The Contract
Buyer and Seller, often with the aid of a Real Estate Agent, agree upon terms of the contract. Then the contract is initialed and signed by both parties.
Your Title Company
The contract is delivered; often accompanied with the Earnest Money check.
The choice of Title Company is ultimately up to the Purchaser, however, it is common practice for the Seller or Seller’s Real Estate Agent to recommend a Title Company they have already established a relationship with.
Earnest Money
Earnest money is a security deposit from the Buyer which acts as a monetary demonstration to the Seller that you are a serious purchaser. The amount can vary.
Option Fee
The Termination Option is generally part of the contract and furnished by the Purchaser to the Seller. This fee gives the Buyer the option to terminate the contract within a specific time frame, a common practice in the Texas real estate market. The option check is delivered to the Seller or Seller’s Real Estate Agent and can only be receipted by them.
Let the Title Begin!
This is where your Escrow Agent starts to process the order
Taxes
A Tax Certificate is obtained by the Title Company to determine the current year’s taxes, as well as to confirm payment of all previous years’ taxes. The tax certificate enables the accurate proration of taxes between the Seller and Buyer based upon the closing date. View your property’s account here.
HOA
When or if the property is in a location that has a Property Owners/Home Owners Association, a Resale Certificate must be provided to the Purchaser and Title Company. The resale certificate is a combination of disclosures and information assembled by the Property Owners Association and enables the Escrow Agent to properly collect and/or prorate the home owners association dues and fees.
Payoff
If the property reflects a current mortgage or other lien on the property, the Title Company will request a payoff statement from the current lien holder, collect the amount due from the seller and then deliver the payoff to the lien holder.
Survey
A survey may be required, either an existing one provided by the Seller or a new Survey ordered and prepared by a licensed surveyor for this transaction. The abstract/ examination department reviews the survey and updates the title commitment accordingly.
Title Search and Examination
Here is where the heart of Title Insurance Lies
The Title Order is sent to our Abstract/Examination Plant where a meticulous search of public records is performed.
Legal is Verified
Debts or Other Encumbrances are Determined
Clearing Title, and Path to Closing
Your Escrow Agent is hard at work preparing the file for closing. In order to do so, the Title Company requests, reviews and receives various documents from different parties, like the lender, home owners association, surveyor, home warranty company, etc.
- Continuous contact and furnishing of information between the Title Company and the Buyer’s prospective Lender occurs during this time.
- The Lender is furnished the Title Commitment and related documents; as well as all known closing fees- to assist the lender and enable them to send the file for loan approval.
Closing Disclosure (CD)
The CD is a break down of all fees charged to the buyers and sellers (in accordance with the contract). Current regulations require the preliminary CD be furnished to the Purchaser 3 days prior to the closing date.
Scheduling Closing
The Title Company will coordinate times and dates for both the Buyer and Seller of the property to come into the office to sign documents. Buyers and Sellers customarily come at different times. Real Estate closings often concern confidential information which should not be disclosed to the other party.
Closing Location
Closings are almost always at the Title Company office; but remote closings are sometimes available for an additional fee.
Signing day!
This is where you come to our office, help yourself to our amazing coffee bar, and pick up the pen.
It is no secret there are quite a few documents to sign, however this is where your Escrow Agent shines!
Their main priority is to go through each document with you and make sure you are an informed signer.
They are here for your questions, to make sure you are comfortable, and to ensure a secure transaction.
Congratulations!
You are either a proud new owner or have officially sold your property!
At the closing table or afterwards you will receive:
Copies of Closing Documents
You can receive your copies of everything you signed before you leave or we can send them by mail or electronically. Whatever is convenient for you! We recommend keeping digital files for your records.
Owner Policy of Title Insurance
This is the final product for the Buyer, protecting his or her interest in the property. From the Title Plants examination, to the Escrow Agent ensuring all of the terms of interested parties are met, and the around the clock collaboration from your closing team produces the Owner’s Title Policy.
Payment Coupons
These are handy for the Purchaser to keep to make sure that your mortgage payments are going to the right place. Although more relevant before online payments, they still provide useful information such as:
- When payments are due
- How much to pay
- Where to mail payments if that is your preferred method
Property Value or Taxes Due
You should receive a notice from the Tax Office as to property value or taxes due. If you think you missed the notice you can go to the Tax Assessors website and look up your property. Tax bills are out as of October 1st of each year and become due upon assessment, but not late or subject to penalty until after January 31st of the following year..
The Contract
Buyer and Seller, often with the aid of a Real Estate Agent, agree upon terms of the contract. Then the contract is initialed and signed by both parties.
Your Title Company
The contract is delivered; often accompanied with the Earnest Money check.
The choice of Title Company is ultimately up to the Purchaser, however, it is common practice for the Seller or Seller’s Real Estate Agent to recommend a Title Company they have already established a relationship with.
Earnest Money
Earnest money is a security deposit from the Buyer which acts as a monetary demonstration to the Seller that you are a serious purchaser. The amount can vary.
Option Fee
The Termination Option is generally part of the contract and furnished by the Purchaser to the Seller. This fee gives the Buyer the option to terminate the contract within a specific time frame, a common practice in the Texas real estate market. The option check is delivered to the Seller or Seller’s Real Estate Agent and can only be receipted by them.
Let the Title Begin!
This is where your Escrow Agent starts to process the order
Taxes
A Tax Certificate is obtained by the Title Company to determine the current year’s taxes, as well as to confirm payment of all previous years’ taxes. The tax certificate enables the accurate proration of taxes between the Seller and Buyer based upon the closing date. View your property’s account here.
HOA
When or if the property is in a location that has a Property Owners/Home Owners Association, a Resale Certificate must be provided to the Purchaser and Title Company. The resale certificate is a combination of disclosures and information assembled by the Property Owners Association and enables the Escrow Agent to properly collect and/or prorate the home owners association dues and fees.
Payoff
If the property reflects a current mortgage or other lien on the property, the Title Company will request a payoff statement from the current lien holder, collect the amount due from the seller and then deliver the payoff to the lien holder.
Survey
A survey may be required, either an existing one provided by the Seller or a new Survey ordered and prepared by a licensed surveyor for this transaction. The abstract/examination department reviews the survey and updates the title commitment accordingly.
Title Search and Examination
Here is where the heart of Title Insurance Lies
The Title Order is sent to our Abstract/Examination Plant where a meticulous search of public records is performed.
Legal is Verified
Debts or Other Encumbrances are Determined
CLEARING TITLE, AND PATH TO CLOSING
Your Escrow Agent is hard at work preparing the file for closing. In order to do so, the Title Company requests, reviews and receives various documents from different parties, like the lender, home owners association, surveyor, home warranty company, etc.
- Continuous contact and furnishing of information between the Title Company and the Buyer’s prospective Lender occurs during this time.
- The Lender is furnished the Title Commitment and related documents; as well as all known closing fees- to assist the lender and enable them to send the file for loan approval.
Countdown to Closing
Your Escrow Agent will collaborate with the Lender, and all other relevant parties to finalize the Closing Disclosure (“CD”)
Closing Disclosure (CD)
The CD is a break down of all fees charged to the buyers and sellers (in accordance with the contract). Current regulations require the preliminary CD be furnished to the Purchaser 3 days prior to the closing date.
Scheduling Closing
The Title Company will coordinate times and dates for both the Buyer and Seller of the property to come into the office to sign documents. Buyers and Sellers customarily come at different times. Real Estate closings often concern confidential information which should not be disclosed to the other party.
Closing Location
Closings are almost always at the Title Company office; but remote closings are sometimes available for an additional fee.
Signing day!
This is where you come to our office, help yourself to our amazing coffee bar, and pick up the pen.
It is no secret there are quite a few documents to sign, however this is where your Escrow Agent shines!.
They are here for your questions, to make sure you are comfortable, and to ensure a secure transaction.
Their main priority is to go through each document with you and make sure you are an informed signer.
Congratulations!
You are either a proud new owner or have officially sold your property!
At the closing table or afterwards you will receive:
Copies of Closing Documents
You can receive your copies of everything you signed before you leave or we can send them by mail or electronically. Whatever is convenient for you! We recommend keeping digital files for your records.
Owner Policy of Title Insurance
This is the final product for the Buyer, protecting his or her interest in the property. From the Title Plants examination, to the Escrow Agent ensuring all of the terms of interested parties are met, and the around the clock collaboration from your closing team produces the Owner’s Title Policy.
Payment Coupons
These are handy for the Purchaser to keep to make sure that your mortgage payments are going to the right place. Although more relevant before online payments, they still provide useful information such as:
- When payments are due.
- How much to pay.
- Where to mail payments if that is your preferred method.
Property Value or Taxes Due
You should receive a notice from the Tax Office as to property value or taxes due. If you think you missed the notice you can go to the Tax Assessors website and look up your property. Tax bills are out as of October 1st of each year and become due upon assessment, but not late or subject to penalty until after January 31st of the following year..