Frequently Asked Questions

Why do I need an abstract company?
The abstract company is charged with searching the title to the property, informing the client of any easements or agreements which may exist that affect the ownership and or use of the property,  assuring that all taxes and liens and mortgages are paid in full, collecting and disbursing funds and assuring that the recording of all documents such as deeds and mortgage is performed correctly and timely.
What is title insurance?
Title insurance is the assurance that every possible issue on the title to the land that you are buying, which can be discovered from public records, has been called to your attention so that the defects, if any, can be corrected before you buy. With title insurance, you pay a one time premium at closing that protects you from risks or undiscovered interests.
What is a title?
Basically, a title is a term that includes all of your legal rights to own, use and sell a piece of land. The owner of record has the legal right to possess, occupy, peacefully enjoy and sell that property without interference from others, subject only to restrictions imposed by governmental authorities or previous owners.
What do I need to bring to closing?
Both the buyer and seller need to bring original, government-issued photo identification. The seller needs to also bring: repair work and paid invoices to meet inspection requirements, keys, account numbers for all utility providers, garage door openers, and any paperwork requested by the Buyer’s lender or Power Abstract representative. The buyer needs to also bring certified funds made payable in the amount specified by and made payable to Power Abstract.
What is an escrow account?
There are two different kinds of escrow accounts. One is an escrow account established by the Buyer’s lender for upcoming taxes and insurances where the Buyers lender holds funds of the Buyer to be used towards the payment of the real estate taxes and insurance as they become due. The other type of escrow is an escrow account which may be created  by Power Abstract to hold funds in order to ensure for the payment of repairs or the completion of certain events which may still exist at the time of losing.
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