Help & FAQs
For repo information
For underwriter information
- Chicago Title – www.ctic.com
- Stewart Title – www.stewart.com
- Commonwealth Land Title – www.landam.com
- First American Title – www.firstam.com
- Old Republic Title – www.oldrepublictitle.com
- Fidelity National Title Insurance –www.fntic.com
Where does your money go?
- The Closing Fee
- To coordinate the closing with agents, lenders, realtors and any other outside party needed for the transaction.
- To obtain all necessary information and documentation from the above parties.
- To notarize documents and insure all documents are signed and processed accurately.
- The Processing Fee
- Copy/print multiple documents for customers, realtors, lenders.
- Long-distance phone calls/faxes, record documents, courier local deliveries (local payoffs, documents to seller/buyer to sign at other locations other than our office, document packages).
- To purchase and provide revenue stamps on sight to expedite the recording process.
- Secure storage of signed documents and final policies sent to appropriate parties post-closing.
- Recording Fees
Amount paid to the circuit clerk’s office in order to make a document a matter of public record.
Current rate - $15.00 for the first page and $5.00 for each additional page.
($3 e-recording fee may apply for Benton County recordings)
- Amount paid to the circuit clerk’s office in order to make a document a matter of public record. Current rate - $15.00 for the first page and $5.00 for each additional page.
- Revenue Stamps (State Tax Stamps)
- Tax charged by the Department of Finance and Administration based on the sales price (rounded up) of $3.30 per thousand.
- Title Insurance
- Research of the legal description, buyer/seller, and all parties involved to insure clean marketable title.
- Preparation of the title commitment on found research.
- Premium amount charged by our underwriter is based on the sales price provided by the contract for the owner’s policy and the loan policy premium is based on the loan amount given by the lender.
- Multiple revisions done to the commitment when requested by the lender prior to closing.
- Final policy issued to lender/owner post-closing.
- Courier Fee
- Charge for overnight delivery paid directly to Federal Express (i.e. document package to lender, closing documents to buyer/seller for signing to complete closing transaction).
What to bring to closing?
- Photo Identification
- A government issued picture ID is required by all parties involved in executing the real estate documents. Examples include: Driver’s License, Passport, and Permanent Resident Card.
- Funds Needed for Closing
- A cashier’s check payable to WACO Title or a wire transfer is required on all funds needed in excess of $500.00.
- Arkansas law requires the signature of the spouse of buyer and/or seller at each real estate transaction. Please make arrangements for your spouse to be present at closing or make your closing coordinator aware that they will not be able to attend and other arrangements can be made.
- Additional Items Needed
- Please contact your closing coordinator and loan originator prior to closing to see if there are additional items that you will need to bring to closing.
Does a deed take care of giving clear title?
No. A deed is simply a document whereby a seller transfers his or her right of ownership, whatever it may be, to you. It is not proof that the person described as the seller is actually the owner. Nor does it provide proof that he or she is the only owner with interest in the property. It does not do away with claims or rights others may have in the property. From the deed, you cannot determine what rights, liens or claims may be outstanding against your title. You would need title insurance to reveal these answers.
What is an abstract? Doesn't it tell about the property?
An abstract, which is used in some parts of the country, is a history of the title to property as revealed by the public records. Deeds, mortgages, other instruments, and legal proceedings that have affected property through the years, are all included in the abstract. If something is revealed in the abstract, which might stand in the way of a clear title, it is up to the owner and the owner's attorney to clear it away. If they cannot do this, it must be accepted as a limitation on your right of ownership. Also, it is not infrequent for matters which seriously affect the title to be omitted in an abstract because they are not shown in the public records. It will not insure you like title insurance. Most lending institutions require title insurance, and will not accept an abstract.
How long does title insurance last?
For the owner of the property, the title insurance will last as long as you or your heirs retain an interest in the property. For the lender, it will last as long as the mortgage is active.
I'm thinking about selling my house for sale by owner. What are some concerns I should have while doing so?
We would not recommend selling your own home. We strongly suggest you obtain a Realtor. Almost every FSBO contract has potential problems, both legal and simple. There are many reasons why we urge you to contact a Realtor when selling your home. Besides the obvious reasons you should use a Realtor, such as the Realtor community customer base, listing capabilities and advertisement of your home for sale possibilities, consider the following: you do not have firsthand knowledge of competitive values; you do not know how to write a valid contract; it is time consuming and a hassle to be available to show your property at the prospective buyers' convenience; you might take on needless and useless improvement projects to sell your home where a real estate professional can save you these expenses; most buyers seek the services of reputable brokers realizing the pitfalls of direct negotiation; without a real estate professional, the owner will normally end up selling the home under market value; and you may accept an insincere offer and then spend months, perhaps in litigation, to free your property in order to put it on the market once more.
What are your title insurance rates and closing costs?
We can offer a discount on your title insurance if you have any prior title insurance available, no matter if it is from another title company. Commercial rates include many endorsement and special charges and discounts. Closing costs vary depending upon the transaction, such as a vacant lot, construction, purchase, refinance, and multiple purchases. Because of the above mentioned circumstances, we can provide you a quote for your transaction. Please contact us for our rates and costs.
THE LOAN POLICY DOES NOT PROTECT THE BORROWER
The loan policy protects the lender against loss due to unknown title defects. It also protects the lender's interest from certain matters which may exist but may not be known at the time of the sale. This policy only protects the lender's interest and does not protect the borrower. That is why a real estate purchaser needs an owner's policy, which can be issued at the same time as the loan policy, usually for a nominal onetime fee.
What is the danger of loss?
If the lender has title insurance protection and the owner does not, what possible danger of loss exists? As an example, assume real estate was purchased for $100,000 and a lender holds an $80,000 mortgage lien, or beneficial interest. The lender acquires title insurance protecting the lender's interest up to $80,000, but the purchaser is not covered unless an owner's policy is obtained. If there was a failure of title, the buyer would risk losing the full purchase price that was paid for the real estate.
What if some matter arises affecting the past ownership of the property?
The title insurance company would defend and protect the interest of the lender. However, if no owner's policy is obtained the purchaser would have to assume the financial burden of his or her own legal defense. If the defense is not successful, the result could be a total loss of title. The title insurance company pays the lender's loss and is entitled to take an assignment of the borrower's debt. The purchaser loses the down payment, other equity in the property that may have accumulated, and the property. The balance on the note is still due!
What does Title Insurance protect against?
- False impersonation of the true owner of the property
- Forged deeds, releases or wills
- Undisclosed or missing heirs
- Instruments executed under invalid or expired power of attorney
- Mistakes in recording legal documents
- Misinterpretations of wills
- Deeds by persons of unsound mind
- Deeds by minors
- Deeds by persons supposedly single, but in fact married
- Liens for unpaid estate, inheritance, income or gift taxes
What protection does Title Insurance provide against defects and hidden risks?
Title insurance will pay for defending against any lawsuit attacking the title as insured and will either clear up title problems or pay the insured's losses. For a onetime premium an owner's title insurance policy remains in effect as long as the insured or the insured's heirs retain an interest in the property or have any obligations under a warranty in any conveyance of it. Owner's title insurance, issued simultaneously with a loan policy, is the best title insurance value a property owner can get.
Why Choose WACO?
Service For A Competitive Price
WACO Title Company and our family of companies promises to provide exemplary title insurance products and professional closing services at competitive rates. While we don’t claim to be the cheapest provider of title insurance products and closing services in the markets we serve, we believe we provide the best products and service the area has to offer. We research our proprietary title plant data on each order to provide a complete search of your property back to patent if necessary. Unlike many of our competitors who do "stand up searches" that have limitations, we strive to ensure that every title we insure is good title for you and your family or business.
Our closing team strives every day to provide you with the highest level of customer service so that your purchase or sale transaction is error free and stress free for you.
At WACO Title Company we realize that buying and selling your real property can be stressful. We hope your experience with WACO makes it a breeze and, if we do our job, you’ll tell your friends about us.
WACO’s staff is comprised of over 90 highly qualified title insurance and closing professionals.
Our research and title departments have combined experience of over 500 years!
Our closing departments have combined experience of over 300 years!
We have a Commercial Division dedicated solely and specifically to handle complex commercial and developmental transactions.Disclaimer:
Please note that WACO Title Company may not offer legal advice. WACO Title Company operates as an independent third party in your real estate transaction and cannot offer legal advice. If you have legal questions, please contact a licensed attorney of your choice to get legal advice prior to executing any closing documents.
- Member of the American Land Title Association
- Member of the Arkansas Land Title Association
- Member of the Missouri Land Title Association.
- Associate Member of the Northwest Arkansas Home Builder’s Association
- Associate Member of the Mortgage Banker’s Association
- Active Member of the area Chambers of Commerce
- Member of Homebuilders Association of Greater Springfield
- Online order capability
- We can take your order online
- Electronic Copies
- Customers receive copies of all their closing documents on a customized CD at closing. The CD will also provide contact information for their realtor, lender, local utilities, etc.
- RamQuest Software
- The industry leader/award winner for title and closing software
- Title Plant
- No "stand up" operation; Only company in Arkansas to have title plants in all the counties we serve & most of these go back to patent; Title plant services and subscriptions available
- Electronic delivery
- Paperless title commitments, title policies, recorded documents, settlement statements, etc.
- Electronic file storage
- Files are being scanned once the policy has been issued. This allows WACO to cut physical storage costs as well as increase efficiency in finding prior files.
Our desire for the growth and prosperity of our customers and communities is the reason why we have been focusing our efforts on going green.
The green movement is taking over at WACO Title and its family of companies. We are committed to reducing our environmental impact and preserving the environment in the communities we serve. Electronic faxing, scanning, and distributing customized CD’s to the customer rather than paper documents are just a few of the ways we are actively striving to make a difference.
Going green also provides for economic savings that are passed on to the customer. Some of the benefits of going green are apparent in the reduction of paper usage, toner and copier costs, processing times and storage facility costs.
WACO Title is engaging in the green movement as a way of preserving the planet's future. Help us make our environmental footprint smaller by submitting your orders online today!
- HUD-1 Settlement Statement
- Also known as a "HUD-1" or "closing statement," it is a statement prepared by an escrow/closing agent or lender, giving a complete breakdown of costs involved in a real estate transaction. A separate statement may be prepared for the seller and buyer. Such settlement statements are regulated by the federal Real Estate Settlement Procedures Act ("RESPA").
- A mortgage is a pledge or security of particular property for the payment of a debt or the performance of some other obligation (whatever form the transaction may take) but is not now regarded as a conveyance in effect, though it may be cast in the form of a conveyance.
- Deed of Trust
- An instrument in use in some states (including Arkansas) taking the place and serving the users of a mortgage by which the legal title to real property is placed in one or more trustees to secure the repayment of a sum of money or the performance of other conditions. Though differing in form from a mortgage, it is essentially a security.
- As it regards the sale of real estate, a "closing" refers to the final steps of the transaction whereat the consideration is paid, mortgage is secured, deed is delivered (or placed in escrow), etc. Closings are regulated by RESPA.
- Closing Disclosure Form
- A Closing Disclosure is a five-page form that provides final details about the mortgage loan you have selected. It includes the loan terms, your projected monthly payments, and how much you will pay in fees and other costs to get your mortgage (closing costs).
- "Good Funds" Law
- Ark. Code Ann. §18-12-703 provides, "No person, firm, partnership, corporation, or other entity that provides closing and settlement services for a real estate transaction shall disburse funds as a part of such services until those funds have been received and are available for immediate withdrawal as a matter of right from the financial institution in which the funds have been deposited. However, the person, firm, partnership, corporation, or other entity providing closing and settlement services may advance funds, not to exceed five hundred dollars ($500), on behalf of interested parties for the transaction to pay incidental fees and charges pertaining to the closing and settlement of the transaction. Any person, firm, partnership, corporation, or other entity who knowingly and willfully violates the provisions of this subchapter shall be guilty of a Class A misdemeanor."
- Closing Agent, a/k/a Escrow Agent
- A closing agent, sometimes called an "escrow agent," is a person that has a fiduciary responsibility to buyer and seller (or lender and borrower) to assure that the terms of sale and/or loan agreement are carried out.
- A system of document transfer in which a deed, documents, bond, and/or funds are delivered to an "escrow agent" to hold until all conditions in a contract are fulfilled (e.g. seller’s delivery of a deed to escrow agent until the purchase price for the property being conveyed is paid, at which point the escrow agent delivers the deed to the purchaser).
- Title Insurance Commitment
- A commitment to insure the title to the certain real property if certain stated requirements are met but subject to certain exceptions and exclusions to coverage, as set forth on the commitment.
- Title Insurance Requirements
- A list of requirements to be satisfied (usually set forth on Schedule B-1 of the title insurance commitment) in order for the title insurance agent to be bound to issue the title insurance policy.
- Title Insurance Exceptions
- A list of matters that will not be insured against on a title insurance policy (usually set forth on Schedule B-2 of the title insurance commitment) unless they are resolved prior to the closing of the property purchase and/or real estate loan.
- Exclusions from Coverage
- Certain matters which the title insurance underwriter will not insure against. The exclusions are usually set forth on the cover, or "jacket", of the title insurance commitment and title insurance policy.
- Title Insurance Policy
- The policy that insures the title to your real estate and/or the loan on the real estate, subject to certain title insurance exceptions and exclusions from coverage. The title insurance policy is issued after the closing and all requirements on the title insurance commitment have been satisfied.
- Owner’s Policy
- An owner’s policy of title insurance insures the property purchaser against actual loss sustained due to claim against the purchaser’s property which is covered (not excluded or excepted) by the owner’s policy of title insurance.
- Loan Policy a/k/a Lender’s Policy
- A loan policy assures the lender that their mortgage is a valid first lien protected against hidden as well as known defects in the title as insured but subject to any prior encumbrances (exceptions) against the property which are not resolved prior to making the loan on the real property.
- Recognition of Customer's Expectation of Privacy.
We recognize our customers expect us to protect the confidentiality of their real estate, transactions and related personal information.
- Collection and Use of Customer Information.
We collect information regarding our customers when we believe it would be useful (and permitted by law) in handling their real estate transactions with us. Much of this information constitutes nonpublic personal information. This information may be collected from a variety of sources, such as the following:
- Information customers provide directly to us, such as a Social Security number;
- Information about a customer's real estate transactions or experience with us or our affiliates, such as closing costs and account information; and
- Information we receive from third parties, such as lenders or Realtors.
We use information regarding our customers for a variety of reasons including facilitation of real estate transactions, identification purposes in protecting a customer's real estate transaction and safeguarding against unauthorized access to customer files and information, identification of additional products and services that may be beneficial to a customer and identifying and mitigating potential risks or losses to us.
- Sharing of Customer Information with Third Parties.
Our policy is not to share nonpublic personal information about our customers or former customers with unaffiliated third parties except where permitted by law, such as:
- The information is provided to help complete a customer-initiated transaction;
- The customer requests the information be disclosed;
- The disclosure is required by or allowed by law, such as when the disclosure is made in response to a subpoena; and
- The disclosure is made to a reputable information-reporting agency.
- Sharing of Customer Information with our Affiliates.
We may share customer information with affiliated companies, including (a) information the customer provided directly to us such as social security number and contact information and (b) information we receive from third parties such as loan information provided by a lender. This information may be shared with our affiliates that may assist in processing customer transactions.
- Limitation on Access to and Protection of Information.
We authorize our associates to access customer information only in situations where a valid business reason for knowing such information exists. Our associates have a responsibility to keep in confidence what is given to them in confidence. Our operational and data processing systems are in a secure environment that protects customer accounts and transaction information from being accessed by unauthorized persons.
- Providing Privacy Information to Customers & Responding to Inquiries
We make our policy regarding confidentiality of customer information available publicly. Customers who have questions regarding our policy or the privacy of their customer information should contact us during normal business hours.