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Residential Closing Services
Whether you have a new home purchase, cash sale, refinance, or tax free exchange, you can rest assured that each of our offices is run by a team of professionals who strive everyday to give their customers the utmost in customer service. We understand that when it comes to a real estate transaction, quality is extremely important, as well as speed and efficiency.
Our focus is to process all orders and requests with the utmost attention to detail, working closely with you and your client to prepare for the closing process, and to meet all closing deadlines. We pride ourselves in furnishing our clients with properly executed and completed closing packages that contain your required loan documentation. We follow up by issuing a final title policy, insuring that your loan is secured by a perfected lien.
Our services include:
Title Searches, Document Preparation, Escrow Service, Closing Expertise, Title Insurance, and Tax Free Exchanges
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FAST SERVICE --
We give a 48 to 72 hour maximum turn around for title commitments.
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WE SAY YES TO YOUR CLOSINGS --
We'll close your loan anytime, anywhere - and after 5PM! We will do what we have to, to get the job done.
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PRICING --
We'll meet any competitor's pricing, and provide a better level of service.
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COMMUNICATION --
We will communicate with you throughout the entire closing process - from start to finish. If there's a problem you'll be the first to know what we are doing to resolve it.
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Commercial Closing Services
Title & Closing, Inc. is pleased to now offer commercial real estate loan closing services through our Commercial Closing Division. Our professionals and staff have a great deal of experience with commercial closings, and we understand the nature, requirements and typical closing processes of Commercial Real Estate Lending. This experience and understanding allows us to deliver a high degree of professional services and personal attention to our commercial lending clients.
In addition to our experienced staff, we have licensed attorneys in the states where we do business to assure your closing requirements are met and legal issues are efficiently managed. Some of our services include:
- Preparation of loan documents appropriate to the transaction and necessary to establish and perfect a real property mortgage or deed of trust lien
- Perform Title Examinations and UCC Searches
- Verify borrowing entity status and qualification to do business in all applicable states
- Issue Title Insurance Policies with appropriate endorsements
- Review and analyze title and survey matters, and review other applicable due diligence.
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Title Search
We provide the following Title Search Services:
- Current Owner Search
- 40 year searches
- Property reports
- Copies of Instruments
- Ownership searches
- Lien and Subordination reports
Reports typically include legal description, current property tax information, deed, status of all mortgages, judgments and federal tax liens.
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Title Insurance
Our Title Insurance Services are designed to afford homeowners, lenders, and others protection from adverse title claims or risks. Title insurance is significantly different from other forms of insurance in many respects. The purpose of most other forms of insurance is risk assumption, the primary purpose of title insurance is to eliminate risks and prevent losses that can occur when a title is defective.
Title & Closing, Inc. works with industry leading underwriters to provide you with the most comprehensive and well researched insurance products available.
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Escow Services
What is an Escow?
An escrow is the method of closing in which a neutral/unbiased third party (who does not represent anyone in the transaction) is authorized to act as escrow agent and coordinate the closing activities. The Purchase and Sale Agreement serves as the primary escrow instructions for both the seller and the buyer. It should contain all the agreements of the parties. The escrow agent holds monies and legal documents on behalf of the buyer and seller and handles them according to their mutually agreed upon instructions. Escrow cannot be unilaterally revoked. In the event of a disagreement the escrow can only be amended, changed or revoked by mutual agreement of the parties to the escrow. The escrow agent is not authorized to comply with any instructions or demands of any third person who is not a party to the escrow.
Our Escrow Services Feature:
- Immediate order confirmation
- Continuous transaction monitoring and reporting
- Timely preparation of instructions and amendments
- Rigorous quality control measures to ensure accuracy
- Coordinated closing in our location or yours
- Verified disbursements of proceeds
We offer the following types of Escrow Services:
- Sale Escrows - Homes, Apartments and Condominiums
- Refinances - 1st, 2nd, 3rd Trust Deeds
- Exchanges - Section 1031
- Trust and Condo Conversions
- Relocations
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1031 Tax Exchanges
As an introductory matter, you should know three things about Section 1031 exchanges:
- You can exchange your property for new property without paying federal income tax on that exchange if the requirements of Section 1031 are met.
- The exact structuring of the exchange will depend on, and can be tailored to, your circumstances.
- You should obtain sound legal and tax advice before undertaking a Section 1031 exchange.
Section 1031 of the Internal Revenue Code (IRC) provides property owners a mechanism to exchange property they hold for investment or business purposes in return for property that is "like-kind." The benefit of a Section 1031 exchange, when compared to a sale of that same property followed by a reinvestment of the after tax proceeds, is that no tax is due on the exchange. Therefore, engaging in a like-kind exchange permits the property owner to reinvest 100% of the proceeds which would result from a straightforward sale of existing property (the "relinquished property") in the new property that is acquired in the exchange (the "replacement property"). In contrast, an actual sale of the relinquished property followed by the payment of tax would leave only 80% or less of the proceeds available for reinvestment.
Qualifying Property
There are a number of requirements that must be met in order for you to be able to engage in a Section 1031 tax deferred exchange. Most importantly, both the relinquished property and the replacement property must be held for "productive use in a trade or business" or "for investment." The "like-kind" property qualifying rules are broad with respect to real estate. Any real estate property can be exchanged for another real estate property regardless of use. For example, land can be exchanged for a hotel. However, the qualifying rules for personal property are more restrictive and focus on the use of the property. For example, an aircraft can be exchanged for another aircraft, but an aircraft cannot be exchanged for a rail car.
Getting Sound Advice
While the rules governing Section 1031 transactions are important and must be observed in order to complete a successful tax free exchange, Section 1031 transactions can be achieved in most instances provided you receive appropriate advice. National Realty Exchange Services, LLC is owned by real estate attorneys; however, our attorneys are not licensed in every state. Therefore, it is important that you receive sound legal and tax advice from a trusted advisor. National Realty Exchange Services, LLC plays the role of the "qualified intermediary." Under the Section 1031 regulations, use of a qualified intermediary greatly enhances the prospects of successfully completing a valid Section 1031 exchange that will be respected by the IRS.
Delayed or Starker Exchanges
Most Section 1031 Exchanges take place as "delayed" or "Starker" exchanges. This is so because, typically, a property owner ("exchanger") will find a buyer for the relinquished property before he/she has found suitable replacement property. Section 1031 recognizes this practical reality and allows the exchanger to transfer the relinquished property before the replacement property is received in completion of the exchange. These delayed exchanges are also called Starker exchanges because, the courts first held that a delayed exchange can qualify for tax deferral under Section 1031 in the case of Starker v. United States, 602 F.2nd 1341 (9th Cir. 1979).
If you wish to complete a successful delayed exchange, there are two critical deadlines that you need to strictly observe:
- You must identify the replacement property that you wish to receive in the exchange within 45 days of the closing of the relinquished property.
- The closing on the replacement property must take place before the earlier of (a) the elapse of 180 days following the relinquished property closing or (b) the filing deadline (taking into account extensions actually obtained) for your tax return for the year in which the relinquished property was given up.
Crucial Role of the Qualified Intermediary
When undertaking a delayed or Starker exchange, it is essential to engage the services of a qualified intermediary, such as National Realty Exchange Services, LLC. To qualify under Section 1031, you must effect an exchange of properties in a way that does not allow the IRS to argue that you actually or constructively received the proceeds of the sale of the relinquished property. If you do receive those proceeds (actually or constructively), you will be treated as having sold the relinquished property and purchased the replacement property rather than having completed a qualifying Section 1031 exchange. The qualified intermediary allows you to avoid these issues in the delayed exchange context by closing on your relinquished property and forwarding it to your buyer and then closing on the replacement property and directing the seller to deed the replacement property to you. In the absence of a qualified intermediary at the center of the two transactions, you would need to make other arrangements to achieve your objective of transferring your relinquished property in exchange for the replacement property. For various reasons, persons (such as the third party seller of the replacement property) that are not in the business of facilitating Section 1031 exchanges may be unwilling to assist you in this regard.
Ten Basic Steps to a Delayed Exchange
- You negotiate a purchase and sale agreement with respect to your relinquished property.
- You enter into an Exchange Agreement with a qualified intermediary such as National Realty Exchange Services, LLC.
- You assign your rights under the Sale Agreement to the qualified intermediary.
- The closing ("first closing") on the relinquished property occurs with you executing a direct deed to the purchaser.
- The proceeds of the first closing are placed in an escrow account to be used in obtaining the replacement property. National Realty Exchange Services, LLC deposits the proceeds of the first closing in dual signature escrow accounts with prestigious financial institutions so that you are assured that the proceeds of the first closing will be safeguarded and will be used only to acquire the replacement property and to pay related closing costs with the account balance then paid over to you following the close of the delayed exchange.
- Within 45 days of the first closing, you complete an "Identification of Replacement Property" statement in which you identify (within certain limits) the replacement property you intend to receive in completion of the exchange.
- You negotiate a purchase and sale agreement with respect to the replacement property.
- You assign your rights under the purchase agreement to the qualified intermediary.
- Within 180 days (or by the time your tax return for the year of the exchange is due, whichever is earlier), the closing on the replacement property (the "second closing") must occur.
- At the second closing, the seller of the replacement property will be directed to transfer title to the replacement property to you; the seller is paid out of the funds in the escrow account established upon the first closing. If any other funds are required, they are provided by you or a lender. The qualified intermediary provides a reconciliation of the escrow account and the appropriate tax forms (Form 8824) are completed and included with your tax return for the year that the exchange takes place.
Alternate and Multiple Properties
You may identify more than one replacement property. Regardless of the number of relinquished properties transferred as part of the same deferred exchange, the maximum number of replacement properties that you may identify is:
- Three properties without regard to the fair market values of the properties (the "3 property rule"), or
- Any number of properties as long as their aggregate fair market value as of the end of the identification period does not exceed 200 percent of the aggregate fair market value of all the relinquished properties as of the date the relinquished properties were transferred by you (the "200% Rule").
If, as of the end of the identification period, you have identified more properties as replacement properties than permitted by the regulations, you are treated as if no replacement property has been identified.
IF YOU HAVE ANY QUESTIONS ABOUT THE MECHANICS OF A SECTION 1031 EXCHANGE, PLEASE DO NOT HESITATE TO CALL OUR OFFICE ANY TIME. WHILE WE MAY NOT BE ABLE TO GIVE YOU PERSONAL LEGAL ADVICE ABOUT YOUR SPECIFIC SITUATION, WE ARE GLAD TO HELP YOU FACILITATE YOUR EXCHANGE AND CONDUCT YOUR AFFAIRS IN A PROFESSIONAL MANNER SO THAT YOUR TAX EXPOSURE IS AT AN ABSOLUTE MINIMUM (IF ANY AT ALL).
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Vendor Management Services
Our Vendor Management division allows your employees to order title searches, title insurance, escrows, credit reports and flood determinations from one location. Let us reduce the time your loan originators are spending in calling different vendors. Therefore their productivity can rise creating additional profits for your company.
With our Vendor Management division, we can handle refinances, purchases and home equities. The closings will be conducted in the most convenient closing location for your borrower. The closings can be done in person or by phone depending on your client's preference, and can be handled after hours if required by your client.
Our technology allows you and your branch managers to oversee their orders online. Therefore you can see the status of the delivery of the vendor's products online. We will have one person who is responsible for your work. Therefore, you will talk to one person instead of calling a team, and have to spend precious time while they find someone who is familiar with your file.
We will oversee your order placement to ensure that your orders are received by each vendor. We will monitor all orders constantly until all the requested services have been delivered to you. We will send a report to you or your branch manager letting you know that your order is complete.
We have a skilled and dedicated workforce to assure that your customer's order was handled professional. We understand that we are representing you, and we want your customer to have a great experience. We want them to return to your company, and become a source of referrals for the future.
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We provide a carefully selected array of services designed to enhance your business and success. Using the links on the left, you can explore the services we offer. If you discover you are in need of a service that is not listed, please feel free to contact us with your request and we will do our best to assist you.
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FAST SERVICE --
We give a 48 to 72 hour maximum turn around for title commitments.
-
WE SAY YES TO YOUR CLOSINGS --
We'll close your loan anytime, anywhere - and after 5PM! We will do what we have to, to get the job done.
-
PRICING --
We'll meet any competitor's pricing, and provide a better level of service.
-
COMMUNICATION --
We will communicate with you throughout the entire closing process - from start to finish. If there's a problem you'll be the first to know what we are doing to resolve it.
Contact Information:
Michelle Watkins
Phone: 866.763.9098
Fax: 888.762.6118
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Closing Fees:
- Title insurance fees are regulated by the states. We are happy to give reissue rates when your customers have a prior policy.
- Please email or call and we can give you the exact premium within 30 minutes. Rates vary by the state and in some states by the county.
- Additional fees are not charged for mail away closings.
- An additional $100.00 is charged for Resident after Hour closings
- On purchase transactions, the Seller is charged $100.00 for deed preparation by attorneys within the state.
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| Alabama |
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Processing/Admin Fee |
to Lenders Title & Escrow |
$175.00 |
| Title Search |
to Stewart Title Guaranty |
$100.00 |
| Closing Fee |
to Lenders Title & Escrow |
$200.00 |
| Courier Fee (pkg/payoff) |
to Lenders Title & Escrow |
$20.00 |
| Wire Fee |
to Lenders Title & Escrow |
$30.00 |
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| Florida |
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Processing/Admin Fee |
to Lenders Title & Escrow |
$175.00 |
| Title Search |
to Stewart Title Guaranty |
$100.00 |
| Closing Fee |
to Lenders Title & Escrow |
$200.00 |
| Courier Fee (pkg/payoff) |
to Lenders Title & Escrow |
$20.00 |
| Wire Fee |
to Lenders Title & Escrow |
$30.00 |
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| Illinois |
| |
Processing/Admin Fee |
to Lenders Title & Escrow |
$200.00 |
| Title Search |
to Illinois Attorney |
$150.00 |
| Closing Fee |
to Lenders Title & Escrow |
$200.00 |
| Courier Fee (pkg/payoff) |
to Lenders Title & Escrow |
$20.00 |
| Wire Fee |
to Lenders Title & Escrow |
$30.00 |
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| Indiana |
| |
Processing/Admin Fee |
to Lenders Title & Escrow |
$175.00 |
| Title Search |
to Stewart Title Guaranty |
$100.00 |
| Closing Fee |
to Lenders Title & Escrow |
$200.00 |
| Courier Fee (pkg/payoff) |
to Lenders Title & Escrow |
$20.00 |
| Wire Fee |
to Lenders Title & Escrow |
$30.00 |
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| Iowa |
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Processing/Admin Fee |
to Lenders Title & Escrow |
$175.00 |
| Title Search |
to Stewart Title Guaranty |
$100.00 |
| Closing Fee |
to Lenders Title & Escrow |
$200.00 |
| Courier Fee (pkg/payoff) |
to Lenders Title & Escrow |
$20.00 |
| Wire Fee |
to Lenders Title & Escrow |
$30.00 |
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| Kentucky |
| |
Processing/Admin Fee |
to Lenders Title & Escrow |
$175.00 |
| Title Search |
to Stewart Title Guaranty |
$100.00 |
| Closing Fee |
to Lenders Title & Escrow |
$200.00 |
| Courier Fee (pkg/payoff) |
to Lenders Title & Escrow |
$20.00 |
| Wire Fee |
to Lenders Title & Escrow |
$30.00 |
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| Mississippi |
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Processing/Admin Fee |
to Lenders Title & Escrow |
$175.00 |
| Title Search |
to Stewart Title Guaranty |
$100.00 |
| Closing Fee |
to Lenders Title & Escrow |
$200.00 |
| Courier Fee (pkg/payoff) |
to Lenders Title & Escrow |
$20.00 |
| Wire Fee |
to Lenders Title & Escrow |
$30.00 |
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| Missouri |
| |
Processing/Admin Fee |
to Lenders Title & Escrow |
$175.00 |
| Title Search |
to Stewart Title Guaranty |
$100.00 |
| Closing Fee |
to Lenders Title & Escrow |
$200.00 |
| Courier Fee (pkg/payoff) |
to Lenders Title & Escrow |
$20.00 |
| Wire Fee |
to Lenders Title & Escrow |
$30.00 |
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| North Carolina |
| |
Processing/Admin Fee |
to Lenders Title & Escrow |
$175.00 |
| Title Search |
to N.C. Attorney |
$125.00 |
| Closing Fee |
to Lenders Title & Escrow |
$150.00 |
| Courier Fee (pkg/payoff) |
to Lenders Title & Escrow |
$30.00 |
| Wire Fee |
to Lenders Title & Escrow |
$30.00 |
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| Ohio |
| |
Processing/Admin Fee |
to Lenders Title & Escrow |
$175.00 |
| Title Search |
to Stewart Title Guaranty |
$100.00 |
| Closing Fee |
to Lenders Title & Escrow |
$200.00 |
| Courier Fee (pkg/payoff) |
to Lenders Title & Escrow |
$20.00 |
| Wire Fee |
to Lenders Title & Escrow |
$30.00 |
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| Oklahoma |
| |
Processing/Admin Fee |
to Lenders Title & Escrow |
$200.00 |
| Title Search |
to Oklahoma Attorney |
$250.00 |
| Closing Fee |
to Lenders Title & Escrow |
$200.00 |
| Courier Fee (pkg/payoff) |
to Lenders Title & Escrow |
$20.00 |
| Wire Fee |
to Lenders Title & Escrow |
$30.00 |
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| South Carolina |
| |
Processing/Admin Fee |
to Lenders Title & Escrow |
$200.00 |
| Title Search |
to South Carolina Attorney |
$150.00 |
| Closing Fee |
to South Carolina Attorney |
$250.00 |
| Courier Fee (pkg/payoff) |
to Lenders Title & Escrow |
$20.00 |
| Wire Fee |
to Lenders Title & Escrow |
$30.00 |
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| Tennessee |
| |
Processing/Admin Fee |
to Lenders Title & Escrow |
$175.00 |
| Title Search |
to Stewart Title Guaranty |
$100.00 |
| Closing Fee |
to Lenders Title & Escrow |
$200.00 |
| Courier Fee (pkg/payoff) |
to Lenders Title & Escrow |
$20.00 |
| Wire Fee |
to Lenders Title & Escrow |
$30.00 |
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| Texas |
| |
Processing/Admin Fee |
to Lenders Title & Escrow |
$175.00 |
| Title Search |
to Stewart Title Guaranty |
$100.00 |
| Closing Fee |
to Lenders Title & Escrow |
$200.00 |
| Courier Fee (pkg/payoff) |
to Lenders Title & Escrow |
$20.00 |
| Wire Fee |
to Lenders Title & Escrow |
$30.00 |
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| Virginia |
| |
Processing/Admin Fee |
to Lenders Title & Escrow |
$200.00 |
| Title Search |
to Virginia Attorney |
$150.00 |
| Closing Fee |
to Lenders Title & Escrow |
$200.00 |
| Courier Fee (pkg/payoff) |
to Lenders Title & Escrow |
$20.00 |
| Wire Fee |
to Lenders Title & Escrow |
$30.00 |
If your state is not listed, call 866.763.9098 to obtain applicable fees. |
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