What Williams County Abstract Does
The skilled professionals in our office will handle the details and make sure everything runs smoothly so that you don’t have to worry about any problems!
First, your realtor or an attorney will draw up a Purchase Agreement or Purchase Contract is drawn up by your realtor or an attorney for all parties to sign. If there is earnest money, the funds will be deposited into an escrow account, where the funds will remain until the time of closing. Funds can be held with your real estate agent or with the settlement agent.
An order will be placed with our office, as your “settlement agent”, as soon as your Purchase Agreement is accepted. Both your real estate agent and lender will be involved in providing information during the ordering process. Please let your choice to work with Williams County Abstract known to your realtor and your lender in advance so they send your order over to us. An estimated closing date is chosen by the lender and our work is coordinated to align with that date.
We will oversee the closing process, making sure that everything happens in the right order and on time, without unnecessary delays or glitches.
Next, the preliminary title work is done. The title company conducts an exhaustive search of the public records to make sure there are no issues with the title such as liens against the property, utility easements, etc., to create your Abstract of Title. Once the Abstract is completed, the Attorney’s Title Opinion can be done.
After the Abstract and Title Opinion are completed, we will issue a Title Commitment. There are two kinds of title insurance coverage—a Loan Policy, which covers the lender for the amount of the mortgage loan, and an Owner’s Policy, which covers the home buyer for the amount of the purchase price. See our Title Insurance FAQ page for more information.
Meanwhile, we are simultaneously coordinating all of the other important details. We will be ordering a plat sketch if applicable, obtaining any payoffs that are required and preparing documents that are needed for closing. Each closing is unique, so our specific duties will vary with each one. Our role as a neutral third-party is to facilitate cooperation, coordination, and compliance between the realtor, lender and other service providers to get you to the best part – YOUR CLOSING!
Any problems or discrepancies discovered are reported to the appropriate parties so that they can be corrected. If a cloud on title is discovered, most often we will take care of it without you even knowing about it.
If you are obtaining a loan, your lender has three days from the time of the loan application to provide you with a Loan Estimate of your loan costs. Keep in mind this is just an estimate, though it should be very close to what you final numbers will be. The final costs will be outlined on the Settlement Statement or Closing Disclosure prepared by your settlement agent just prior to closing. All costs to be paid at closing will be down on these documents, including your lender fees, title fees and attorney fees, as well as pre-paid costs such as your earnest money deposit or loan application fee.
As closing day approaches, we will order any updated information that may be required. Once we are satisfied that the paperwork is in order, we will confirm the date, time, and location of the closing with the lender and the realtors. Your lender or realtor will contact you with the information once it has been set.
All of the behind-the-scenes work is done on your closing day! While you’ve been busy packing, moving, switching over utilities or concentrating on your job, the closing process has been happening behind the scenes, so that your new home has a clear title and is move-in ready for you after your closing!
Read our The Closing Process page if you are interested in a more in-depth outline of what we do for you!
