Potomac West Title

Introduction

Thank you for considering Potomac West Title as your Settlement Agent.  We hope that we will have the opportunity to be of service to you with your real estate purchase.  Potomac West Title is a division of jag title, inc., a Virginia corporation, licensed as a title insurance agent in the Commonwealth of Virginia, a Virginia Registered Settlement Agent and is a subsidiary of our affiliated law firm, LLOYD MARTIN PLC, a Virginia professional limited liability company.

As part of our duties for any upcoming closing, we assemble the necessary information and instructions for settlement, order and examine title documents and a survey.  A survey is not required for condominium properties and will not be ordered if it is not otherwise required by the purchaser or the purchaser's lender. Our affiliated law firm will render a legal opinion as to the quality of title to be conveyed as part of the closing.  Potomac West Title will act as the escrow agent for the receipt and disbursement of all funds associated with this transaction.  We prepare, process and record the necessary closing documents among the Circuit Court land records of the jurisdiction in which the property is located and, where necessary, Potomac West Title or our affiliated law firm will complete any other legal tasks necessary to assure a smooth transfer of ownership.  

We secure the owner's and mortgagee's title commitment and the title insurance policies from First American Title Insurance Company, a member company of the First American Financial Network.  First American is rated A’, A Prime (Unsurpassed) by Demotech, Inc., an independent rater of title insurance companies.  Potomac West Title is an agent of First American.  Under Virginia law a purchaser has the right to select the title insurance company which will insure the transaction.  Therefore, if the purchaser objects to placement with First American, it is essential to call us immediately.  Also, if you, as one of our potential clients, have any questions or desire more information about First American, feel free to call at any time.  Unless we are advised to the contrary, we assume that the purchaser consents to placement of the title insurance with First American.  

"Our Consumers Guide" web page explains the services provided as part of the closing transaction and the costs associated with each service.  Also, you may wish to read our web pages titled "Purchasing Your Home" and "Guide to Title Insurance."  We believe that all these web pages will be useful to you in understanding the myriad matters associated with your important real estate purchase. 

Real Estate Forms of Ownership

Click on "Forms of Ownership" and you will find an outline of the basic characteristics of the various forms of real estate ownership recognized in the Commonwealth of Virginia. There are many considerations which influence one's decision regarding the manner in which he or she chooses to take title to real estate (e.g., estate planning, taxes, marital status or plans, and personal desires concerning testamentary disposition of the property being purchased).  Read each explanation carefully and you will then have a better understanding to assist you in the selection the form of ownership most appropriate for your particular circumstances.

If you are unmarried and concerned about any affect a future marriage may have on your ownership of real property, please understand that your selected tenancy will have only minimal legal affect on the treatment of the property for future domestic relations separation or divorce purposes.  If you desire to keep the property as separate property in any future marriage, then you should consider a prenuptial agreement.  If you are purchasing property with another person to whom you are not married, then you should consider some form of equity sharing agreement for addressing the future disposition of the property.  We or our affiliated law firm will be pleased to consult with you about these, or any other matters associated with your purchase, prior to closing, without additional charge. 

Hazard Insurance Coverage

You should assure that you have adequate hazard insurance coverage on your property prior to closing.  All lenders require evidence of adequate coverage, usually before final loan approval is granted.  For individual ownership, you must secure an all-risks hazard insurance policy from an insurance company which meets the minimum rating standards established required by your lender.  Check with your lender regarding the insurance requirements, and ask specifically for the desired content of the "mortgagee clause" for your policy, or call our office for assistance so that this requirement will not delay settlement.  

If you are  purchasing a condominium unit, insurance coverage will be provided through a master policy provided by the condominium association.  Evidence of this coverage should be contained in your condominium documents.  Your lender will require certification of the insurance coverage from the carrier underwriting the condominium master policy.  Most condominium master policies provide only limited coverage for the contents of each individual unit.  For that reason, you should secure adequate insurance coverage for your contents.  You should also ask you insurance agent about "excess liability coverage."  Excess liability coverage will pay your share of any special assessment levied against condominium members as a result of any uninsured or under-insured liability loss or judgment against the association.