What documents/records will we expect after the house is closed? (Austin: real estate, loan)

[gatorInCA]

OK. Our house has been closed for almost 8 weeks, and we didn't receive any official documents/records to prove we are the current owners. Instead, just a few days ago, I received at least three mails offering to provide us our property records/deed at the expense of like $86. I also received another letter to apply for the homestead exemption at $35 charge. I kind of think they could be scams. But I am not sure.

What documents/records (i.e. deed?) would we expect after the house is closed, and how soon we can receive them? Do I need to pay to obtain those records?

Thanks a lot.

PS: I have asked my buyer agent, and she had no clue.

[CarnivalGal]

You should have received a big old fat stack of papers or a disk containing electronic versions from the title company at closing. I'm not sure about this, but if you financed it, the deed itself may be held by the bank, since they are the ones that actually own the house. If you paid cash, I believe that the county will send it to you. That can take a little while. Any costs for those would have been included in your closing costs, so don't give money to anyone who is trying to charge you for them. The exception is the homestead exemption, which you need to file with the county. But you can easily do that yourself. You don't need to pay anyone.

Your agent should know all of this. It's kind of scary that she doesn't.

[AustinTraveler]

You will be getting a closing package from the title company. I would call them to see why it's taking so long. Inside the package will be a copy of any and all documents you signed at closing. For your agent not to know this and to not be checking with the title company is ridiculous. He/she did not earn their commission.

As for the homestead exemption, you can file for that yourself. Just contact Travis County:

Travis County Tax Office - Collecting property taxes, registering voters and motor vehicles.

You can download the application. For your agent not to have told you that is ridiculous as well. The tax office will send you a questionnaire asking you how much you paid for the property. Throw it away! It is voluntary and they do not need to know how much you paid. I bet your agent didn't tell you that either.

[gatorInCA]

Thanks a lot, mm57553 and AustinTraveler.

I did receive "a big old fat stack of papers" from the title company on the closing day. They are the paperworks I signed. I thought I would receive a copy of Deed or something like a property title from Travis County proving we are the owners after the close. But I haven't yet. Meanwhile, in this week, I got a few mails saying I need to pay $86 or $89 to get the copy of the ownership evidence. I suspected those mails being scam, because I remember the closing cost included some charges regarding to the deed docs. I consulted with my agent, and she had a blank look. So I asked here. Sorry I confused your guys in my original post.

I didn't realized we could file the homestead exemption until I received the mail which offers the charged service. Now I know they are scams, and I can apply the exemption by myself.

[10scoachrick]

Originally Posted by gatorInCA

I didn't realized we could file the homestead exemption until I received the mail which offers the charged service. Now I know they are scams, and I can apply the exemption by myself.

Some apparently are not pure scams, as they do provide a service for a fee. It's just a service that can be conducted by the homeowner...somewhat similar to tax appraisal 'fixers'. You end up paying for a service that's basically free to the customer IF the homeowner wishes to do the leg work.

I'm sure some are actually pure scams and some are pesky annoyances(water softener sales, etc). There's no shortage of folks who want to pounce on a new homeowner before they can get their bearings, that's for sure!

Let's be careful out there!

[austin-steve]

Originally Posted by gatorInCA

Thanks a lot, mm57553 and AustinTraveler.

I did receive "a big old fat stack of papers" from the title company on the closing day....

You got everything you need. Put it in a file somewhere and forget about it (or scan and upload to safe cloud storage.) I'd scan and safe your settlement statement (HUD1) and your survey. You'll need the HUD1 for tax return and you may need the survey if you want to build a fence, pool, etc.

Throw away all mail that offers a service for a fee.

On/After Jan 1, you can send in the Homestead Exemption form which you can download from the tax appraisal district and fax in. You don't need to pay anyone for this. And you don't need "proof of ownership", just check the tax records online and within a month you should see yourself as the new owner of record and you'll know everything was recorded.

Steve

[AustinTraveler]

Proof of ownership comes once you actually own the house. In other words, until you pay off your mortgage, the bank, not you, owns the house. That's when you'll get a Satisfaction of Mortgage. Very satisfying indeed.

[austin-steve]

Originally Posted by AustinTraveler

Proof of ownership comes once you actually own the house. In other words, until you pay off your mortgage, the bank, not you, owns the house. That's when you'll get a Satisfaction of Mortgage. Very satisfying indeed.

Incorrect. You own the house, not the bank. The bank has loaned money to the owner, with the house as collateral, but the bank owns no portion of the house. Same with you car if you have a car loan.

Steve

[gatorInCA]

Thanks a lot 10scoachrick, Steve, and AustinTraveler.

[CarnivalGal]

Originally Posted by austin-steve

Incorrect. You own the house, not the bank. The bank has loaned money to the owner, with the house as collateral, but the bank owns no portion of the house. Same with you car if you have a car loan.

Steve

I'm confused. If I finance a car, the bank who lent the money to me actually holds the title. I thought it was the same with real estate deeds.