Posted by Dave T on December 09, 1999 at 12:02:32:
I don’t know whether you HAVE to use a Virginia title company to settle on property you are purchasing in Virginia. I am not sure what the state licensing laws will permit.
However, consider that the title company will do the title search and issue the lender’s title insurance binder. To accomplish the title search, the title company needs access to the courthouse in the county where the property is located. After settlement, the title company will record your deed at the courthouse as well.
The title company will also coordinate closely with your mortgage lender (if one is involved). Once the loan package is ready for settlement, the lender will forward all the documents and the HUD-1 to the title company. If the lender is located in the same area as the title company, it helps make document transfer and coordination a little quicker and easier.
Even though I live in SC, I am going to settle on two properties in Maryland next week. I am using a Maryland title company and a lender with offices in the same area.
If you are buying property in Northern Virginia, I could recommend a title company I have used in the past. Send me an e-mail if you want a name and number.