Interstate Title & Escrow can handle all of your settlement needs. Our services include conducting settlements for the following types of transactions:
New home purchases:
Homes newly constructed, typically by a home builder. These transactions have to be carefully examined to ensure that the builder's line of credit is paid for that property and there are not any outstanding liens/judgements/mechanics liens.
Resale home purchases:
A resale home is one that has been owned by other persons after it was constructed. Resale homes may have had one previous owner or ten. Each current and prior property owner is researched to verify the presence or absence of title defects. A title is researched back 60 years from the present date.
A transaction in which a current owner is paying off and existing loan(s) with a new loan(s).
Home equity lines of credit:
A second (third/fourth) or subordinate loan placed against the current owner's property. This type of loan is usually a revolving line of credit that can be borrowed against and paid off over and over again during a pre-determined period of time.
Also a second or subordinate loan placed against the current owner's property. In this case the loan usually comes with a set mortgage payment that is paid off in the agreed upon time, similar to a first mortgage.
Transactions involving property owner's that are relocated out of the area, usually as required by their place of employment. Most of this transaction is handled at a distance for the seller's.
These properties have already gone through the foreclosure process and are ready to be resold out of the mortgage lender's inventory. An REO or bank owned transaction can be one of the most difficult as flaws/errors/defects can be missed during the foreclosure process. In most states any person/entity with a valid interest in the property requires notice of the foreclosure from the foreclosing mortgage lender. If this critical notice is not given prior to the properties auction on the courthouse steps the foreclosure process will need to be repeated as the foreclosing bank does NOT have clear title to the property and therefore cannot transfer the deed to an interested purchaser.
Short sale purchases:
The current owner is still in title to the property and has the authority to sell it to an interested purchaser. The main complication in this type of transaction is that the current property owner is burdened with the responsibility of obtaining permission from their current mortgage lender(s) to sell the property for less than the amount owned the bank. Properties subject to a short sale is worth less than the current amount owned due on the mortgage(s). Title to short sale properties must be examined very carefully to ensure that all amounts due at closing are paid.
Acquisition and development loans:
More commonly known as A&D loans; these loans are obtained to aquire commercial property or tracts of land to be developed into office space or a residential neighborhood.
A commercial purchase can range all the way from the purchase of a single commercial condo unit to an entire building. The complication in this transaction can range from being simple to extremely complicated depending on the type of transaction.
Simular to a residential refinance transaction but on a larger scale.
Construction loans (residential and commercial):
Loans that are obtained for the sole purpose of building a structure on a piece of real property. These loans are usually converted into a final loan that has standard loan terms to be paid back by a set date.