Jan 20, 2010

Tip 1-2010: New GFE and Existing Title and Physical Surveys

It has been previously suggested that the listing realtor ask the Seller for copies of any prior title insurance and surveys (Tucker’s Tip #13-2009). Now with the new GFE (Good Faith Estimate), the lender is required to estimate the total cost for title insurance and if necessary a physical survey.

If the Seller has either of these (they should definitely have prior title insurance and maybe a physical survey), it will assist the lender and the settlement attorney in keeping these costs in line with the estimates on the GFE. In fact, these existing documents may even allow the settlement costs to be less than estimated and not delay the settlement by being out of tolerance. Now more than ever, please provide the Seller’s prior title insurance and existing physical survey to the Selling Agent and the Purchaser’s settlement attorney.

Please contact me if you have any questions.

William D. Tucker, III
Tucker Griffin Barnes P.C.
Charlottesville, Virginia

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