The Closing Process

What does the closing involve?

In a closing, title to real estate is transferred by deed.  All necessary documents are prepared and disbursement of money is made for the purchase or finance of real estate and related costs.  The settlement agent causes the deed or deed of trust to be recorded in the public record.

When and where will the closing occur?

Once our office receives the purchase contract, we will contact you to schedule a time and location for the closing.

For your convenience, Tennessee Valley Title provides two locations:  our downtown office is located at 800 South Gay Street, Suite 1700 or our West Knoxville location is located in The Offices at Waters Edge at 608 Mabry Hood Road.  Please visit our directions page for detailed directions to either office.

Offsite Closings:  For the convenience of our clients, we can accommodate our clients with off-site closings such as your real estate agent’s office, bank or attorney’s office

What do I need to bring to the closing?

A typical closing requires the following from the buyer(s):

Funding:  We require the buyer(s) to wire funds needed or bring a Cashier’s Check payable to Tennessee Valley Title to our office at the time of closing.  Your closing agent will provide you with wiring instructions.  We cannot accept cash or a personal check for closing costs.

Identification:  At closing the buyer(s) will be asked to supply a picture identification that includes their signature.

The seller(s) will be responsible for the following items:

Mortgage Payoff Information:  The seller(s) must provide Tennessee Valley Title with the names, phone numbers and loan amounts for all current mortgage holders.  It is important that we receive this information in a timely manner as it can take up to seven business days to obtain a payoff.

Identification:  At closing the seller(s) will be asked to supply a picture identification that includes their signature.

Social Security Numbers:  At closing, the seller(s) will be asked to supply their social security numbers or Tax Identification Numbers.

Confirmation of martial status: In accordance with Tennessee State Law, a spouse’s signature may still be required even if the property was purchased prior to marriage.

Cashier’s Check:  If the seller(s) is required to bring funds to closing, a cashier’s check made payable to Tennessee Valley Title or a wire transfer of funds will be required

What if one of the parties cannot attend the closing?

In some circumstances not everyone involved in a transaction can attend the closing.  If this case should arise, the closing agent must be notified at least three days prior to closing.  The absent individual is required to execute a “Specific Power of Attorney” which appoints someone to legally sign on their behalf in their absence.

Where can I find more information?

Visit the Home Closing 101 website for more in depth explanations concerning the closing process and its associated fees. Here you will also find plenty of information about the benefits of title insurance and get tips on shopping for your title insurance needs.

Where can I find more information?

Visit the Home Closing 101 website for more in depth explanations concerning the closing process and its associated fees. Here you will also find plenty of information about the benefits of title insurance and get tips on shopping for your title insurance needs.

About Title Insurance

What is Title Insurance and why do I need it?

Two types of title insurance are available.

Lender’s Coverage is usually required by the lender.  Lender’s coverage protects only the lender in the event of a defect in the title to the property.  The cost of this insurance is customarily paid by the buyer.

How much does Lender’s Coverage cost?

The premium for Lender’s Coverage is based on the amount financed or borrowed in connection with the purchase of the property.  Rates for each underwriter are filed with the state.

Owner’s Coverage provides the buyer with insurance against loss due to defects in the title not excepted or excluded from the policy.  Unlike hazard insurance, the premium for Owner’s coverage is paid once with no recurring premiums.  The policy is effective for as long as you or your heirs have any interest in the property.  Plus, you are covered even after the property is sold.

Owner’s coverage provides you with a legal defense and, if your title should fail, reimbursement of the equity in your home up to the face amount of your policy.  It also covers attorney’s fees charged to defend the title to the property.

How much does lenders coverage cost?

Your closing agent can provide you with an exact cost of Lender’s coverage. A discounted rate is available when owner’s coverage is purchased at the same time as the loan policy.

How much does owners coverage cost?

Your closing agent can provide you with an exact cost of Owner’s coverage. A discounted rate is available when owner’s coverage is purchased at the same time as the loan policy.

Do I really need title insurance?

Here are just a few of the reasons for title insurance:

Forgery

Fraud in connection with the documents (even before you purchased the property)

Undisclosed or missing heirs

Wills not properly probated

Mistaken interpretation of wills and trusts

Birth of heirs subsequent to the date of a will

Inadequate surveys

Unsatisfied claims against your property not shown on the record

Confusion due to similar or identical names

Clerical errors in recording legal documents

Real estate tax authority errors or omissions

What makes TVT different?

Independence:  We have a choice of five national underwriters to provide title insurance for your property.  We are an independent agent which allows a choice of insurance that meets the needs of your purchase.

Experience:  We have been a part of the Knoxville and East Tennessee business community since 1972.  During this time, we have closed over 50,000 transactions including office buildings, shopping centers, hospitals and the house down the street.

Integrity:  Our reputation is only as good as the quality of work we perform today.  We strive daily to deliver the very best to our clients.  We value and respect the trust our clients place in our work.