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Five Tips to Ensure a Smooth Closing
Article by Ginny Abiassi
The devil is in the details. The cliché proves true in countless situations, not the least of which is real estate closings. With so many issues involved in the transaction, it's important to stay on top of every detail. And with so much emotion riding on the closing, you want it to go well - not only in order to secure your commission, but also to provide excellent service to your customers so they will call you the next time they are in the market for a home. Here are five tips to ensure a smooth closing.
1. Before you submit the sales contract, ask your customer if there has been a recent divorce, death or other situation that would affect title to the property. If so, inform your title agent immediately. Quick turnaround time from contract to closing depends on accurate information.
2. Whether you are working with the seller or the buyer, if a power of attorney is to be used at closing, the title company will need to review it as soon as possible. If the buyer is using a power of attorney, the lender will need to review it prior to closing as well. In addition, the escrow officer will need to speak with the principals listed on the power of attorney on the day of closing. Valid conveyance of the property requires authentic signatures from the appropriate person, and the escrow officer will need to confirm that the power of attorney is still in effect.
3. Inform the closer of any special arrangements that may be required for closing. The signatures of all parties are necessary in order to close. Therefore, if someone is unable to attend and documents need to be sent out of state or out of the country, closing will be delayed.
4. Prior to closing, be sure to provide the closer with the purchaser's hazard insurance information. A homeowner's insurance policy (insuring against theft, fire, etc.) is important to ensure that the property is secured as collateral for the mortgage loan. The lender will require that the certificate of insurance be presented at the closing.
5. Finally, make sure your customer has "good funds" for the closing. Many states have good funds regulations, which prohibit a title company from making any disbursements from its escrow account until all money involved in the transaction is good funds. Not all rules are the same in all states, but typically good funds may include: cash, wire-transferred funds and cashier's checks. Personal checks, money orders or traveler's checks may be accepted with certain restrictions. Contact your title insurance professional to determine what constitutes "good funds" in your state.
Remember that while the buyer and seller may be emotional or excited, the closing is actually a legal transaction involving transfer of property and execution of a new mortgage loan. The better a partnership is between you and your title professional, the smoother the closing will be.
Click onto Texas Style to discover how real estate transactions are conducted in our great state!
OUR
EMPHASIS IS ON WHAT WE CAN DO FOR YOU
- Deposit Earnest Money into Escrow Account
- Perform Title/Real Estate Tax Search
- Assist Seller in Clearing Title Defects
- Coordinate Closing New Lender, Buyer, Seller, Realtors
- Collect and Pay All Debt Associated with Transaction
- Signing, Acknowledgement & Notarization of Closing Documents
- Record Documents with
- Prepare & Provide Title Insurance Policies
ISSUING AGENT FOR:
Stewart Title Guaranty Company
Chicago Title Insurance Company
Commonwealth Land Title Insurance Company
Fidelity National Title Insurance Company
Ticor Title Insurance Company
Title Resources Guaranty Company
Transnation Title Insurance Company
Alamo Title Insurance
Basic Premium Insurance Rates
top
EFFECTIVE FEBRUARY 1, 2007
Basic Rates for Title Insurance
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to &
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Premium |
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to & Basic Including
Premium |
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to &
Basic Including Premium |
Policies Up
to &
Basic Including
Premium |
Policies Up to & Basic Including
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$
10,000 $ 229 10,500 233 11,000 235 11,500 239 12,000 243 12,500 246 13,000 250 13,500 254 14,000 257 14,500 260 15,000 262 15,500 266 16,000 270 16,500 274 17,000 277 18,000 285 18,500 287 19,000 290 19,500 293 20,000 298 20,500 301 21,000 305 21,500 308 22,000 312 22,500 315 23,000 318 23,500 321 24,000 325 24,500 328 25,000 332 |
$
25,500 $ 335 26,000 339 26,500 342 27,000 345 27,500 348 28,000 352 28,500 355 29,000 359 29,500 362 30,000 366 30,500 369 31,000 373 31,500 376 32,000 379 32,500 383 33,000 386 33,500 390 34,000 393 34,500 397 35,000 400 35,500 404 36,000 407 36,500 410 37,000 413 37,500 417 38,000 421 38,500 425 39,000 427 39,500 431 40,000 434 |
$
40,500 $ 438 41,000 440 41,500 445 42,000 448 42,500 452 43,000 454 43,500 458 44,000 461 44,500 465 45,000 469 45,500 472 46,000 475 46,500 479 47,000 481 47,500 485 48,000 489 48,500 493 49,000 496 49,500 499 50,000 503 50,500 506 51,000 508 51,500 512 52,000 516 52,500 520 53,000 523 53,500 527 54,000 530 54,500 533
55,000
536 |
$
55,500 $ 539 56,000 544 56,500 547 57,000 550 57,500 554 58,000 558 58,500 560 59,000 564 59,500 567 60,000 571 60,500 575 61,000 578 61,500 581 62,000 585 62,500 589 63,000 591 63,500 594 64,000 598 64,500 602 65,000 605 65,500 608 66,000 612 66,500 617 67,000 620 67,500 621 68,000 625 68,500 629 69,000 632 69,500 635 70,000 640 |
$
70,500 $ 644 71,000 647 71,500 649 72,000 652 72,500 656 73.000 660 73,500 663 74,000 667 74,500 671 75,000 674 75,500 676 76,000 680 76,500 683 77,000 687 77,500 690 78,000 694 78,500 698 79,000 702 79,500 703 80,000 707 80,500 711 81,000 715 81,500 717 82,000 721 82,500 725 83,000 729 83,500 731 84,000 734 84,500 739 85,000 742 |
$
85,500 $
745 86,000
748 86,500
752 87,000
756 87,500
759 88,000 762 88,500
766 89,000
770 89,500
772 90,000
775 90,500
779 91,000
783 91,500
787 92,000
789 92,500
793
93,000
797 93,500 801 94,000
802 94,500
806 95,000
811 95,500
814 96,000
816 96,500
820 97,000
824 97,500
828 98,000
830 98,500
834 99,000
838 99,500
841 100,000
843 |
Premiums
shall be calculated as follows for policies in excess of $100,000
Texas Appraisal District Tax Information top
As a property owner in
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General Homestead Exemption |
Over 65 Exemption |
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Disabled Individual Exemption |
Disabled Veteran's Exemption |
Tax statements are generally
mailed in October of each year. The taxes are payable on or after October
1. However, you may elect to pay them as late as January 31 without
penalty or interest. Taxes become delinquent February 1, and on this date
penalties and interest accrue. If you receive a Tax Statement and your
mortgage company is escrowing funds for taxes from your monthly payments,
forward the Tax Statement to your mortgage company for payment of taxes.For
your convenience, the Appraisal Districts may be contacted by phone or online.
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Collin County Appraisal District |
972-578-5200 |
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Dallas County Central Appraisal District |
214-631-0910 |
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Denton County Appraisal District |
940-566-0904 |
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Ellis County Appraisal District |
972-937-3552 |
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Rockwall County Appraisal District |
972-771-2034 |
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Tarrant County Appraisal District |
817-284-0024 |
Title Companies--Texas
People coming from different areas of the country may be accustomed to a
variety of closing practices. In
