The purchase of a piece of property is an extensive process that involves a multitude of professionals, property inspections, a survey, appraisal, and often a title abstract. This comprehensive, detailed report is usually performed by the title company, and is one of the many documents required to close the sale of a property and transfer title to the new owner. The title abstract is undeniably the authority on information about a property's title.
It takes a great deal of research to get an abstract of title for real property. An abstract of title is distinguishable from other types of title related reports. The term abstract of title can be confusing to the average person and even to professionals in property-based industries.It is common to come across the term when purchasing property; however, there are other times where the abstract of title is utilized, such as with the oil and gas and legal industries.
Whatever the interest in a particular property, it is vital to fully understand its legal history.A property's abstract lists a myriad of legal activities associated with it, and that knowledge is a powerful tool.Having a full grasp of a complete history can give you an edge in negotiating leases, sales, and other property transactions.
Not only will having an abstract of title on hand benefit you when it comes time to negotiate, but it can also reveal potential risks associated with the conveyance or acquisition of a property.
As you know by now, the sky is falling on the mortgage industry. It has been for a few years. Nobody’s borrowing. Fewer still are lending.
But I have a secret to share. They will be borrowing (and lending) again soon. And when they do, you’ll see more business than ever in Texas. Why, you ask?
It’s hard to believe that Hollerbach & Associates opened its doors for the first time almost 3 decades ago. Now that makes me feel old! In 1985, a 30 year fixed mortgage could run some borrowers over 12 percent. Countrywide had just gone public, and the industry was on the verge of a secondary market spurred down-cycle. “Freddy” and “Fannie” did not quite mean the same things that they do today.
I guess the moral of the story is that this is a cyclical industry. Good times are always followed by bad. Bad times will always come to an end. But if I‘ve learned anything in my first 25 years as owner of Hollerbach & Associates, it’s that good business happens when one works with good people. We’ll continue to work with, and seek out, good, honest people to deliver our products. And we’re confident that this is the approach that will see firms like ours through to the next “up-cycle.” After all, it’s worked for the first 25 years.
We read a lot these days about the “consolidation” of the real estate industry. Usually, that means that the big fish are gobbling up the little fish, and that’s a natural part of business everywhere. Technology and other processes are being used to improve efficiencies. From a positive perspective, that means working smarter in an industry with historically narrow margins. For the naysayer, that means jobs are being eliminated. Both are true—such is business.
We hear a lot every day from the national trade publications that the real estate industry is “consolidating.” It’s becoming a struggle for independent, local market title and settlement services firms to compete with larger national outfits. But is this the beginning of the end for the small, local shop? I’m here to argue that it isn’t. And here’s why.
For more information and a closer look, check out reimaginethealamo.org
Mortgage and real estate lending success begins with the little things. From time to time, we’ll let you know what we hear from our lending partners, and refresh you on the details that make a good mortgage lender great!
But I’d ask all of us to consider just how important the political process is in our lives. We can choose to ignore or criticize it from afar, which is the easy way out, as far as I’m concerned. That usually allows for the worst possible results. Or we can get involved. We still live in a democratic republic. Skepticism aside, we can still make a difference. At the minimum, get educated on the issues impacting your life by using more than political advertisements and water cooler conversation. Make your voice heard. And if you don’t like something, get involved! That, in my humble opinion, is the Texan’s way.