Residential Resale

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 requirements are met by all parties involved in the real estate contract:

• 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’s 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. Mountain Title Company 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.

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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. Our Builder Services Division manages all aspects of the home building escrow process and maintains a substantial escrow staff to handle heavy-volume closings and Builder deadlines.

Mountain Title Company maintains a solid reputation among contractors 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 and other industry organizations. We provide attention to detail and professional service for both the Builder and Buyer.

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Manufactured Homes

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 Corporations.

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. Mountain Title Company 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.

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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:

• Apartments
• Hotels
• Investment Properties
• Land Acquisitions
• Malls
• Restaurants
• Retail Properties
• Office Buildings
• Shopping Centers

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.

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Investment Properties

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.

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Refinances

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 Mountain Title to process refinance transactions for their customers.

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Relocations

Definition: To become established in a new place of business and residence.

Often a company makes a commitment to financially support the relocation of employees on a regular basis and will choose to use a relocation company to coordinate these transactions. If an employer has contracted with a relocation company, the escrow company has been chosen long before the escrow is opened. The role of a well-informed and communicative Escrow Officer is essential due to the unique characteristics of a relocation transaction.

Unlike many locations throughout the U.S that use attorneys and/or closing companies, in California, the Escrow Officer performs all the following functions:

• Prepares escrow instructions specific to the practices of the relocation company in addition to the original purchase agreement prepared by the Real Estate Agent.
• Works with the relocation company and/or its agents to complete the necessary documentation and effect the employer's customary cost credits to the employee through the closing.
• Coordinates with the new lender to verify employer requirements, prepares estimated closing statements and arranges for the clients to sign the new loan documents.

Mountain Title has a handful of Escrow Officers who specialize in such transactions. They are experienced in the handling of this multi-layered and complicated escrow. Relocation transactions require constant communication with a professional who takes care to tend to every detail and specification of each relocation contract. Place your trust in The Heritage Escrow Company for excellence in attention and service.

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R.E.O.s

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.

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