Buying Your

Katy-Cinco Ranch-Richmond Area Home

For The Best

Price!

Chapter 17  Part 2 WHAT THE TITLE COMPANY DOES

Fred Miller, Realtor serving Katy, Cinco Ranch, Pecan Grove, Richmond, Westpark Tollway, Fulshear. FredMiller9@gmailcom , www.RichmondKatyHomes.com, Office receptionist: 281/342-2288 Cell 281/924-2531

Title Company Procedures

Title Company Sequence of Events

A. Real Estate Agent opens escrow account with the Title Compay using an Earnest Money Contract.

1.Title Company deposits Earnest Money check

B. Escrow Officer orders the Preliminary Title Report

1. Upon receiving preliminary information, the Title Company requests payoff information on all existing financing on the house.

2. Preliminary Title Report contains the following:

a. Legal description of the property

b. How seller is in ownership of the house

c. Effective date of the title search

d. Current status of property taxes

e. Liens of Record

f. Easements of record

g. Deed Restrictions--privately imposed restrictions of record

h. Property address

i. Judgment search of buyer and seller

j. Plat map

3. Escrow Officer deals with title concerns

C. Notice of Loan Approval

1. Loan documents arrive at Title Company from lender

2. Title Company creates Closing Statement, and identifies the cash needed to close

3. Title Company directs preparation of closing documents.

4. Title Company sends preliminary closing statements to Real Estate Agents and Lender for review.

5. Appointments are set for signing

Fred Miller, Realtor serving Katy, Cinco Ranch, Pecan Grove, Richmond, Westpark Tollway, Fulshear. FredMiller9@gmailcom , www.RichmondKatyHomes.com, Office receptionist: 281/342-2288 Cell 281/924-2531