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SOLD!  What happens next The Basic Steps

Now that you have decided to buy a home, what happens between now and the time you can become the legal owner?

First, your loan application will have to be approved. In doing this, the lender will include a credit check on you and require an appraisal and survey of the property. Legal papers will be prepared for you (and the seller) to sign. This will include a new deed, note and mortgage. The title to the property will be checked to determine what debts are owed against the property and who is the legal owner.

Finally, when all things are in order, the settlement ("closing") will take place. The seller will sign the new deed to you and you will sign a new note and mortgage. The old loan on the property will be paid off and the new loan set up. The seller, realtor, attorneys, title company and others performing services for you will be paid. Title insurance policies will then be issued to you and your lender.

Real Estate ContractWhat Title Companies Do

"Six Steps in Transferring a Land Title" describe what title companies do. Title companies and their agents, search, examine, close and insure land titles. Title insurance policies are issued to the homeowner and the lender, assuring them financial protection against adverse title claims or risks. Equally important, potential title claims that surface in the process of insuring a title can be resolved by the parties prior to closing their transaction.

1. ORDER IS TAKEN — An "escrow contract" (agreement to close) starts the process.

2. TAX CHECK — What taxes are owed on the property? The various assessor-collectors are contacted.

3. TITLE SEARCH — Copies of documents are gathered from various public records; deeds, notes, paving assessments, liens, wills, divorce settlements, etc.

4. EXAMINATION — Verification of the legal owner and debts owed.

5. TYPING — Forms are prepared for settlement.

6. SETTLEMENT — Escrow officer oversees closing of transactions; seller signs deed, buyer signs new mortgage. Old loan is paid off, new loan is set up. Seller, Realtors, attorneys, title company and others are paid.

Guardian Title Company, Inc.
508 8th Street
Blanco, TX 78606
PHONE: 830-833-5007
FAX: 830-833-4383

205 Nugent Street
Johnson City, TX 78636
PHONE: 830-868-0972
FAX: 830-868-0978

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