N.F. Field Abstract Company, LLC offers a full range of services and products to assist our customers with all of their real estate needs.
- Closing and Escrow Services
- 1031 Tax Deferred Exchange Services
- Witness Closings
- Owners & Mortgage Title Insurance
- Construction Disbursing
1. Closing: In some areas called a “settlement.” The process of completing a real estate transaction during which deeds, mortgages, leases and other required instruments are signed and/or delivered, an accounting between the parties is made, the money is disbursed, the papers are recorded, and all other details such as payment of outstanding liens and transfer of hazard insurance policies are attended to.
2. Escrow: Technically, this term strictly refers to a deed delivered to a third person to be held by them until the fulfillment or performance of some act or condition by the grantee. In the title industry, it means the depositing with an impartial third party (typically an escrow agent or title company) of anything pertaining to a real estate transaction including money and documents of all kinds. The money and documents are to be disbursed and delivered to the rightful parties by the escrow agent or title company when all conditions of the transaction have been met.
3. 1031 Tax Deferred Exchange Services: What is a 1031 Exchange? Whenever you sell business or investment property and you have a gain, you generally have to pay tax on the gain at the time of sale. IRC Section 1031 provides an exception and allows you to postpone paying tax on the gain if you reinvest the proceeds in similar property as part of a qualifying like-kind exchange. Gain deferred in a like-kind exchange under IRC Section 1031 is tax-deferred, but it is not taxfree.
4. Witness Closing Services: In some instances, a buyer and/or seller cannot be at the title company that is disbursing the transaction. In those cases, we are able to handle what is called a “witness closing”. We would make arrangements with the disbursing title company to receive documents, obtain and notarize buyer/seller signatures and overnight documents back to them.
5. Owners & Mortgage Title Insurance:
- OWNER’S POLICY-This policy is purchased for a one-time fee and protects a homeowner’s investment in a property for as long as they or their heirs have an interest in the property. Only an owner’s policy protects the buyer should a covered title problem arise with the title that was not found during the title search. Possible hidden title problems can include errors or omissions in deeds, mistakes in examining records, forgery and undisclosed heirs.
- LOAN POLICY – A policy of title insurance issued to the mortgage lender insuring against loss by defects in, liens against, or unmarketability of title.
6. Construction Disbursing: Lenders will sometimes require that the title company handle all the construction draws on their construction loans. This consists of checking the tract index to make sure no additional liens have been recorded, cutting checks, drafting lien waivers, sending out to suppliers and making sure all signed final lien waivers have been signed and returned.