Frequently Asked Questions
What do I need to bring to closing?You will need to bring:
- Funds for closing. This could be in the form of a cashier’s or certified check payable to KVS Title, LLC.
- Photo Identification. A valid state-issued driver’s license, passport, or state-issued identification card are acceptable.
- Any items required by your lender as a condition of closing that have not already been satisfied.
- A personal check. This is in case additional funds are needed.
How much money do I need to bring to closing?
We will provide you with the final closing cost figure when your lender sends your final loan documents to our office. Before contacting us for a final figure, be sure to contact your loan officer to see if the lender has sent us final loan instructions. If you would like an estimated amount before that time, you can refer to the Good Faith Estimate your loan officer gave you.
Can I wire my closing funds to your office?
Yes, funds for closing may be wired to our escrow account. Contact our office for wiring instructions.
Where is your office located, and is there parking available or is it Metro accessible?
Click here for our office locations, directions, parking, and Metro information.
My closing is scheduled at your DC or VA office. Who do I call for information about my closing?
All processing is done in our Bethesda, MD office. Please call 301-605-1420 with any questions—regardless of where your closing is scheduled to take place.
When can I get a final HUD-1 to review?
We will prepare a final HUD-1 once we receive the lender’s closing instructions—usually the day before or the day of closing. Check with your loan officer to see if the bank has issued final closing instructions before contacting us for a final HUD-1.
Who chooses the settlement agent?
The person refinancing or purchasing a property selects the settlement agent.
Who does the settlement agent represent?
The settlement agent has a fiduciary responsibility to all parties in the transaction: the buyer, seller and lender. In essence, the settlement agent represents the process and/or transaction and ensures that all elements and terms are met.
What happens at closing?
You will meet with an attorney who will review with you a series of documents that have been prepared by your lender and provided to KVS Title, LLC the day of or before your closing. These documents will be presented to you by the attorney and carefully explained so that you understand the important terms. Click here to see samples of standard loan documents and other closing documents.
How long does closing take?
We schedule one-hour appointments for purchase settlements. This allows sufficient time to review the important terms regarding your purchase. However, a purchase closing usually takes less than an hour to complete. Refinance settlements are scheduled every 30 minutes.
What is title insurance and do I really need it?
Title insurance is a safeguard against loss due to unknown title defects on your property. There are two types of policies: one to protect the lender’s interest for the amount of the loan, the other to protect the buyer. The insurance is protection from the hidden risks that could threaten a title even after the most careful title search is completed. Examples of such risks include fraud, false impersonation, forgery, undisclosed or missing heirs, mistakes in recording legal documents, as well as misinterpretations of wills and certain deeds that are invalid or have been misrepresented. Click here for more information about title insurance.
Do you contact the utility companies to tell them I am moving out/in?
We contact the water company to request a final water bill for DC and MD properties. It is the seller’s responsibility to contact the other utility companies and notify them that he/she is selling the property and a final reading of the utility meter (if applicable) is required. Click here for a list of phone numbers of many of the utility companies in the area.
For VA properties, it is the seller’s responsibility to contact the utility companies and notify them that he/she is selling the property and a final reading of the utility meter (if applicable) is required. Click here for a list of phone numbers of many of the utility companies in the area.
Why do I need homeowners insurance?
If you are getting a mortgage to purchase a single-family home or townhouse, it is a requirement of the lender that you have homeowner’s insurance in place with paid receipts for closing. If you are purchasing a condominium, please check with the lender to see if an individual policy of homeowner’s insurance, separate from that of the Association, is required.
What is a survey? And why do I need one?
A survey is a measurement taken by a surveyor of a real property—delineating the boundaries of a parcel of land. There are two types. House location drawings delineate the property’s approximate boundary. Boundary surveys, which are considerably more expensive, delineate the exact location of all improvements, encroachments, easements, and other matters affecting the title to the property in question. Most lenders require a survey as a condition of the loan.