Important-After-Closing-Reminders-for-Buyers

Important After Closing Reminders for Buyers

by Real Estate ArticlesResourcesTitle Information

Congratulations! You’ve just closed on the purchase of your new home! Here is a helpful list of important to-dos and reminders for after closing:

  1. A copy of the recorded Warranty Deed
    that transferred title of the property will be sent to you via email with your Owner’s Title Policy approximately one month after closing. Your Owner’s Title Policy should be printed and stored for safe keeping and/or saved on your personal computer.
  2. It is the taxpayer’s responsibility to be certain the property is rendered in the current taxpayer’s name
    for the upcoming tax year. Contact the County Appraisal District (CAD) for assistance in making certain this is done.
  3. Make certain to file your homestead designation with the County Appraisal District.
    If you have any questions about your homestead exemption for property tax purposes, or any other exemption which may be available to you, please contact your County Appraisal District. The forms necessary to apply for exemptions are available online from your Appraisal District at no cost. See the reverse side of this card for area County Appraisal District’s website and contact information.
  4. Contact the Home Warranty company if you received a home warranty and want additional coverage.
    If you received a Home Warranty (also known as a Residential Service Contract) in connection with your recent closing and wish to add additional coverage, please contact the Home Warranty company directly.

Collin County
Collin County Central Appraisal District
collincad.org | 469.742.9200

Dallas County
Dallas County Central Appraisal District
dallascad.org | 214.631.0520

Denton County
Denton County Central Appraisal District
dentoncad.org | 940.349.3800

Grayson County
Grayson County Central Appraisal District
graysonappraisal.org | 903.893.9673

Johnson County
Johnson County Central Appraisal District
johnsoncad.com | 817.648.3000

Kaufman County
Kaufman County Central Appraisal District
kaufman-cad.org | 972.932.6081

Rockwall County
Rockwall County Central Appraisal District
rockwallcad.com | 972.771.2034

Tarrant County
Tarrant County Central Appraisal District
tad.org | 817.284.0024

Exemption forms can be downloaded from the Central Appraisal District’s website for the county in which the property is located.

Click here for print version

Important-After-Closing-Reminders-for-Sellers

Important After Closing Reminders for Sellers

by ResourcesTitle Information

1. Cancel your homeowners insurance with your insurance agent
once the transaction has closed, funded and your personal items have been removed from the home. There may be a prorated refund of your homeowner’s policy, based on the latest renewal date, owed to you. If you are remaining at the property after closing, you should notify your insurance agent of this change.

2. Cancel your automated deduction
for your house payment with your current lender if applicable.

3. Your lender will refund all monies left in your escrow account
approximately 15 to 30 business days after receipt of the payoff funds. The lender will mail a package containing your original Promissory Note marked “PAID” and other loan documents. Retain these for future reference. When you receive this confirmation, you may also receive a “Release of Lien” document from your lender. If the release has not already been recorded with the County Clerk’s office, please forward it to your closer at the title company and we will send it to the county to be filed, thereby releasing the lien of record.

4. Refer to your closing statement
Depending on what time of the year you sold your property, the Taxing Appraisal District may not have updated the account to show a change in ownership. If you receive a Tax Bill for the property that you sold, refer to your closing statement and send the bill to the new owners.

5. Important to note
You will receive a Substitute Form 1099-S from Republic Title within 30 days of closing. In addition, retain your closing statement, it serves as a Substitute Form 1099-S for tax purposes.

Click here for print version

ABCs-of-the-Title-Commitment2

The ABC’s of Title Commitment

by Real Estate ArticlesResourcesTitle Information

A commitment is a document the title company provides to all parties connected with a particular real estate transaction. It discloses the title of record to the property as well as all the liens, defects, burdens and obligations that affect the subject properties. It is comprised of four schedules. Schedules A, B, C, and D are as follows:

A – Actual Facts – Is the Who, What, Where and How Much section of the commitment. You will see the names of the buyer, record owner (seller), a legal description of the property, the sales price and the name of the lender, if applicable. It is a good idea to double check this information with the contract.

B- Buyer Notification – This section lists the general and specific exceptions to the property. It will list items such as survey matters, taxes, easements, setback lines and a variety of other items that will not be covered by the title policy. It is important to review and discuss any questions you have with your title company.

C- Clear In Order To Close – These items must be resolved in order to transfer title to the new owner. They might include such things as a mortgage that will be paid off at closing, liens for home improvements or unpaid taxes. All items shown on Schedule C should be discussed and resolved before the closing.

D – Disclosure – This section outlines the ownership of the title company and all the parties who will share in any part of the insurance premium collected to issue the policy. It includes underwriters, title agents and attorneys.

This information is not to be substituted as legal advice and is descriptive only. If you have any concerns about any portion of your title commitment or any portion of Schedule A,B,C, or D, please contact your attorney. 

What-is-a-Title-Policy

What Is A Title Policy

by Ask the ExpertReal Estate ArticlesResourcesTitle InformationVideo

A title insurance policy is an insurance policy that insures you against liens or other claims against your property.  Unlike other types of insurance, you pay the premium one time and the policy generally insures you for as long as you own the property.  In Texas, Title Insurance rates are regulated by the Texas Department of Insurance and the rate is based on the amount of coverage provided by the policy. There are two basic types of title insurance, an owner’s title policy and a loan title policy.  Most financial lenders require a loan title policy as security for their investment in your property just as they require homeowners insurance or other types of coverage for their protection.  Owner’s title insurance lets the new homeowner feel safe and confident there are no other claims as to the ownership of the insured property.  Among other matters, it ensures access to the property, gives the homeowner the right to occupy the property, and provides indefeasible title. 

For more information, go to Blog for videos like this and other helpful information. Blog | REPUBLIC TITLE

What-to-expect-at-closing

What To Expect At Closing

by Real Estate ArticlesResourcesTitle Information

There are many steps in the home buying process – saving, searching, shopping, inspecting, etc. Once you get through all of these steps, you have finally made it to the closing table and are so close to being in your new home! Here’s a brief description of what to expect at closing:

The Buyer will sign numerous forms including settlement statements, title, and loan documents, if applicable.  Important documents include, but are not limited to, closing disclosures, promissory notes, and deed of trust if financing is applicable and a copy of warranty deed for review to confirm the name of the people taking title. Now after signing, the closing team will then process the documents for funding to finalize the sale. This can take anywhere from an hour for a cash transaction to up to several hours if the title company has documentation to submit to the lender for approval. If the seller has already completed their side of the closing for the sale of the home you are buying, the last step is obtaining the mortgage company’s approval to release the funds. Now once the transaction is funded and all monies are dispersed, the buyer gets the keys which is the best part. The title company then submits the warranty deed to the appropriate government office for recording which conveys title of the home to the new owners.

For more information, reach out to a Republic Title rep or your real estate agent. We look forward to seeing you at the closing table!

Spanish-Resources-blog-graphic

Spanish Resources

by Real Estate ArticlesResourcesTitle Information

Republic Title offers multiple real estate resources in Spanish for home buyers and sellers including:

The Closing Process / el Proceso de Venta

Republic Title – Who we are and why you need Title Insurance / Republic Title – Quienes somos y porque necesita una compania de titulus

Republic Title Locations / Ubicaciones de Republic Title

Important After Closing Reminders for Sellers / Importante Recordatorio Para Despues del cierre para el vandedor

Important After Closing Reminders for Buyers / Importante Recordatorio Para Despues Del cierre para el comprador

For more real estate resources, visit www.republictitle.com/residential-resources

Home Seller Guide Digital Flipbook Version

Home Seller’s Guide

by Real Estate ArticlesResourcesTitle Information

Home Seller’s Guide Digital Flipbook – Republic Title

We are excited to introduce our new Home Seller’s Guide that is available as a luxury printed booklet or as a digital download. Our Home Seller’s Guides have everything that you need to know for a smooth home selling process. Our Home Seller’s Guide includes information on:

  • Who is Republic Title and Why You Need Title Insurance
  • 7 Benefits of Using a REALTOR
  • Staging Your Home to Sell
  • Lingo You Should Know
  • Home Selling Road Map
  • Types of Closings
  • Avoiding Common Closing Delays
  • What to Expect on Closing Day
  • After Closing Reminders
  • Moving Checklists
  • Republic Title Locations

To view the digital version of the Home Seller’s Guide, visit our website. For a list of more Seller Resources, visit the Seller Resources page on our website. If you are interested in getting printed versions, please reach out to your business development representative.

 

Buying a home is the largest transaction most of us will make in our lives and Republic Title is proud to be the smart option for protecting your property rights.

 

How-Does-RON-Work2

How Does RON Work?

by Digital SettlementResourcesTitle Information

Remote Online eClosing (“RON”) is a new, technology-driven notarial process that allows the signer to appear before the notary over a live audio-video feed when executing digital documents.

Step 1 Identity Verification

RON uses the latest identity verification technologies to make notarizations more secure.
A. Signer passes a knowledge-based identity quiz
B. Signer submits ID for review
C. Third-party software performs forensic test on ID

Step 2 Audio-Video Conference

The notary and signer talk to each other over a webcam in real-time and observe the necessary digital documents.

Step 3 “Tamper-Sealed” Documents

The notary adds a “tamper-seal” to date/time-stamp the notarized documents.  The seal will indicate whether any of the documents are altered in the future.  The signer downloads a PDF of the completed, digitally signed and digitally notarized, document.

Step 4 Audit Trail and Notary Records

Like with traditional notarizations, the notary keeps a journal logging the basic details of the notarization.  The journal can be kept in a secure digital format that includes a video of the notarial act, which can be used to prove who actually digitally signed the document.

Click here if you would like more information on our digital settlement services.

Print Version

Evaults-&-Enotes

eVaults and eNotes

by Digital SettlementReal Estate ArticlesResourcesTitle InformationVideo

What does a vault have to do with an eClosing? Plenty. As eClosings become more common, fundamental elements of the mortgage process will change. For example, instead of a paper promissory note, you may have an eNote and eVault. The note is one of the key lender documents within a loan package that borrowers sign at closing. It’s the borrower’s written promise to repay the loan within the specified term. The note is also very important to investors who buy and sell them on the secondary market. The note plays an important part in a mortgage backed security. Think of an eNote as the electronic version of a paper note. The eNote gets electronically signed instead of wet signed at closing. You must be able to identify the original version of the eNote. Think of the electronic version as a PDF. There could be infinite versions of it floating around. How do investors know the version they are buying is the original?  To solve this, the mortgage industry got smart and did two things:

  1. They created the MERS eRegistry, the legal system of record for identifying the controller and location of the authoritative copy of the eNote.
  2. Created standards for how to store eNotes in something called an eVault.

eVaults are technology platforms that are built to support the handling, status, and storage of eNotes. They always have integrations to the MERS eRegistry and often have integrations to other eVaults and trading partners. The MERS eRegistry is the librarian of the eNote world. It tracks who controls each eNote and in which eVault it is stored. When a lender creates an eNote, they register it with the MERS eRegistry  which notifies the librarian of the controller and location of the eNote. If you are exposed to an eNote, now you know what a vault has to do with it.

For more information on eClosings, visit www.republictitle.com/evolve

Click here to go to our YouTube page to see more of our helpful videos. 

eVaults and eNotes

Closing Process Overview

Closing Process Overview

by Real Estate ArticlesResourcesTitle Information

We are continuing to celebrate National Homeownership Month which is a time to celebrate the benefits that homeownership brings to families and communities. In honor of National Homeownership Month, we have curated a list of our most popular homeownership resources for new homebuyers. Next up is our Closing Process Overview.

When you are preparing to buy a home, there are many steps in the process for the Buyer, REALTOR, mortgage company, and title company. We break down the common steps for each below:

Buyer and Realtor

  • Buyer or buyer’s agent delivers signed contract, option fee and earnest money to title company
  • Buyer or buyer’s agent provides copy of contract to lender to proceed with loan application
  • Order inspections (general and pest, etc.)
  • Buyer selects home warranty and obtains homeowner’s insurance
  • Buyer brings I.D. and “good funds” to closing (wire or cashier’s check)

Mortgage Company

  • Verify assets, liabilities, income/job stability and credit history
  • Order, receive and review appraisal
  • Collect and submit requirements to underwriter
  • Underwriting approval
  • Order flood certificate
  • Prepare and deliver loan documents to title company for closing
  • Review final signed documents sent from title company
    and authorize funding

Title Company

  • Closer receipts contract, option fee and earnest money
  • Order title work and tax certificate
  • Abstractor searches and examines title and issues title commitment
  • Closer reviews title commitment and sends to lender, buyer, buyer’s agent for review and acceptance
  • Title company receives closing disclosure/closing instructions from lender and forwards to all parties
  • Closing
  • Title company sends signed documents to lender for final approval
  • Funding: All money is distributed (which includes seller proceeds, REALTOR® commissions and loan payoffs)
  • Buyer collects keys to property

To download the Closing Process Flowchart resource, click here. To view other Home Buying Resources, visit the Resources page on our website.