Independence Title is built on a conviction that a local title company focused on innovation and the unique needs of Texas communities would succeed. And so we have. With 70-plus locations statewide, we handle transactions in 53 counties around all four Texas Metro areas and beyond, and are supported by every major underwriter in the nation. Our top decision-makers remain local, and we take pride in delivering service that is both personal and professional. As an industry leader in information resources, education, and technology tools, Independence Title has guided hundreds of thousands of Texans in staking their flag on the Texas land they call their own.
Let Independence Title be part of your Texas history.
Dedicated Team of experts
From the talented escrow teams and title examiners who process your transaction, to all the employees behind the scenes, we understand that your transaction is personal to you. And it’s personal to us.
Our staff includes industry leaders in navigating federal and state regulations, branding, web development, business technologies, research, and training.
Our in-house Legal Team is on top of the latest changes in laws and best practices, and is ready to help with special challenges.
Our team is backed with cutting edge technology resources, including apps to help you find us, transfer earnest money, estimate transaction costs, and more.
Who’s Who Professionals involved in your transaction
Realtor®
A licensed real estate agent who is a member of the National Association of REALTORS®, a real estate trade association. REALTORS® also belong to their state and local associations of REALTORS®.
Listing Agent
The listing agent or broker forms a relationship with the homeowner to sell the property and place the property in the Multiple Listing Service.
Buyer's Agent
A key role of the buyer’s agent or broker is to work with the buyer to locate a suitable property and negotiate the home purchase.
Escrow Officer
An escrow officer facilitates your closing, including coordination of document preparation, recording, and disbursements. An Escrow Officer acts as a neutral third party and is there to serve both the buyer and seller in the transaction.
Appraiser
Before you can get a loan, the bank will have an appraiser look at the home and decide if it’s really worth the money you’re planning to spend. Many homeowners hire their own appraisers to make sure they’re getting the best value.
Mortgage Broker or Lender
When financing your home, you can use a mortgage broker—who shops multiple lenders for the best loan—or go directly to a lender like a bank or credit union. The process often begins with a loan preapproval, which helps set your budget and strengthens your offer.
Inspector
The inspector looks at the foundation, roof, attic, walls, ceilings, windows, doors, and any attached decks or porches. They will also inspect the electrical, heating, air conditioning, and plumbing.
Surveyor
If you are using a loan in transaction, you are usually required to have a survey performed on your property by a licensed surveyor for the State of Texas. The survey will show the boundary of the property as well as all permanent structures located on the property.
LOCATE A REALTOR ®
Shop for an agent that will advocate for you during the entire home selling process while taking the time to discover your goals, objectives, and concerns.
PRICING
Your agent will offer a pricing strategy based on professional judgment and interpretation of current market conditions.
PREPARE
Your agent will help with decluttering while advising on home repairs, upgrades and staging recommendations.
SHOWINGS
Your agent will manage and coordinate all showing requests while also hosting Open Houses to gain more exposure.
LISTING
Your agent will place your home on the agent-only database (MLS) and craft a thoughtful, compelling property description to capture buyers' attention.
PHOTOS
Your agent will hire a professional real estate photographer to represent the beauty of your home as best as possible.
OFFERS
Your agent will qualify potential buyers and negotiate offers on your behalf.
UNDER CONTRACT
Once the contract is executed by both parties it is submitted to the title company.
INSPECTION
The buyer will arrange a home inspection to check for signs of structural damage and necessary repairs.
TRANSACTION FUNDING
Lender wires funds to escrow. Escrow pays all the parties listed on settlement statement and records documents with county clerk. Time to celebrate!
CLOSING
You will close at your title company or via a notary. Your agent will attend the closing to ensure all of your interests are protected.
TITLE
Title Examiner will conduct a title search and issues Title Commitment. Escrow team prepares Closing Disclosure (CD) for lender review.
Who’s Responsible?
Payoff of Existing Loan(s)
Prorated Taxes
Escrow Fee
Courier Fee
Tax Certificate
Document Preparation
Recording Fee(s)
Termite Inspection (VA Loan Only)
Talk to your Realtor and your Independence Title Escrow Officer about the details of your specific transaction.
Property Inspections
Termite Inspection
Prorated Taxes
Escrow Fee
Document Preparation
Courier Fee
Hazard Insurance
* Loan Origination Fee
* Loan Title Policy and Endorsements
* Appraisal
* Credit Report
* Prepaid Interest
* Recording Fee(s)
* Initial Deposit for Escrow Account (if applicable)
* Mortgage Insurance Premium (if applicable)
VA Funding Fee (if applicable)
* These costs are associated with a mortgage loan and do not apply to cash purchases. Talk to your lender about all fees applicable to your specific transaction.
HOA Resale Certificate
HOA Transfer Fees
Home Warranty
Owner's Title Policy & Endorsements
Realtor Commissions Repairs Survey
These items are negotiable on the promulgated Texas Real Estate Sales Contract. Talk to your Realtor about the best strategies for your situation.
Real estate transactions are a big deal – big money, and big complexities, even with a transaction that seems straightforward. A Realtor represents your best interests, and handles all this and more:
Researching the local market and specific neighborhood to make sure sellers and buyers are getting their best price, accounting for property condition, location, and many fine details based on expert comparisons with other recent sales and listings.
Realtors are experts on the promulgated contract forms that account for every aspect of the transaction, including property legal descriptions, down payments, option fees, surveys, tax prorations, title policies, exclusions, and much more.
For Sellers, Realtors guide you strategically in staging and preparing your property for sale, provide security for you and your property by limiting access to qualified buyers, help you understand and properly navigate contract and disclosure obligations, and advertise your property across a wide network of other agents and potential buyers.
For Buyers, Realtors are the experts on school districts, neighborhoods, and changing property values over time. They have access to multiple resources to find homes for sale, and work with proven professional property inspectors, mortgage lenders, title insurance companies, and others that work together to get you to and through the closing table.
And Realtors manage the complicated negotiations around pricing, option periods, repairs, lender requirements, interest rates, parties that do not live up to their obligations, plus all the personal dynamics of working with other people, including emotions, family needs, illness, heirs, finances, relationships forming or breaking apart – all the circumstances that can influence the process.
The bo line?
You will likely buy or sell real estate only a few times in your lifetime, but Realtors manage multiple transact ons e ery year. er ence atters. nter ew ult l ealtors. re t e est fit or you.
Guide to Multiple Off Negotiations
Information for Sellers
• It’s possible you may be faced with multiple competing offers to purchase your property. Your listing agent can explain various negotiating strategies for you to consider. For example, you can accept the “best” offer; you can inform all potential purchasers that other offers are “on the table” and invite them to make their “best” offer; you can “counter” one offer while putting the other offers to the side awaiting a decision on your counter-offer; or you can “counter” one offer and reject the others.
• If you have questions about the possibility of multiple offers and the way they can be dealt with, ask your listing broker to explain your options and alternatives.
• Realize that each of these approaches has advantages and disadvantages. Patience may result in an even better offer being received; inviting buyers to make their “best” offers may produce an offer (or offers) better than those “on the table” – or may discourage buyers who feel they’ve already made a fair offer resulting in them breaking off negotiations to pursue other properties. Your listing agent will explain the pros and cons of these strategies (and possibly other) negotiating strategies. The decisions, however, are yours to make.
• Appreciate that your listing broker’s advice is based on past experience and is no guarantee about how any particular buyer will act (or react) in a specific situation.
Information for Buyers and Sellers
• Perhaps no situation facing buyers or sellers is more potentially frustrating or fraught with potential for misunderstanding and for missed opportunity than presenting and negotiating multiple, competing offers to purchase the same property. Consider the following issues and dynamics:
• Sellers want to get the highest price and best terms for their property.
• Buyers want to buy at the lowest price and on the most favorable terms.
• Listing brokers – acting on behalf of sellers – represent sellers’ interests.
• Buyer representatives represent the interests of their buyer-clients.
• Will a seller disclosing information about one buyer’s offer make a second buyer more likely to make a full price offer? Or will that second buyer pursue a different property?
• Will telling several buyers that each is being given a chance to make their “best offer” result in spirited competition for the seller’s property? Or will it result in the buyers looking elsewhere?
• What’s fair? What’s honest? Why isn’t there a single, simple way to deal with multiple competing offers?
• Knowledgeable buyers and sellers realize there are rarely simple answers to complex situations. But some fundamental principles can make negotiating multiple offers a little simpler.
• Realize the listing broker represents the seller – and the seller’s interests, and the buyer-representative represents the buyer – and the buyer’s interests. Real estate professionals are subject to state real estate regulation and, if they are REALTORS®, to the Code of Ethics of the National Association of REALTORS®.
Contract Receipted
Escrow Department Opens Order
Title Department Received Order
Escrow Team Coordinates Transaction All Agree to Close!
Commitment for Title Insurance is Issued Examiner Researches Property
Closer Receives Instructions Preparation of Documents
Title C mitments
Afrom to D
The ABC’s of a Title Commitment
Here’s a quick and basic overview of the four schedules of the Commitment for Title Insurance. In general, a title commitment is a commitment by the title company to insure the property and issue a title policy if conditions in the commitment are met.
lease contact your scrow ficer w t any uest ons a out a art cular t tle co t ent or transact on.
A
“A” is for “Actual
Facts”
In other words, this is the “Who, What, Where and How Much” of the transaction. You’ll see the names of the seller and buyer, the types of policies to be issued, a description of the property, the sales price, and the name of the lender if any.
“B”
is for “Buyer Noti cation”
“C” is for “Clear to Close”
From areas where other parties have some interest or control of the use of property. An example would be a utility easement, where the city would have a part of the land reserved for their use, or a building setback requirement that prevents the homeowner from building within a certain distance from the front of the property. These items are not covered.
BCD
“D” is for
“Disclosure”
These items must be resolved in order to insure title to the new owner. This would include such things as a mortgage to be paid off, marital status, home improvement liens, unpaid taxes, or a requirement that another person - such as an heir or a former spouseparticipate in the sale of the property.
This last section outlines all parties who will collect any part of the insurance premium, including underwriters, title agents and attorneys.
It is important to get and maintain your property in the finest possible condition to impress buyers, agents, appraisers, and inspectors. Use this handy Interior and Exterior checklist to identify areas of your home which need work before you put it on the market.
Attic
❏ Check underside of roof for leaks, stains, or dampness
❏ Look around chimney for condensation or signs of water
❏ Clean and clear ventilation openings if necessary
❏ Clean out stored junk
❏ Have it professionally sprayed for insects
Walls and Ceilings
❏ Check condition of paint and wallpaper
❏ Repair cracks, holes, or damage to plaster or drywall
❏ Clean off fingerprints, smudges, grease, and dirt
❏ Put on a couple coats of a neutral colored paint if necessary
Windows and Doors
❏ Check for smooth operation
❏ Replace broken or cracked panes
❏ Repair glazing
❏ Check condition of weather stripping and caulking
❏ Examine paint
❏ Test doorbell or chimes
❏ Test burglar alarms
❏ Clean windows to let in as much light as possible; clean window sills, tracks, blinds, and valances
❏ Eliminate squeaking and creaking
Floors
❏ Inspect for creaking boards, loose, missing, or cracked tiles and worn areas
❏ Check baseboards and moldings
❏ Test the staircases for loose handrails or posts, worn tread, carpet, and creaks
❏ Correct any issues with carpet including stains, over stretching and hanging threads
Bathrooms
❏ Check tile joints, grouting, and caulking
❏ Remove mildew and mold
❏ Repair leaking faucets and shower heads
❏ Check the condition of painted or wallpapered walls
❏ Test operation of toilet and faucets
❏ Ensure chrome sparkles and all fixtures look as new as possible
Kitchen
❏ Clean and polish all appliances
❏ Clean ventilator or exhaust fan on stove
❏ Remove accumulation of grease or dust from tiles, walls, floors
❏ Organize cabinets and refrigerator
❏ Remove dangerous items such as knives which may be at a child’s height on center island or counters
Electrical System
❏ Check exposed wiring and outlets for signs of wear or damage
❏ Repair and test switches and outlets
❏ Have a professional electrician label each switch in the circuit breaker box
Plumbing System
❏ Check water pressure when faucets in bathroom(s) and kitchen are turned on
❏ Look for leaks at faucets, sink traps, and valves
❏ Clear slow-running or clogged drains
Heating and Cooling Systems
❏ Change or clean furnace and air conditioning filters
❏ Have equipment serviced if needed
❏ Clear and clean areas around heating and cooling equipment
Roof and Gutters
❏ Inspect flashing around roof stacks, vents, skylights, and chimneys
❏ Clear obstructions from vents, louvers, and chimneys
❏ Check fascias and soffits for decay and peeling paint
❏ Inspect chimney for any loose or missing mortar
Exterior Walls
❏ Check masonry walls for cracks and damage
❏ Replace loose or missing caulk
❏ Repair drywall cracks and chips
Driveway
❏ Repair concrete or blacktop if necessary
❏ Clean grease or stains
❏ Remove grass or weeds growing from driveway seams
❏ Park in the garage if possible, leaving a clear driveway at all times
Garage
❏ Lubricate hinges and other hardware on your garage door
❏ Inspect doors and windows for any peeling paint
❏ Check condition of glazing around all windows
❏ Test electrical outlets
❏ Test garage door opener for smooth and quiet operation
❏ Clean and organize garage storage areas
❏ Remove dangerous tools from levels a child may reach
❏ Have the area professionally sprayed for insects
Foundation
❏ Check walls, steps, retaining walls, walkways, and patios for cracks, heaving, or crumbling
Yard
❏ Mow lawn, re-seed/re-rock or sod if necessary
❏ Trim hedges, prune trees and shrubs
❏ Weed and mulch flower beds
❏ Ensure watering times are correct, adjust sprinklers which spray onto walkways
Inside
• Home should be spotless, especially bathrooms and the kitchen. Carpets cleaned, tile floors spotless with cleaned grout. Windows need to be clean. Home should not have any bad smells, and no overwhelming “good smells”.
• Remove clutter, including stacks of magazines and books. Tidy up shelves packed with lots of small items, and overstuffed closets and cabinets. These things all make the home seem smaller and lacking in storage.
• Dirty beat up walls should be given a fresh coat of paint.
• Remove most or all personal photos.
• Master bedroom should be gender neutral.
• Kitchen counters should be free from unnecessary objects. Magnets, notes, and pictures removed from the refrigerator door.
• Rearrange or remove some of the furniture in each room to make the room seem larger. No furniture OR too much furniture makes a room seem small. Find the perfect balance.
• If the home is older, updating certain items goes a long way. Paint an aged fire screen. Use throw pillows to add color and style to a room. One awesome piece of art can update an entire room.
• Have all the lights including lamps on during showings. Play soft music.
Outside
• Move garbage cans, wood, building materials, etc. into the garage.
• Check gutters and make sure they are clean and in good repair.
• Prune bushes and trees. Keep plants from blocking windows,
• Weed and mulch planting areas. Remove dead plants or shrubs. Lawn mowed, edged, and in good health.
• Patios and decks should be clear of all small items.
• Check paint on outside of house. Repaint if necessary. Power-washing might be all that is needed for both the house and the driveway.
Here are some of the principal reasons to obtain and review a survey:
• To determine whether improvements (buildings, driveways, fences, utility lines, etc.) intended to be located on your property encroach into a neighbor’s property, or vice versa.
• To mark the boundaries on the ground, so they are clear to observers standing on or near the property.
• To provide the evidence needed by the title insurer to delete certain standard exceptions to coverage and thereby provide “extended coverage” against o -record title matters (including matters that would abe revealed by an accurate survey).
When to Use an Existing Survey
The TREC (Texas Real Estate Commission) Contract was revised several years ago giving the option to sellers and buyers to use existing surveys when appropriate. Per the TREC contract, not only does the buyer have to accept the survey, but lenders and title companies must also a ro e an acce t t. ur ey a fi a ts ass st n researc and review. However, the best information comes from those who have been on the property, particularly prospective buyers and their REALTORS®.
To avoid costly delays, the following guidelines for using an existing survey are provided:
• Survey should be completely legible. It must have the ro erty a ress co lete legal escr t on oo cert ficat on an t e sur eyor s s gnature an seal on the drawing.
• ur ey ust re ect all er anent ro e ents t at are currently on the property, including pools, fences, spas, decks, and additional square footage. If the sellers have added permanent structures that are not shown on the survey, it is important to identify new improvements such as a pool, gazebo, fence, etc. when signing the sur ey a fi a t. s not fies all art es t at t e sur ey provided is not an accurate rendering of the property as of the current date.
Almost always it is advisable to forego using an existing survey if improvements have been built since the time the initial survey work was performed. When an incorrect survey is delivered to the buyer and their agent, a new one should be requested. The title company and lender must be informed of the need for a new survey.
When to Obtain a New Survey
It is recommended that a purchaser obtain a new survey if one or more of the following conditions exist:
• sur ey s ows t at all s gn ficant ro e ents currently located on the property do not exist or cannot be found.
• Surveys exist only for portions of the property, but the property as a whole exists of two or more parcels that are not platted and that are described by “metes an oun s suc t at w t out a sur eyor s interpretation of the legal descriptions, one cannot be certain of whether the parcels are contiguous, or whether there might exist a “gap” between, or overlap of, property boundaries.
Even when one or more of the foregoing conditions are present, a survey might not be necessary, and the purchaser might wish to bear the risk of proceeding without a survey; unless required by the lender.
What to Pack, What to Ask, and What to Say for a Smooth Closing.
Congratulations on getting to the finish line! Here are a few tips to help make your closing experience smooth and free of surprises.
Identification
Bring complete identification to closing, including any person signing with a Power of Attorney. To comply with federal and state security, banking, and notary laws, you must bring valid (not expired!) government-issued identification (i.e., Driver’s License or Passport).
If Your Transaction is Linked to Another Closing ...
For example, if you’re selling and using the proceeds on a purchase later that day, or you’re buying with proceeds from a closing that happened earlier— let your escrow officer know as soon as possible to coordinate all the moving parts better.
Changes to Marital Status
Alert your escrow officer if there are any changes to your marital status since signing the contract, ideally before sitting down at the closing table. If a party to the contract is using a Power of Attorney (someone else will sign for them), ensure the title company has the original executed document at or prior to closing. Also, the title company is legally required to contact the person granting a power of attorney on the day of closing – make sure this person is available and expecting the call!
“Good Funds”
For any monies due over $1500, plan to bring “good funds” to the closing table, in other words, a wire transfer or cashier‘s check (note that a bank “ACH” transfer is different from a wire transfer and can cause lengthy delays).
Funds Delivery
Buyers should also confirm how the lender will deliver funds (usually via check or wire transfer) and work with their agent to clarify expectations with the seller. Bear in mind that a wire transfer from the lender will typically allow the title company to wire out the proceeds to the seller as soon as funding approval is received, assuming the seller’s proceeds are not more than the amount of funds received in via wire. A cashier’s check must be honored or “collected” by the bank before any funds may be sent out via a wire, which could delay one to three business days. Buyers and sellers should communicate (with the help of their agents) before closing to clarify expectations.
Moving can be overwhelming, but a checklist can help keep you focused. By keeping you organized and breaking tasks into manageable steps, it can help prevent an upcoming move from becoming a stressful disaster!
From updating addresses to scheduling movers, the checklist acts as a visual roadmap, ensuring no detail is missed.
The Basics
Review your relocation package if you have one, and determine what expenses will be paid by your company.
Start a log of moving expense receipts (some may be tax deductible).
Get written estimates from moving companies, including their written commitment of pickup and delivery dates. Get references. Check the limits of insurance they offer, and if it covers replacement cost. Purchase additional insurance if necessary.
Arrange for storage facility, if you plan to store any contents. Check insurance. Arrange transport service for pets or automobiles if needed.
Contact your bank and arrange transfer of your accounts; order checks with new address; clean out your safety deposit box.
u t c ange o a ress or s to t e ost o fice mail postcards to friends & creditors.
Give day-care center proper notice of withdrawal.
Contact schools and arrange for transfer of student records.
Contact your doctors for medical records and possible referrals to new physicians.
Change your insurance policies on property, auto and medical.
rgan e all ortant ocu ents n a fire sa e o . Some things you want to include are school records, home purchase/sale papers, will, marriage/divorce a ers et ocu ents financ al recor s stoc cert ficates soc al secur ty car s rt cert ficates and passports.
Give notice of resignation to any clubs, organizations or volunteer activities you belong to.
Cancel newspaper subscriptions.
Arrange for hotels, rental cars or temporary housing as needed.
Two
Weeks
Before the Move
Two Weeks Before the Move
Take a ruthless walk-through to determine what you really want to take. Tag the rest of it and hold a garage sale or donate it.
Clean out club, gym and school lockers; pick up all dry cleaning.
Arrange for the disconnection or changeover to your new home of all utilities.
One Week Before the Move
Make an inventory list of all items going with you personally. Keep valuable and irreplaceable items such as jewelry and heirlooms with you, not movers.
Confirm arrangements and dates with moving & storage companies.
Confirm hotel, rental car or temporary housing accommodations.
Disassemble furniture or others items.
Be sure to check yard and sheds for all items to pack.
Two Days Before the Move
Clean and defrost refrigerator and freezer.
Reconcile and close bank accounts, unless you will be using another branch of the same bank.
Moving Day
Confirm delivery address, directions and delivery date with the movers.
Carefully supervise the move. Make sure boxes are clearly marked and your instructions are understood.
Clean the home and check entire grounds before leaving.
On Arrival
Check to make sure all utilities are on and working.
Let family members or friends know you have arrived safely. Check in with your employer & real estate agent to confirm itineraries.
Supervise moving crew on-location.
Have measurements taken of the rooms in your new residence and use floorplans to determine where everything will go.
Begin packing less-used items. Label each box, and keep an inventory.
Retrieve and return all borrowed items from neighbors & friends.
Clean out the cupboards & plan remaining meals so you can pack what you don't need, and don't buy any more perishables than you have to.
Inform all friends & relatives of your forwarding address. If your phone service won't be instantaneous, arrange for a temporary voice mailbox.
Social Security benefit recipients should change their address with the Social Security Administration.
Notify the IRS of your new address. Check whether your moving expenses are tax-deductible.
Take pictures of furniture or get fabric samples for anything you will want to reference for color or decorating before your goods are delivered to your new home.
Set aside a box of cleaning supplies and a vaccuum cleaner.
Conclude financial matters relating to the sale or lease of your home.
Movers or your family should complete packing of all household goods for the move. Make sure are boxes are clearly marked.
Check thermostat and make sure temperature is set appropriately. Make sure all windows/doors are closed and locked, and all appliances are turned off. Leave forwarding address, garage door openers & any keys, if agreed to, for the new owners or renters.
If your home is going to be vacant when you leave, make sure a relative, neighbor or real estate agent has the keys and how to contact you. Also, notify your insurance agent and police department that the home will be empty.
Give the kids a job to do - let them start on their rooms. Usually, the kitchen and the kids rooms are the best to set up first, as it helps them feel at home.
Go over the Bill of Lading from the moving company very carefully before signing; check for damaged items first, as this is usually binding once signed.
Moving can be stressful for anyone, but it’s also stressful for our furry friends. Pets have an instinctive fear of new surroundings, but as pet owners we can help them adjust quickly with careful planning and preparation. Here are some tips to help create a more pleasant experience for our pet companion(s).
Pre Move
Update Tag and microchips with new contact information. Make sure new collars fit snugly.
Get Vet Records and any prescriptions from your current vet so you can transfer them to your pet's new doctor.
During Move
Pack Essentials such as medications, food, and toys. Make sure they are easy accessible.
Secure In Crate or consider boarding your pet for the day to keep them safe.
Po Move
Find A New Vet immediately so you know where to go for emergencies.
Lay Out Essentials before unpacking your own things. This will give them some familiarity in their new home
Take Time Packing, so as not to stress out you or your pet. Bring moving boxes in early to help them adjust to change.
Regular Rest Stops will help prevent accidents in the car. If traveling long distance research pet-friendly hotels in advance.
Start Your Routine so your pet can feel comfortable in their new home quickly.
Title T ms
If real estate lingo tends to make your eyes glaze over, know that you’re not alone. For many people, the terminology used during the process of buying or selling a home might as well be an alien language.
Here’s a list of title terms to know for when you establish first contact with your agent or closer...
Appraisal
An estimate of the value of a property resulting from an analysis of facts about the property.
Chain of Title
The history of recorded ownership transfers for a property. Title companies review this to confirm ownership transfers over time.
Closing Statement
A document provided at the end of the transaction that shows all costs, credits, and payments for both buyer and seller. Common versions include the Closing Disclosure (CD) for most financed transactions, the HUD-1 Settlement Statement for most cash or non-residential deals, and/or the ALTA Settlement Statement, which title companies often use for a standardized breakdown of closing costs.
Cloud on Title
An issue, error, or claim that creates uncertainty about who legally owns the property. Common examples include unreleased liens, name discrepancies, or filing mistakes.
Comparable Sales (“Comps”)
Sales with similar characteristics to the subject property, used for analysis in the appraisal.
Deed
The legal document that transfers ownership of a property from one person or entity to another. It includes the names of the parties, consideration, and a legal description of the property.
Deed of Trust
A document used to secure a loan with real estate as collateral. It involves the borrower, lender, and a third-party trustee who acts on behalf of the lender in the event of a foreclosure.
Deed Restrictions
Rules recorded in the deed that limit how a property can be used, such as restrictions on home design, fences, or business activity. These restrictions remain with the property through future sales.
Easement
A right to use another person's real estate for a specific purpose. The most common type of easement is the right to travel over another person's land, known as a right of way. In addition, property owners commonly grant easements for the placement of utility poles, utility trenches, water lines or sewer lines.
Earnest Money
A deposit made by the buyer to show serious intent to purchase. The contract instructs the parties on how it is delivered, and in most cases, it is held by the title company and applied to the final purchase price. If the buyer defaults, the seller may have the right to keep it.
Escrow
A neutral process in which the title company holds funds and documents until all contract conditions are met. Escrow ensures no money or property changes hands until everything is ready to close. In Texas, escrow services are usually handled by the title company.
Legal Description
A formal description of the property’s exact location and boundaries. It appears in the deed and is different from a street address. Depending on the type of property, different methods are used to create a legal description and include survey maps, metes and bounds descriptions, plats and condominium declarations.
Lien
A legal claim against a property for unpaid debts like taxes, mortgages, or contractor services. All liens must be resolved before ownership can be transferred.
Mortgage
The instrument by which real property is pledged as security for repayment of a loan.
Option Money
A non-refundable fee paid by the buyer for the right to terminate the contract during the option period. The contract instructs the parties how it must be delivered and receipted, and is typically credited toward the sales price if the deal closes
PITI
A payment that combines Principal, Interest, Taxes, and Insurance.
Power of Attorney
A written authorization by a person to another person to act for him on his behalf.
Recording
Filling documents affecting real property with the County Recorder as a matter of public record.
Survey
A map prepared by a licensed surveyor that shows property boundaries, structures, fences, and easements, along with any existing improvements. A survey is often required by lenders or title companies to confirm that there are no boundary or encroachment issues, so that the requested title insurance coverage can be applied to a title insurance policy.
Title
The legal right to own, use, and transfer a property. It shows who has legal ownership and must be free of issues or claims before a sale can be finalized.
Title Commitment
A preliminary report from the title company that outlines what will be covered under the title insurance policy, including any exceptions, and issues that must be resolved before closing.
Title Insurance Policy
A one-time insurance policy issued at closing that provides coverage to the buyer and/or lender from financial loss due to past issues with ownership, liens, or legal defects not found during the title search. The title insurance policy is a contract between the insured and the underwriter.
Our Pledge To You
We at Independence Title join together to bring respect, integrity, creativity and enjoyment to all our efforts and relationships. We are honored to be part of helping so many realize the dream of home ownership, start businesses, and invest in their future. And we are committed to giving back to the communities we serve.
Locations in Austin, DFW, Houston, and San Antonio
