What We Do
Securing property, financing a mortgage and ensuring your investment is protected involve a variety of steps and processes. We provide peace of mind by handling all the necessary documentation and validation for you. We offer:
Settlement Services
Title Examinations and Title Insurance
Abstract Services
1031 Exchanges
Settlement Services
To convey a property from a seller to a buyer, or encumber a property with a new mortgage, Home Town Abstract & Title provides escrow and settlement services as a neutral third party to the transaction.
We can close any transaction for property in the state of Minnesota, including:
Residential Transactions
Refinance Transactions
Commercial Transactions
Witness Closings
Construction Disbursements
1031 Tax Exchange Transactions
We streamline the process by coordinating key tasks such as:
Depositing and disburse funds
Processing and coordinating the flow of documents and funds
Keeping all parties informed of progress to the escrow
Responding to the lender's requirements
Coordinating the signing of loan/closing documents
Prorating and adjusting insurance, taxes, rents, etc.
Recording the deed and loan documents
Preparing a final statement that outlines funds received and to be disbursed in the transaction
Filing of 1099 forms with Internal Revenue Service
Title Examinations and Title Insurance
Title insurance provides homebuyers and lenders with vital protection against losses from title issues including forgery, fraud, and liens. To protect your interests, we can:
Complete a title search and thorough examination of the records
Issue a Commitment to Lender and/or Purchaser that identifies any potential title risks that need to be addressed, such as unreleased mortgages, mechanics' liens, tax judgments, outstanding child support liens, pending bankruptcy or divorce proceedings, probate issues and various other issues. The Commitment also discloses items the property is subject to, such as easements, covenants and restrictions.
Issue full ALTA title insurance loan policies, owner's policies and combination policies.
What title insurance is and why you need it
Abstract Services
Abstracting researches and compiles public records associated with a specific property, including deeds, tax records, mortgages, liens and judgments, and levied assessments. We offer the following abstracting services for Todd, Wadena and Otter Tail Counties:
Abstract Updating
Creation of Abstract
Recertification of Abstract
40 year search
Current owner search
Two deed search
Tract checks
Registered property search
You can count on Home Town Abstract & Title to ensure all documents that affect legal and ownership rights are handled correctly and in a timely way.
Abstracting prices can vary due the history and complexity of property records. It is best to call Jamie at our office for a quote.
1031 Exchanges
An exchange involves an individual who desires to sell property and replace it with "like kind" property such as land, rental and business property. Home Town Abstract & Title can work with your exchange company or arrange services on your behalf.
1031 exchange allows investors to reinvest their capital in the most advantageous like-kind investment while deferring the capital gains, depreciation recapture and state income tax consequences.
It provides that no gain or loss is recognized on the exchange of property held for productive use in a trade or business or for investment ("relinquished property") if the property is exchanged solely for property of like kind that is to be held wither for productive use in a trade or business or for investment ("replacement property").
The type of property must be in productive use in a business (depreciable property) and can only be exchanged for the same type of property.