Treating your escrow with personal attention is our business. From property sales to relocations, our Escrow Officers possess the know-how to handle a variety of services with meticulous care.
Definition: The act of buying or selling a previously owned home.
The role of escrow in the sale or purchase of a previously owned home is to ensure the following steps and all parties involved in the real estate contract meet requirements:
Both the Buyer and Seller complete all forms and instructions necessary to complete the transaction, including documentations required by federal, state and local governments.
The Buyer deposits funds sufficient to meet the total sales price plus costs. (Usually, some of the funds are obtained through new lender financing, although Buyers sometimes assume the Seller's current loan, obtain financing directly from the Seller or pay all cash.)
The Buyer furnishes any documentation required by the new lender, such as evidence of new fire insurance coverage for the property.
The Seller deposits a deed to the property in favor of the Buyer. (This is generally prepared by escrow.)
The Seller furnishes all required disclosure reports and the governing documents of any applicable Homeowners Associations.
The new lender deposits loan proceeds.
Once all conditions of the escrow have been met, the deed is recorded to transfer the ownership interest in the property to the Buyer (other documents may also be recorded at this time, including a trust deed, which is the lender security document), and net proceeds are paid to the Sellers.
Choosing an escrow company that will treat your closing with personal attention and the highest level of customer service is a crucial component of your timely closing. Your Escrow Officer must meet every deadline and understand each factor in your transaction. North View Escrow understands that every residential resale has its own unique combination of circumstances, and our Escrow Officers possess the education and experience to overcome both the anticipated and unforeseen challenges.
New Home Sales
Definition: The act of buying a house, directly from the Builder, that is currently in the process of being built or has recently been constructed.
The purchase of a new home is very different from that of a previously owned home. First and foremost, the Builder of your home has already contracted with an escrow company that they trust to handle the close of every Buyer's transaction. In turn, the Buyer receives the benefit of an established business relationship: an informed Escrow Officer who is well-versed in both the specialized arena of new developments, and the standard procedures and practices of a particular Builder, which helps to streamline the entire process. North View Escrow Corporation maintains a solid reputation among builders and holds a proven track record of helping them meet their everyday business challenges. Members of this specialized division are experts in the new home market, active members of the Building Industry Association and other industry organizations. We provide attention to detail and professional service for both the Builder and Buyer.
Definition: The act of buying or selling a manufactured (or 'mobile') home.
The sale and transfer of manufactured homes is considered a specialized area of real estate. First, unless attached to the foundation, a manufactured home is considered personal property, making the guidelines for this escrow different from those of a site-built house. In this instance the home is registered with the Department of Housing and Community Development. However, when the property is affixed to land, it is considered real property and the transaction is then similar to that of a residential resale, regulated by the Department of B.O.
A specialized Escrow Officer who understands all regulations and has up-to-date knowledge of this unique process, is an absolute necessity in providing a smooth transaction. North View Escrow Corporation remains educated on all laws and requirements involved in manufactured home sales and our in-house dedicated Escrow Officers are extremely capable of successfully handling these types of transactions.
Commercial/Industrial Real Estate
Definition: The act of buying or selling a property that is zoned for commercial or industrial use.
Commercial/Industrial transactions are considered by some to be the most difficult to manage and close successfully. The sale often requires that more than just real property pass through escrow and may include multiple leases and deposits (and, in the case of business sales: personal property, inventory, and/or liquor licenses). While commercial/industrial sales follow the same basic procedures as residential resale, there are many more details involved in commercial closings. For this reason, an Escrow Officer who comprehends every aspect of the transaction and can establish the most efficient processes in the best interests of all parties often proves to be a rare commodity.
Our specialized commercial/industrial Escrow Officers have successfully managed and closed a wide variety of transactions including:
We are proud that brokers and principals trust our commercial transaction specialists to manage thousands of commercial, industrial, investment property and business opportunity escrow transactions every year.
Definition: A property that is not occupied by the owner, usually purchased specifically to generate a profit through rental income or resale.
Investment Properties commonly fall under the umbrella of commercial/industrial real estate due to a large interest in office buildings, regional malls, multi-family apartment communities, and grocery and drug store anchored shopping centers.
Definition: The act of buying or selling a business or franchise.
A business opportunity is also known as a bulk sale. The sale of a business may or may not include the sale of real property, as there are occasions when the business owner is leasing a building and only desires to sell the business name, goodwill, client list and inventory or merchandise.
Bulk sale escrows are controlled by state regulations to protect not only the Seller and the Buyer but to ensure that existing creditors have an opportunity to satisfy their claims before the business is sold. An important part of the Escrow Officer's duty is to arrange for the sale to be advertised in local publications so that creditors are notified where and when to submit their final bills. An Escrow Officer who specializes in this unique type of escrow is essential to the success of a business sale.
Definition: To replace an existing mortgage loan with new financing.
Refinancing involves the payoff of an existing loan with the proceeds from a new loan, using the same property as collateral. In order to decide whether this is worthwhile, the savings in interest must be weighed against the fees associated with refinancing. Additional reasons to refinance include reducing the term of a longer mortgage, replacing an adjustable rate loan with a fixed-rate loan or withdrawing cash equity in real property by obtaining a larger new loan.
The process of refinancing can sometimes be a problematic and cumbersome endeavor that requires innovative problem solving and timely follow-up. Leading financial institutions trust North View Escrow Corporation to process refinance transactions for their customers.
Definition: The acquisition of property, which is in the possession of a lender as a result of foreclosure or forfeiture.
R.E.O. stands for Real Estate Owned. Often as the economy takes a downturn owners face a predicament in which they must turn the property over to the lending institution because the mortgage cannot be met.
Commonly, when a Buyer plans to purchase an R.E.O. property, they incur special challenges such as tighter time-lines and rigorous policies. We have a team of Escrow Officers who specializes in R.E.O. transactions and understands the importance of taking action on all matters within 24 hours.
IRC 1031 Tax Deferred Exchange
Definition: 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 tax-free. The exchange can include like-kind property exclusively or it can include like-kind property along with cash, liabilities and property that are not like-kind. If you receive cash, relief from debt, or property that is not like-kind, however, you may trigger some taxable gain in the year of the exchange. There can be both deferred and recognized gain in the same transaction when a taxpayer exchanges for like-kind property of lesser value. Owners of investment and business property may qualify for a Section 1031 deferral. Individuals, C corporations, S corporations, partnerships (general or limited), limited liability companies, trusts and any other taxpaying entity may set up an exchange of business or investment properties for business or investment properties under Section 1031. To accomplish a Section 1031 exchange, there must be an exchange of properties. The simplest type of Section 1031 exchange is a simultaneous swap of one property for another. To qualify as a Section 1031 exchange, a deferred exchange must be distinguished from the case of a taxpayer simply selling one property and using the proceeds to purchase another property (which is a taxable transaction). Rather, in a deferred exchange, the disposition of the relinquished property and acquisition of the replacement property must be mutually dependent parts of an integrated transaction constituting an exchange of property. Taxpayers engaging in deferred exchanges generally use exchange facilitators under exchange agreements pursuant to rules provided in the Income Tax Regulations. North View Financial Corporation can facilitate this transaction.
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