Oklahoma Buyer's Guide by Chris Sonaggera

buying a home i n

o k l a h o m a

think first.

t h i n k

f i r s t

a m e r i c a n .

133 NW 8th Street, Oklahoma City, OK 73102 Phone 405.236.2861

▼

Fax 405.605.1998

▼

www.okfirstam.com

Copyright © 2009 First American Title. All rights reserved. No part may be reproduced without prior written permission. The information contained in this brochure is for general reference only. It is provided as a courtesy to friends and clients of First American Title.

Buying a home in Oklahoma The information in this guide will help you become more comfortable with the escrow and title process you are about to begin. We hope to answer your questions in advance and provide you with step-by-step information that will clarify your part in this process. A glossary is included at the end of this guide for any terms you may not be familiar with. The information contained in this brochure is for general reference only. It is provided as a courtesy to friends and clients of First American Title. We welcome any questions you may still have after reading this information. Please feel free to call First American Title or your real estate agent. We look forward to serving you.

ta ble of contents 02.

QUICK RE F E RE NCE PA G E

13.

title searc h

03.

fa st fact s f o r bu yer s

14.

t h e e scr o w pro cess

04.

LIFE OF AN ESCROW

15.

under stan ding title insurance

16.

c o mpare o ur eagle p o licy

17.

WHO PAYS C L OSI N G C OST S ?

0 5 . B ENEFIT S

F RO M A P RO F E SS IO NA L Realt o r 速

0 6 . o btaining

a new l o an

what you nee d f o r t he l o an applicatio n

0 7 . w hat

1 8 . a dditi o nal

title t h reat s

to av o i d d uring t he l o an pr o cess

types of l o an s

19-20. 08. 09.

T ER M S YO U SHO UL D K N OW

ways to take title

21.

planning y o ur m o ve

22.

y o ur n o te s

rent vs. bu y

10.

mortgage payment c harts

11.

selecting a ho me

12.

Escrow Q ue s tio n s an d A n s wers

buying a home 01

Your Escrow Number _______________________________________

CITY/STATE/ZIP

_______________________________

Name_ ____________________________________________________

Phone

(_______) _ ________________________________________

Assistant___________________________________________________

Cell

(_______) _ ________________________________________

Company__________________________________________________

Pager

(_______) _ ________________________________________

Address_ __________________________________________________

Fax

(_______) _ ________________________________________

City/State/Zip_______________________________________________

__________________________________________________

Escrow Officer______________________________________________

__________________________________________________

Escrow Assistant____________________________________________

__________________________________________________

Address_ __________________________________________________

Phone

(_______) _ ________________________________________

City/State/Zip_______________________________________________

Fax

(_______) _ ________________________________________

Agent_ _________________________________________________________ New Agent______________________________________________________

Policy #_ _______________________________

Stop Date

Start Date

___ /___ /___

Phone (_______)_ ________________________________________________ Oklahoma Natural Gas 405-551-4000 www.ong.com

Cable

New gas company _________________________________________________________________________________________

OG&E 405-272-9741 www.oge.com

co m m u n i c at i ons

Policy # ________________________________

Phone (_______)_ ________________________________________________

Cox 405-600-8282 www.cox.com/okc

Wat e r / S e w e r / g a r b a g e

quick reference

Your NEW ADDRESS ___________________________________

Electric

Gas

I N S URA N C E

e sc r ow

R e a lt o r ®

New cable company________________________________________________________________________________________ •

Edmond Electric 359-4541 www.edmondok.com

OK Electric Coop 321-2024 www.okcoop.org • Cimarron Electric Coop 375-4121 www.comarronelectric.com New electric company______________________________________________________________________________________ AT&T 800-403-3302 www.att.com

Birch 866-347-3843 www.birch.com

•

Cox 405-604-3663 www.cox.com

•

TDS Telecom 405-390-2291 www.tdstelecom.com

Long distance carrier, if different _________________________________________________ New phone company_______________________________________________________________________________________ Your new phone (_______) ________________________ New fax (_______)_________________________________________ Cell phone ________________________________________________________________________________________________ Internet service ____________________________________________________________________________________________ Oklahoma City Water 297-2833

Midwest City 739-1252

Norman Water 366-5320

Oklahoma City Garbage 297-01950

Midwest City 739-1254

Piedmont Garbage 800-211-3717

Bethany 789-2146

Mustang 376-4474

Piedmont Water 373-2000

Del City 671-2826

Nichols Hills 843-6673

Village 751-4933

Edmond 359-4541

Norman Garbage 329-1023

New water company _______________________________________________________________________________________ Voter Registration Okla. County Election Board (405) 713-1515 www.oklahomacounty.org

Other

Auto Tag and Registration Oklahoma Tax Commission (405) 521-3221 www.oktax.state.ok.us Drivers License Okla. Dept. of Public Safety (405) 425-2424 www.dps.state.ok.us/dls _________________________________________________________________________________________________________ _________________________________________________________________________________________________________ _________________________________________________________________________________________________________ _________________________________________________________________________________________________________

the advantages

fast facts

of working with only one realtor® include:

> for buyers

The Realtor® becomes familiar with your family’s needs.

2 You develop better rapport and communication when working towards your goal with only one Realtor.®

> Realtor.® A Realtor® is a licensed real estate agent and a member of the National Association of Realtors,® a real estate trade association.

3 The

Realtors® also belong to their state and local Boards of Realtors.® They have a wealth of resources at their disposal, including the Multiple Listing Service and continuing education. All association members agree to abide by a 17-article Code of Ethics and strive for the height of professionalism.

Realtor®

is more committed to you because you return that commitment.

4 You avoid any uncomfortable situation arising from agent conflict.

> Real Estate Agent. A real estate agent is licensed by the state to represent parties in the transfer of property. Every Realtor® is a real estate agent, but not every real estate agent is a professional Realtor.®

> Listing Agent. A listing agent forms a legal relationship with the homeowner to sell the property, and places the property in the Multiple Listing Service.

Excerpt from

> Buyer’s Agent.

Preamble to the Realtor’s® Code of Ethics:

A Buyer’s agent or Buyer broker is an agent hired by the Buyer. Generally, the Buyer broker is paid from the commission fee agreed to by the Seller.

The term Realtor® has come to connote competency, fairness, and high integrity resulting from adherence

> Multiple Listing Service (MLS).

to a lofty ideal of moral conduct

The MLS is a database of properties listed for sale by Realtors® who are members of the local Board of Realtors.® Information on an MLS property is available to thousands of Realtors.®

in business relations. No inducement of profit and no instruction from clients ever can justify departure from this ideal.

> commitment is a two-way street. Your Realtor® will make a commitment to spend valuable hours finding the right home for you: researching listings, previewing properties, visiting homes with you, and negotiating your contract. Honor that commitment by staying with the Realtor® you’ve selected until you purchase your home.

In the interpretation of this obligation, Realtors® can take no safer guide than that which has been handed down through the centuries,

Be sure your Realtor® accompanies you on your first visit to all new homes and open houses, too.

embodied in the Golden Rule: “Whatsoever ye would that others should do to you, do ye even so to them.”

BUYER SELECTS A Realtor ®

the life of an

SELLER SELECTS A Realtor ®

escrow BUYER

SELLER

PRE-APPROVED BY LENDER

PREPARES HOUSE FOR

IF NEW LOAN NEEDED

SHOWING & SELLING

BUYER BUYER VIEWS HOMES WITH Realtor ®

INSPECTION REPORTS SENT TO APPLICABLE PARTIES & REVIEWED. NOTIFICATION SENT

Title Commitment & survey completed & sent to applicable parties

LOAN DOCUMENTS PREPARED BY LENDER & SENT TO ESCROW

SELECTS HOME AND

SELLER

SUBMITS CONTRACT

REVIEWS & ACCEPTS CONTRACT FROM BUYER

VARIOUS INSPECTIONS ORDERED by Realtor ®

APPRAISAL ordered & completed by lender

APPOINTMENTS SET: BUYER & SELLER

CLOSING DOCUMENTS COMPILED BY

BUYER & SELLER

First American

SIGN DOCUMENTS

First American

LENDER “FUNDS LOAN”

DISBURSES FUNDS

(SENDS FUNDS TO ESCROW)

ESCROW OPENED AT

First American & TITLE COMMITMENT ORDERED

BUYER ADVISES

First American

OF HOME INSURANCE COMPANY

BUYER RECEIVES FINAL LOAN APPROVAL FROM LENDER

BUYER brings in certified funds at closing

First American TO OBTAIN FUNDING AUTHORIZATION FROM LENDER

BUYER

DOCUMENTS RECORDED

RECEIVES KEYS FROM Realtor ®

AND ESCROW CLOSED

FINAL DOCUMENTS SENT TO INTERESTED PARTIES

benefits

Congratulations on your decision to buy a home! It’s a challenging project, and there are many ways a professional can help. Here are some of the many ways you may benefit from working with a Realtor®:

F rom A P rofess i onal R ealtor ®

It won ’ t cost y o u a penn y !

The Realtor® who helps you buy a home is traditionally paid by the Seller. M an y more home cho i ces .

Your Realtor® has thousands of homes to choose from through the Multiple Listing Service (MLS), so you’re more likely to find the home that’s just right for you and find it quicker. In fact, a majority of the homes for sale are listed by Realtors® and aren’t available to you unless you are working with a Realtor.® A n u mber of transact i ons “ fall o u t. ”

Unfortunately, it’s true. Some transactions fall apart before closing. An experienced Realtor® may be able to resolve problems and see your transaction through to a successful closing. K nowledge of new home s u bd i v i s i ons .

New home subdivisions will welcome you and your Realtor.® If you’re interested in buying a new home, take your agent with you on your first visit to each subdivision. Your professional Realtor® is an important source of information who can supply background on the builder, nearby subdivisions, and the local community. It ’ s a ma j or i nvestment.

You use a professional for your legal, financial and health needs. Why gamble on what may be your biggest investment without a professional at your side? H elp w i th F S B O ’ s .

If you consider a “For Sale By Owner,” take your Realtor® along to help negotiate the contract. The owner may not only agree to your terms, but also agree to pay the agent’s commission. L ess l i ab i l i t y.

You will have more protection from legal and financial liability, especially as real estate transactions become more complicated. T he paperwork .

Your experienced Realtor® will negotiate and prepare the purchase contract for you and assist you throughout the escrow process.

obtaining

What You May Need For The Loan Application

a new loan

Be prepared to provide some or all of these items to your loan officer.

Addresses of residences for last two years

When and where to apply for a loan?

•

There are many sources for home loans including banks, credit unions, mortgage companies, and mortgage brokers. Your Realtor® may give you several names of lenders who have proven reliable in their previous transactions Apply for your loan as soon as possible. In fact, it’s probably a good idea to know what you can afford before you begin looking for your new home. It can give you more bargaining power when negotiating with a Seller, especially in today’s market. A lender can prequalify you for a certain price range and help you avoid disappointment later.

Your lender will mail out verification requests and order an appraisal on the property you are buying. If your lender asks for additional items, please comply promptly with those requests to avoid delaying loan approval.

Social Security Number •

Driver’s License or other valid ID •

Names and addresses of employers for last two years •

Two recent pay stubs showing year-to-date earnings •

Federal tax returns for last two years •

W-2’s for last two years •

What is hazard (or fire) insurance? Hazard insurance covers the dwelling itself and is required by the lender to protect their “risk” in your home. Your lender or Realtor® will explain the necessary hazard insurance coverage to you. If you are buying a condominium, a master policy already exists which includes your unit—but it does not cover your personal belongings.

Last two months statements for all checking and savings accounts •

Loans: Names, addresses, account numbers, and payment amounts on all loans •

Contact your insurance agent early in the process, because this coverage must be provided so the lender can release loan funds to First American. Hazard insurance is one of the items frequently postponed until the last minute, and this can result in delaying the closing for a day or more. Order your insurance as soon as your loan is approved; then furnish your escrow officer with the agent’s name and phone number. When you talk with your insurance agent, be sure to ask about additional coverage in a homeowner’s policy to insure your personal belongings and to protect against liability for such events as injuries to visitors.

What happens after loan approval? After loan approval and just prior to your planned closing date, the lender will send loan documents to First American Title, and your escrow officer will prepare an estimated settlement statement. This statement indicates what funds go where, and at this time your escrow officer can tell you how much money you need to bring to the closing appointment. Be aware that this amount may be higher or lower than previously estimated due to changes in such items as prepaid interest, prorated fees, courier fees, and impound accounts.

Real estate loans: Names, addresses, account numbers, and payment amounts on all loans for other real estate you own •

Credit cards: Names, addresses, account numbers, and payment amounts on all credit cards •

Addresses and values of other real estate owned •

Value of personal property. Your best estimate of the value of all your personal property (autos, boats, furniture, jewelry, television, stereo, computer, other electronics, etc.) •

For a VA loan, Certificate of Eligibility or DD214s •

Divorce decree if applicable •

Funds to pay upfront for the credit report

What to Avoid Do Not Change jobs. A job change may result in your loan being denied, particularly if you are taking a lower paying position or moving into a different field. Don’t think you’re safe because you’ve received approval earlier in the process, as the lender may call your employer to re-verify your employment just prior to funding the loan.

D u r i n g t h e Lo a n P r oc e ss

Don’t pay off existing accounts unless the lender requests it. If your Loan Officer advises you to pay off certain bills in order to quality for the loan, follow that advice. Otherwise, leave your accounts as they are until your escrow closes.

Avoid switching banks or moving your money to another Institution. After the lender has verified your funds at one or more institutions, the money should remain there until needed for the purchase.

Don’t make any large purchases. A major purchase that requires a withdrawal from your verified funds or increases your debt can result in your not qualifying for the loan. A lender may check your credit or re-verify funds at the last minute, so avoid purchases that could impact your loan approval.

types of loans Adjustable Rate Loan. Adjustable or variable rate refers to the fluctuating interest rate you’ll pay over the life of the loan. The rate is adjusted periodically to coincide with changes in the index on which the rate is based. The minimum and maximum amounts of adjustment, as well as the frequency of adjustment are specified in the loan terms. An adjustable rate mortage may allow you to qualify for a higher loan amount but maximums, caps and time frames should be considered before deciding on this type of loan. Assumable Loan.

A true assumable loan is rare today! This loan used to enable a buyer to pay the seller for the equity in the home

and take over the payments without meeting any requirements. Assumables these days generally require standard income, credit and funds verification by the lender before the loan can be transferred to the buyer.

Balloon Payment Loan. A balloon loan is amortized over a long period but the balance is due and payable much sooner, such as amortized over 30 years but due in five years. The loan also may be extendable or it may roll into a different type. This could be an option if you expect to refinance before the loan is due or you plan to sell before that date. Discuss this option carefully with your Loan Officer before accepting this type of loan.

Buy-down loan. If you have cash to spare, you can pay a portion of the interest upfront to reduce your monthly payments. Community Homebuyer’s Program. This program is designed to assist first-time buyers by offering a fixed rate and a low downpayment, such as 3 to 5% down. The program doesn’t require cash reserves, and qualifying ratios are more lenient; however, the buyer’s income must fall within a certain range and a training course may be necessary if required by the program. Ask your Loan Officer if this program is available in your community and whether or not you might qualify.

Conventional Loan. This simply describes a loan that is not obtained under any government-insured program, secured by investors. It could be any type: fixed rate, adjustable, balloon, etc. FHA Loan. This program is beneficial for buyers who don’t have large downpayments. The loan is insured by the Federal Housing Administration under Housing and Urban Development (HUD) and offers easier qualifying with less cash needed upfront but the condition of the property is strictly regulated. The Seller will pay a portion of the closing costs that would typically be paid by the buyer in a conventional loan program. Fixed Rate Loan. This loan has one interest rate that is constant throughout the loan. Graduated Payments. This is a mortgage that has lower payments in the beginning that increase a pre-determined amount (not based on current rate fluctuations as with an adjustable) usually on an annual schedule for a specific number of years.

no-qualifying. A no-qualifying loan may be an option for those who can afford a larger downpayment, generally 25% to 30% or more. Since the risk for the lender is virtually eliminated, the borrower doesn’t have to meet normal lender requirements such as proof of income.

VA Loan. People who have served in the U.S. armed forces can apply for a VA loan which covers up to 100% of the purchase price and requires little or no downpayment. The seller pays much of the closing costs but those fees are added to the sales price of the home.

Ways to take title in OKLAHOMA TENANCY

JOINT TENANCY

IN COMMON

PARTIES

Any number of persons or entities (can be husband and wife).

OWNERSHIP

Ownership can be divided into any number of interests, equal or unequal.

Ownership must be equal.

TITLE

Each co-owner has separate legal title to their undivided interest.

There is only one title to the whole property.

CONVEYANCE

Each co-owner’s interest may be separately conveyed.

Conveyance by one co-owner without the others breaks the joint tenancy as to the party who conveyed.

PURCHASERS’ STATUS

Purchasers become tenants in common with other co-owners.

Purchasers from one co-owner will become a tenant in common.

DEATH

Upon a co-owner’s death, their interest passes by will or if no will, state intestacy to their devisees or heirs. No survivorship right.

On co-owner’s death their interest automatically transfers to the surviving joint tenant(s), outside of any probate proceedings.

SUCCESSORS’ STATUS

Devisees or heirs become tenants in common.

Last survivor(s) owns property in whole.

CREDITORS’ RIGHTS

A co-owner’s interest may be sold on execution sale to satisfy creditors subject to Oklahoma homestead laws. Creditors become tenants in common.

A co-owner’s interest may be sold on execution sale to satisfy creditors subject to Oklahoma homestead laws. Joint tenancy is broken. Creditors become tenants in common.

PRESUMPTION

Grant to multiple parties creates a tenancy in common presumption.

Must be expressly stated, that parties are to be joint tenants with full right of survivorship, and not as tenants in common.

Information is furnished by First American Title for informational purposes only. Contact an attorney for advice regarding a specific manner of holding title.

rentvs.buy Why pay rent when you could build equity in a home.

Ever thought how much you pay in rent over an extended period of time? Probably a lot more than you realize. The amount you spend for rent each month could be applied to a mortgage, not only building equity in your own property, but—in most cases—substantially reducing the Federal and State income taxes you pay each year. And what happens to your rent money? It’s gone! There’s no interest, no equity, no return. Interest rates are still low, and you may be surprised at what you can afford. To determine your home-buying ability, call your real estate agent or lender. The consultation is free—no strings attached—so make the call today!

[ month ly payment

a fter

1 y ear

Rent : after

Your “Investment” AND Return

3 y ears

after

5 ye a r s

after

10 ye a r s

] after

15 ye a r s

r e n ta l r e tu r n

$ 400

4,800

14,400

24,000

48,000

72,000

$ 500

6,000

18,000

30,000

60,000

90,000

$ 600

7,200

21,600

36,000

72,000

108,000

$ 700

8,400

25,200

42,000

84,000

126,000

$ 800

9,600

28,800

48,000

96,000

144,000

$ 900

10,800

32,400

54,000

108,000

162,000

$ 1,000

12,000

36,000

60,000

120,000

180,000

$ 1,100

13,200

39,600

66,000

132,000

198,000

$ 1,200

14,400

43,200

72,000

144,000

216,000

$ 1,300

15,600

46,800

78,000

156,000

234,000

$ 1,400

16,800

50,400

84,000

168,000

252,000

$ 1,500

18,000

54,000

90,000

180,000

270,000

$ 1,750

21,000

63,000

105,000

210,000

315,000

$ 2,000

24,000

72,000

120,000

240,000

360,000

$ 2,500

30,000

90,000

150,000

300,000

450,000

notes

MORTGAGE PAYMENT

PRINCIPAL & INTEREST

30-YEAR LOAN

Interest Rate

LOAN AMOUNT

5.5%

6.5%

7.5%

$80,000

429

454

480

506

532

559

587

$90,000

483

511

540

569

599

629

660

692

724

$100,000

537

568

600

632

665

699

734

769

805

$120,000

644

681

729

758

798

839

881

923

966

$140,000

752

795

839

885

931

978

1027

1076

1126

$160,000

859

908

959

1011

1064

1118

1174

1230

1287

$180,000

966

1022

1079

1138

1198

1258

1321

1384

1448

$200,000

1074

1136

1199

1264

1331

1398

1468

1538

1609

$220,000

1181

1249

1319

1391

1464

1538

1614

1692

1770

$240,000

1288

1363

1439

1517

1597

1678

1761

1845

1931

$260,000

1396

1476

1559

1643

1730

1818

1908

1999

2092

$280,000

1503

1590

1679

1770

1863

1958

2055

2153

2253

$300,000

1610

1703

1799

1896

1996

2098

2201

2307

2414

$400,000

2147

2271

2398

2528

2661

2797

2935

3076

3218

$500,000

2684

2839

2998

3160

3327

3496

3669

3845

4023

$600,000

3221

3407

3597

3792

3992

4195

4403

4613

4828

$700,000

3758

3975

4197

4424

4657

4895

5136

5382

5632

How Much

8.5%

615

644

This formula is only a guide and not to be construed as actual lending calculations. Contact your loan officer to determine more accurately what price range you should consider. Lenders abide by certain ratios when calculating the loan amount their customers can qualify for and the ratios vary by lender and loan program. Many use 28% of your gross monthly income as the maximum allowed for your mortgage payment (principal/interest/taxes/insurance or PITI); for your total monthly debt, the ratio is 36%. Total monthly expenses means PITI plus long-term debt (such as auto loans) and revolving/ credit-card debt. Do not include other expenses such as groceries, utilities, clothing, tuition, etc., to calculate this ratio.

HOME

You Can Afford?

monthly payments

Monthly allowable total debt

(C)

________________

on accounts, auto,

Minus Monthly debt

– (A)

________________

(D)

________________ x .80

________________

= Monthly Allowable PITI less 20% for Taxes & Insurance)

________________

= Allowable Principal/Interest only

(E)

________________

Gross Monthly Income

(B)

________________

________________ x .28

= Total MONTHLY

________________

= Monthly allowable PITI (less 20% for taxes & insurance)

(F)

________________ x .80

= Allowable principal/interest only

(G)

________________

payment: Enter lesser of (E) or (G)

(H)

________________

Loan amount For 20% down

________________ ÷ .80

= HOME PRICE

________________

Loan amount

________________

credit card, loans

debt (A)

Gross monthly income before taxes (B):

________________ x .36

= ALLOWABLE ________________ total monthly debt (C)

Using chart above, find current interest rate. locate PAYMENT amount in that column close to your principal and interest (H). FIND loan amount to the LEFT AND enter here.

For 10% down

÷ .90

= HOME PRICE

________________

AHOME

s e l e c t i n g

The following home comparison chart is designed to help you remember the homes you visit and what you liked best and least about each one. Rate features or make notes that will help you determine what pleased or displeased you.

Remembering each home would appear easy, but it can quickly become confusing. Which home was near the school? Which one had the great pool? Did it have a family room? And how many bathrooms? In the “Something Memorable” category, note something you think is unusual and memorable about each home, such as a stained glass window, fruit trees, a child’s playhouse. This will make it easier for you to recall the property later and refer to a specific address. And, last but not least, maybe the most important question, does this house feel like home? Good luck with your search, and enjoy your house hunting adventure!

chart

HOME 1

Ho m e co m p a r i son

HOME 2

HOME 3

HOME 4

HOME 5

Addr e ss aski n g p r i c e no . be d roo m s / bat h s

$ /

s q u are foota g e F i rs t I m p re ss i on l oc at i on NEIGHB O RH O O D app e al i n g s t y l e LI V I N G R O O M DI N I NG R O O M GREAT R O O M kitchen FAMILY R O O M BATH r oom MA STER B e d r ooM MA STER BATH BE DR O O M S f l oo r p l a n pat i o poo l LA N DSCA P I N G garag e o r c arpo rt SOMETHING MEM O RABLE DOES THIS FEEL LIKE HOME?

$ /

Escrow

Questions & Answers

How is escrow opened? As soon as the buyer and seller execute the purchase agreement, the real estate agent(s) will open escrow. At that time, the buyer deposits his “Earnest Money” into the real estate broker’s trust account.

What information do the buyer and seller have to provide? The buyer must inform the escrow officer and new lender of the manner in which the buyer will hold title to their new house so that all documents can be prepared correctly. The manner in which the buyer holds title can have tax and legal consequences. We suggest you consult your attorney or tax advisor to assist you in your decision.

What happens after the borrower submits the loan application? The lender will begin the qualification process including verification of information submitted on the application, a credit report, and appraisal of the value of the property. The lender will require that the borrower obtain hazard/fire insurance and flood insurance, if the property is in a specific type of flood hazard zone. It is important that the borrower contact the Escrow Officer as soon as possible with the name and telephone number of the insurance agent they have has selected. It is also a requirement of the lender that the borrower furnish a policy of title insurance, which protects their security interest in the property. The Escrow Officer will order this title policy as part of the escrow process. Once the loan is approved, the lender prepares the loan documents and forwards them to the Escrow Officer who will contact the buyer for an appointment to close. The Escrow Office will prepare an estimated settlement statement and tell the buyer the balance of the down payment and closing costs needed to close the escrow.

What do the parties need to bring with them when they come to the title company to sign? - I dentification in the form of a valid driver’s license or Oklahoma I.D. card, or current valid passport. Identification is required so the signing party’s identity can be verified by the notary public. Lenders may also have additional identification requirements. -A cashiers check for the balance of funds needed to close the escrow, made payable to First American Title. A wire transfer of funds directly to the escrow trust account can also be arranged and is also the preferred method of providing “good funds”.

When is “close of escrow”? The escrow officer will prepare the final HUD-1 Settlement Statement, which is detailed accounting of all receipts and disbursements made through the escrow. Each party will review and approve the HUD-1 Settlement Statement and execute all documents for the transfer of the property. When all the conditions of the lender and those contained in the escrow instructions have been satisfied, the lender will forward the loan funds to the escrow trust account. The funds in the escrow are disbursed to the entitled parties and escrow is “closed”. The escrow officer will arrange for the documents to be recorded.

title search

In the search the title examiner has five primary determinations to make:

W h at h a p p e n s r i g h t a f t e r escrow is opened?

1 The exact description of the property.

> R ight after escrow is opened , the escrow

officer orders a title search to be conducted to trace the chain of title back through every available record. This title search will determine whether the person representing himself as the current owner actually has legal ownership and hence the right to sell the property at all. The search will also reveal what, if any, defects and encumbrances exist on the title. Just as a life insurance company will not insure a person without a thorough physical examination, a title insurance company will not issue a policy of title insurance without doing a thorough title search.

The estate or interest in the property.

3 The vesting of the estate or interest.

4 The exceptions (liens, encumbrances and defects) affecting the particular vested interest.

The state of Oklahoma requires an Abstract of Title, or “abstract” for short, which reflects the various documents in the chain of title without giving any determination as to the

5 The requirement that must be met by the seller in order to convey clear and marketable title under Oklahoma law.

title’s condition.

The results of this search are complied into a Commitment for Title Insurance. It reflects the conditions under which a title company is willing to issue a policy of title insurance.

How is a title search performed? > In order to trace a property’s chain of title , an abstractor searches the records of the county

recorder, county treasurer, and other government agencies to locate any and all documents which might affect the title to a given property. Only a duly bonded and licensed abstractor who holds a “Certificate of Authority” may provide an abstract. The abstract is then “certified” and delivered to an attorney who is licensed to practice law in Oklahoma and approved by the title insurance company.

• Caution

Because of the length of time it takes for us to receive notice from the banks on NSF and returned items—regardless of the information shown here— when disbursing funds from escrow based on a deposit of a personal check, if 10 days has not elapsed since the funds were deposited, telephone verification from the customer’s bank that the check has paid is required. Money Orders: Be extremely cautious when receiving money orders as they are known to be easily altered.

The attorney will review the abstract and provide his “opinion of title”. Based upon the abstract and attorney’s opinion, the title company will issue a “Commitment” for title insurance to the buyer and the lender.

• “On-Us” (First American Title) Checks

Next-day availability is dependent on the check being drawn against the same bank or branch as our own depository bank, and both are located in the same state or check processing region. Disbursement availability will be dependent upon County administration, escrow administration or legal department discretion.

• Local Checks (Processing Region)

A check is considered “Local” when it is drawn against a bank located in the same processing region as our depository bank. In Arizona, any ABA number beginning with a 12 (i.e., 1210, 1211) or 32 (i.e., 3221, 3222) is in our processing region.

The Escrow & Title Insurance Process

What Is An Escrow?

Basic Steps of an Escrow As the Escrow Agent, First American Title impartially completes the following duties:

An escrow is a depository for all monies, instructions and documents necessary for the purchase of your home. An escrow company is a neutral third party that holds legal documents and funds and distributes them according to the buyer and seller instructions found in your contract and lenders instructions. In addition, the escrow company orders a commitment for title insurance. A commitment includes the legal description of the land and the ownership interest of the property based on a search of public records on a city, county, state and federal level. This commitment is also a reminder to issue a title insurance policy based on the exceptions set forth in the report and satisfaction of requirements to convey a clear and marketable title. A title insurance policy protects a real estate owner or lender against any loss or damage they might experience because of claims of ownership, improperly recorded documents, fraud, forgery, liens, encroachments, easements and other items specified in the actual policy. Different levels of coverage are available and should be discussed with your escrow office or real estate agent. Once a title policy is issued, if for some reason any claim which is covered under your policy is ever filed against your property, First American will pay the legal fees involved in defense of your rights, as well as any covered loss arising from a valid claim. This protection, which in effect as long as you or your heirs own the property, is yours for a one-time premium.

• Serves as a neutral third party and liaison among all parties involved. • Requests a Commitment for Title Insurance to determine the status of the title to the property. • Requests a payoff demand from lenders when the seller is paying off debts. • Receives demands, termite and certain other inspections. • Verifies terms with buyers’ and sellers’ real estate professionals. • Receives buyers’ loan documents and homeowners insurance. • Prepares most remaining documents and homeowners insurance. • Pro-rates taxes related to the property as required by the contract. • Receives closing instructions, documents, buyer’s funds and reviews file to determine that all conditions have been met. • Receives funds from buyer and verifies any checks deposited to escrow account. • Requests loan funds from buyers lender.

For more information on title insurance, visit www.firstam.com

• Records the deed and any other documents. • Prepares HUD-1 Settlement Statement. • Disburses funds as authorized by the homeowners, including charges for title insurance, recording fees, real estate commissions and loan payoffs. • Causes the title insurance policy to be issued for buyer and lender if a lender has been used.

U nders t a nd i n g

Commitment for Title Insurance

T i t le Insur a nce

A commitment for Title Insurance is a signed and dated formal report which sets out in detail the condition of title on a particular parcel of land. It may only be used by a duly licensed title insurance agent who is also an abstractor or attorney.

W h at i s T itle I n s urance ? Title Insurance provides coverage for certain losses due to defects in the title that occurred prior to your ownership. The Seller can give only those rights that previously have been received with “good title”. Title insurance protects against defects such as prior fraud or forgery that might go undetected until after closing and possibly jeopardize your ownership and investment.

What to look for in your Commitment for Title -O wner’s Name: Are the names the same as shown on the Purchase Agreement?

W h y T itle I n s urance i s N ee d e d Title insurance assures the Buyers that they are acquiring marketable title from the Seller. It is designed to eliminate risk or loss caused by defects in title from the past. Title insurance protects the interest of the mortgage lender as well as the equity of the Buyer for as long as they or their heirs have any interest in the property.

-T ype of Estate or Interest: Fee title or other (leasehold or Equitable) -P rinted Exceptions: Current taxes, supplemental taxes (due to recent reassessment), lien for future supplemental taxes, sale to State for unpaid delinquent taxes/bonds.

W h en i s t h e premium d ue ?

-E asements: Understand the type of location of all easements.

It is a one-time premium which is paid at the close of escrow. It is customary for the Buyer to pay for the Owner’s Policy. If there is a new loan, the Buyer pays for the Lender’s Policy. The policy has a perpetual term and provides coverage for as long as you are in a position to suffer a loss.

-C ovenants, Conditions and Restrictions: Declaration by owners of any subdivisions prior to sale describing property restrictions and agreements affecting said property and future owner’s.

D o all title c o mpanie s o ffer t h e s ame pr o tecti o n ?

-M ortgages: All existing loans against the property of the existence of any paid-off loans which have not yet been reconveyed of record.

Any standard American Land Title Association (ALTA) policy covers the same basic items. However, First American Title’s EAGLE policy combines the easyto-understand Plain Language Policy with additional coverages, including coverage for events happening after the policy date. Some examples:

-N otice of Pendency: Alerts all parties of an existing foreclosure proceeding. -S tate or Federal tax liens, judgements, bankruptcy or other court proceedings affecting the seller and/ or property.

- Post-policy Encroachment. The owner has been in his home for several years when a neighbor builds a patio cover on the property. We’ll provide legal defense.

-L egal Description: A method of geographically identifying a parcel of land, by lot and block or meets and bounds. First American Title also discloses assessors parcel number.

- Post-policy Forgery. Someone forges the homeowners name on a mortgage. We’ll provide legal defense. - Building Permit Violation. A room added prior to the closing date did not receive a city permit, and the new homeowner is being forced to remove the structure. We’ll pay for the removal, per policy limits. - Automatic Inflation Coverage of 150%, a 10% increase in the policy amount for each of the first five years.

Compare o ur 1. 2. 3. 4.

Eagle Policy

Someone else owns an interest in your title A document is not properly signed Forgery, fraud, duress in the chain of title Defective recording of any document

5. There are restrictive covenants 6.

There is a lien on your title because there is:

a) Mortgage

b) a judgement, tax, or special assessment

c) a charge by a homeownerâ&#x20AC;&#x2122;s association

7. 8. 9.

Title is unmarketable Mechanics lien protection Forced removal of a structure because it:

a) extends on another property and/or easement

b) violates a restriction in Schedule B

c) violates an existing zoning law*

10. 11.

Available to investors on 1 to 4 unit residential properties Cannot use the land for a single-family residence because the use violates a restriction in Schedule B or a zoning ordinance

Pays rent for substitute land or facilities 13. Unrecorded lien by a homeowners association 14. Unrecorded easements 15. Rights under unrecorded leases 16. Plain language statements of policy coverage and restrictions 17. Building permit violations* 18. Land was improperly subdivided 19. Restrictive covenant violations 20. Post policy forgery protection 21. Post policy encroachment protection 22. Post policy Living Trust coverage 23. Enhanced access - vehicular and pedestrian 24. Post policy inflation coverage with automatic increase in value up to 150% over five years 25. Post Policy protection against adverse possession 26. Post policy protection from a cloud on title 27. Post policy protection from a prescriptive easement 28. Protection from covenant violation resulting in your title reverting to a previous owner 29. Coverage for boundary wall or fence encroachment* 30. Added ownership coverage leads to enhanced marketability 31. Protection from violation of building setback regulations 32. Protection from discriminatory covenants 33. Insurance coverage for a lifetime 34. Your deed was not propery filed, recorded or indexed in the public records 35. Prior invalid transfer because of bankruptcy or creditorsâ&#x20AC;&#x2122; rights laws 36. Expanded claims coverage if company is unsuccessful in establishing title

cov e r e d r i sks

12.

a) policy amount increases by 10%

b) you may have your loss determined at the date of your claim or at the date of settlement

37. Living Trust Coverage protects post-policy transfer to Trustee and Beneficiaries. * Deductible and maximum limits apply

All coverages are subject to special exceptions set forth in Schedule B of the policy.

EAGLE

ALTA R

p p p p p p p p p p p

p p p p p. p p p p p p

p p p

p p p p

p p p p p p p p p p p p p p p p p p p p p p p p p p p

p p p p p

closing costs: who pays what THIS CHART INDICATES WHO CUSTOMARILY PAYS WHAT COSTS

cash

fha

conv

buyer buyer buyer buyer 1. Downpayment SELLER SELLER SELLER SELLER 2. Existing Loan Payoff 3. Special Assessments prorateD prorateD prorated prorated 4. County Taxes prorated prorated prorated prorated 5. Current HOA Payment prorated prorated prorated prorated 6. Realtor’s Commissions SELLER SELLER SELLER SELLER buyer buyer buyer 7. New Loan Origination Fee buyer buyer buyer 8. Discount Points buyer buyer buyer 9. Appraisal buyer buyer buyer 10. Credit Report buyer SELLER buyer 11. Document Preparation Fee SELLER SELLER buyer 12. Tax Service buyer SELLER buyer 13. Processing buyer SELLER buyer 14. Underwriting buyer buyer buyer 15. Prepaid Interest buyer buyer buyer 16. FHA MIP, VA Funding Fee, PMI buyer buyer buyer buyer 17. Fire/Hazard Insurance buyer buyer buyer buyer 18. Flood Insurance buyer buyer buyer 19. Escrow Impounds (taxes & insurance) SPLIT SPLIT SELLER SPLIT 20. Closing/Settlement Fee SELLER SELLER SELLER SELLER 21. Abstract buyer buyer buyer buyer 22. Title Examination buyer buyer buyer buyer 23. Title Insurance (Lender & Owner) buyer buyer buyer buyer 24. Title Insurance - Final Report buyer buyer buyer buyer 25. Record Deed/Mtg/Mtg Tax/Mtg Cert SELLER SELLER SELLER SELLER 26. Record Release of Mortgage buyer buyer buyer buyer 27. Lenders Title Policy and Endorsements SELLER SELLER SELLER SELLER 28. Documentary Stamp Tax SPLIT SPLIT SELLER SPLIT 29. Courier/Express Mail SPLIT SPLIT SELLER SPLIT 30. Wire Fees buyer buyer SELLER buyer 31. Pest Inspection buyer buyer buyer buyer 32. Property Inspection SELLER SELLER SELLER SELLER 33. Property Repairs (if any) SELLER buyer SELLER buyer 34. HOA/Disclosure Fee buyer buyer buyer buyer 35. Next Month’s HOA Payment 36. Home Warranty (per contract)

Note: Prorated items will appear on Closing Statement as charges for one and credits for the other. All unpaid taxes that are due at closing are paid by seller through the closing.

a d d i t i o n a l

Title t h r e a t s

There are many title issues that could cause you to lose your property or your mortgage investment. Even the most careful search of public records may not disclose the most dangerous threat: hidden risks. These issues may not be uncovered until years later. Without title insurance from a reputable and financially solvent company, your title could be worthless. With the proper insurance, your rights will be defended in court. Here are some of the issues that occur most frequently.

• Deeds by persons supposedly single, but secretly married • Deeds delivered after death of grantor/grantee, without consent of grantor • Deeds in lieu of foreclosure given under duress • Marital rights of spouse purportedly, but not legally, divorced • Impersonation of the true owner of the land • Deeds by minors • Deeds by persons of unsound mind • Deeds to or from defunct corporations • Defective acknowledgements by notaries • Discovery or will of apparent intestate • Duress in execution of instruments • Erroneous reports furnished by tax officials • Forged deeds, releases, etc. • Misrepresentation of will • Mistakes in recording legal documents • Surviving children omitted from will • Administration of estate of persons absent but not deceased • Birth or adoption of children after date of will • Claims of creditors against property sold by heirs or devisees • Deed of community property recited to be separate property • Deeds by foreign parties

A home warranty is an insurance policy that covers a variety of mechanical, electrical, and plumbing items, as well as some appliances, inside the home. Optional coverage is available for more expensive systems such as air conditioners, refrigerators, pools and spas. The Seller may purchase a home warranty plan prior to selling to protect against repairs needed during the listing period, and the Buyer may be able to assume the policy at the close of escrow. Or the Seller may offer to purchase a home warranty policy for the Buyer. Offering a home warranty plan may provide these benefits:

a home

warranty

> Increase the marketablity of your home by reassuring potential Buyers. > Help sell your home faster and at a higher price. > Ward off potential disputes after the sale for repair and/or replacement of covered items. Most home warranty plans can be paid for at the close of escrow. A copy of the invoice is presented to First American Title, and it becomes part of the Seller’s closing costs.

terms

you

should

know

> Adjustable rate mortgage (arm). A mortgage with an interest rate that changes over time in line with movements with the index. > adjustment period. The length of time between interest rate changes on an ARM. For example, a loan with an adjustment period of one year is called a one year ARM which means that the interest rate can chance once a year.

> Amortized Loan. A loan that is completely paid off, “interest and principal”, by a series of regular payments that are equal or nearly equal. Also called a Level of Payments Loan.

> Amendment. A change—either to alter, add to, or correct—part of an agreement without changing the principal idea or essence. > Appraisal. An estimate of value of property resulting from analysis of facts about the property; an opinion of value. > Appreciation. an increase in the value of real estate. >A ssumption of Mortgage. A buyer’s agreement to assume the liability under an existing note that is secured by a mortgage or deed of trust. The lender must approve the buyer in order to assume the loan.

> Balloon Payment. The final payment of a mortgage loan when it is larger than the regular payment. It usually extinguishes the note. > Beneficiary. The recipient of benefits, often from a deed of trust; usually the lender. > Cap. The limit on how much an interest rate or monthly payment. >C apital Gains. The taxable profit derived from the sale of a capital asset. It is the difference between the sale price and the basis of the property, after making appropriate adjustments for closing costs, fixing-up expenses, capital improvements, allowable depreciation, etc.

> certificate of reasonable value (CRV). A document that establishes the maximum value and loan amount for a VA guaranteed loan. > CC&r’s. Covenants, Conditions and Restrictions. A document that controls the use requirements and restrictions of a property. >C lose of Escrow. The date the documents are recorded and title passes from Seller to Buyer. On this date, the Buyer becomes the legal owner, and title insurance becomes effective.

>C losing Statement. The final disclosure statement that accounts for all of the funds received and expected at the closing of the escrow, including deposits for taxes, hazard insurance and mortgage insurance.

>C loud on Title. A claim, encumbrance, or condition that impairs the title to real property until disproved or eliminated through such means as a quitclaim deed or a quiet title legal action.

> Comparable Sales. Sales that have similar characteristics as the subject property, used for analysis in the appraisal. Commonly called “comps.” 19

> Condominium. A system of individual fee ownership of units combined with joint ownership of common areas of the structure and land. >C ontract for deed. A contract ordinarily used in connection with the sale of a property in cases where the seller does not wish to convey title until all or a certain part of the purchase price is paid by the buyer.

> Conveyance. An instrument in writing, such as a deed or trust deed, used to transfer (convey) title to property from one person to another. > Deed of Trust. An instrument used in many states in place of a mortgage. > Deed Restrictions. Limitations in the deed to a property that dictate certain uses that may or may not be made of the property. >D ue on Sale Clause. An acceleration clause that requires full payment of a mortgage or deed of trust when the secured property changes ownership. > Earnest Money Deposit. Down payment made by a purchaser of real estate as evidence of good faith; a deposit or partial payment. > Easement. A right, privilege or interest limited to a specific purpose that one party has in the land of another. >F ederal National Mortgage Association. Popularly knows as Fannie Mae. A privately owned corporation created by Congress to support the secondary mortgage market. It purchases and sells residential mortgage insured by FHA or guaranteed by VA, as well as conventional home mortgages.

> Hazard Insurance. Real estate insurance protecting against fire, some natural causes, vandalism, etc., depending upon the policy. Buyer often adds liability insurance and extended-coverage for personal property.

>H ome inspection report. A qualified inspector’s report on a property’s overall condition. The report usually covers an evaluation of both the structure and mechanical systems.

> Impounds. A trust type of account established by lenders for the accumulation of borrower’s funds to meet periodic payments of taxes, mortgage insurance premiums and/or future insurance policy premiums, required to protect their security.

> Index. The measure of interest rate changes used to determine adjustments in an ARM’s interest rate over the term of the loan. > Legal Description. A description of land recognized by law, based on government surveys, spelling out the exact boundaries of the entire piece of land. It should so thoroughly identify a parcel of land that it cannot be confused with any other.

> Lien. A legal hold or claim on property as security for a debt or charge. > Loan Commitment. A written promise to make a loan for a specified amount on specific terms. > loan to value ratio. The relationship between the amount of the appraised value of the property, expressed as a percentage of the appraised value. > Margin. The number of percentage points the lender adds to the index rate to calculate the ARM interest at each adjustment. > Mortgage. The instrument by which real property is pledged as security for repayment of a loan. > negative Amortization. This occurs when monthly payments fail to cover the interest costs. The interest not covered is added to the unpaid principal balance so that even after several payments you could owe more than you did at the beginning of the loan.

> Origination Fee. A fee or charge for establishing a new loan. > PITI. A payment that combines Principal, Interest, Taxes and Insurance. > Point. An amount equal to 1% of the principal amount of the investment or note. The lender assesses loan discount points at closing to increase the yield on the mortgage to a position competitive with other types of investments.

> Power of Attorney. A written instrument whereby a principal gives authority to an agent. The agent acting under such a grant is sometimes called an “Attorney-in-Fact.”

> Prepayment Penalty. A fee charged to the mortgagor who pays a loan before it is due. > Private Mortgage Insurance. Insurance written by a private company protecting the lender against loss if the borrower defaults on the mortgage. > Purchase agreement. A written document in which the purchaser agrees to buy certain real estate and the seller agrees to sell under certain terms and conditions. Also called a sales contract.

> Quitclaim Deed. A deed operating as a release, intending to pass any title, interest, or claim which the grantor may have in the property, but not containing any warranty of a valid interest or title by the grantor.

> Realtor. A real estate broker or associate active in a local real estate board affiliated with the National Association of Realtors. > Recording. Filing documents affecting real property with the County Recorder as a matter of public record. > Title Insurance Policy. An insurance policy which protects the purchaser, mortgagee or other party against liens or encumbrances against their property. > Warranty Deed. A real estate oriented document used to convey fee title to real property from the grantor (usually the Seller) to the grantee (usually the Buyer).

move

planning

your About 2 months before you move

1 week left

R• Research your new city through the Chamber of Commerce or, if a computer is available to you, through many of the online websites.

R• Start cleaning closets and storage areas and decide what goes with

you, what goes to a charitable organization or garage sale, and what goes in the trash.

R• Talk with your accountant or an IRS advisor about any moving expenses that might be tax deductible and require records.

Get rid of all flammable products, paint, gasoline, etc.

Contact your local trash collector about proper disposal.

Gather odds and ends: dry cleaning, safe deposit box items, prescriptions, anything you’ve loaned.

Return library books, rented videos, anything borrowed.

R Drain gas and oil from equipment you’re shipping, such as lawn mowers, gas weed trimmers, etc.

Contact moving companies (and the Better Business Bureau) for services and estimates.

R Start a list of everyone you want to notify about your move.

A couple of days

Keep it handy because names will pop into your mind unexpectedly. Along with friends and relatives, include schools, doctors, dentists, creditors, attorney, accountant, broker, and any recurring services such as maid, lawn, exterminator, water softener, diaper, internet provider, magazine subscriptions, etc.

Give away plants you’re not taking.

R Defrost the refrigerator and freezer. R

Write out clear instructions—sketch a map, too, if you can—of your new home, and include your itinerary and emergency numbers. Keep a copy yourself, and give copies to the moving company and your family or friends.

1 month out R

Notify the post office of the move, and pick up a supply of change of address cards.

If possible, open bank accounts at the new location now so your checks can be printed, and you won’t have to rely on temporary checks which are not accepted everywhere.

Complete packing. Be sure to set aside the items you want to take with you so the mover doesn’t accidentally load them onto the truck.

Pack local phone books. You’ll be glad you did.

Check with the utility companies to verify connect and disconnect dates after escrow closes.

Get serious about cleaning out the house; start accumulating boxes and begin packing. Hold a garage sale.

Contact your insurance companies (health, auto, homeowners, renters) and discuss coverage at the new location.

Contact your Realtor® and verify when and where keys to your new home will be available.

Pick up beverages and snacks for moving day.

R Disconnect major appliances.

Contact utility companies and arrange to disconnect/ connect at your current home and at your new home.

R Driving? Flying? How will you, your family, your pets, your plants,

the big day

extra cars, get to the new city? Arrange for that now.

Take pets to your veterinarian for check up and regular immunizations before the trip.

If you can’t be there when the movers arrive, arrange for someone to meet them.

weeks before

Contact your bank about closing your existing accounts when you move.

If you’re driving your car, have it serviced.

Find out what you need to do to transfer records for doctors, dentists, veterinarians, etc. Be sure to get permanent records from schools, not copies. Get prescriptions for new pharmacies.

Check the movers’ bill of lading and inventory carefully before signing. Keep papers with you in a safe place.

Make one last trip through the house, double-checking closets, drawers and cabinets. Lock the windows.

Leave the garage remote control for the new owners.

Turn off all the lights, close and lock the door, and leave the keys as prearranged with your Realtor® or new owner.

good luck, and enjoy your new home! 21

notes

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notes