Settlement Facts

1. When and where do I go to settlement?
With First Guardian Title & Escrow your settlement can be held at one of our conveniently located offices in Lake Ridge, Stafford, or Tyson’s Corner. For those customers who need a more flexible option, we also offer a mobile closing option. With this option, we will bring the closing to you at your office, the real estate agent’s office, the lender’s office, or other remote location and can be done after- hours.

2. Who attends settlement?
All involved parties attend settlement. This typically includes the buyers and sellers along with the real estate agents and settlement agent.

3. How long does settlement take?
Depending on the type of transaction, the settlement for a purchase closing takes one to two hours to complete, while a refinance usually takes half an hour to an hour.

4. Would we bring to settlement?
You will need to bring a photo ID and wire or cashier’s check for the estimated closing costs.

5. Will all title research be done prior to settlement?
Yes. First Guardian Title and Escrow will do an extensive title search as part of the settlement process and prior to issuing the Title Insurance policies.

6. Can we settle if there are outstanding defects on the property title?
No. All title defects must be corrected prior to settlement and prior to the Title Insurance policies being issued.

7. What is the Note?
A binding contract between the Lender and the Client to guarantee the repayment with a specified sum within a certain time.

8. What is the Deed?
A written instrument under seal for the conveyance of Real Estate.

9. What is the Deed of Trust?
A deed wherein legal title in real property is transferred to a trustee, which holds it as security for a loan (debt) between a borrower and lender.