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Does getting an abstract mean it won't be in escrow?

our contract mentions transfer of the abstract and after my agent explained I still don't get it.  When I asked how long will our property be in escrow after closing she said escrow is closed at closing.  .  How does this work here. This is confusing. Is the title held in escrow or not?

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October 30 2012 - Oklahoma City
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Answers (5)

I think the the simplest way to answer this question is an abstract of title is the condensed history of title to a particular parcel of real estate, consisting of a summary of the original grant and all subsequent conveyances and encumbrances affecting the property and a certification by the abstractor that the history is complete and accurate. Escrow - Can serve two purposes. 1) As a special third-party account set up by the lender in which a portion of your monthly payment funds are held to pay for taxes and insurance and other items. 2) Escrow is most commonly known as a third party who carries out the instructions of both the buyer and seller to handle the paperwork at the settlement of a real estate purchase.
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December 05 2012
I didn't read what Connie wrote, but she knows her stuff, I just wanted to give an answer also....

Abstract is a packet of docs from Patent to present, showing the ownership of your property.  The title company will actually place this bundle in storage unless you ask for it at closing, I suggest leaving it in storage and for fun, ask the title company to give you a 'PDF' copy of the abstract, you can see all the transfers of ownership of your property from statehood to present.

You will be in escrow until you close, once closed, you will no longer be in escrow (escrow is associated with the buyer's good faith money being placed in an account as a measure of good faith that the buyer will purchase your home).

Hope this helps,

Josh Barnett, Realtor
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November 27 2012
wondered if I answered your question. 
have you closed yet?
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November 18 2012
also you will get the option to store the abstract with the title company or to keep it (often they don't ask and assume you want to store it).  key information to know is...when you go to sell you have to provide an updated copy of it.  if you have kept it at home and it becomes lost or destroyed, then it will cost you $700 or more (possibly) to get it rebuilt from scratch.   If you store it with the title company in their vaults, then if they lose it....their fault and rebuilding it is their expense not yours.  

i realize ths was way beyond your question but i find a lot of people that moved here from somewhere else have a lot of questions so figured i'd hit the common ones.  i don't know how many abstracting states there are left...i keep saying i will look that up and never do.  I would guess it to be less than 5

as for the lien theory state, i think most states are that, or something like at least 30 of them.  i can't remember what the other states are called....title theory?? 
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October 30 2012
The abstract is a collection of all
documents recorded on your property that regard information about title
changes -it will have some interesting stuff in there if you take the
time to look through it and read it. The abstract shows the ownership
of that land even when it was possibly a portion of a larger parcel,
you'll see documents filed when it sold, was transferred, divorce
decrees and quit claims etc. It is "owned" by the owner of the land and
the ownership of the abstract transfers to you when you buy. As part of
your purchase the contract typically reads that the seller will update
it (or have it updated) and provide it to you. In addition it is
reviewed for title to be cleared, you have an option of just getting an
attorney's opinion of the title or title insurance of course if there is
a loan involved your lender won't close on title with an issue or title
that can't be insured- but the Oklahoma contract reads as if it is a
cash sale.


the abstract is used by the title company to review and determine the
title is clear. it's not a "title" but evidence of it. (or something
like that). the language in the state contract is a bit confusing because it talks about conditions and responisbilities of the seller to provide it and you to review etc, but the bottom line is the title is not clear without it. sometimes it has to be built rather than updated and this can take longer. In oklahoma county abstracting goes pretty fast but when you get out into small counties where maybe there are more than one title company but they often use the same abstractor, it can take a bit longer- just depends. (nothing to do with your quesiton but worth mentioning that you need to be aware it affects timeline).

now for the second part of your question...I'm not sure what state you
are in but I suspect title is handled differently there. Oklahoma
operates under the "Lien Theory" which means that you get titled to the
property UPON the closing/sale but it is secured through a lien or
mortgage which means the lender or mortgagee has the right to take it
back if you don't pay.

I think in some other places you have a trust deed or equitable title
until the debt is paid...don't know- but I hope that answers your
question. I am sure there are others that can expand and explain
better. Perhaps they will.
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October 30 2012
 
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