FAQs

FAQs

Who is responsible for paying title and closing services? Ultimately your real estate contract should dictate who pays for what charges.

Are my closing cost paid at closing? Yes.

How much do your services cost? Title insurance and closing cost vary depending on the complexity of the transaction, purchase price and the loan amount. One of our escrow officers can provide you with a quote based on your specific needs and further explain the cost.

What should I expect at my real closing? You should expect your closing to take approximately one hour. An explanation of each document will be given to you prior to signing at closing by the escrow officer. You can expect to receive copies of all documents. If funds are required at the closing you must have them delivered by wire transfer or in the form of a cashier’s check.

What should I bring to my closing? Always bring a government issued ID Card, such as your driver’s license. Some lenders require two forms of identification. If you are married, your spouse will need to be in attendance in the state of Oklahoma a spouse must sign the mortgage even if they are a non-borrowing spouse. Certified or cashier’s check for your down payment and closing costs. You can find out the exact amount you will need to bring by contacting your lender or our office a day or two before closing. You may also wire the funds, a representative at our office can assist you with wiring instructions.

Real Estate Transactions -Typical Closing Cost

Inspection fees -paid to a licensed inspector for inspecting your property for defects, potential problem spots and needed repairs prior to the final sale.

Homeowners insurance -Insurance companies typically charge the first year’s premium up-front. If an escrow account is established with the lender, subsequent premiums are then factored into your monthly mortgage payments.

Loan origination fee -paid to the lender to cover the expenses incurred in processing and providing the loan.

Appraisal fee -paid to an appraiser for appraising the value of the property, in conjunction with the mortgage application process.

Credit report -paid to a credit bureau on behalf of your lender to obtain a copy of your credit report to help determine your credit worthiness.

Flood zone determination fee -paid to determine whether or not your property lies within a flood zone.

Commitment fee -paid to the lender as part of the mortgage approval process.

Prepaid interest -paid to the lender to cover any interest on the loan from the closing date to the beginning of the next calendar month.

Property taxes -paid to the county, but only if taxes are due and unpaid at the time of closing. Otherwise, the taxes are prorated, and the amount the seller owes is deducted from the seller’s proceeds and credited to the purchaser to cover the tax bill when it comes due. If an escrow account is established with the lender, subsequent property tax costs will be factored into your monthly mortgage payments.

Title & Closing Definitions

Abstract -An abstract of title is a bound compilation of historic information concerning a tract of land based on its legal description. An abstract shows the entire chain of ownership from the time the title to the property was first recognized by the government to the present. This set of documents will also include any items filed in the court clerk’s office that pertain to the land. Therefore, the abstract can be used to establish “marketable title” to a piece of property. When the abstract has been brought to date, an abstractor will place a “certificate page” at the end of the abstract. This page certifies that the abstract includes all pertinent documents filed in land records, ad valorem tax payment status, personal property tax payment status, and any other court items that fall within the time period covered by the certificate -from the date the abstract was last certified to present.

Deed -instrument that is excuted, acknowledged and recorded in the proper county. A properly executed deed serves to create title in the grantee with respect to the particular property covered by the deed. Per Oklahoma statues the deed must be executed both parties of husband and wife even if one of the spouses is not in title.

Escrow -the process in which the funds of a transaction (such as the sale of a a house) are held by a third party, often the title company or an attorney in the case of real estate, pending the fulfillment of the transaction.

Title -evidence that the owner is in lawful possession of that property.

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