FREQUENTLY ASKED QUESTIONS
ABOUT TITLE & REAL ESTATE CLOSINGS

Real estate transactions can involve a lot of unfamiliar terms, documents and deadlines. Concho Valley Title Company helps buyers, sellers, Realtors, lenders, investors and property owners better understand the title and closing process in San Angelo, Tom Green County and throughout Texas.

Below are answers to some of the most common questions about title insurance, escrow, title searches, real estate closings and Texas property transactions.

WHAT DOES A TITLE COMPANY DO?

What is a title company?

A title company helps facilitate real estate transactions by researching property ownership, identifying potential title issues, coordinating title insurance, handling escrow funds and assisting with the closing and settlement process. The title company helps bring together buyers, sellers, Realtors, lenders and other parties so the transaction can move toward closing.

Why is a title company important in a real estate transaction?

Real estate ownership can be affected by liens, unpaid taxes, recording errors, ownership disputes, prior claims and other issues. A title company researches the public record and helps identify matters that may need to be addressed before ownership transfers.

Who does the title company work for?

The title company acts as a neutral party in the transaction and works with the various parties involved, including buyers, sellers, Realtors, lenders, attorneys and others as needed to complete the title and closing process.

UNDERSTANDING TITLE INSURANCE IN TEXAS

What is title insurance?

Title insurance is designed to protect against certain covered problems involving ownership of real estate that may already exist at the time a property is purchased. Unlike many insurance policies that protect against future events, title insurance primarily addresses covered title issues connected to the property's past.

What can title insurance protect against?

Depending on the policy and circumstances, title insurance may provide protection against certain covered matters such as undisclosed liens, errors in public records, ownership claims, defects in prior deeds or other title problems.

What is the difference between an owner's policy and a lender's policy?

An owner's title insurance policy protects the property owner's interest in the real estate, subject to the terms and exclusions of the policy. A lender's title insurance policy protects the lender's financial interest in the property when financing is involved.

Do I have to buy title insurance?

Requirements can vary depending on the transaction and lender. A lender may require a lender's title policy when financing real estate. Buyers should review their transaction carefully and ask questions about the title coverage available to them.

WHAT HAPPENS AT A REAL ESTATE CLOSING?

What is a real estate closing?

A real estate closing is the final stage of a property transaction. During closing, the required documents are signed, funds are handled and the transfer of ownership is completed according to the terms of the transaction.

How long does a real estate closing take?

The amount of time needed for a closing depends on the transaction. Financing, title requirements, inspections, repairs, surveys, document preparation and other factors can all affect the timeline.

What should I bring to closing?

The exact requirements can vary, but parties are commonly asked to bring valid identification and any documents or information requested in advance. Your title company will let you know what is needed before closing.

How are closing funds handled?

Closing funds are generally collected and disbursed through the settlement process according to the terms of the transaction and applicable instructions. Because wire fraud is a serious concern in real estate transactions, always verify wiring instructions directly with your title company using a trusted phone number before sending funds.

QUESTIONS ABOUT ESCROW SERVICES

What is escrow?

Escrow generally refers to money, documents or other items being held by a neutral third party until the conditions of a transaction are satisfied. In real estate transactions, a title company may hold earnest money or other funds as part of the closing process.

What is earnest money?

Earnest money is money provided by a buyer in connection with a real estate contract as evidence of the buyer's intent to complete the transaction. The amount and handling of earnest money are determined by the contract and applicable requirements.

Does the title company hold earnest money?

In many transactions, the title company may serve as the escrow agent and hold earnest money according to the terms of the real estate contract.

WHAT IS A PROPERTY TITLE SEARCH?

What does a title search look for?

A title search reviews public records associated with a property. The purpose is to examine ownership history and identify matters such as liens, judgments, unpaid taxes, easements, restrictions or other recorded items that may affect title.

What happens if a title problem is found?

Some title matters can be resolved before closing, while others may require additional documentation, payoff information, corrective instruments or further review. The nature of the issue determines what may be required.

Can an old lien affect the sale of a property?

Yes. Certain liens and other recorded claims can affect a property's title and may need to be addressed before a real estate transaction can close.

COMMON QUESTIONS FROM HOME BUYERS & SELLERS

Can the buyer choose the title company?

The choice of title company can depend on the terms of the real estate contract and the parties involved. Buyers and sellers should review their contract and discuss any questions with their Realtor, attorney or other qualified professional.

What does the seller need to do before closing?

Sellers may need to provide information concerning existing loans, liens, marital status, ownership documents and other matters related to the property. The title company will request the information needed for the transaction.

When does the buyer receive the keys?

Possession and delivery of keys are governed by the real estate contract and the terms of the transaction. Buyers should confirm possession timing with their Realtor or closing professional.

DOES CONCHO VALLEY TITLE HANDLE RANCH & LAND CLOSINGS?

Can you handle acreage and ranch transactions?

Yes. Concho Valley Title can assist with transactions involving acreage, farms, ranches, recreational property, undeveloped land and other types of Texas real estate.

Are rural property transactions different from home closings?

They can be. Rural and ranch transactions may involve acreage descriptions, easements, access issues, mineral interests, surveys, agricultural considerations and other matters that may not arise in a typical residential subdivision transaction.

Do you handle undeveloped land?

Yes. Concho Valley Title can assist with title and closing services for undeveloped land transactions as well as residential, commercial, farm and ranch property.

WORKING WITH REAL ESTATE PROFESSIONALS

Does Concho Valley Title work with Realtors?

Yes. Concho Valley Title works with real estate professionals to coordinate title and closing services, communicate transaction requirements and help keep closings moving forward.

Do you work with mortgage lenders?

Yes. The title company regularly coordinates with lenders when a real estate transaction involves financing, including the preparation and handling of lender-required closing documents.

Can investors use Concho Valley Title?

Yes. Concho Valley Title can assist investors with residential, commercial, rental, land and other Texas real estate transactions.

LOCAL TITLE SERVICE WITH STATEWIDE CAPABILITY

Where is Concho Valley Title located?

Concho Valley Title Company is locally owned and operated in San Angelo, Texas, serving customers in Tom Green County and throughout the state.

Do you only handle San Angelo real estate transactions?

No. While Concho Valley Title is based in San Angelo and proudly serves the Concho Valley and West Texas, the company can provide title and settlement services for transactions in counties throughout Texas.

What kinds of property transactions do you handle?

Concho Valley Title can assist with residential homes, commercial property, investment property, acreage, farms, ranches, recreational property and undeveloped land.

TALK TO CONCHO VALLEY TITLE COMPANY.

Every real estate transaction is different. If you have questions about title insurance, escrow, a property title search or an upcoming real estate closing in San Angelo or anywhere in Texas, our team is here to help.