Closing Services
Whether you want to close in one of our full service offices or an
off-site location convenient for your clients, our agents and notaries are available.
In addition to standard purchases, we handle split closings, escrow closings, new construction and relocation transactions.
Additional Services
Summit Title would like to assist you in your Title Insurance and Escrow Closing needs on refinances. For these services, we work with all lenders.
Frequently
Asked
Questions
When it comes to title insurance, you have the right to choose whatever company you’d like. Although many people just rely on their mortgage lender or real estate agent to pick a title insurance company for them, ultimately the decision is yours.
Closing, which is also known as "settlement" or "escrow", is the event where the title to a property is transferred from seller to buyer. Closing is typically held in an office, title agent or title insurance company, and involves the completion of all the necessary paperwork to finalize the agreement between buyer and seller, as well as the collection of all funds required for the transaction.
Closing costs are all costs required to close the real estate transaction. They can include (but are not limited to) surveying fees, property taxes, title insurance premiums, attorney fees, real estate agent commissions, points, loan origination fees, private mortgage insurance (PMI), and the balance of your down payment.
The Closing Disclosure is a form that a lender provides to a home buyer at least 3 business days before their loan closes. It outlines the final terms and costs of the mortgage. It’s one of the most important pieces of paperwork you’ll receive, so check it over carefully. In August 2015, under the direction of the Consumer Financial Protection Bureau (CFPB), the Closing Disclosure Form replaced the HUD-1 settlement statement. Federal law mandated the HUD-1 settlement statement be distributed to home buyers on the day their loan was closing, which didn’t give them much time to react to the figures or ask for clarifications. Whereas the HUD-1 settlement statement was long and confusing, the Closing Disclosure Form used today is more streamlined.
Financial Leverage
The 1031 Exchange service empowers investors to preserve equity and save tax dollars through tax-deferred exchanges. When the tax liability in a transaction is deferred, the taxpayer receives an increase in available capital. This capital can be applied to acquiring the replacement property. The taxpayer gains financial leverage through an exponential increase in cash flow and appreciation – which provides more buying power. The Internal Revenue Code imposes taxes when property is sold or transferred and a gain is realized.
Strategic Flexibility
With a 1031 Exchange, the taxpayer can employ a number of tactics to increase investment flexibility, such as: Consolidating many properties into one for ease of management, Diversifying one into many for ease of future divestment, Relocating properties geographically to take advantage of trends, Changing property types (for real estate exchanges only), Improving investment performance, Adapting to changes in needs and abilities, and other life transitions, Replacing older properties with newer ones, Successful exchanges start with expert answers to your questions. Contact us today to find out more about the benefits of a 1031 Exchange.
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