All necessary documents are executed and the disbursement of money is made for the purchase or finance of real estate and related costs.

Once TVT receives the purchase contract, the legal intake specialist will open a file and assign it to one of our attorneys to have the property searched for ownership history, liens, and other encumbrances. Once a title commitment or title report is prepared, TVT will contact you to schedule a time and location for the closing.

TVT provides two locations: the downtown office is located at 800 South Gay Street, Suite 1700 and the West Knoxville location is located at 1225 E Weisgarber Rd, Suite N-100. 

Offsite Closings: TVT can also accommodate customers with off-site closings such as your local bank, real estate agent’s office, or attorney’s office.

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

• Funding: TVT requires the buyer(s) to wire funds needed to TVT prior to the time of closing. The escrow officer will provide you with wiring instructions and tell you when the funds must be received by TVT. TVT cannot accept cash or a personal check for closing costs. Cashiers checks can still be accepted on a case by case basis, but must be approved by the escrow officer.

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

• Mortgage Payoff Information: Prior to closing, the seller(s) must provide TVT with the names, phone numbers, and loan amounts for all current mortgage holders. It is important that TVT receives 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 photo 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 marital status: In accordance with Tennessee State Law, a spouse’s signature may still be required even if the property was purchased prior to marriage, and the spouse was never added to the deed.

• Seller Funds: If the seller(s) is/are required to bring funds to closing, a wire transfer of funds will be required. On a case by case basis, a cashier’s check may be acceptable, but must be made payable to Tennessee Valley Title Insurance Co. Please check with your escrow officer to get approval to pay by cashier’s check.

• In some circumstances, not everyone involved in a transaction can attend the closing. If this case should arise, the escrow officer must be notified at least three days prior to closing. The absent individual may be required to execute a “Specific Power of Attorney” which appoints someone to legally sign on their behalf in their absence. An original Power of Attorney will have to be received by our office in order to be recorded, copies are not acceptable.
• If a party cannot attend closing, we would prefer to have them sign the original document(s) prior to closing instead of resorting to the use of a power of attorney. This is for your protection, to help prevent fraud from occurring. If you can sign a power of attorney before closing, you can sign the original document just as easily.

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