Real Estate Title Company and Escrow Agent For Odessa, Crane, West Odessa, Midland, Monahans, Andrews, TX, Ector County, and Surrounding Areas

Real Estate Closing Services

Buying and selling real estate can include as many as a hundred steps before you ever reach closing. The number of documents can be equally staggering. Here’s the good news: the professionals at Ector County Abstract & Title walk you through each step, simplifying closing and making sure your questions are answered and you’re satisfied. We offer closing services that provide peace of mind when buying or selling real estate.

What Exactly is a Real Estate Closing?

A real estate closing is the investigation made or actions taken by either a title agent or title attorney before the actual issuance of the title policy. In nearly every real estate transaction five basic steps are followed:

1. Starting the process

For any contract to exist, three things have to happen: an offer must be made, the party to whom the offer was made must accept and there must be a transfer of consideration ( in this case, a deposited check). Therefore, the logical first step is having a sales contract signed by the buyer and seller which designates the offer and acceptance. This contract is delivered to the closing agent accompanied by a deposit check (consideration). The escrow is accepted by the escrow agent which is usually notated on the contract. The escrow agent then starts the closing process by opening a title order and the processing of the file begins. Tax information, loan payoffs, any required surveys, homeowners and or maintenance fees, inspections and reports as well as hazard and other insurances plus legal papers are then ordered. A title search is also ordered.

2. Title search and examination

Our experienced team begins to search public records which include deed records, mortgages, paving assessments, liens, wills, divorce settlements and any other documents which may affect title to the property. Title examination is the process of examination of documents found during the title search which affects the title to the property. At this time, verification of the legal owner is determined and any debts owed against the property are revealed. Once the search/and examination are completed, a title commitment preliminary report is prepared and reviewed then sent to all interested parties.

3. Document Preparation and/ or request to produce

At this point, the closing agent reviews the new lender’s instructions and requirements as well as for instructions from other parties to the transaction. Legal and loan documents are reviewed, charges are assembled and closing statements are prepared. The actual closing is then scheduled.

4. Settlement/closing the transaction

An escrow/ settlement agent oversees the real estate closing transaction. the seller signs the deed and closing affidavit and the buyer signs the new note and mortgage agreement. Any old, existing mortgage is paid off. The seller, real estate professionals, attorneys and other parties present at the closing of the transaction are paid for their services.

5. Post-closing

After the completion of the signing, the escrow/ settlement agent four words payment to any prior lender. Any outstanding fees for services rendered in connection with the closing are issued to appropriate parties. the transaction documents are recorded in the county in which the property is located. Title insurance policies are prepared and sent to the new lender as well as the buyer. This all happens without any further actions required by the buyer or seller.

Let the Professionals of Ector County Abstract & Title

Bring Efficiency and Simplicity to Your Real Estate Closing.