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The mission of Southeast Virginia Title Company (SeVA Title) is to provide total in house Settlement, Title, and Escrow services to the people of Western Tidewater.  Cover
About SeVA Title
Closing Process

1. Closing Services

    1. Title Exam - A title exam is when the property is researched for judgments, liens, deeds of trust, unpaid taxes, and the chain of title. An exam is done to ensure a clean transfer of title.
    2. Title Commitment - A title commitment is basically the title company's promise to issue a title insurance policy for the property after closing. The title commitment contains the same terms, conditions, and exclusions that will be in the actual insurance policy.
    3. HUD/Closing Statement - HUD statement- The HUD-1 Settlement Statement is a standardized mortgage lending form in use in the United States of America on which creditors or their closing agents itemize all charges imposed on buyers and sellers in consumer credit mortgage transactions. Closing Statement - A Closing Disclosure is a five-page form that provides final details about the mortgage loan you have selected. It includes the loan terms, your projected monthly payments, and how much you will pay in fees and other costs to get your mortgage (closing costs).
    4. Closing - Closing is the final step in executing a real estate transaction. The closing date is set during the negotiation phase, and is usually several weeks after the offer is formally accepted. On the closing date, the ownership of the property is transferred to the buyer.

2. Settlement Services

    1. Recording - Recording is the act of putting a real estate document into the official records at the County Recorders or Recorder of Deeds Office. Usually, the types of documents that are recorded affect title to real property such as a deed, mortgage, easement, judgment, lien, foreclosure, or request for notice of default.
    2. Fund Disbursement - Typically when a house is sold there is a third party company such as title, attorney or escrow company that facilitates payment of all parties. On the final date of closing, the buyer's bank will wire the money to the seller's bank. All other parties who are in receipt of payment such as realtors, fees for third party services, appraisals, etc. are paid either simultaneously (if wire transferred) or after the bank and the third party facilitator pays out by check to all other parties who are due funds from the transaction. This includes the seller's proceeds which will be adjusted by the fees that were paid to others on their behalf.
    3. Title Policies - Title insurance protects both real estate owners and lenders against loss or damage occurring from liens, encumbrances, or defects in the title or actual ownership of a property.

3. Title Insurance

What is Title Insurance and why do I need Title Insurance? 

Title insurance protects real estate owners and lenders against any property loss or damage they might experience because of liens, encumbrances or defects in the title to the property. Each title insurance policy is subject to specific terms, conditions and exclusions. Purchasers and lenders need title insurance in order to be insured against various possible title defects. The buyer, seller and lender all benefit from issuance of title insurance.

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