Gabriel Roybal - Buyer's Presentation

GABRIEL STAYED ON TOP OF THE PROCESS FROM START TO FINISH. IF WE HAD QUESTIONS HE GOT THE ANSWERS WE NEEDED IN A TIMELY MANNER. HE WAS PROFESSIONAL AND HE CARED TO GET THE JOB DONE. HE WENT TO BAT FOR US AND WAS ALWAYS WILLING TO GET WHAT WE NEEDED.

- STEVEN, GM OF REDROCK CANYON GRILL WORKING WITH GABRIEL WAS AN ABSOLUTE BLAST! HE WAS CONSTANTLY ON THE LOOK FOR HOMES THAT FIT MY FIANCÉ AND I’S TASTE/BUDGET, AS WELL AS AVAILABLE FOR US WHEN WE NEEDED HIM TO ANSWER QUESTIONS OR GIVE AN HONEST AND RESPECTFUL OPINION. SCHEDULING TIMES TO VIEW HOMES, WHETHER IT BE OPEN HOUSES OR PRIVATE VIEWINGS, WAS EASY AND HE ALWAYS MADE SURE TO WORK IT OUT TO FIT OUR SCHEDULES. IN THE END, WE PURCHASED A HOME THAT WE HAD SEEN LESS THAN 24 HOURS PRIOR TO PUTTING IN AN OFFER, GABRIEL WORKED HIS MAGIC, AND GOT US THE DEAL OF A LIFETIME! (AND BY MAGIC...I MEAN MAGIC! WE VIEWED THE HOME, MADE AN OFFER, COUNTERED, ACCEPTED, COMPLETED PAPERWORK, AND CLOSED ON THE HOME ALL WITHIN 5 WEEKS!)I WOULD HIGHLY RECOMMEND WORKING WITH GABRIEL AS HE IS A RESPECTABLE REALTOR AND AN EVEN BETTER FRIEND.

GABRIEL ROYBAL REALTOR-ASSOCIATE® | CHINOWTH & COHEN

918.900.3258

gabrielroybalhomes.com

groybal@cctulsa.com

GRTulsaHomes all_around_tulsa

Gabriel is a full-service licensed Realtor & member of Tiffany Johnson Homes Team, a $50 million dollar producing team with a Top 100 Tulsa Realtor recognition. Born & raised in Albuquerque, New Mexico, Gabriel made the move to Oklahoma in 2012. With skills in cultivating lasting relationships & a strong work ethic, Gabriel happily joined Chinowth & Cohen Realtors in 2018. Having vast knowledge of Tulsa & its surrounding areas, Gabriel specializes in Residential Sales however, Tiffany Johnson Homes Team is ready to assist in any and all of your real estate needs.

“Choosing C&C was an easy choice in that we share the same passion for people along with personal & communal growth.”

WHEN WE FOUND THE HOUSE WE LOVED, WE WEREN’T EVEN TRYING TO BUY A HOUSE AT THE TIME. I CALLED UP GABRIEL AND ASKED IF IT WOULD BE POSSIBLE TO GET AN OFFER WRITTEN UP IN SUCH SHORT NOTICE, AND HE MADE IT HAPPEN. IN LESS THAN 24 HOURS OF FIRST CONTACTING GABRIEL, HE HAD AN OFFER TURNED IN. AFTER LOSING THAT HOUSE, HE MADE IT HIS TOP PRIORITY TO FIND US A NEW HOME WITHIN A WEEK, AND HE MADE THAT HAPPEN. HE WAS EASY TO COMMUNICATE WITH, HAD A FLEXIBLE SCHEDULE, AND ALWAYS MADE US FEEL LIKE WE WERE HIS ONLY CLIENT. LOOKING BACK IT WAS A MIRACLE THAT IT ALL HAPPENED THE WAY IT DID, AND GABRIEL WAS A BIG PART OF THAT. THANK YOU, GABRIEL FOR BEING AN AMAZING REALTOR AND A GREAT FRIEND!

- JAKE R.

GABE WAS VERY PROFESSIONAL AND UNDERSTANDING WITH LAYING OUT THE PROCESS AND HOW TO NAVIGATE IT. HE IS A VERY COURTEOUS AND KNOWLEDGEABLE OF PROCESS FROM START TO FINISH.

-LLOYD R

GABE DID A PHENOMENAL JOB GETTING MY HOUSE SOLD QUICKLY! WE HAD MULTIPLE OFFERS OVER ASKING PRICE. GABE AND HIS TEAM GO ABOVE AND BEYOND AND MAKE THE SELLING PROCESS VERY EASY. I HAVE SOLD SEVERAL PROPERTIES WITH THEM AND YOU WON’T FIND ANYONE BETTER!

-BLAKE B.

WHEN WE ACCEPTED OUT OF STATE JOB OFFERS WE KNEW SELLING OUR HOME WOULD NEED TO HAPPEN QUICKLY. GABE WASTED NO TIME AND JUMPED IN RIGHT AWAY BY PROVIDING SOME MUCH NEEDED INFORMATION ON HOW TO SELL OUR HOME IN THE MOST EFFECTIVE WAY AND HOW TO GET THE BEST PRICE. HE ANSWERED ALL OF OUR QUESTIONS AND THEN SOME. EVERY STEP OF THE WAY HE BASICALLY HELD OUR HAND BECAUSE WE HAD NO IDEA WHAT WE WERE DOING. WITHOUT HIM THE DEAL WOULD’VE FALLEN APART MULTIPLE TIMES. HE AND HIS TEAM DO EXCELLENT WORK. THEY SOLD OUR HOUSE IN TWO DAYS! WE’RE SO THANKFUL FOR THEIR DEDICATION AND EXPERTISE.

-COREY O.

THE NAME FRIENDS RECOMMEND!

Tiffany Johnson Homes Team consists of a carefully selected team of Realtors to ensure the best real estate transaction for their clients including; Buyers, Sellers, Builders & Investors. The Team’s communication and technology is unmatched, providing Buyers & Sellers the ease of signing contracts & offers from their own home. Specializing in helping Seller’s prepare their home for the market, Tiffany Johnson Homes will provide a “pre-listing to do list” to ensure the home will be showing its best. And after carefully analyzing the market’s financial information with and without the Sellers, Tiffany Johnson Homes Team will help educate their Sellers in their choice of a starting list price, that is most effective for the Tulsa market.

Tiffany Johnson Homes Team works with a variety of Buyers. From First Time Homes Buyers (FHA), Investment Buyers, Conventional Buyers, to 203k & Native American Buyers. The Team is well versed and can coach you through the toughest situations. We strive to move quick and with a “strike while the iron is hot” mentality. It is easy to get the process started. Give Gabriel Roybal a Call/Text today at 918.900.3258 to make your first move, towards a new home, or selling your home. We look forward to hearing from you!

• Strategic, “Outside the Box” Marketing

Comparative Market Analysis for your home

• Complete dedication and understanding of clients wants and needs

Life-long Oklahoman with knowledge of the city

• Competitive to get the job done to satisfaction

Tulsa’s List of Top 100 Realtors

• Member of Luxury Real Estate’s Board of Regents

Readily available for you

Certified New Home Specialist

• Residential Construction Certified

As a Buyer, You Don’t Pay Any Realtor® Commission Fees!

The seller has already paid for your Realtor®, so you don’t have to! Realtors are here to help, so use one! Moving is stressful enough on families, let the professional do the work for you! First step is to find a good agent who will work hard for you and your family. Don’t let someone pressure you into using them. Your house is one of your biggest investments. You need to have a Realtor® that you trust, one that fits your personality.

Advantages of Using a REALTOR®

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®

MANY MORE HOME CHOICES

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® Networking with other realtors to find out about upcoming listings is part of the service provided.

A NUMBER OF TRANSACTIONS “FALL OUT”

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.

KNOWLEDGE OF NEW HOME SUBDIVISIONS

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, as well as ensuring your interests are out first.

IT’S A MAJOR INVESTMENT

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?

HELP WITH FSBO’S

If you consider a “For Sale By Owner,” take your REALTOR® along to help negotiate the contract.

LESS LIABILITY

You may have more protection from legal and financial liability, especially as real estate transactions become more complicated.

THE PAPERWORK

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

Buyer Services

YOUR REALTOR PUTS YOU FIRST, ALWAYS

Real Estate is a commission-only world, however, they know when they lead with integrity and do what is best for the client above all else, you’ll send every friend, family member, and co-worker their way, which is worth so much more!

CUSTOM PROPERTY SEARCH

Zillow, Realtor.com, and other home sites are great resources for the public to find listings for sale, however, your realtor can provide you with more accurate and detailed information on properties from the Multiple Listings Service (MLS) that is only available to Realtors. In a hot market, it’s imperative that you take advantage of a custom search from your realtor to ensure you’re one of the first to know about new properties hitting the market.

ANY LISTING, EVEN IF IT’S FOR SALE BY OWNER

If a home is for sale, your realtor can help! Whether it’s their listing, one of their competitor’s listings, or even a property that is not listed with a Realtor, your realtor is more than happy to schedule all showings for you, furnish market data, assist you in making an offer, and provide strategic negotiation tips.

FROM START TO FINISH

From pre-qualification with a trusted lender, to scheduling all showings and inspections, to finalizing the closing, your realtor coordinates each step of the home-buying process for you.

5 Factors That Decide Your Credit Score

1. PAYMENT HISTORY Do you pay your debts on time?

2. AMOUNT OF DEBT Less is best.

3. CREDIT HISTORY The longer the better.

4. AMOUNT OF NEW CREDIT New credit is considered more risky!

5. TYPES OF CREDIT i.e. installment loans, credit cards, and a mortgage.

Credit scores range between 200 and 800. Scores above 640 are considered desirable for obtaining a mortgage. For more on evaluating and understanding your credit score, go to www.myfico.com.

CREDIT DO’S

• Pay your mortgage or rent payments on time

• Stay current on all outstanding accounts

• Continue working for the same employer

• Stay with your current insurance company

• Notify your Lender immediately if any situation arises that could possibly affect your income, assets, or credit

CREDIT DON’TS

• Don’t switch bank accounts

• Don’t transfer balances between accounts

• Don’t increase the balance of any credit cards

• Don’t consolidate debt, including credit card debt

• Don’t close any accounts, including credit card accounts

LOAN APPLICATION CHECKLIST

• Last 30 days paystub

• Copy of last 2 years’ W-2s and tax returns

• Most recent 2 month’s checking and savings account statements

• Name of homeowner’s insurance company

• Letter explaining derogatory credit or bankruptcy (if applicable)

• Copy of Divorce Decree and Property Settlement (if applicable)

• Don’t apply for ANY credit (new vehicle, furniture, appliances, etc)

• Don’t change your job, employer, the way you are paid, or become self-employed

• Don’t pay off charge-off or collection accounts before consulting with your lender

• Don’t make large deposits without the ability to document the source of the funds

Tips on Buying in a Tight Market

Increase your chances of getting your dream house instead of losing it to another buyer with these easy steps.

1. Get prequalified for a mortgage. You’ll be able to make a firm commitment to buy and make your offer more desirable to the seller.

2. Stay in close touch with your real estate associate to find out first about new listings that come on the market, and be ready to go see a house as soon as it goes on the market.

3. Scout out new listings yourself. Look at Internet sites, newspaper ads, and drive by the neighborhood frequently. Maybe you’ll see a brand-new “for sale” sign before anyone else. If you do, call me immediately.

4. Be ready to make a decision. Spend lots of time in advance deciding what you must have so you won’t be unsure when you have the chance to make an offer. (See your wish list and must-haves attached in this packet.)

5. Bid competitively. You may not want to start out offering the absolute highest price you can afford, but make your offer reflect how much you want this home. Don’t try to go too low to get a deal. In a tight market, you’ll lose out.

6. Keep contingencies to a minimum. Restrictions, such as needing to sell your home before you move or wanting to delay the closing until a certain date, can make your offer unappealing. In a tight market, you’ll probably be able to sell your house rapidly. Another option, talk to your lender about getting a bridge loan to cover both mortgages for a short period.

7. Don’t get caught in a buying frenzy. Just because there’s competition doesn’t mean you shouldn’t just buy anything. Even though you may want to make sure your offer is attractive, don’t just neglect inspections

FIND A REALTOR to represent your interests in the transaction. Communication is key. We will be a team, when you have a need or concern please tell me. I will assist you in purchasing a home: for sale by owner, marketed by a realty company, new construction...

FULL LOAN APPROVAL from a mortgage banker. Most sellers are requiring a pre-approval letter from a lender before looking at an offer on their home. Getting fully approved puts you ahead of the game. (Have a copy emailed to me.) Your loan officer will let you know how much you qualify for and can give you a good idea of payments, closing costs, and other expenses you can expect along the way.

LET’S GO SHOPPING!! Now that you know how much you want to spend, we can work together to find the perfect home for you. Don’t forget your checkbook! (Yes, you will need it for earnest money.

MAKING AN OFFER? Once you have found a home you love you will want to put an offer in. I will look up the comps in the area and disclosure for the property. Then we will want to sit down and discuss the details of your offer: purchase price, financing option or cash, earnest money amount, close date, additional items to be left on premise, things to be removed, home warranty, contingencies, any other requirements or items to be paid by the seller.

EARNEST MONEY is a check or money order that is given to secure the property. It is only cashed once an agreement has been reached by both parties. It is held in an escrow account until closing. At closing it will go towards to purchase of the home. You can lose this earnest money if you do something outside of the confines of the contract so remember when your Realtor, the closer or lender ask you for information or decisions, you need to respond as quickly as possible. If there is a reason you can’t respond, then you need to discuss with us so we can help or do an extension if necessary/doable to protect you.

NEGOTIATIONS: Once the offer is submitted, the seller can do one of three things: accept the offer as is, counter offer, or reject the offer. Here is where I come in handy...

What To Expect When Purchasing a Home

INSPECTION: Now that you are under contract, your time period to do inspections begins. I will assist in scheduling the inspections to fit your schedule. Most homes have minor faults, it does not mean they are uninhabitable. You need to be aware of any issues you can take care of on your own and what if any you would like to ask that the seller be responsible for taking care of before closing. (Note: during this time your financing must get locked in and appraisal ordered.)

REPAIR REQUEST: You have a specified amount of time to request any repairs. You must submit in writing all repair requests to the sellers. The sellers will then do one of three things: they will sign off on all requested repairs, counter offer on the repairs, or they will refuse to do the repairs.

RE-INSPECTION: This may be done by the inspector for a fee or by yourself, unless specified by your lender. (ie: sometimes you must pay an appraiser to come out to re-inspect a required repair.)

CLOSING: Have the funds wired to the title company for the amount specified by your lender. When you get the encrypted email call me or your closer, to make sure it goes to the right place. Get ready to sign a stack of papers... Once they are all signed and the funding has come through...

CONGRATULATIONS!!! You are the proud new owner of a home!!!

Go to open houses, enjoy looking, and I can get information on any house you like!

Just remember to tell the agents at the open house as soon as you walk in that you are working with me and write my information down at opens, not yours. That way the Realtors can contact me for feedback and will not bug you.

Pieces of Money You Need to Know About

EARNEST MONEY

Earnest money is a check written at time of offer that proves to a seller you’re serious about the purchase. Earnest money is held in escrow until closing and then applied towards the purchase. Earnest money usually ranges from $500–$5,000 depending on the price of the home.

INSPECTION MONEY

It’s your right to choose any inspector you dream qualified, even if that’s your Uncle Billy Bob. If you don’t already have an inspector in mind, I will recommend and even schedule on your behalf a group of highly skilled, experienced, and licensed inspectors that put your best interest first. Inspections typically occur in the first 7–10 days after having a fully executed contract and can range from $250–$1,500 depending on the home’s features (pool, septic, chimney, etc) and depending on how in depth you want to go.

APPRAISAL MONEY

If a mortgage is involved, your lender must order an appraisal to ensure the house is worth the amount it’s lending. This typically costs between $450–$650 and is paid directly to your lender within the first five days of the contract period.

Home Warranties

WHAT IS A HOME WARRANTY?

A service contract that covers the repair or replacement of important home system components and appliances that break down over time. That means whether it’s you’re A/C unit burning up in the summer, your heater failing in the winter or any number of other covered systems and appliances calling it quits, you and your family will have one less thing to worry about.

WHY IS A WARRANTY RECOMMENDED?

Breakdowns are inevitable—home system components and appliances simply wear out over time. Unlike most homeowners insurance, a home warranty plan protects your budget by covering an unexpected repair or replacement of crucial items when they stop working due to normal wear and tear, saving you money in the long run. Think of it like this…

HOMEOWNERS INSURANCE COVERS THINGS THAT MIGHT HAPPEN

Fire damage, Hail and Wind damage. Theft & Vandalism

HOME WARRANTY COVERS THINGS THAT WILL HAPPEN

Breakdowns of HVAC systems, Water Heater, Oven, Dishwasher, Plumbing & More

WITHOUT A HOME WARRANTY

Repair or replacement of key home systems and appliances can be expensive. Talk with me about the average cost of a home warranty and strategies for including one in the contract so that you’re protected from unexpected problems in your first year of home ownership.

Inspection

1. EMP (Electrical, Mechanical, Plumbing)

2. Roof

3. Structural

4. Drainage

5. Termite & Wood Rot

6. Additional Inspections (i.e. Spetic, Pool & Spa, Crawl Space)

Be sure to inform me if you want any of these additional inspections preformed since they are an additional cost and may even require different inspectors to be scheduled. It is also important to note that the inspection only covers the main dwelling, therefore shops, detached garages, pool house, and other structures are not included unless specifically requested and an additional fee will likely be applied.

ARE ALL INSPECTIONS THE SAME?

No! Picking an experienced and thorough inspector is crucial. It’s also important to note that ONLY structural engineers can make structural recommendations. Beware of general home inspectors claiming to do structural inspections. In the state of Oklahoma they are not licensed to suggest remedies and will typically refer you to an engineer if there is something of concern which might end up costing you more in the long run.

Talk with me about trusted partners to help service your home inspections needs.

What Are Closing Costs?

Closing costs are fees associated at the closing of a real estate transaction when the title of the property is transferred from the seller to the buyer. Closing costs typically range from 3–6% of the purchase price and are incurred by both parties. Here are some common closing costs:

• A fee for running your credit report.

• A loan origination fee, which lenders charge for processing the loan paperwork for you.

• Attorney fees.

• Discount points, which are fees you pay in exchange for a lower interest rate.

• Survey fee, which covers the cost of verifying property lines.

• Title search fees, which pay for a background check on the title to make sure there aren’t things such as unpaid mortgages or liens on the property.

• Title insurance, which protects the buyer and lender in case the title isn’t clean. (If combo isn’t purchased)

• Escrow deposit, which pays a couple of months of property taxes, homeowner insurance, and private mortgage insurance.

• Prorations for your share of the homeowners’ association fees.

• Recording fee, which is paid to the county in exchange for recording the new land records.

Lenders are required by law to give you a Loan Estimate, which will include what the closing costs on your home should be. At least three business days before closing, the lender will give you a Closing Disclosure statement, which outlines exact closing fees. This Closing Disclosure statement must be signed by the buyer the same day it is issued to avoid a delay in closing.

12 Moving Tips

1. If possible, move on a weekday while banks, utility companies, and government offices are open.

2. Use sheets, blankets, and towels to separate pictures, dishes, and other fragile objects. This cuts down on space and moving supplies. Socks can be slipped around the wine glasses to help pad the delicate stems.

3. Instead of wrapping each plate in newspaper or costly bubble wrap, alternate the real plates with Styrofoam disposable plates and—voila! Instant padding. Genius right?

4. Packing plates vertically, rather than flat stacked.

5. Mark each box with its contents and destination room so that you an your helpers will know where each box belongs at your new pad.

6. Fill two “OPEN ME FIRST” boxes containing snacks, instant coffee, tea bags, soap, toilet paper, toothpaste and brushes, medicine and toiletry items, a flashlight, tool kit, paper plates, cups, utensils, paper towels, and any other items you cannot live without.

7. Break out the garbage bags and pull one bag up around a cluster of your hanging clothes, then tie the open end by the hangers.

8. Have suitcases on wheels? Use them for packing heavy things like books.

9. Take pictures of which TV cable goes to which input on the different components, or how certain knick-knacks are displayed on the bookshelves to serve as an unpacking guide. Photos may also protect your goods for insurance purposes should anything get damaged in the move.

10. In the new home, resist the temptation to pile box in the garage, attic, or back closet, with a promise to get to them later. If a boxful of stuff is so unnecessary that a year could pass without needing the contents, maybe it’s time to ditch the contents before the move. Otherwise, you risk forgetting where you put important things, or end up parking the car outside all winter.

11. The desire to relax is strong. The coffee table pushed up against the sofa looks so inviting, but those boxes aren’t going to unpack themselves. Resist the urge to derail your momentum. Otherwise, those boxes will just stand over your head. Unpack the TV last, sink deeply into that comfy couch, and revel in the knowledge of a well-done moving job any pro would envy.

12. If moving locally, arrange for your pets to stay with a friend or family member as animals can become confused and frightened during the move.

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 for a more efficient closing

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

• 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.

The 4 C’s

COORDINATE

of

a title company

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

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

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

A ROADMAP TO A ROADMAP TO

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.

CLOSING

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

Funding Authorization 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