Elite Title Services

An ELITE way to close Elite Title Services was founded in 2012 and now has four locations in South Tulsa, Midtown Tulsa, Owasso, and Oklahoma City with a statewide staff of 30 closers, escrow assistants, legal staff, administrative assistants and more.

Why ELITE? •

Local and Family Owned – We act quickly when there are changes or potential obstacles to allow

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Closing Experience – Our Closers have an average of 24+ years of experience

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for a more efficient closing

Multiple Contacts for your File – Closing teams include an Escrow Officer, Sr Escrow Assistant, and Escrow Assistant

Statewide Closing Services – We provide closing services for real property located throughout the State of Oklahoma

Competitive Pricing – Our prices are equal to or less than many of our competitors Remote Closings – Offered, as needed, at the location of the client’s choice

Accommodation for Out-of-State Clients – We overnight documents for out-of-state clients

Experienced Legal Counsel - In-house attorneys to help with additional legal needs required for the transaction, such as easements, owner carry documents, title opinions, and more

Special Discounts - Teachers, Military (including Vets), and 1st Responders honored with a reduced fee

Elite Title Services uses SoftPro LIVE, a customized, secure communication tool for buyers, seller, agents, and lenders to track the status of a closing 24/7 and get notification updates of the closing process from ETS.

Midtown Tulsa 1441 East 41st St 918.551.6136

Oklahoma City 7550 N May Ave. Suite 200 405.286.7776

Owasso 13512 E 116th St N 918.376.4059

South Tulsa 5992 S Yale Ave 918.392.9700

ELITE fees

FIRST RESPONDER, MILITARY, TEACHER DISCOUNT

* Please note: This is not an inclusive fee sheet. Additional fees may apply based on title requirements.

Fee Descriptions Closing Fee – Fee to obtain lender documents, clear title requirements, and prepare settlement statement Abstracting – Compilation of public records relating to the real property prepared by and payable to the abstract company Document Preparation Fee - Preparation of documents necessary for closing, such as the deed and mortgage E-Filing Fee - Electronic filing fee payable to the county clerk for recording documents Final Title Search – Post-closing report evidencing documents filed from closing; required for title insurance Government Documentary Stamps - Documentary stamp tax (a/k/a transfer taxes) charged by the county upon filing of a deed Government Filing Fees - A fee charged by the county clerk to record documents in the land records Lender’s Title Insurance – Protects the lender’s interest in the real property and is based on the dollar amount borrowed Owner’s Title Insurance - Protects the owner’s financial interest in the real property related to a problem with the title Post-Closing and TI Prep - Recording, shipping, final audit of file, and creation of title insurance policy Survey or Mortgage Inspection Certificate – Surveyor’s fee to prepare Mortgage Inspection Certificate Title Binder Fee – Conversion of attorney examination notes into a commitment for title insurance Title Examination – An examination by an attorney of all documents contained in the abstract of title affecting title to the real property UCC - Search of the Oklahoma County Clerk records for UCC (Uniform Commercial Code) financing statements affecting the real property Wire Fee – An electronic transfer of funds *Please note, this is not an inclusive fee sheet. Additional Charges may apply depending on the title requirements. The descriptions listed above are very brief and shown only to help our clients understand the charges

A ROADMAP TO Fully Executed Contract Signed by all parties with Earnest Money check.

Contract Receipted Per contract, contract and Earnest Money deposited with title company.

Copies sent to all parties

Title Order Opened File number assigned.

Order sent to Abstractor

Abstractor Order received at plant, legal description checked, tax certificate ordered, and abstract located and brought up to date

Title Examination Attorney reviews abstract and issues a title commitment

Closing Title Office Title Commitment issued and sent to all parties. Payoff, survey, & HOA Resale Certificate ordered, if needed

Inspections & Repairs Inspection and repairs complete.

Buyer loan approved

CLOSING

Funding Authorization

Lender Prepares Buyer’s Closing Disclosure; issues final Buyer CD and closing documents to title company

Title Co. Prepares Seller’s Closing Disclosure and sends to the seller for review

Closing Day Buyer and Seller sign all closing documents and money is collected

Documents sent to lender for review.

All parties notified upon authorization to disburse and legal documents recorded

Final Title Report Ordered after closing from abstract company. This is required before a Title Policy can be issued.

Policy Department Title submits policy package of the pertinent documents.

Owner’s and Lender’s Title Policies are prepared and delivered

The 4 C’s of a title company COORDINATE

CURE

Working with all the parties (i.e. realtors, lenders, buyers, sellers, and other entities) of the transaction for a successful closing

Search and examination of titles to prepare a commitment for title insurance and cure any issues regarding the title to close transaction

CLOSING

COVERAGE

The closing of the transaction is the handling of all documents necessary to effect the transaction and disbursing the funds accordingly as escrow agent

The issuance of the title insurance policies to the buyer and any lender insuring the title as transacted

Terms to know

APPRAISAL: An estimate of value of property resulting from analysis of facts about the property; an opinion of value.

ASSUMPTION: Taking over another person’s financial obligation; taking title to a parcel of real property with the Buyer assuming liability for paying an existing note secured by a deed of trust against the real property.

BENEFICIARY: The recipient of benefits, often from a deed of trust; usually the lender.

CLOSE OF ESCROW: Generally 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.

COMPARABLE SALES: Sales that have similar characteristics as the subject real property, used for analysis in the appraisal. “Comps” DEED OF TRUST: An instrument used in many states in place of a mortgage.

DEED RESTRICTIONS: Limitations in the deed to a parcel of real property that dictate certain uses that may or may not be made of real property.

EARNEST MONEY DEPOSIT: Down payment made by a purchaser of real property as evidence of good faith EASEMENT: A right, privilege or interest limited to a specific purpose that one party has in the land of another.

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 LEGAL DESCRIPTION: A description of land recognized by law, based on government surveys, spelling out the exact boundaries of the entire parcel of land. It should so thoroughly identify a parcel of land that it cannot be confused with any other.

LIEN: A form of encumbrance that usually makes a specific parcel of real property the security for the payment of a debt or discharge of an obligation. For example, judgments, taxes, mortgages, deeds of trust.

PITI: A payment that combines Principal, Interest, Taxes, and Insurance.

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.”

PURCHASE AGREEMENT: The purchase contract between the Buyer and Seller. It is usually completed by the real estate agent and signed by the Buyer and Seller.

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.

RECORDING: Filing documents affecting real property with the County Recorder as a matter of public record.

WARRANTY DEED: A written instrument by which a party transfers ownership of real property to another.

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