Commercial & Residential Closings & Escrow
Reverse Mortgage Closings
Title Insurance
Lender Mortgage Packages
Title Restoration Services
Notary Public
| COMMERCIAL & RESIDENTIAL CLOSINGS & ESCROW SERVICES |
Our firm has successfully conducted hundreds of real estate closings for both commercial and residential property throughout the State of Florida and for numerous clients and lenders. These include FHA approved Reverse Mortgage Closings for our elderly borrowers. A closing, also known as a settlement, is the finalizing of a real estate in which all matters are settled and funds or other consideration exchanged for the property or business being sought. It takes place after exhaustive research of the history and status of the property, including research of the chain of title, city and municipal liens, codes, and permits, physical site evaluation and appraisal, and the resolution of any other matters arising from the closing process. One important aspect of balancing the equities in a transaction is the escrow requirement. Our office accepts and holds escrow funds, free of charge, pursuant to real estate closings conducted through our firm. There is typically no limit to the escrow amounts accepted for transactions.
| REVERSE MORTGAGE CLOSINGS |
A reverse mortgage is available to homeowners age 62 or older who have either paid off their homes or who have only a small mortgage balance remaining which allows them access to their home equity without having the need to repay the loan. Benefits of a reverse mortgage include: no monthly payments; no income qualifications; no credit requirements; and the borrower's choice of receiving their funds either as a lump sum payment, line of credit, or through monthly payments. By both removing a monthly payment requirement and obtaining tax-free money, our elderly friends and family members can truly enjoy their retirement years with the financial freedom they so deserve! Our firm can explain the details and procedure of a reverse mortgage in a short, but effective consultation session.
Simply stated, title insurance is the protection against claims or financial loss based on problems connected to the ownership rights to your property. By the time of our clients' purchase, most properties will have gone through several ownership changes. It is through this "chain of title" that there may be a weak link in the form of improper conveyances, unpaid real estate taxes, construction liens, creditor judgments, or other liens. Title insurance covers the insured party for any claims that arise out of such issues prior to the purchase of the policy at closing. The amount of title insurance is based upon the purchase or loan value depending upon whether the transaction is a purchase or refinance and is paid for by the buyer or seller depending upon the location of the transaction. Title insurance is paid for at the time of closing and no further payments thereafter are required. Although there is not always an obligation to obtain title insurance, many lenders, in an effort to protect their interests, will require it in order to fund a mortgage loan. There are two forms of title insurance being an Owners Title Policy, which is obtained in the value of the purchase amount and protects the owner as long as the owners or their heirs own or have interest in the property. The other type is Mortgagee Title Insurance, which is used to cover the lender's loss in the event of a claim. When you refinance, you do not need a new Owner's Policy, but the lender will require a new mortgagee policy, even if you refinance with the same lender. This is because the Mortgagee Policy terminates when the current loan is paid off. Furthermore, the lender will require protection against any matters affecting title which would have arisen during the current ownership of the property.
Our firm offers the individual lender the opportunity to invest their money in the real estate market by issuing loans secured by a mortgage, which provides for their protection. These mortgage packages contain promissory note per the agreement to lend, truth in lending statements or waivers, affidavits, and other professionally drafted documents found in most institutional lender packages.
| TITLE RESTORATION SERVICES |
During the course of events, and despite the best efforts of title examiners, it is possible that some title defect has arisen or "fallen through the cracks" and which affects the title to a property. This could be in the form of an improperly executed deed, a past creditor judgment, tax lien, foreclosure, unpaid mortgage, or other matter dating back significantly enough to cause a defect of title. Unfortunately, in a market which has been as fast paced as the Florida real estate market, mistakes do happen. Our firm will assist our clients with ascertaining the problem and implementing the action required to correct the matter and restore the property or "clear title."
Our firm carries notary public officials in-house for the certification of real estate and other documents as required for recording or other such purposes.
