Courthouse Closings 2008-2009

Now that it's November it's time to start focusing hard on the upcoming Holiday Season (although Retailers have been trying to get us to think about it since August). In addition to working on getting your holiday cards out, planning your holiday party schedule, and shopping, real estate agents should take note of the schedule of courthouse closings. Failing to do so could cost your Sellers hundreds and possibly thousands of dollars!

Why?

Remember, the Regional Sales Contract requires the Purchaser to deliver the required funds on the Settlement Date and the Seller to deliver possession of the property (including keys) at settlement. Virginia's Wet Settlement Act, however, requires the Settlement Agent to record the Deed and any Deeds of Trust prior to disbursing proceeds, including the Seller's proceeds and funds to payoff the Seller's mortgage.

When the Courthouse is closed, disbursements are necessarily delayed. For instance, if you were to settle on Tuesday afternoon on November 25 in Prince William County, your seller would have to give over the keys but they wouldn't receive their funds and they would have to keep paying their mortgage interest until Tuesday, December 2! The Prince William County Courthouse will close at noon on Wednesday November 26, and probably stop taking recordings about an hour before that, which is 11 a.m. -- if your settlement documents aren't first in line to be recorded they may not get on record until Monday the 1st, and your payoff check wouldn't arrive at the lender until Tuesday December 2, 2008.

In Fairfax County a closing December 23 might no be recorded until December 29.

What can be done to avoid this?

• Check the Settlement Date!
• Be aware that the Settlement Company has two business days after the scheduled closing to record.
• Talk to the Settlement Agent to see if they can do better.
• Be very wary of a Purchaser's promise to settle early in the morning to allow for same day recordation. As mentioned above, the Purchaser won't be in default if the funds arrive any time on the Settlement Date.
• Remind the Purchaser of their duty to provide cashier's checks or bank wired funds. Encourage them to take care of this the day before settlement, rather than the day of. Any delay will slow down the recordation and disbrusement process.

Below is the current closing schedule for Northern Virginia Jurisdictions. Keep in mind the schedules are subject to change. Where hyperlinked, you can click to go to the official site of the Clerk's office.

Alexandria (City): November 11, (Veterans Day) 27, 28; December 24, 25; January 1, 2

Arlington County: November 11, 27, 28; December 24, 25, 31; January 1, and 19

Fairfax County: November 11, 27, 28; December 24, 25, 26, 31; January 1, 16 (Lee Jackson Day), and 19

Loudoun County: November 27, 28; December 24 (noon), 25; January 1, 19

Prince William County: November 26 (noon) 27, 28; December 24, 25, 26; January 1, 2, 19

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