The following is a list of frequently asked questions and answers we have put together for your convenience.  We hope you find this information useful. Please feel free to contact us with additional questions or for more information.

 

1. Q. Will your office accept a personal check?

    A.  Unfortunately, we cannot accept personal checks due to the legal requirements controlling real estate transactions.  The law requires that we have "liquid" funds at settlement before we can disburse any money.  If a personal check is brought to closing, we will have to wait ten business days for the check to clear before disbursing any money.

 

2. Q. How should I deliver the funds required for settlement?

    A. We can accept a cashier's or certified check, or you can arrange to have your funds wired to our Virginia State Bar approved real estate trust account.  Please contact our office for wiring instructions.  A cashier's or certified check brought to closing should be made payable to "James I. Gilbert, IV, trust account".

 

3. Q. When will I know how much money I need to bring to closing?

    A. We can generally provide you with an exact figure several days before your settlement. We will do everything within our power to provide you with a settlement statement before you come to our office. However, the completion of a settlement statement requires many other individuals to provide us with information, and we may not be able to provide you with an exact figure if we are waiting on others to provide us with information.  For instance, due to the high volume of real estate loans in today's market, many lenders are not able to provide us with their information and/or payoffs until right before closing.  In the instance where our clients must go to the bank to obtain a check before we have a complete settlement statement, we will do our best to estimate closings costs. Of course, if you bring a check for more than is required, we will refund any excess funds back to you when we disburse on the transaction.

 

4. Q. When will closing occur?

    A. We will do everything we can in order to schedule your closing on or about the date stated in your contract.  Please let us know if the closing date in the contract has to be changed.

 

5. Q. Do we need to be present at closing?

    A. We can conduct your settlement by "mail".  Please let us know in advance if you cannot attend closing so we can plan accordingly.  If, for some reason, you can not attend, we will make special arrangements to have a closing package sent to you by overnight courier service. 

 

6. Q. What overnight courier service does your office use? 

    A. We generally use UPS or Fed-Ex.  This allows our office to tract documents that can be extremely vital to your closing.  A $15.00 fee will be added on the settlement statement for each overnight air delivery.

 

7. Q. Do you need our homeowner's insurance information?

    A. Yes.  Please provide us with the name and phone number of your agent as soon as possible.

 

8. Q. Do I need a survey?

    A. We generally suggest that a survey be performed to ensure that there are no boundary encroachments, however, unless your lender requires you to obtain a survey, it is optional.  Unless you instruct our office to obtain a survey for you, we will not do so.  If you prefer our assistance in obtaining a survey, please call us as soon as possible as the time to complete a survey can sometimes be lengthy.  Only the land surveyor's office can give an estimate of their charges.

 

9. Q. Do we need to do anything special if we are building a house?

       A. Yes.  If you are building a home, please contact us before obtaining your building permit.  Many lenders and title insurance companies require you to designate a mechanic's lien agent on the permit. Virginia law requires this to be done at the time the permit is first obtained from the building inspector's office.

 

10.  Q. When will our proceeds or overage check be available?

        A.