I receive this question frequently. What exactly does it mean to be a National Commercial Real Estate Escrow Officer? Simply, it means that I can confidentially close escrow on any commercial property nationwide. Working within the Fidelity National Title family of companies, I have the flexibility and contacts throughout the United States to handle the transaction. We have both direct operations and title agents across the country and we coordinate with the local contacts within the organization to handle the title components of the commercial transaction.
Title work is traditionally performed where the property is physically located. The local title agents and underwriters work on the property specifics and sometimes have records or knowledge otherwise unavailable, within their region. My team manages contact with the local title department in the state and county where the property is located to initialize the title search. We coordinate with the local office for title objection letters, proformas, underwriting, recording and final policy issuance. This allows the parties to have a more streamlined closing with less confusion that comes with multiple parties handling different aspects.
Escrow services, which is essentially high-level coordination of the transaction, can be handled outside the state that the property is located. As a highly experienced national closer, I act as your single point of contact across the country. You receive consistent service no matter where the property is located. Typically, the funds will pass through escrow in our Las Vegas based operation, but there are times when state law requires funds to flow through the local office. My team coordinates with the local office to ensure the closing is conducted in accordance with local law and customs.
As part of the escrow services, I am often asked to prepare closing documents including the conveyance document. Each state has different statutory forms, Warranty Deeds, Grant Deeds, etc. We prepare the appropriate form of document or coordinate with local counsel if so required. We also provide the applicable state specific forms for transfer tax and income tax withholding.
Whether it is a recommendation for a local 1031 exchange accommodator, a licensed surveyor or local counsel, with our national contacts, my team has a wide network to reach local level experts to assist each area within a transaction.
Successfully closing a commercial transaction takes an experienced closer. I have been closing commercial real estate transactions across the nation for nineteen years. I love a challenge and I enjoy constantly learning.
Do you have questions about Commercial Closings? Shoot me an email, and I will get them answered! firstname.lastname@example.org