What's Next?

Legacy Title assists you throughout the closing process of your home.

Even if your offer is accepted, there are still many steps to complete before you can enjoy your new home.

The executed contract

Once both parties have agreed to the terms of the offer, and the seller has signed the offer and communicated acceptance, an offer becomes an executed contract. You’ll need to address the next steps quickly in order to close on time.

Order an appraisal

An appraisal is also required by mortgage lenders to verify that the value of the property you intend to purchase is worth the sales price. Most lenders require the buyer to pay for an appraisal.

Deliver the earnest money

Earnest money is a cash deposit the buyer gives the seller via a third party intermediary, usually a real estate agent, attorney or title agent. This deposit proves you are serious about purchasing the property. Typically, the earnest money deposit is credited to the purchase price at closing.

Obtain homeowner’s insurance

Mortgage lenders also require buyers to purchase a homeowner’s insurance policy. The policy covers any accidental damage to the home and the owner’s possessions due to theft, storms, fires and some natural disasters.

Obtain a mortgage loan

Notify your mortgage lender as soon as you have an executed contract so they can start the mortgage process. You’ll need to submit extensive paperwork and pay for certain services related to your new home in order to secure the loan, even if you’ve been pre- approved. Your real estate agent or attorney can help serve as an intermediary between you and your lender.

Consider purchasing a home warranty

You may also want to purchase a home warranty, which is a service contract that provides for the repair or replacement of major systems and appliances in certain circumstances.

Schedule property Inspections

Property inspections help expose defects in the home that could influence your decision to purchase it at the price outlined in the executed contract. A standard home inspection is most common, but other types of inspections (radon, pest, septic, structural, HVAC, mold and others) are available. If a defect is found, your real estate agent or attorney may advocate that the seller cover the cost of repairs or reduce the home’s sale price, or you may wish to cancel the contract.

Schedule a Closing Time

You, your real estate agent or attorney should check in with your title agent and mortgage lender about a week before the closing date to make sure everything is in order for closing. Schedule your closing time accordingly.

Obtain Evidence of Title

Your contract will usually require the seller to deliver evidence of title. In addition, your mortgage lender will require a title company to review the title history of the seller’s home to ensure they will have a valid, enforceable lien on the property after closing. You can also purchase a homeowner’s title insurance policy that protects you from covered title defects arising prior to or concurrently with your purchase of the seller’s home.

Conduct the Final Walkthrough

It’s recommended that homebuyers perform a final walkthrough of the property a few days before closing to verify that any repairs have been made and the seller’s possessions have been removed.


The closing typically occurs at the title company and takes about an hour. A few days before closing, you should check with your title agent to determine what items are needed for closing. At a minimum, you should bring your driver’s license and certified funds to closing. Once you’ve signed all documentation, your lender has funded your loan and the documents have been recorded at the County Recorder’s office, you’ll get the keys to your new home!

Frequently Asked Questions

Home Buying in Oklahoma

An abstract is a book of sorts that contains everything filed on a specific piece of property from the land run forward. It summarizes the various instruments and documents affecting title to real property.
Because Oklahoma is still an abstracting state, bringing an abstract to date usually takes 2-3 weeks on average (sometimes more, sometimes less time). A licensed abstractor searches public county records and private records and complies the documents into a bound book in chronological order. If the abstractor is building an abstract brand new, the process could take a bit longer since the abstractor would be coming from the land run forward instead of the last time the abstract was updated.
Once the abstract is complete and signed off on by the licensed abstractor it is delivered to a title attorney for examination. The attorney reads through the abstract and produces an attorneys’ opinion. From the opinion, title puts together a commitment to insure. The commitment is shared with both realtors who should share it with their clients. The commitment will show on Sch A who title is insuring (usually the owner and lender both), Sch BI lists all requirements set out by the examining attorney that need to be cured prior to closing, and Sch BII lists all exceptions to policy.
Sch BII of the commitment will list all exceptions, easements, right-of-way’s etc. Everything listed on Sch BII has been filed in our property’s quarter section. Not all exceptions on the commitment affect the transactions subject property directly. Anything that does not affect the subject property will be removed as an exception prior to the issuance of a policy.
Usually, a survey or mortgage inspection certificate (MIC) will list our all easements shown on the commitment and will note if they affect or do not affect the subject property.
Abstracts are considered “in compliance” for 180 days (roughly 6 months) from the last certificate page signed off on by a licensed abstractor. The 180 days begin at that last certificate date, not from the day of closing. Closing, recording etc would need to be completed before the abstract goes out of compliance.

The ownership of the abstract transfers with the land. Once the property is sold to the new buyer, the new owner now also owns the abstract.
Title companies cannot copy abstracts as they are certified documents and cannot be taken apart of altered in anyway. If an owner would like to see or read through their abstract, this request can be made to the title company. After closing, once policy is issued, the new owner can check out and keep their abstract or come by one of our offices to sit down and read through the abstract and hand it back for storage. If the owner decides to take the abstract home, they will be required to sign a receipt and if anything happens to that abstract, the new owner will be fully responsible in paying any cost to replace it once it’s needed again. Sometimes it takes title a couple days to get an abstract in from storage, so be sure to make your request a few days earlier than your review date.
Oklahoma is a table funding state (not all states are). This means, once all documents are signed, funding approval is obtained from the lender and all funds are received – we can fund the transaction and hand out checks. Closing and funding all together usually takes about an hour.

Say Hello