Escrow and Roundtable Closings
An escrow closing is when funds are placed into an escrow account for disbursement at a later date. An example of a need for an escrow closing would be if the buyers and sellers cannot agree on all terms of the closing.
A round table closing establishes an actual time and place for all parties to work toward to close. People are encouraged to accomplish their tasks with a specific deadline confronting them. The buyer and seller are present at the closing to work out any last minute details and unforeseen difficulties.
Our title examiner will review public records to confirm ownership of the property and inquire as to any claims, back taxes, loans, etc. The examiner will also determine if any title issues exist that may interfere with the new owner taking title of the property.
Title Insurance and Attorney Opinions
Title insurance covers certain losses due to flaws or liens in the title that occurred prior to ownership. Title insurance protects against flaws such as prior fraud or forgery that might go undetected until after closing and possible endanger your ownership and investment.
Attorney opinions is commonly referred to as a title opinion. It is a document issued by an attorney listing any liens or encumbrances that could affect the property that are a matter of public record. For our comparison purposes, the attorney opinion fee is considered to be a third party fee and may be included in the title insurance or closing fee by some lenders.
Commercial transactions occur when commercial property is involved, not residential property.
Deeds & Power of Attorney
A Deed is a written instrument that conveys a property from the seller to the buyer. The deed is recorded at the local courthouse so that the transfer of ownership is part of the public record.
A Power of Attorney is a written legal instrument that authorizes another person to act on one’s behalf. A power of attorney can grant either complete or limited authority.
Offer to Purchase
An Offer to Purchase is an agreement between a buyer and seller to purchase real estate. An offer to purchase, also known as a binder or a sales contract, secures the right to purchase real estate upon agreed terms for a limited period of time. If the buyer changes his mind or is unable to purchase, the earnest money that was paid is forfeited unless the binder expressly provides that it is to be refunded.
Land Installment Contracts & Leases
A Land Installment Contract is a property installment selling agreement whereby the purchaser may occupy and use the land, but no deed is given by the seller until a specified part of the sales price has been paid.
A Lease is a written contract between a property owner and a tenant that expresses the conditions under which the tenant may possess the real estate for a specified period of time and rent.
1031 Tax Free Exchanges
A 1031 Tax Free Exchange is a type of tax credit which allows owners of business or investment-related properties to exchange the property with a different property and not have to pay capital gain taxes.