TITLE INSURANCE AND OTHER SERVICES FOR DEVELOPERS
Title Insurance Commitment and Policy
Title insurance provides financial indemnification for losses due to on-record or off-record title defects on the property that existed on the date the policy was issued. The extensive work done prior to the issuance of a title policy allows the policy holder peace of mind: knowing that the underwriter carefully investigated the title prior to issuing the policy and; knowing that if a claim does arise the policy holder is indemnified by the insurance company.
A full title search is conducted and a commitment to issue title insurance is issued at closing. Once the property is transferred to the new owner, a title insurance policy is executed and issued to the insured.
Escrow Services
Third party administration of the financial aspects of a transaction provides a more transparent and secure transaction, which minimizes risk and potential miscommunications as the transaction evolves towards closing. The Escrow Company is responsible management and safekeeping of the funds and documents associated with a transaction, and their disbursement in strict accordance with the escrow agreement signed by all parties to the transaction.
The responsibilities of the Escrow Company include:
- Timely receipt and disbursement of funds to the seller, brokers and any other party related to the real estate transaction
- Enforcement of all contract terms with regard to payment procedures.
- Issuing all cash call letters to remind payments
- Notification to clients and project regarding funds status at each stage
- Preparation of closing statements
- Documents custody
Administrative Services
- Managing communications regarding funds with the Buyer
- Tracking all documentation, ensuring that buyers and sellers are in compliance with all contract terms
- Maintaining records and files, and distributing them to the appropriate parties at appropriate times
- Ensuring that required documentation is received and reviewed by the appropriate parties
Advisory Services
- Advising Clients on suggested procedures and standards for the closing process
- Establishing protocols to deal with contingencies or variations fro regular transactions
- Assistance in the development of the real estate closing process
- Determining all required documentation
Joint Marketing Services
- Participation and support in publicity events
- Assistance in the process of educating potential buyers about the sales process
Advantages and Benefits
We believe that these services offered together, as a package, add value (not cost) to the real estate transaction process, providing many advantages to both the developer and clients.
Advantages to Developer
- Increased selling potential of property
- Significant cost savings
- Lower cost than providing services individually
- Reduced administrative burden, allowing the developer to focus on the most important tasks (sales and development)
- Faster deal executing time
- Standardized system and process ensures quicker turnaround time
- More efficient system for executing transactions
- Centralization of activities related to funds management, documentation and closing allows better control and efficiency
- Accurate and up to date tracking of project status and funds
Advantages to Clients
- Real financial guaranty against loss
- Absolute security of funds
- Reduced investment risk
- Increased resale value of the property
- Significant cost reduction vs. requesting all services separately
Contact forlacol@gmail.com or Ursula (507) 6676-5151 for more information on how we can advise you regarding title insurance, escrow services, or title search.