the property, the title binder reflects the sales price, the buyers loan amount and the persons required to sign the Deed and new Deed of Trust (if applicable). The title binder also includes “Exceptions” from coverage. The most common Exceptions are Covenants and Restrictions (aka Home or Condominium By-Laws), Right of Way Agreements, utility easements and building line restrictions. It is recommended that a purchaser review the title binder prior to closing to ensure they are aware of all title exceptions which will be reflected in the owners title insurance policy.

So what’s next? Check in next week to learn about another key process on the closing timeline – working with the lender to create the closing disclosure.

Need to get rid of old paperwork?

SSD Title & Escrow is proud to be sponsoring this shred event hosted by our friend Dan Thiewes • Selling Northern VA on Saturday 4/15! Watch your documents be shred to tiny pieces while enjoying the donuts and coffee provided.

LOCATION: 44675 Cape Ct, Ashburn, VA 20147
TIME: 9 A.M. - 12 P.M.

What’s Next?

Last week, we introduced this series and its intention to help buyers & sellers better understand the closing the timeline. We explained the first step of receiving the ratified contract. What follows next is crucial to securing the contract – obtaining the earnest money deposit (EMD) from the buyer.

Earnest money (typically 1-3% of the sales price) is put down before closing on a house to demonstrate that the buyer is serious about purchasing and protects the seller if the buyer backs out.

Once the contract is ratified, the buyer will have 3-5 calendar to deliver the EMD to the settlement agent or real estate broker (please refer your contract for your EMD deadline and where it is to be sent). The acceptable forms for funding the EMD are generally a personal check, a cashier’s check, or a wire transfer. As the buyer, funding the EMD by the deadline is critical – if it is not delivered by the deadline, the seller has the option to void the contract! If all goes well, the EMD is applied as a credit towards the buyer’s down payment at closing.

So what’s next? Check in next week to learn about the next step on our closing timeline – ordering the title search and preparing the title commitment.

What’s Next?

Even though settlement agencies play an integral role in closing home sales and purchases, we understand that our duties & functions are often an afterthought to many buyers & sellers. That is why SSD Title & Escrow will be posting a weekly series here on Facebook called “What’s Next?” in order to help buyers & sellers better understand the closing timeline.

In this week’s post, we will keep it simple and start from the point when the contract is ratified (all terms are agreed upon and signed by both parties). If SSD Title & Escrow is designated as the settlement agent, the buyer’s realtor will send us the ratified contract and thus, our closing timeline begins. We begin processing the file by reaching out to both the buyer and seller to introduce ourselves and gather information relevant to the transaction.

This is a great opportunity to put our clients at ease by answering any questions upfront our clients may have about our process. At this point, the stress of negotiating and ratifying the contract is finished, and we want to ensure our agents and their clients that we will get them to the finish line.

So what’s next? Check in next week to learn about the crucial second step of securing the earnest money deposit from the buyer.

We had a great turnout for our brunch event on Sunday - thank you to all who attended to learn more about the home-buying process! If you missed it - do not fret! We will be hosting more with Toast & Talks | Brunch Inspired Real Estate Talks, Tips, and Tricks in the future :)

Meet Kalman Weinstein - our settlement processor and closing agent!

While studying at Virginia Commonwealth University, Kalman worked summers as a pre-settlement coordinator with his mother, Celeste. When Celeste launched SSD Title & Escrow in 2020, Kalman was brought on full-time to process transactions and grow SSD’s market share in Northern Virginia through social media and superior service. After a year of acting as our settlement coordinator and processor, he obtained his Virginia Title Agency license in 2022.

Kalman currently resides in Amissville with his wife, Savannah, and is an accomplished musician. He is the founder and singer of Cowpoke, a band favorite at wineries, breweries, and pubs in Loudoun, Fauquier and Culpeper counties.

He is looking forward to the year ahead and the continued growth of SSD Title & Escrow in 2023!

Meet Celeste Weinstein - our owner and principal!

Celeste started her career as a title examiner in 1985 while attending George Mason University and transitioned to real estate settlements in 1990. With 35+ years of industry experience, Celeste demonstrates an extensive working knowledge of the critical business functions for operating a settlement agency, title remediation, settlement processing and adherence to ALTA’s Best Practices in the conduct of a residential or commercial real estate transaction.

Celeste resides in Leesburg with her husband, Bruce, and Chocolate Lab, Bliss. She enjoys spending time with her family, dock diving with Bliss, and boating.

From simple to complex, Celeste has presided over 10,000+ residential transactions and looks forward to serving real estate agents and their clients!

Welcome to our page! SSD Title & Escrow is a full-service title and settlement agency licensed to do business in the Commonwealth of Virginia. As a trusted and reliable closing source, SSD Title & Escrow has set the gold standard for excellence in customer care, value and experience. SSD Title & Escrow offers an array of settlement services including but not limited to residential sale, purchase, refinance, construction, commercial and home equity loan closings. From contract to closing, your transaction will be processed by experienced personnel with a focus on detail, efficiency and safeguarding your personal information. For your convenience, settlements are conducted in the comfort of your home, real estate broker’s office or mutually agreed upon location by a licensed title professional. The choice of settlement agent is yours. Choose SSD Title & Escrow, where earning your 5 Star review is the Gold Standard!