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Abstract of Title

An Abstract of Title is a large book full of legal documents related to a property. Sometimes also called a Title Abstract.

Typically it will have mortgages, mortgage releases, plats and zoning documents. Liens, lien releases and other documents are common.

Every legal document related to that property will be in this file. Likely going back well over 100 years. This allows staff at the Title Company to know exactly who has rights to the property. It also shows what encumbrances there may be if any.

Typically the Abstract will be kept at a repository but depending on the age of your house and the rules in your jurisdiction sometimes the home owner may keep physical custody of the Abstract.

Abstract of Title
Abstract of Title

What Does A Title Company Do In Real Estate?

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Title Company

This post was last updated on July 12th, 2021 at 08:23 pm

Selling your house fast is easier with a good Title Company. But what exactly do they do? What do they contribute to the overall process? And why do you need one?

Let’s take a look at all the things a Title Company can do for you. You may be surprised at just how much they do to be sure your transaction goes smooth!

What Is A Title Company?

A Title Company is a company that handles real estate transactions. They are the professional team that takes a Purchase Agreement and turns it into a transaction!

It’s usually a small businesses which is privately owned. You will find some have several branches. Others may have a single office.  More importantly it would be impossible to sell a house without them.

What Is The Title Company’s Job?

The first step in selling your house is making a deal. But what happens after that? This is where the Title Company takes over.

Once the Purchase Agreement has been signed the Title Company gets to work. They start by creating a file containing the information of the buyer, seller and lender. They will put a copy of the Purchase Agreement into the file to be used later.

Abstracting

The first thing will be to order the Abstract of Title. Once it has been ordered it will be updated and certified. After this a Title Examiner will go through the Abstract. They review the documents and conduct a Title Search to be sure the seller has marketable title.

They will also be looking to see what may need to be taken care of at Closing. Things like mortgages, liens and back taxes will need to be paid at Closing. A list of things needed to complete a Closing is created. After all of these things are reviewed the Title Examiner will issue a Title Commitment.

Coordination

Title Companies have a large staff. Different people do different jobs. One of the main jobs is coordinating. The Title Company needs to be sure everything comes together nicely. That means making sure liens are paid off. Getting paperwork to banks and lenders on time.

There are also documents that need to be made prior to closing. Deeds and Closing Statements need to be created. Numbers need to be double checked. All of this takes a lot of time and effort. Title Company employees work hard to coordinate Closings.

Escrow Services

Title Company’s also provide escrow services. They hold all of the funds.

After Closing they send the funds were they need to go. They will send money to pay off existing mortgages and liens. This is done to be sure that everything that needs to be paid gets paid.

The buyers and sellers don’t actually touch the money. Everything else gets paid first. After those payments are made the sellers are sent any money that they are due. Usually this is done with either a check or a wire transfer.

Closing Services

When everything is properly prepared a Closing will be arranged. At Closing the buyers and sellers meet with a Settlement Agent. The Settlement Agent will explain the paperwork and gather the required signatures.

They will show you exactly what money is going where. They will also answer any last minute questions you may have. Once the Closing is complete the Title Company will make sure that all of the documents get properly filed.

How Do You Pick A Good Title Company?

You want to be sure the Title Company you work with will help you. First look at online reviews. Then referrals from friends and family.

Not all Title Company’s are equal. Be sure you work with one that will meet your needs. Don’t be afraid to ask questions and get to know the staff! If they have a great reputation and great customer service you’re on the right track.

181-Close-Now buys a lot of houses! We have worked with many different Title Companies. Here are just a few that we can highly recommend!

Trustmark Title

Lincoln Title

Photo courtesy of Old Republic Title Company

Does 181-Close-Now Work With Title Company’s?

Selling your house fast is easy with 181-Close-Now. We work closely with the Title Company to make sure things get done FAST! Our Closing Options Analysts go above and beyond to get your file to the front of the line. This means we are able to close faster than other homebuyers!

Be careful! A reputable homebuyer will ALWAYS have a proper Closing. If someone tries to buy your house without doing title work or having a Closing something is wrong. Title work protects the sellers as well as the buyers. 181-Close-Now will NEVER ask you to sell a house without a formal Closing and proper title work.

Sell Your House Fast With 181-Close-Now

See just how fast and easy selling your house can be. Just give us a call at 181-Close-Now or fill out our Sell My House Fast Contact Form. One of our Closing Options Analysts will help you every step of the way. You can also fill out the form below. Your privacy is always protected and there is no obligation.

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    181CloseNow As Featured On NBC Fox CW ABC News We Buy Houses For Cash As-Is Fast

    When you sell your house to 181-Close-Now you are working with the most experienced home buying team in Oklahoma. We’ve been featured on NBC News, Fox, The CW, ABC News and many more! Our team has the experience to make selling your house fast for cash as-is easy and stress free!

    Get In Touch With Us

    Even if you aren’t ready to sell your house you can still get in touch. Questions or concerns? Our team is here to help! You can use our Contact Us page, call us at 1(812)567-3669 or email Support@181closenow.com Or just send us a quick message:

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      What Is A Closing When Selling A House?

      Posted on by
      Closing

      This post was last updated on July 12th, 2021 at 08:23 pm

      If you want to sell a house fast you will need a Closing. This is when the magic happens. The last step in a selling your house. This is when everything gets taken care of.

      The paperwork gets finalized. Sellers get their money. Buyers get their keys. You are closing, or completing, the transaction! Sometimes it may also called Settlement. This is the time when the last details are taken care of and the sale is finalized. It’s the moment everyone’s been waiting for!

      What Happens At Closing?

      First everyone shows up at the agreed date and time. Usually at the Title Company. Next everyone will provide a copy of their identification. Then the Settlement Agent will make copy’s of everyone’s I.D.’s.

      Typical Closing Documents will:

      • Deed’s: The Deed is what actually transfers ownership of the property. The Settlement Agent will usually have several copies in case it gets signed incorrectly.
      • Settlement Statements: The Settlement Statements are prepared for both parties. This document gives a breakdown of the expenses related to the transaction.
      • Disclosures: The Settlement Agent will have Disclosures that must be signed. There may be several different disclosures.
      • Financing Documents: If a buyer is borrowing money the Settlement Agent will have documents for the loan.
      • Other Documents: The Settlement Agent will have any other documents that may be needed. This could include survey’s, insurance documents or releases.

      What Is A Typical Closing Like?

      Once all of the I.D.’s are copied and the documents prepared the Closing can get underway!

      First the Settlement Agent will start by explaining the documents. They will go over each document one at a time. This way you understand what you’re signing. They will also be sure you sign or initial in the correct places.

      After the documents are signed the Settlement Agent will Notarize the documents. These official copies are usually sent to the County. Everyone involved will usually be given copies of the documents.

      After the document are signed the seller gives the keys to the buyer. At this point the Closing is actually complete! Everyone can breath easy. Your house is officially SOLD! Now the house has a new owner!

      Does Anything Happen After Closing?

      When the Closing is completed the transaction is considered finished. Everything else is the Settlement Agents responsibility. The Settlement Agent will make copies of all the documents. Next they will make sure that the Deed is properly recorded.

      The Settlement Agent will make sure that the funds get disbursed. Funds are usually distributed by check from the Title Company. The Title Company may wire funds directly instead of issuing checks.

      How Long Will Closing Take?

      How long a Closing takes will depend on the specifics of your transaction. If you the buyer is borrowing money a Closing can take several hours. I’ve been in Closings that took all day! Closing day is supposed to be the best part of selling a house. Not something that takes hours to get over with.

      Why Is Closing Different When Selling A House Fast With 181-Close-Now?

      The 181-Close-Now team always makes Closing as easy as possible. Our average Closing takes less than 10 minutes! We make sure everything is ready before you arrive. Usually it’s just a few signatures and everything is finalized. Our clients tell us it’s the fastest way to sell a house they’ve ever heard of.

      How Can 181-Close-Now Close So Fast?

      181-Close-Now buys houses as-is. That means there’s no inspections or repairs to deal with. It also makes the Closing process much faster.

      Remember 181-Close-Now pays cash for houses. By paying cash we make the Closing process super fast! Since we don’t borrow money to make each purchase there’s less paperwork at Closing. This helps speed the Closing process up even more.

      Our Closing Options Analysts work closely with our Title Companies. This means we are able to do a lot of the work before you get to Closing. Our clients tell us we have the FASTEST Closings in Oklahoma!

      A Closing that involves appraisals, surveys and inspections can take substantially longer. The average Closing takes about 45 minutes to an hour. If you have a good Settlement Agent your closing should go smoothly.

      Ready To Sell Your House And Close Fast?

      Selling a house and want to Close fast? We’d like to make you a cash offer. You can give us a call at 181-Close-Now or fill out our Sell My House Fast Contact Form. Your privacy is always protected and there is no obligation.

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        Have questions, concerns or want to speak with our staff? Just fill out the form below and your message will go directly to one of our Closing Options Analysts. Even if you’re not ready to sell we’re here to help.

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          As Featured On

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          181CloseNow As Featured On NBC Fox CW ABC News We Buy Houses For Cash As-Is Fast

          When you sell your house to 181-Close-Now you are working with the most experienced home buying team in Oklahoma. We’ve been featured on NBC News, Fox, The CW, ABC News and many more! Our team has the experience to make selling your house fast for cash as-is easy and stress free!

          Everything You Need To Know About A Real Estate Abstract of Title

          Posted on by
          Abstract of Title

          This post was last updated on July 12th, 2021 at 08:24 pm

          An Abstract of Title is important if you want to sell a house! Often it’s just referred to as an Abstract or a Title Abstract. You may have it if you own an older house. If your house is newer you probably don’t have it.

          What Is An Abstract of Title?

          The Abstract of Title is a collection of all the documents related to a house. Typically they are bound at the top. Usually they have a thicker front and rear cover to protect the documents.

          Inside the Abstract is a copy of all of the deeds, mortgages, liens, releases and court documents related to a specific piece of property. Think of it as a complete set of documents related to ownership of a house.

          What Does An Abstract Do?

          The purpose of an Abstract is to keep all of the documents related to a property in one place. Once a Purchase Agreement has been signed by a buyer and seller the Title Company will have the Abstract updated and certified.

          The Abstract needs to have all of the documents related to the house. When the Abstract is updated any documents that are missing are added. This makes sure that anything that’s happened recently is accounted for.

          Once the Abstract is updated it can be certified. When an Abstract gets certified it is a complete history of the property through that date. Now the Abstract can now be used to complete a Title Exam.

          What Kinds Of Documents Are In An Abstract?

          An Abstract will contain any recorded documents related to a piece of property. The most common documents you will find in an Abstract are:

          • Deeds: The Abstract should contain any Deeds that have been used to transfer ownership of the property. Since Deeds are recorded they are added to the Abstract. This means that there should be a complete set of Deeds showing all of the property’s ownership transfers.
          • Mortgages: Any Mortgages that have ever been taken out against the property. When a Mortgage is created it’s filed and becomes part of the history for that piece of property. Since Mortgages are included in the Abstract it makes it difficult to sell a property without paying off the Mortgage.
          • Releases: A Release is filed when a Mortgage, a Lien or a Judgment is released. The Release will become part of the Abstract. This let’s the Title Attorney know that those items are no longer encumbering the property.
          • Court Documents: There are numerous court documents which may be found in an Abstract. Court Documents related to Probates, Divorce, Quiet Title, Judgments and other court proceedings will be included in an Abstract. This makes it easy to understand how court proceedings may effect of property.
          • Other Documents: Any document that is related to a piece of property may be included in the Abstract. You will  find Treaties, Surveys and other historical documents. This helps make sure that the Abstract contains a complete history of the property.

          What Happens After An Abstract Is Updated?

          After being updated the Abstract then goes to a Title Attorney. Now The Title Attorney knows that the Abstract has each and every document related to the property.

          Now the Title Attorney can go through the Abstract and make sure everything was done correctly. One document at a time. They check to be sure each transfer was correctly executed. Each lien properly released. This is called a Title Exam. The Abstract provides all of the documents needed for the Title Exam.

          This is why an Abstract is one of the most important parts of selling a house. Without an Abstract of Title it would be impossible for a Title Attorney to perform a Title Exam.

          Without a Title Exam it would be difficult to determine who owns a property. It would also be hard to find out if a house has title issues. Abstracts are what make buying and selling houses fast and safe.

          Next time you buy or sell a house be sure and ask your Title Company if you can see your Abstract. It’s worth taking a few minutes to look through. You’ll really appreciate all the hard work the Title Attorneys do afterward!

          Want To Sell Your House Fast?

          If you want to sell your house fast the Abstract will play an important role. We buy houses in Oklahoma and we are usually able to close quickly. Our team works closely with the Title Company to be sure your file is put at the front of the line. We pay cash so there are never any inspections and you never need to make repairs.

          If you’re considering selling your house we’d like to make you a cash offer. You can give us a call at 181-Close-Now or you can simply fill out the form below. Your privacy is always protected and there is no obligation.

            Name (required)

            Phone Number (required)

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            Address (required)

            City (required)

            Zip Code

            Reason for selling

            Sq. Feet

            Asking price

            Mortgage balance

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            How did you hear about us?

            Listed with a real estate agent? YesNo

            As Featured On

            181CloseNow We Buy Houses For Cash As-Is Fast
            181CloseNow As Featured On NBC Fox CW ABC News We Buy Houses For Cash As-Is Fast

            When you sell your house to 181-Close-Now you are working with the most experienced home buying team in Oklahoma. We’ve been featured on NBC News, Fox, The CW, ABC News and many more! Our team has the experience to make selling your house fast for cash as-is easy and stress free!

            Get In Touch

            Even if you aren’t ready to sell your house you can still get in touch. Questions or concerns? Our team is here to help! You can use our Contact Us page, call us at 1(812)567-3669 or email Support@181closenow.com Or just send us a quick message:

              Name (required)

              Phone Number (required)

              Email (required)

              Question or Concern