Closing / Settlement:


Closing or settlement is the process of completing a real estate transaction. During closing deeds, mortgages, leases or other required instruments are signed or delivered. Furthermore accounting between parties takes place, monies are disbursed, and recording of all pertinent documents is completed.


Each party needs to provide official photo-ID (e.g. drivers license or passport). If you are required to bring funds to the settlement they should be in the form of a cashiers check or (made payable to Saline County Abstract).


Usually settlement will take about one hour for a sale, and 40 minutes for a refinance, but this can vary.


This is a summary of the financial portion of the real estate transaction. The HUD lists the purchase price, loan amount and closing costs for both buyer and seller and show all pro-rations and sums to be disbursed by the title company to all parties.

Titles and Title Searches:


Title is the owner's right(s) to possess and use real property.


Unlike buying a car or television, land title is permanent. While the function of most other forms of insurance is to protect you against losses arising out of unforeseen future events, the primary purpose of title insurance is to eliminate risks and prevent losses caused by past events.

Based on a search of the public records, a title search determines a property owner's rights. This search includes court, property and tax records. Additionally, the sellers right to transfer ownership is verified, along with claims, defects or other rights that may affect the property.


Examples would be: unpaid taxes, unsatisfied mortgages, judgments against the seller and restrictions on the land.

Title Insurance:


Title insurance is a contract to indemnify against losses arising through defects in the title to real estate.


Some of the most common problems covered include:
      Un filed or unpaid liens
      Inadequate legal descriptions
      Mistakes in legal documents
      Fraudulent deeds, mortgages, etc.
      Undisclosed or missing heirs
      Deeds by persons of unsound mind


No. A deed is simply a document transferring the right of ownership, whatever that right may be. For example, the property may have changed hands many times since the deed was issued. In addition, liens and claims outstanding against the title won't be shown on a deed.


Yes - Any number of events could occur in a year which could affect a property's title.


Mortgage Companies Policy and an Owner's Policy. The Mortgage Companies policy is usually a condition of the loan and protects the mortgage lender's security interest in the property up to the value of the policy. The owner's policy covers the purchase price of the property and protects the interest of the real estate owner. When purchasing a property where you are also creating a mortgage, the Owner's & Mortgage Companies Policies are issued simultaneously. The title premium is based on the greater of the purchase price or the mortgage amount. You will need both types of coverage


You are covered for as long as you or your heirs own the property. Even though the property may be sold, you may still have a legal obligation by virtue of the warranties in the deed conveying the property. The policy insuring you would still be in effect.

Post Closing:


After settlement, the buyers and sellers job is over. However, Saline County Abstract will continue working in order to:
  *Audit the settlement and review all documents
  *Comply with the lender's written instructions in returning their documents
  *Record the deed, mortgage and other documents with the county
  *Disburse funds as appropriate
  *Issue the title insurance policy and any endorsements required