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Closing Services

Realtor Closing Information Worksheet
Residential Mortgage Closings
Cash or Contract for Deed
Witness/Notary
Commercial Closings
Construction Loan Disbursement
Early Start/Priority Pictures
Closing Services for Seller
For Sale by Owner
IRC 1031 Tax-Deferred Exchange
Closing Checklist
Closing Protection Letter

Residential Mortgage Closings - Our closing staff can assist sellers, buyers, lenders and real estate agents with sales and refinances for any type of mortgage - whether it is a first mortgage, junior mortgage, home equity loan, or reverse mortgage.  

Services include:

  • Reviewing the title commitment
  • Insuring the closing is conducted in accordance with the lenders requirements
  • Preparing the HUD settlement statement
  • Disbursing all proceeds to appropriate parties to insure all existing liens are properly released
  • Recording the documents
  • Conducting all necessary closing follow-ups

Cash or Contract for Deed -
Unique situations arise when there is no lender or real estate agent involved in the transaction. Our staff can advise both the buyer and seller of the requirements needed to complete the conveyance of the property.  

Services include:

  • Reviewing the purchase agreement
  • Arranging for exam of the title
  • Drafting of documents, preparing the HUD settlement statement
  • Disbursing all funds to appropriate parties
  • Recording the documents


Witness/Notary -
This service is provided to all title companies and lenders who may need an experienced agent to provide a convenient and affordable service to their client

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Commercial Closings - The added complexities of a commercial closing require the knowledge and experience to adapt to ever-changing circumstances. Our commercial service professionals assist land developers, attorneys, commercial loan officers and others to underwrite all types of complex commercial real estate transactions.  

Services, in addition to those listed in Residential Mortgage Closings, include:

  • Reviewing of special purchase agreements
  • ALTA surveys
  • Zoning issues
  • UCC-1 filings
  • Security agreements
  • Agricultural land regulations
  • Other legal requirements

Closings for our commercial department have included industrial facilities, office and apartment buildings, churches, farmland, golf courses, motels and subdivisions.


Construction Loan Disbursement -
Our construction-disbursing department is experienced in handling all types of construction projects from large commercial projects (subdivisions, golf courses, etc.) to home remodeling.

Services include:

  • General budget oversight
  • Payment of construction bills
  • Obtaining lien waivers
  • Producing updated project cost reports
  • 1099 reporting, we will file all necessary contractor and subcontractor 1099 reports
  • Lien waiver audits/Tract checks

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Early Start/Priority Pictures - Because of restrictions in some mechanics lien laws, title insurance underwriters require that NO work of any kind be performed on the property before the mortgage is recorded. We work to protect lenders against mechanics liens by promptly recording the mortgage after closing and taking priority pictures. In the event it is found that work has begun on the property we will assist our clients in applying for early start approval from the underwriter.


Closing Services for Seller  

Services include:

  • Drafting deeds, CRV's and well certificates
  • Obtain payoffs
  • Resolving title issues
  • Preparing the settlement statement

For Sale by Owner

Once you have found a buyer and obtained a signed purchase agreement, our experienced staff can help buyers and sellers through the closing process.

STEP 1. Buyer needs to obtain financing. We offer title insurance and closing services for the buyers and their lender. The buyers should furnish our name, address, phone and fax to the lender.

STEP 2. The seller to provide prior "evidence of title." The seller should bring his abstract of title and owner's title policy if available to our office. Our abstract department will bring the abstract current and perform the necessary searches.

STEP 3. The buyer and/or their lender needs to have the title examined. If there is a lender involved, the lender will determine how to proceed (normally the lender will order lender's title insurance). This can be done by our title department. If the buyers are paying cash, the buyers will need to decide if they want owner's title insurance or an attorney's title opinion. The buyers must choose one for our company to be involved.

STEP 4. Resolve Title Problems. Our staff will work with seller to resolve any title problems, order payoff statements and provide the necessary paperwork for closing including deeds, certificate of real estate value, bill of sale, Affidavit regarding seller.

STEP 5. Prepare Settlement Statement. Our staff will prepare a settlement statement which itemizes all funds. At the closing we will collect all funds due, pay all bills directly and issue the seller a check for the net proceeds.

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IRC 1031 Tax-Deferred Exchange
Glossary of terms

Our experienced staff can work with you and your tax advisor to select a Qualified Intermediary to guarantee your transaction is processed accurately and your funds remain secure.

Five Ways to Exchange:

The Delayed Exchange
The Reverse Exchange
The Simultaneous Exchange
The Improvement Exchange
The Personal Property Exchange

The Most Common Exchange:

The most commonly utilized tax planning strategy available to investors is the delayed exchange. A delayed exchange results when there is a time delay between the sale of the relinquished property and the purchase of the replacement property.

The delayed exchange provides investors up to 180 days to purchase replacement property once the relinquished property is sold. And, the use of a Qualified Intermediary is required to facilitate a valid delayed exchange.

The first step is the sale of the relinquished property. Before closing on the sale of the relinquished property, the exchange retains a Qualified Intermediary that prepares an exchange agreement, assignment of sale contract and closing instructions to the closing agent.

DETERMINING THE PROPER VESTING. To correctly exchange your investment property, you must hold title to the replacement property exactly as you held title to the relinquished property. Simply stated, with few exceptions, the person or entity beginning the exchange must be the same person or entity completing the exchange.

Properties that Qualify for IRC 1031 Treatment

IRC § 1031 provides that, to qualify for tax deferred treatment, the relinquished property must be exchanged for replacement property that is like kind. Like kind means similar in nature and character notwithstanding differences in grade or quality. The fact that any real estate involved is improved or unimproved is not material for that fact relates only to the grade or quality of the property and not its kind or class. As such, raw land held for investment may be exchanged for single family rentals used for a trade or business or any combination of the following:

Single Family Rentals
Farms/Ranches
Office/Commercial
Motels/Hotels
Golf Courses
Some Recreational Properties
Multi-Family Rentals
Raw Land
Retail / Industrial
Leasehold Interest of 30 years or more

While the definition of like kind is stricter when it comes to personal property - investors may still take advantage of tax deferred treatment in an IRC § 1031 exchange in the sale of investment personal property. The personal property exchange can be utilized to relocate a business, to upgrade equipment, or to streamline production by replacing outdated technology and machinery with more efficient models.

Like kind personal property includes:

Livestock of the same sex
Automobiles for automobiles
Buses for buses
Corporate aircraft for corporate jet
Doctor practice for doctor practice
Manufacturing equipment for manufacturing equipment
Restaurant equipment for restaurant equipment

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Glossary of Terms

ACCOMMODATOR or QUALIFIED INTERMEDIARY or FACILITATOR - A person or other entity who assists the Exchanger to effect a tax deferred exchange by holding the exchange proceeds and acting as the principal in the sale of the relinquished property and purchase of the replacement property. The accommodator/intermediary/facilitator cannot be the taxpayer, a related party or an agent of the taxpayer.

CAPITAL GAIN - Generally speaking, this is the difference between the sales price of the relinquished property - less selling expenses - and the adjusted basis of the property.

CONSTRUCTIVE RECEIPT - If the Exchanger has control over the exchange proceeds or property during the exchange period, he may be deemed in constructive receipt. If the Exchanger actually or constructively receives the exchange proceeds or property, the exchange will not qualify under IRC § 1031.

DEFERRAL - The capital gains tax is not paid until such time (i.e., it is "deferred") as the Exchanger sells the replacement property without engaging in another tax deferred exchange.

EXCHANGE PERIOD -The time allowed for the Exchanger to acquire the replacement property in a delayed exchange, or the time allowed to dispose of the relinquished property, in a reverse exchange. In a delayed exchange, it starts on the day the relinquished property is transferred or in a reverse exchange, it starts on the day the property is acquired by the EAT. It ends on the earlier of the 180th day after the transfer or if no automatic extension is applied for then on the day the Exchanger's tax return in due - often April 15th if the Exchanger is nor an entity on a different fiscal tax year.

IDENTIFICATION PERIOD - Within 45 days from the close of the relinquished property; the replacement property must be identified in accordance with one of the three adopted rules. In a reverse exchange, the relinquished property must be identified within 45 days from the acquisition of the replacement property.

LIKE KIND PROPERTY - Refers to the nature or quality of the property the Exchanger gives up or receives in the exchange, such as real property for real property. Real property does not have to be similar in use, such as raw land for raw land. Raw land may be exchanged for any other real property that will be used in a trade or business or held for investment. Real property located in the United Stares and real property located outside of the United Stares are not like kind. Personal Property must be either the same General Asset Class or Product Class.

RELINQUISHED PROPERTY (Property Sold) - The property given up by the Exchanger in the 1031 exchange transaction. This portion of the exchange transaction is some- times referred to as Phase One.

REPLACEMENT PROPERTY (Property Bought) - The property the Exchanger acquires in a 1031 exchange or Phase Two of the transaction.