Q&A
Who is responsible for paying title and closing services?
When you sign the contract with your real estate agent they will discuss customary buyer/seller fees.
What should I expect at my real closing?
An explanation of each document will be given to you prior to signing at closing by the escrow officer. You can expect to receive copies of all documents. If funds are required at the closing you must have them delivered by wire transfer or in the form of a cashier’s check.
Are my closing cost paid at closing?
Yes
What should I bring to my closing?
Always bring a government issued ID Card, such as your driver’s license. Some lenders require two forms of identification. If you are married, your spouse will need to be in attendance. In the state of Oklahoma a spouse must sign the deed even if not in title and the mortgage even if they are a non-borrowing spouse. Certified or cashier’s check for your down payment and closing costs. You may also wire the funds, a representative at our office can assist you with wiring instructions. You can find out the exact amount you will need to bring by contacting your lender or our office a day or two before closing.
How much do your services cost?
Title insurance and closing cost vary depending on the complexity of the transaction, purchase price and the loan amount. One of our escrow officers can provide you with a quote based on your specific needs and further explain the cost.
What does a title company do?
The job of the title company, such as Element Title Services LLC, begins well before the closing. We assemble information from many sources, including buyer’s and seller’s mortgage companies, real estate agents, land records and court records. We coordinate with all parties involved in the closing. We look for any potential problems in the transactions and clear any judgments and/or liens against the parties prior to the transaction. At the closing table, we collect and disburse funds from the transaction, transfer ownership of property and issue title insurance after closing. The title company is also responsible for recording the Deed and Mortgage in the land records. Additionally, we track and record the release of the seller’s mortgage.