spaxin's posterous http://spaxin.posterous.com Most recent posts at spaxin's posterous posterous.com Wed, 01 Feb 2012 07:48:50 -0800 WILL I HAVE TO GIVE UP MY HOUSE, CAR OR OTHER PROPERTY, IF I FILE FOR BANKRUPTCY? http://spaxin.posterous.com/will-i-have-to-give-up-my-house-car-or-other http://spaxin.posterous.com/will-i-have-to-give-up-my-house-car-or-other

Generally, you will not be asked to surrender your house, car or other property when filing a Chapter 7 or Chapter 13 bankruptcy.   The bankruptcy law recognizes that bankruptcy filers should be able to protect some of their assets, and it is my experience that most of the time, these exemptions, will include your possessions.    Most of our clients keep all of their property during and after their Chapter 7 or Chapter 13 filing.

Although your bankruptcy will be filed in federal court, the rules that cover what you can protect when you file are contained in Georgia law.    The federal Bankruptcy Code specifically allows State to create their own exemption rules and Georgia has elected to do so.    The Georgia statute addressing these exemptions is located a OCGA 44-13-100.

If you have any Bankruptcy questions, or need help with your title insurance needs, please do not hesitate to call Paxin Closing and Escrow, LLC, at 866-752-4445

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Tue, 10 Jan 2012 08:14:29 -0800 PROPOSED ACCOUNTING RULES MAY INCREASE OWNERSHIP OF COMMERCIAL REAL ESTATE http://spaxin.posterous.com/proposed-accounting-rules-may-increase-owners-32485 http://spaxin.posterous.com/proposed-accounting-rules-may-increase-owners-32485
Although accounting rules usually don’t end up as front page news, there are some recent proposals to change the Financial Accounting Standards Board (FASB) accounting rules that should have a significant impact on the commercial real estate industry.  The rules may make it more likely that companies will choose to own property rather than rent it, and may also change lease negotiations for those who do rent.

Currently, a lease can be either a capital lease, which is reflected on the tenant’s balance sheet, or an operating lease, which shows up on financial statements in the form of rent as a monthly expense.   The proposed rule would treat almost all leases as capital leases.  FASB argues that this rule would encourage transparency and give a more accurate picture of a company’s financial condition. 

Although the new rules may improve disclosure and transparency, they have the potential to have a significant effect on the commercial real estate and equipment leasing industries.  Many large companies have thousands of operating leases and one reason some of them choose to rent rather than acquire property is the way the property is treated for accounting purposes.  The new rules would require a company to include virtually all of its leases on its balance sheet, as if it had purchased the property and was making loan payments rather than paying rent. 

What are the expected effects of these changes?

               

The accounting benefits of leasing space versus buying property will be eliminated, so some companies are expected to decide to acquire property rather than lease it. This change should increase the volume of sales activity and 1031 exchanges.

               Financial covenants in loan documents will be affected by this change, so debtors will need to discuss this issue with their lenders in order to ensure that they do not breach the financial covenants in their loan documents.

               As currently written, the rules do not grandfather in any existing leases, so the administrative burden on tenants could be significant during the transition period. 

               Because the lease term would affect what is put on the balance sheet, and because some option periods would be included when computing what the lease term is, lease negotiations may be affected.  More tenants may want shorter term leases and may consider the accounting rules when deciding whether to ask for options to extend their leases. 

These rules are not final, but if they are enacted in their current form, they will have a significant impact on some companies who lease property. 

If you have any questions, or need help with your title insurance needs, please do not hesitate to contact Paxin Closing and Escrow, LLC, at  866-752-4445.


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Tue, 10 Jan 2012 08:05:34 -0800 PROPOSED ACCOUNTING RULES MAY INCREASE OWNERSHIP OF COMMERCIAL REAL ESTATE http://spaxin.posterous.com/proposed-accounting-rules-may-increase-owners http://spaxin.posterous.com/proposed-accounting-rules-may-increase-owners
Although accounting rules usually don’t end up as front page news, there are some recent proposals to change the Financial Accounting Standards Board (FASB) accounting rules that should have a significant impact on the commercial real estate industry.  The rules may make it more likely that companies will choose to own property rather than rent it, and may also change lease negotiations for those who do rent. 

Currently, a lease can be either a capital lease, which is reflected on the tenant’s balance sheet, or an operating lease, which shows up on financial statements in the form of rent as a monthly expense.   The proposed rule would treat almost all leases as capital leases.  FASB argues that this rule would encourage transparency and give a more accurate picture of a company’s financial condition. 

Although the new rules may improve disclosure and transparency, they have the potential to have a significant effect on the commercial real estate and equipment leasing industries.  Many large companies have thousands of operating leases and one reason some of them choose to rent rather than acquire property is the way the property is treated for accounting purposes.  The new rules would require a company to include virtually all of its leases on its balance sheet, as if it had purchased the property and was making loan payments rather than paying rent. 

What are the expected effects of these changes?

              

The accounting benefits of leasing space versus buying property will be eliminated, so some companies are expected to decide to acquire property rather than lease it. This change should increase the volume of sales activity and 1031 exchanges.

               Financial covenants in loan documents will be affected by this change, so debtors will need to discuss this issue with their lenders in order to ensure that they do not breach the financial covenants in their loan documents.

               As currently written, the rules do not grandfather in any existing leases, so the administrative burden on tenants could be significant during the transition period. 

               Because the lease term would affect what is put on the balance sheet, and because some option periods would be included when computing what the lease term is, lease negotiations may be affected.  More tenants may want shorter term leases and may consider the accounting rules when deciding whether to ask for options to extend their leases. 

These rules are not final, but if they are enacted in their current form, they will have a significant impact on some companies who lease property. 

If you have any questions, or need help with your title insurance needs, please do not hesitate to contact Paxin Closing and Escrow, LLC, at  866-752-4445.


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Sat, 17 Dec 2011 05:29:48 -0800 COMMERCIAL AND INDUSTRIAL REAL ESTATE http://spaxin.posterous.com/commercial-and-industrial-real-estate-98667 http://spaxin.posterous.com/commercial-and-industrial-real-estate-98667
Your Commercial and/or Industrial Real Estate holding/s are most likely the most valuable asset/s you or your entity may ever own.   With so much at stake, the advice and counsel of a professional is not really an option – it’s a necessity.   Whether it’s a property boundary issue that you have recently discovered, an adjoining owner improvement project gone awry, or any other kind of dispute that has spiraled out of control, the attorneys at Paxin Closing and Escrow, LLC can answer your questions and provide the professional guidance you need to carry on with your life.
We know you have invested a significant amount of time and energy to make your Commercial and/or Industrial Real Estate project what is today.    Our advice and counsel is always framed with that in mind — to protect your investment.    No matter how simple a problem may first appear, it is always a good idea to speak with an attorney before you take action or sign documents.   We are available, experienced and prepared to help you navigate the complexities of any and all of your Commercial and/or Industrial Real Estate law issues and Commercial and/or Industrial Real Estate title related services by finding the solution that works best for you.
We have experience helping clients in all areas of Commercial and/or Industrial Real Estate law.

If you have any questions, or need help with your title insurance needs, please do not hesitate to contact Paxin Closing and Escrow, LLC, at  866-752-4445.

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Fri, 16 Dec 2011 06:47:12 -0800 COMMERCIAL AND INDUSTRIAL REAL ESTATE http://spaxin.posterous.com/commercial-and-industrial-real-estate http://spaxin.posterous.com/commercial-and-industrial-real-estate
Your Commercial and/or Industrial Real Estate holding/s are most likely the most valuable asset/s you or your entity may ever own.  
With so much at stake, the advice and counsel of a professional is not really an option – it’s a necessity.   Whether it’s a property boundary issue that you have recently discovered, an adjoining owner improvement project gone awry, or any other kind of dispute that has spiraled out of control, the attorneys at Paxin Closing and Escrow, LLC can answer your questions and provide the professional guidance you need to carry on with your life.
We know you have invested a significant amount of time and energy to make your Commercial and/or Industrial Real Estate project what is today.    Our advice and counsel is always framed with that in mind — to protect your investment.    No matter how simple a problem may first appear, it is always a good idea to speak with an attorney before you take action or sign documents.   We are available, experienced and prepared to help you navigate the complexities of any and all of your Commercial and/or Industrial Real Estate law issues and Commercial and/or Industrial Real Estate title related services by finding the solution that works best for you.
We have experience helping clients in all areas of Commercial and/or Industrial Real Estate law.

If you have any questions, or need help with your title insurance needs, please do not hesitate to contact Paxin Closing and Escrow, LLC, at  866-752-4445.

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Wed, 30 Nov 2011 15:44:32 -0800 WHY TITLE INSURANCE? http://spaxin.posterous.com/why-title-insurance http://spaxin.posterous.com/why-title-insurance

COMMERCIAL AND INDUSTRIAL Title policies insure owners and lenders against possible losses from claims against COMMERCIAL AND INDUSTRIAL real property ownership.   The preliminary report or title commitment provides advance information on matters which will be excepted from coverage.    Lenders and owners are thereby given an opportunity to correct title flaws before purchasing or lending. 

Title insurance originated in the 1870's to halt a series of land ownership problems that developed from inaccurate record searches, forgeries, and related problems.   Today, title insurance offers protection from certain items that cannot be determined from public records, such as forgeries of all types, undisclosed heirs, clerical errors, and invalid legal procedures and interpretations.

Policies of title insurance are written on the basis of a search of public records and other records which impart constructive notice.    Please note, a recorded deed does not prove that the seller is the owner of the property.     Only title insurance can protect your interest in the property from unknown encumbrances, legal conflicts and unforeseen claims.

A policy of title insurance is like a pre-paid legal agreement. Your insurer will provide legal defense against challenges to your insured title (dependent, of course, upon the type of policy coverage) and will reimburse you financially for losses due to the covered defects in your ownership rights.

It is important to remember that a lender's title insurance policy does not insure a borrower against title risks.    While certain types of policies pertain to both the owner and the lender, it makes good sense to help protect your borrowers by explaining the limitations of their particular coverage.

If you have any questions, or need help with your title insurance needs, please do not hesitate to contact Paxin Closing and Escrow, LLC, at  866-752-4445.

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Tue, 15 Nov 2011 06:43:06 -0800 COMMERCIAL AND INDUSTRIAL REAL ESTATE TRANSACTIONS http://spaxin.posterous.com/commercial-and-industrial-real-estate-transac http://spaxin.posterous.com/commercial-and-industrial-real-estate-transac Commercial real estate transactions can involve a broad range of complex issues and parties.     PAXIN CLOSING AND ESCROW, LLC works directly with developers, contractors, investors, financial institutions, and other critical entities in this arena.    Our expertise spans a wide range of legal and transactional segments of the commercial real estate industry.    We are also adept at working with foreign sources of capital, which can be critical in today’s challenging financial and real estate environment.

If you or your organization develops, manages, buys or sells developed or undeveloped land, hotels and motels, multi-family apartment complexes, golf courses, condominium conversion projects, shopping centers, office complexes, residential subdivisions, mixed-use developments or other industrial or commercial property, our experienced commercial firm can help you.

In particular, our services include the following:

Drafting and negotiating purchase and sale agreements

Reviewing, negotiating and administering the closing of construction and permanent financing loans

Resolving land-use and zoning issues

Handling construction and building permit issues, partnership concerns, survey and title issues, etc.

Assisting clients in the purchase and disposition of real estate portfolios

Advising on financing (conventional, SBA and Commercial Mortgage-backed Securities [CMBS or conduit] financing)

Counseling on ownership structures, syndications, joint ventures, private equity investments and mezzanine financing

Reviewing property titles and title insurance and issuing title insurance policies

Representing lenders, including mortgage companies and banks, in real estate-secured and SBA-backed financing

Drafting and negotiating contracts, leases, escrow arrangements and other agreements

If you have any questions, or need help with your title insurance needs, please do not hesitate to contact Paxin Closing and Escrow, LLC, at  866-752-4445.

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Fri, 04 Nov 2011 08:06:58 -0700 GEORGIA COMMERCIAL AND INDUSTRIAL REAL ESTATE TRANSACTIONS – DUE DILIGENCE IS MANDATORY http://spaxin.posterous.com/georgia-commercial-and-industrial-real-estate http://spaxin.posterous.com/georgia-commercial-and-industrial-real-estate
Due Diligence is a key term used in Commercial and Industrial real estate transactions.   
The term is always related to the process of inspection, examination and investigation of a subject property to determine the suitability of said property for a particular transaction, prior to a purchaser finalizing the purchase of the property.   

In all Commercial and Industrial real estate transactions, due diligence must be unconditionally carried out before the agreement is consummated.    Commercial and Industrial real estate transactions are very complex and often times cause problems when the parties fail to seek proper legal counsel.   

Due to the high complexity of Commercial and Industrial real estate transactions, the absence of a thorough investigation and due diligence can result in a buyer/purchaser/borrower being legally bound by agreement/s that may not properly serve their needs.    Thus, proper review and preparation are essential to the process.

The cost associated in hiring a law firm, such as Paxin Closing and Escrow, LLC, to handle any of your due diligence matters, or any other Commercial and Industrial real estate matters, is far less than the consequence of any matters surfacing after closing.

As a result, it is very important to have your own Georgia Commercial and Industrial real estate lawyer protect your interests.    The same is true for sellers of Commercial and Industrial real estate.    The same caution must be taken.

If you have any questions, or need help with your title insurance needs, please do not hesitate to contact Paxin Closing and Escrow, LLC, at  866-752-4445.

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Sat, 29 Oct 2011 06:48:54 -0700 COMMERCIAL, INDUSTRIAL, AGRICULTURAL, LARGE ACREAGE, REAL ESTATE TITLE INSURANCE SERVICES http://spaxin.posterous.com/commercial-industrial-agricultural-large-acre http://spaxin.posterous.com/commercial-industrial-agricultural-large-acre

At Paxin Closing and Escrow, LLC, we provide title insurance policies and related real estate transaction and mortgage lending products and services to individual consumers, mortgage lenders, businesses and government agencies.    Our products and services protect our customers from financial loss and hardship related to unknown judgments and liens, forged transfers, inconsistencies within a property’s title or misapplication of fiduciary funds.    The distribution channel for our products and services spans across the nation and includes independent title insurance agents wholly owned insurance company branch offices, owned/affiliated agencies and ancillary services subsidiaries.

If you have any questions, or need help with your title insurance needs, please do not hesitate to contact Paxin Closing and Escrow, LLC, at  866-752-4445.

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Fri, 21 Oct 2011 07:29:07 -0700 PROTECT YOUR ASSETS http://spaxin.posterous.com/protect-your-assets http://spaxin.posterous.com/protect-your-assets

Over the last several months, a number of states from Colorado to New Jersey have posted warnings on the return of the Attorney’s Escrow Account scam.

As described on the New Jersey Department of Insurance web site, scammers accomplish the scam via e-mail solicitations to attorneys that typically involve the claim of delinquent collections, or similar matters, which require the receipt of funds via check into an attorney’s escrow account.    Shortly after funds are received, but before the check has cleared, the attorney is asked to wire some of the funds to the scammer’s bank account.    Only later does the attorney learn that the original check is fraudulent.

While this is a relatively easy scam to spot, it is one you and your staff should be vigilant about.   

Paxin Closing and Escrow, LLC, offers solutions to protect your firm against scams like this and other frauds and thefts.

If you have any questions, or need help with your title insurance needs, please do not hesitate to contact Paxin Closing and Escrow, LLC, at  866-752-4445.

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Fri, 14 Oct 2011 07:22:19 -0700 CLAIM TRENDS IN TITLE INSURANCE (4 of 4) http://spaxin.posterous.com/claim-trends-in-title-insurance-4-of-4 http://spaxin.posterous.com/claim-trends-in-title-insurance-4-of-4

With a tremendous number of Commercial and Industrial properties in foreclosure and default, in the State of Georgia, there are a great deal of title issues that must be cleared prior to the subsequent resale or re-finance of these properties. Some of these issues will result in title insurance claims and following is the fourth most common error that continues to cause increased claims:

Judgment/Lien/Tax Problems - Another group of claims that we see with great regularity relate to tax issues. If the property is subject to a reassessment or the taxes are under appeal, you need to make the appropriate exception in the title insurance policy. Additionally, we would strongly recommend that you get a tax report for your transaction and that you do not rely on the county website to verify taxes. With regard to judgment liens, please make sure that all necessary names are searched in the lien indexes. Further, if a party is added to a transaction after your initial examination, please remember to run a judgment search on them prior to closing.

If you have any questions, or need help with your title insurance needs, please do not hesitate to contact Paxin Closing and Escrow, LLC, at  866-752-4445.

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Fri, 07 Oct 2011 12:25:23 -0700 CLAIM TRENDS IN TITLE INSURANCE (3 of 4) http://spaxin.posterous.com/claim-trends-in-title-insurance-3-of-4 http://spaxin.posterous.com/claim-trends-in-title-insurance-3-of-4

As previously stated, with numerous Commercial and Industrial properties in foreclosure and default, in the State of Georgia, there are a great number of title issues that must be cleared prior to the subsequent resale or re-finance of these properties. Some of these issues will result in title insurance claims and following is the third most common error that continues to cause increased claims:

Missing Interest Issues – These types of claims generally involve a situation where the commercial and/or industrial property is owned by two entities but only one of them signed the necessary documents. The most common type of claim associated with this error is a missing party on a Security Deed and it generally arises at the pre-foreclosure stage. Please make sure to compare the parties on your Security Deed to the parties shown on your vesting deed or deeds. If the lender’s closing instructions require that only one party sign the loan documents, you either need to require a deed from the non-borrowing entity to vest title solely in the borrower, or mandate that the non-borrowing entity execute all of the documents.

If you have any questions, or need help with your title insurance needs, please do not hesitate to contact Paxin Closing and Escrow, LLC, at  866-752-4445.

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Sat, 01 Oct 2011 07:14:24 -0700 CLAIM TRENDS IN COMMERCIAL AND INDUSTRIAL TITLE INSURANCE (2 of 4) http://spaxin.posterous.com/claim-trends-in-commercial-and-industrial-tit-78770 http://spaxin.posterous.com/claim-trends-in-commercial-and-industrial-tit-78770

As previously stated, with thousands of Commercial and Industrial properties in foreclosure and default, in the State of Georgia, there are a tremendous number of title issues that must be cleared prior to the subsequent resale or re-finance of these properties. Some of these issues will result in title insurance claims and following is the second most common error that continue to cause increased claims:

Open Business Equity Lines of Credit – One of the most common causes of these claims is the failure to close the equity line. Many closing attorneys will pay off the outstanding balance at their closing but forget to send a close out letter to the equity line lender. If this is not done, some borrowers will take advantage of the additional funds available to them and “run” the equity line balance back up. You must obtain a close out letter signed by the borrower and send it along with your payoff check. If you are wiring funds, you must fax and FedEx the close out letter so you have a record of it. Finally, you must follow up to make sure that the equity line gets cancelled of record.

If you have any questions, or need help with your title insurance needs, please do not hesitate to contact Paxin Closing and Escrow, LLC, at  866-752-4445.

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Fri, 23 Sep 2011 07:13:09 -0700 CLAIM TRENDS IN COMMERCIAL AND INDUSTRIAL TITLE INSURANCE (1 of 4) http://spaxin.posterous.com/claim-trends-in-commercial-and-industrial-tit http://spaxin.posterous.com/claim-trends-in-commercial-and-industrial-tit

With thousands of Commercial and Industrial properties in default and foreclosure in the State of Georgia, there are a tremendous number of title issues that must be cleared prior to the subsequent resale, or re-finance of these properties. Some of these issues will result in title insurance claims and following is the most common error that continues to cause increased claims:

Legal Description Errors – We are still seeing great number of claims relating to legal description errors including missing, incomplete, and entirely incorrect legal descriptions, also including less and excepted parcels. With technology, it is extremely easy to cut and paste the legal description from one part of the file to another, but it is also extremely easy to forget to cut and paste that same legal description. You must always compare the legal description on your current documents to the vesting deed. If the owning entity acquired the property in multiple transactions, you must make sure that you are conveying or encumbering ALL of the subject property.

If you have any questions, or need help with your title insurance needs, please do not hesitate to contact Paxin Closing and Escrow, LLC, at  866-752-4445.

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Fri, 16 Sep 2011 02:54:06 -0700 FRAUDULENT E-MAILS CLAIMING TO BE FROM THE FDIC http://spaxin.posterous.com/fraudulent-e-mails-claiming-to-be-from-the-fd http://spaxin.posterous.com/fraudulent-e-mails-claiming-to-be-from-the-fd

The Federal Deposit Insurance Corporation (FDIC) has received numerous reports of fraudulent e-mails that have the appearance of being from the FDIC.   The e-mails appear to be sent from various "@fdic.gov" e-mail addresses, such as "subscriptions@fdic.gov," or "alert@fdic.gov”.   They have subject lines that read: "FDIC: Your business account" or "FDIC: About Your Business Account."    The e-mails are addressed to "Business Customer" or "Business Owner" and state "We have important information about your bank" or "financial institution." They then ask recipients to "Please click here to find details."

They conclude with, "This includes information on the acquiring bank (if applicable), how your accounts and loans are affected, and how vendors can file claims against the receivership."
These e-mails and the link included are fraudulent and were not sent by the FDIC. Recipients should consider the intent of these e-mails as an attempt to collect personal or confidential information, or to load malicious software onto end users' computers. Recipients should NOT access the link provided within the body of the e-mails and should NOT, under any circumstances, provide any personal financial information through this media.
Financial institutions and consumers should be aware that other subject lines and modifications to the e-mails may occur over time. The FDIC does not directly contact consumers in this manner nor does the FDIC request personal financial information from consumers.
For your reference, FDIC Special Alerts may be accessed from the FDIC's Website at http://www.fdic.gov/news/news/SpecialAlert/2011/index.html. To learn how to automatically receive FDIC Special Alerts through email, please visit www.fdic.gov/about/subscriptions/index.html.
Questions related to federal deposit insurance or consumer issues should be submitted to the FDIC using an online form that can be accessed at http://www2.fdic.gov/starsmail/index.asp.

If you have any questions, or need help with your title insurance needs, please do not hesitate to contact Paxin Closing and Escrow, LLC, at  866-752-4445.

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Wed, 07 Sep 2011 11:01:53 -0700 CLOSING THE SALE TRANSACTION AND DIVISION OF CHARGES http://spaxin.posterous.com/closing-the-sale-transaction-and-division-of http://spaxin.posterous.com/closing-the-sale-transaction-and-division-of

Closing

Once all the terms and conditions of the instructions of both parties have been fulfilled, and all closing conditions satisfied, the escrow is closed and the safe and accurate transfer of property and money has been accomplished.

Division of Charges The method of dividing the charges for the services performed through the settlement process or as a result of escrow varies from place to place. The fees and service charges to be divided might include, for example, the title insurance policy premium, escrow settlement fee, any transfer taxes, recordation fees and cost in connection with any loan being obtained. Unless there is some special agreement between the buyer and seller as to how these charges are to be paid, local custom will generally be followed in drafting the instructions to the settlement agent as to how they are to be divided.

The escrow settlement agent will allocate between seller and buyer their proportionate share of an obligation paid or due. For example, a pro-rata share of real property taxes or  association dues are charged to the buyer and credited to the seller if they are prepaid at time of closing. The amounts prepaid are calculated per day from the date of closing to the date that they are paid.

If you have any questions, or need help with your title insurance needs, please do not hesitate to contact Paxin Closing and Escrow, LLC, at  866-752-4445.

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Fri, 26 Aug 2011 17:57:47 -0700 WHAT EACH PARTY DOES IN ESCROW http://spaxin.posterous.com/what-each-party-does-in-escrow http://spaxin.posterous.com/what-each-party-does-in-escrow

Settlement Agents work from specific instructions provided by buyer and seller. Throughout the country, the settlement process differs, but the role of the settlement agent remains the same. Depending on local custom, the escrow settlement agent may work from the purchase and sale agreement and any loan escrow instructions provided, and/or separate escrow instructions prepared at the direction of the principals to the transaction.

Instructions are written documents, signed by the parties giving them, which direct the settlement agent in the specific particulars of the transaction. The settlement agent follows those to insure the proper steps are completed so the escrow can be closed.

The role of the parties, in escrow, is simple:
  • Instructions must dictate the method by which the settlement agent is to receive and hold the purchase price to be paid by the buyer.
  • The conditions under which a lapse of time or breach of purchase contract provision will terminate the escrow without a closing.
  • The instruction and authorization to the settlement agent to disburse funds for recording fees, title insurance policy, real estate commissions, and any other closing costs incurred through escrow.
  • Instructions as to the proration of taxes, rents or association dues, as applicable.
  • Instructions on the payment of prior liens and charges against the property and distribution of the net sale proceeds.
  • Most parties have their own counsel (Attorney representative), which Paxin Closing and Escrow, LLC works hand in hand with.
Since the settlement agent can only follow the instructions, as stated, and may not exceed them, it is extremely important that the instructions be stated clearly and be complete in all details.

If you have any questions, or need help with your title insurance needs, please do not hesitate to contact Paxin Closing and Escrow, LLC, at  866-752-4445.

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Sat, 20 Aug 2011 06:13:29 -0700 WHO MAY HANDLE ESCROW SETTLEMENT? http://spaxin.posterous.com/who-may-handle-escrow-settlement http://spaxin.posterous.com/who-may-handle-escrow-settlement

 

The short answer is either a reputable title insurance company, or an Attorney, specializing in Commercial and Industrial Real Estate and title related services.    Paxin Closing and Escrow, LLC provides professional services tailored to all buyer and seller needs, as they relate to the purchase and sale of Commercial and Industrial Real Estate.    An escrow is an arrangement in which a disinterested third party, called an escrow agent or settlement agent, holds legal documents and funds, for Commercial and Industrial properties, on behalf of a buyer and seller, and distributes them according to the buyer's and seller's instructions.

Entities buying and selling Commercial and Industrial Real Estate often open a sale transaction with the settlement agent for their protection and convenience. The purchasing entity can instruct the settlement agent to disburse the purchase price only upon the satisfaction of certain prerequisites and conditions. The selling entity can instruct the settlement agent to retain possession of the deed to the buyer until the seller's requirements, including receipt of the purchase price, are met. Both rely on the settlement agent to carry out faithfully their mutually consistent instructions relating to the transaction and to advise them if any of their instructions are not mutually consistent or cannot be carried out.
Paxin Closing and Escrow, LLC provides professional escrow settlement services that are a convenience for the buyer and seller because both can move forward separately but simultaneously in providing inspections, reports, loan commitments and funds, deeds and many other items, using settlement as the central depositing point.   Provided the instructions from all parties to the transaction are clearly drafted, fully detailed and mutually consistent, the settlement agent can take many actions on their behalf without further consultation.    This saves time and facilitates the closing of the transaction.
The settlement process was developed to help facilitate the sale or purchase of your Commercial and/or Industrial Real property. The settlement agent accomplishes this by:
  • Acting as the impartial, neutral, third party of documents and funds
  • Processing and coordinating the flow of documents and funds
  • Keeping all parties informed of progress on the escrow
  • Responding to the lender's requirements
  • Securing a title insurance policy
  • Obtaining approvals of reports and documents from the parties as required
  • Prorating and adjusting insurance, taxes, rents, etc.
  • Recording the deed and loan documents
  • Maintaining security and accountability of monies owed and owing.

If you have any questions, or need help with your title insurance needs, please do not hesitate to contact Paxin Closing and Escrow, LLC, at  866-752-4445.

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Mon, 08 Aug 2011 08:11:12 -0700 WHAT HAPPENS IN ESCROW SETTLEMENT? http://spaxin.posterous.com/what-happens-in-escrow-settlement http://spaxin.posterous.com/what-happens-in-escrow-settlement

An escrow is an arrangement in which a disinterested third party, called an escrow holder or settlement agent, holds legal documents and funds, for Commercial and Industrial properties, on behalf of a buyer and seller, and distributes them according to the buyer's and seller's instructions.

Entities buying and selling Commercial and Industrial real estate often open a sale transaction with the settlement agent for their protection and convenience. The purchasing entity can instruct the settlement agent to disburse the purchase price only upon the satisfaction of certain prerequisites and conditions. The selling entity can instruct the settlement agent to retain possession of the deed to the buyer until the seller's requirements, including receipt of the purchase price, are met. Both rely on the settlement agent to carry out faithfully their mutually consistent instructions relating to the transaction and to advise them if any of their instructions are not mutually consistent or cannot be carried out.
Paxin Closing and Escrow, LLC provides professional escrow settlement services that are a convenience for the buyer and seller because both can move forward separately but simultaneously in providing inspections, reports, loan commitments and funds, deeds and many other items, using settlement as the central depositing point. If the instructions from all parties to the transaction are clearly drafted, fully detailed and mutually consistent, the settlement agent can take many actions on their behalf without further consultation. This saves time and facilitates the closing of the transaction.
The settlement process was developed to help facilitate the sale or purchase of your Commercial and/or Industrial Real property. The settlement agent accomplishes this by:
  • Acting as the impartial "stake-holder," or depository of documents and funds
  • Processing and coordinating the flow of documents and funds
  • Keeping all parties informed of progress on the escrow
  • Responding to the lender's requirements
  • Securing a title insurance policy
  • Obtaining approvals of reports and documents from the parties as required
  • Prorating and adjusting insurance, taxes, rents, etc.
  • Recording the deed and loan documents
  • Maintaining security and accountability of monies owed and owing.

If you have any questions, or need help with your title insurance needs, please do not hesitate to contact Paxin Closing and Escrow, LLC, at  866-752-4445.

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Fri, 29 Jul 2011 06:12:03 -0700 INSTRUCTIONS TO THE SETTLEMENT AGENT http://spaxin.posterous.com/instructions-to-the-settlement-agent http://spaxin.posterous.com/instructions-to-the-settlement-agent

Settlement Agents work from specific instructions provided by buyer and seller. Throughout the country the settlement process differs, but the role of the settlement agent remains the same. Depending on local custom, the escrow settlement agent may work from the purchase and sale agreement and any loan escrow instructions provided and/or separate escrow instructions prepared at the direction of the principals to the transaction.

Instructions are written documents, signed by the parties giving them, which direct the settlement agent in the specific particulars of the transaction. The settlement agent follows those to insure the proper steps are completed so the escrow can be closed.
Typical instructions include:
  • The method by which the settlement agent is to receive and hold the purchase price to be paid by the buyer.
  • The conditions under which a lapse of time or breach of purchase contract provision will terminate the escrow without a closing.
  • The instruction and authorization to the settlement agent to disburse funds for recording fees, title insurance policy, real estate commissions, and any other closing costs incurred through escrow.
  • Instructions as to the proration of taxes, rents or association dues, as applicable.
  • Instructions on the payment of prior liens and charges against the property and distribution of the net sale proceeds.
Since the settlement agent can only follow the instructions as stated, and may not exceed them, it is extremely important that the instructions be stated clearly and be complete in all details.

If you have any questions, or need help with your title insurance needs, please do not hesitate to contact Paxin Closing and Escrow, LLC, at  866-752-4445.

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