Lender Information
Introduction
From loaning purchase money to financing major commercial transactions to refinancing mortgage loans, lenders are the lifeblood of the real estate industry. We want lenders to know that our goal at First Texas Title is to provide you an efficient, quick closing. We occasionally work with other title companies, and we know how difficult they sometimes can be to work with. Our goal is to be different. And because of that, we are committed to providing you quick turnaround times on our title work, to provide title work that is accurate and error-free, and to be flexible and helpful in preparing for the real estate closing. We strive to assist you in preparing for closing and are happy to assist you with HUD-1 preparation and with your questions to complete the GFE and other required disclosures.
We are licensed to issue title insurance in Abilene, Texas, and other cities in Taylor and Callahan counties. However, we often handle closings on properties located throughout the state of Texas. And we provide thorough title examination in Abilene, Texas. If you need assistance with a closing in another county, we will be glad to close the transaction for you and to arrange for title insurance through a title company in the county where the property is located.
Our affiliate law firm, Bradshaw, McCall & Westbrook, PLLC, is also available to prepare any loan documents you require at closing. We are very experienced in preparing all types of loan documents, including simple short term notes, construction loan notes, loan agreements, mechanic’s liens, complex commercial deeds of trust, security agreements, assignments of rent, and financing statements.
Here is some basic information to get you started. Please contact us with any questions.
Fees
FIRST TEXAS TITLE COMPANY, LLC FEES
STANDARD SALE WITH A LOAN
Buyer’s Fees:
– Settlement Fee – $450
– Recording Fees – $130 (see note below regarding recording fees)
Seller’s Fees:
– Settlement Fee – $325
– Tax Certificates – $10 per tax account
– Recording Fees – $34.54 per lien release (see note below regarding recording fees)
– Document Preparation (payable to Bradshaw, McCall & Westbrook, PLLC) – $300 (includes $200 for deed and $100 per lien release)
REFINANCE
Borrower’s Fees:
– Settlement Fee – $475
– Tax Certificates – $10 per tax account
– Recording Fees – $100 plus $30 per lien release (see note below regarding recording fees)
– Document Preparation (payable to Bradshaw, McCall & Westbrook, PLLC) – $100 per lien release/transfer)
MOBILE HOME SALE WITH OR WITHOUT A LOAN
Buyer’s Fees:
– Settlement Fee – $605
– Recording Fees – $160 (see note below regarding recording fees)
– Statement of Ownership and Location Filing Fee with the State of Texas – $55
Seller’s Fees:
– Settlement Fee – $425
– Tax Certificates – $10 per tax account
– Recording Fees – $35 per lien release (see note below regarding recording fees)
– Document Preparation (payable to Bradshaw, McCall & Westbrook, PLLC) – $450 (includes $200 for deed; $150 for Statement of Ownership and Location; and $100 per lien release)
BUILDER-INTERIM CONSTRUCTION LOAN
– Settlement Fee – $325
– Tax Certificate – $10
– Recording Fees – $100 plus $30 per lien release (please see note below regarding recording fees)
– Document Preparation (payable to Bradshaw, McCall & Westbrook, PLLC) – $100 per lien release/transfer)
FOR A MAILOUT (When a Party Doesn’t Come to Closing):
– For buyers, our settlement fee will be increased by $130, which includes an additional $50 processing fee and an additional $80 in courier fees (for overnight delivery both ways)
– For sellers, our settlement fee will be increased by $70, which includes an additional $50 processing fee and an additional $20 in courier fees (we will e-mail the package and have it overnighted back)
RECORDING FEES
– The recording fees referenced above are estimated based on typical transactions. Actual fees at closing will be calculated for each document at $25 for the first page and $4 for each additional page, plus a $4.54 e-recording fee per document.
BRADSHAW, MCCALL & WESTBROOK, PLLC ADDITIONAL DOC PREP/ATTORNEY FEES (as part of a closing):
– Note/Deed of Trust – $300
– Homestead Affidavit (if required for a loan) – $85
– Mechanic’s Lien Construction Loan Document (5 documents) – $350
– Bill of Sale – $200
– Power of Attorney (includes POA affidavit & recording) – $150 (Plus $69.08 recording)
IMPORTANT NOTES REGARDING FEES:
– These figures are estimates only, based on typical transactions and using the customary split of closing costs. Actual splits between buyer and seller may vary based on the terms of the contract.
– In transactions that are more complicated (such as double loans, commercial transactions, etc.), fees may be higher.
– All fees are subject to change and can vary significantly due to the facts and circumstances of each specific situation.
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Closing Protection Letter
We can have our underwriter, First American Title Insurance Company, issue you an insured closing protection letter to verify our authority to issue the title policy. Additionally, in the closing protection letter, First American will indemnify the lender for any errors or dishonesty with escrow or closing funds. These letters are issued incidentally to title insurance at no additional cost. If you need an insured closing protection letter, please notify the closer in our office who is handling your file.
Closing Process
At First Texas Title, we typically become involved in transactions in one of several ways. Many times we receive a fully executed contract from one of the involved realtors or, in the event of a for-sale-by-owner transaction, one of the parties. In refinance transactions, we typically become involved when the lender forwards us a request for a title commitment.
If you have clients who have agreed to terms with a seller but don’t have a contract of sale, our Real Estate Attorney affiliates at Bradshaw, McCall & Westbrook, PLLC, will be glad to prepare a contract for them.
Once we receive a fully executed contract or a request for a title commitment, we begin by assigning the file to one of our three closers and conducting the title examination in Abilene, Texas, necessary to complete the title commitment.
At First Texas Title, we pride ourselves in quick turnaround time for title commitments. Our typical turnaround time is one week, although we often have it completed sooner. If you have a transaction that requires a quicker turnaround, let us know and we will work with you to ensure that even the most demanding of timelines are met.
Once the title work is completed, one of our closers will work closely with you to solve title issues, prepare the Settlement Statement, and ultimately close the transaction in as timely a manner as possible.
Almost all of our residential closing in Abilene, Texas, and commercial closing in Abilene, Texas, are handled by one of our attorneys. We believe it is important for your borrower to understand the nature of the documents they are signing, and for that reason we take the time to briefly explain each document to your borrower and answer any questions they may have.
Representation Notice
The law firm of Bradshaw, McCall & Westbrook, PLLC and its attorneys Andrew McCall, Chris Westbrook and Laura Millican (the law firm and the attorneys are collectively referred to as “the Law Firm”) represent First Texas Title Company, LLC (“the Title Company”) in all aspects of this real estate transaction (“this Transaction”). The Law Firm is owned by the same attorneys as the Title Company, and the interests of the Title Company may be adverse to your interests in this Transaction. The Law Firm has a conflict of interest with you. You will be required to acknowledge at closing that you are not represented, in any way, by the Law Firm in this Transaction.
Any documents prepared by the Law Firm in this Transaction will be prepared for the benefit of the Title Company. The Law Firm and the Title Company make no representation that the documents to be prepared for this Transaction comply with any agreement between the parties or any instructions the parties may give to the Title Company or the Law Firm. You are instructed to read the documents to determine whether the documents prepared are consistent with the intent, purposes and agreements of the parties. You are advised to have all documents for this Transaction reviewed by attorneys that are not affiliated with the Law Firm or Title Company. You have the right to have your own attorney prepare the legal documents required for this Transaction.
The payment of fees for document preparation to the Law Firm does not create an attorney-client relationship. Even though the Law Firm only represents the Title Company, you agree to pay the fees to the Law Firm set forth on the closing statement for this Transaction. The Law Firm’s standard fees for document preparation related to closings is:
Deeds $150 Note & Deed of Trust $200
Releases $75 Power of Attorney $100
If the Law Firm has previously represented you, including curative work necessary for the closing of this Transaction, that representation does not carry forward to the closing of this Transaction, and you are advised to have all documents for this Transaction reviewed by attorneys that are not affiliated with the Law Firm or Title Company.
The Law Firm may be engaged by the Lender to prepare loan documents as a part of this Transaction. If so, the Law Firm represented only the lender in the preparation of the loan documents.
Quick Tips
- Expect, on average, a 3-4 hour delay after closing before the transaction is funded and finalized. For this reason, schedule the closing for early in the day if you hope to get the keys and possession of the property the same day.
- When you, your lender and the seller are ready to close, call the title company to schedule a closing date and time. We will not schedule the closing until you let us know that you are ready.
- If you would like the title company to wire or direct deposit the proceeds of your sale, make sure to bring a deposit slip, voided check or the routing number and account number for your bank account.
- If the property you are selling was your primary residence for two out of the last five years (and not used for business purposes), you will probably not have to pay any income or capital gains tax on the sale of the property.
- Many people tend to schedule closings at the end of the month and on Fridays. Avoiding these time periods can result in more available closing times and more availability of your lender, realtor, moving company, etc.
- Once you are under contract, it is important to stay in close contact with your lender. This can be a good way to keep the process moving and to make sure that any special requirements the lender may have are taken care of.
- If you are bringing more than $1,500.00 in funds to closing, the title insurance rules require you to bring a cashier’s check or money order or arrange for a wire to the title company in advance. Personal checks cannot be accepted for more than $1,500.00.