Purchaser Information Regarding Settlement
All-American Title & Escrow Co., LC has been selected as settlement agent for your upcoming real estate transaction. We will proceed with the following detailed items in the processing of your file to include: title search/examination and house location survey or other necessary survey items suggested by our surveyor (staking of the property is an additional cost to the buyer). Please note that surveys are ordered on all commercial financing and will be optional on all other transactions.
All-American Title & Escrow Co., LC will be your settlement agent to handle the non-legal matters pertaining to the settlement. We represent the purchasers, sellers, lender, and title insurance companies and accordingly, are compensated by all parties except for the lender. Please see the attached fee schedule enclosed for your convenience. All-American Title & Escrow Co., LC will provide either an attorney or settlement officer on our staff to preside at settlement. However, this person represents All-American Title & Escrow Co., LC, and no other party. It is not necessary for you to have your own attorney present at settlement, but if you would like, you are welcome to do so at your expense. You will be required to provide All-American Title & Escrow Co., LC with a government issued picture I.D. This document MUST be brought to the settlement, no EXCEPTIONS. At the time of settlement, all lender documents as well as documents required by All-American Title & Escrow Co., LC will be explained.
All-American Title & Escrow Co., LC is an approved agent for Stewart Title Guaranty Company Inc. We will obtain a Lender’s Title Policy and an Enhanced Owner’s Policy (if applicable) from either one of these companies at the standard title insurance rates. All questions regarding title insurance must be directed to this office.
Funds for Closing
In order for All-American Title & Escrow Co., LC to ensure a timely disbursement of funds and recording of documents, YOU MUST BRING EITHER CERTIFIED FUNDS OR PREFERABLY A CASHIERS CHECK TO SETTLEMENT FOR AMOUNTS OVER $1000.00. A PERSONAL CHECK WILL BE ACCEPTED ON TRANSACTIONS LESS THAN $1000.00. Totals for closing costs are NOT always readily available. Please contact us for further information.
For REFINANCE transactions: a settlement date and time will be scheduled by either our office or your lender once all documents have gone through underwriting and a clear to
close has been given.
For PURCHASE/SALE transactions: a settlement date should already be noted in your Sales Contract. Please contact one another (buyer/seller) to decide on a time that is best
for both parties. We do meet with both parties simultaneously. If for any reason the date/time of your settlement changes, please notify this office so that we can try and
accommodate you as best we can.
All of us at All-American Title & Escrow Co., LC, hope that this settlement letter helps you understand the process of your transaction whether it be a Purchase, Sale or Refinance a little bit better. If for any reason you’re still not sure about any of the items explained above, please contact us at 703-591-0285. We hope that this will be an enjoyable process for all.
All-American Title & Escrow Co., L.C.