Home Purchase
Transfer of title from seller to buyer of a primary residence or investment property.
Commercial Purchase
Transfer of title from seller to buyer of real estate property that is used for business activities, such as malls, grocery stores, office buildings, manufacturing shops and the like.
Refinances
Refinancing or consolidating your existing mortgage(s).
Construction Loan
A short-term loan used to finance the building of a home or another real estate project. The builder or home buyer takes out a construction loan to cover the costs of the project before obtaining long-term funding.
Reverse Mortgages
A financial agreement in which a homeowner relinquishes equity in their home in exchange for regular payments, typically to supplement retirement income.
1031 Exchange
Under Section 1031 of the United States IRS code (26 U.S.C. Sec.1031), a taxpayer may defer recognition of capital gains and related federal income tax liability on the exchange of certain types of property.
Title Insurance
During a home or business purchase, we issue a form of indemnity insurance that protects the title holder from financial loss sustained from defects in a title to a property.
Successions
The process of settling a deceased person’s estate and distributing the property after debts are repaid.
Tutorships
A tutor is a person who is legally responsible for the care of a minor child (under the age of eighteen). Tutorship is created by the lawful appointment of a tutor to the care of the person and property of a minor.
Subordination of Minor’s Mortgage
In the event the Buyer is also the Tutor of a minor’s interest in property and/or money (resultant of inheritance or proceeds from a lawsuit), the court with the duty of securing the minor’s assets must be petitioned to request permission to make the “minor’s mortgage” subordinate (behind) any proposed new loan taken by the Tutor.
Donations Inter Vivos
A contract by which a person, called the donor, gratuitously divests himself, at present and irrevocably, of property given in favor of another, called the donee, who accepts it.
Power of Attorney
A document that gives your agent, called a mandatary, certain powers, such as the ability to access your bank accounts, withdraw funds and sell your property on your behalf. This is used when a buyer or seller is unable to attend a closing in person.
Certificate of Authority
A document executed by the members or managers of a corporation which authorizes an agent to transfer property on behalf of the corporation.
Curative Work
Title curative is a set of procedures used to “cure” defects in chains of title, such as correcting instruments that are erroneous or ambiguous. The process is focused on whether the actual use and possession of the land under review is consistent with record title.
Bond for Deed
A bond for deed is a contract to sell real property in which the purchase price is to be paid by the buyer to the seller in installments, and in which the seller, after payment of a stipulated sum, agrees to deliver title to the buyer. It may also be called a “contract for deed.”
Lease Purchases
A Lease Purchase Contract, also known as a Lease Purchase Agreement, combines elements of a traditional rental agreement with an exclusive right of first refusal option for later purchase on the home. It is a shortened name for Lease with Option to Purchase Contract.