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Transaction Resources

Closing Instructions

  1. You will receive an emailed invoice the day the property closes. Payments may be made online via ACH with a corporate checking account, wire transfer, or check. Please see your invoice for payment instructions. Efficient Markets must receive the funds within two business days, in accordance with the Buyer’s Agreement.
  2. After receipt of funds, we will notify the seller to ship the files to your office, if any. Please provide us with a shipping address if other than your billing address.
  3. Please go to your Buyer’s Homepage to provide title instructions. Under your “Buyer Lot Tool”, Won lots, Conveyance column, click on the blue link. This will take you to the assignment tracker, where you will find Actions to enter title information, events of the outgoing document(s), and be able to approve the document when available for recording or if a signature is needed. Conveyances will be made only to registered and accredited buyers. A fee of $25.00 per name, per document will be charged for each additional assignee in excess of two.

If a property did not meet the reserve and you were the high bidder, a business development representative will contact you to negotiate the sale of the property. If an agreement is made, you will receive a negotiated sale agreement via DocuSign memorializing the transaction terms. After you and the buyer have both signed the agreement, you will receive an invoice via email.

Conveyancing

Understanding the Post-Closing and Recording Process

We are excited to help you complete your transaction and want to ensure you know what to expect after closing. While we always strive to keep things moving efficiently, the timeline for receiving recorded documents can vary based on several factors.

Here is a step-by-step overview to help set expectations and keep you informed:

1. Payment Clearing Times

The type of payment method used determines how quickly we can begin the recording process:

  • ACH payment: Minimum of 5 business days to clear
  • Mail-in check: Typically, 2–3 business days to clear
  • Wire transfer: Typically, 1–2 business days to clear

2. Document Preparation, Buyer Signatures and Review

Once the payment clears:

  • Our conveyancing team requires 2–3 business days to process and quality check documents, assuming all title instructions are in order.
  • If the lot includes three or more county assignments, BLM or state documents, or Change of Operator forms, additional time may be required.

If buyer signatures are required:

  • We will send the signature page to the buyer:
    • Via email if the signature and notary pages are standalone.
    • Via mail if the signature and notary blocks are embedded within the body of the assignment.
  • Please ensure that the notary acknowledgment is appropriate for your state and entity.
  • Once signed and notarized, the fully executed original document must be mailed back to us. The sooner we receive it, the faster we can proceed with the recording process.
  • Important: Do not use USPS unless it is mailed as First Class with tracking.

Once all documents are ready, they are sent to the buyer for review. We allow a minimum of 3 business days for approval:

  • If no approval is received after that window, we proceed with sending the documents to recording.

3. Recording Timeframes

  • E-recorded documents: Typically returned within 1 business day
  • Mailed documents: Counties can take 14-90 days to return recorded copies
  • BLM/state documents: These documents are not returned to Efficient Markets. Buyers must coordinate directly with the relevant government agency for copies.

4. After Recording

  • Once documents are returned, we review them and notify you of:
    • Rejections: We will communicate needed corrections promptly
    • Successful recordings: The recorded documents will be uploaded to the lot’s virtual data room (VDR) on your Buyer’s or Seller’s Homepage for easy access

5. Track Your Progress

You can monitor each step of the conveyancing process in real-time via your Seller’s Homepage. If you ever have questions or need clarification, we are always happy to help!

Best Practices for Preparing Recordable Documents with Counties and States

To avoid costly delays or rejections in the recording process, the following best practices should be followed when preparing documents for recording with state and county offices. These practices reflect current requirements and common pitfalls observed across multiple jurisdictions.

General Requirements (Applicable to All States)

  • Font size and style: Use a minimum 12-point font, preferably Times New Roman.
  • Legal descriptions: Avoid blanket or catch-all phrases (e.g., “all lands owned”). Instead, provide specific legal descriptions for each property conveyed.
  • Margins: Always verify county-specific requirements. When in doubt, use a 3-inch top margin on the first page and 1-inch margins on all other pages unless otherwise noted below.
  • Paper size: Use standard 8½” x 11″ paper unless otherwise required.
  • Clarity: Ensure the document is legible, free of dark backgrounds, faded text, or skewed pages.

State-Specific Requirements

Alaska

  • Top margin: 2 inches on the first page; 1 inch on all other pages.

Arkansas

  • Paper size: Must be 8½” x 11″.
  • Top margin: 3 inches on the first page; 1 inch on other pages.
  • Prepared by: Name, address, and phone number must appear in the top left corner of the first page.
  • Penalty: $25 fee for non-compliant documents.

California

  • Notary requirement: Include the Notary Consumer Disclosure (SB 1050) at the top of the notary certificate in a boxed section:

“A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.”

  • Margins: Some counties impose additional margin requirements, please verify locally.

Louisiana

  • Witness signatures: Must have two witness signatures for both buyer and seller on all recorded documents.

Mississippi

  • Top margin: 3 inches.
  • Mandatory elements:
    • Preparer’s name, address, and phone number
    • Assignor and assignee name, address, and phone
    • Tax statement information
    • Indexing instructions

Montana

  • Top margin: 3 inches on the first page.

North Dakota

  • Top margin: 3 inches on all pages.
  • Prohibited: Documents with metes and bounds legal descriptions are not accepted.

Ohio

  • Top margin: 3 inches on the first page; 1.5 inches on all other pages.
  • Note: While Efficient Markets cannot record deeds or conveyances in some counties, assignments are recordable statewide.

Oklahoma

  • Top margin: 2 inches on all pages.
  • Exhibits: Must be sorted by township, range, then section, and include quarter calls (or state “all of section”).

Utah

  • Top margin: 2 inches.
  • Paper size: Some counties do not accept legal-sized paper.
  • Legal descriptions: Must include meridian references.

West Virginia

  • Declaration of consideration: Required in the body of the deed, directly before the grantor’s signature block.

Additional Tips

  • Confirm local rules: Always double-check with the county recorder’s office for additional or updated requirements.
  • Signature blocks, witness and notary blocks: Ensure correct acknowledgment formats are used, and that these blocks and signature blocks are not embedded in text-heavy sections. It is best for signature pages and notary blocks to be on their own designated pages.
  • Effective date: It is best to leave the effective date blank. However, if it must be filled in:
    • Use the first of the month on which the document is signed, or
    • Use the first of the next month.
  • Delivery method: Send original signed documents via trackable mail, preferably FedEx or UPS. Avoid USPS unless sent First Class with tracking.

Additional Information

The Seller acknowledges and agrees that since Buyers are not in the physical location of the online sale, but on the world wide web, the funds to purchase the property are to be received by Efficient Markets’ designated escrow bank by one of the following methods:

  1. Wire transfer from Buyer’s bank or financing institution, made payable to EnergyNet Services, LLC, Wells Fargo Bank of Houston, Texas as escrow agent.
  2. Next-day delivery overnight mail from Buyer to EnergyNet Services, LLC. Funds must be either certified or check pre-approved by EnergyNet Services, LLC at the Wells Fargo Bank of Houston, Texas, made payable to EnergyNet Services, LLC Escrow Account.
  3. Hand or courier delivered to the Efficient Markets office, located at:

7201 I-40 West, Suite 319
Amarillo, TX 79106
Make funds payable to EnergyNet Services, LLC Escrow Account

If you need wiring instructions or assistance, please contact the Conveyancing Team toll free at (877) 351-4488.