Frequently Asked Questions

• When will I see a Closing Disclosure and know how much money to bring?

  For a cash transaction, Brennan Title Company can prepare and send to you a Settlement Statement as soon as we have received all of the financial information required, such as a final payoff for any loans/mortgages against the property or for any judgments/liens against the seller or buyer, real estate tax information, Commission, Homeowners Association or Condominium Association transfer and billing information, and the date of settlement. We input these figures into the Settlement Statement and pro-rate those fees and taxes through the date of settlement.

  For transactions involving a new loan, Your lender is required to send you a Closing Disclosure 3 days prior to your closing.

• What types of funds are acceptable for closing?

  ALL FUNDS SHOULD BE IN THE FORM OF A WIRE TRANSFER. Please ask your processor or settlement officer for wiring instructions. Please advise your bank, when initiating a wire transfer, that we are NOT ABLE TO ACCEPT ACH CREDITS, as those funds can be withdrawn from our account without our consent. If you bring a cashier’s check, funds will not be able available for disbursement until the originating bank releases the funds to our account. This may take 5-7 Business days. In this case, all parties to the transaction must agree that no funds will be disbursed until we have all funds. Please ask your processor or settlement officer for wiring instructions.
  
  For funds below $1,000, we can accept Cashier's Checks made payable to Brennan Title Company. Funds in excess of $1,000 that are paid by Cashier's Check will NOT BE AVAILABLE FOR DISBURSEMENT ON THE DAY OF CLOSING. These funds are not available in our escrow account until the originating bank releases them, which may take 5-7 Business days. When a cashier's check is presented as payment, all parties to the transaction must agree that no funds will be disbursed until the funds have been received by Brennan Title.

• When Will be deed be recorded? When will I received my final recorded deed?

  Brennan Title Company immediately submits documents to be recorded. Once the recorded instruments are returned to Brennan Title Company, they will be mailed to you at the address you indicated at the time of settlement

• Why You Need Owner’s Title Insurance
• What is the difference between enhanced and basic owners insurance
• When do I need to transfer funds to Brennan for the closing?

  A wire transfer should be initiated no later than the day before your settlement date.

• I am refinancing my house and getting cash out – when can I expect to receive funds?

  If you are refinancing your principal residence, you must wait three days following closing (including Saturday, not including Sunday or Holidays) before the file will disburse. This three day period enables you to rescind or cancel the transaction. Following the rescission period, the lender will fund your loan. Once Brennan Title Company receives the lender’s funds, we will disburse the file (in VA, we must record the Deed of Trust first!), payoff your existing loan, and send you your funds.

• How are taxes and HOA/Condo Dues handled at settlement?

  Real Estate Taxes and Homeowners Association/Condominium Association dues are pro-rated on the Closing Disclosure as of the day of settlement. Any fees, dues, or taxes paid by the seller that cover a period in the future will be reimbursed to the seller by the buyer. Any fees, dues, or taxes paid or to be paid by the buyer for a period of time prior to settlement will be reimbursed to the buyer by the seller. Tax periods and tax due dates vary between and among jurisdictions, so please inquire with your settlement office for specific numbers.