Parks Title provides comprehensive title and settlement services for any real estate transaction associated with a purchase, construction, refinance or equity loan by traditional mortgage or land contract.
As an agent for three major national underwriters (Fidelity National Title, First American Title and Old Republic National Title), Parks Title expertly completes every transaction within the client’s timeframe.
Our staff provides professional support to complete the sale of property between buyer and seller, the sale of foreclosed property or a refinance. Working in partnership with the realtor, lender, attorneys, seller and buyer/borrower, each Parks Title office utilizes our combined expertise to coordinate the transaction in a smooth and professional manner. We proactively identify any issues so that a closing is never delayed due to our title or escrow services.
Real Estate Owned (REO) properties have returned to a financial institution’s asset portfolio through the foreclosure process. The transfer of an REO property is unique and closings often involve complicated title issues. Parks Title is experienced in resolving these matters and making sure clear title can be conveyed.
Parks Title has extensive experience in creating a smooth closing process for buyers and sellers in a For Sale By Owner (FSBO) transaction. The process of transferring title on a property can be quite complicated. Parks Title identifies any potential issue that might delay the closing of the sale of your home. Once a purchase agreement has been completed, we will facilitate a smooth closing process within your desired timeframe.
All the required documents for your For Sale By Owner transaction can be found in Parks Title’s FSBO package. Click here to obtain a copy of Parks Title’s FSBO package.
A short sale is a transaction in which the lender decides to sell the property for less than the actual amount due, and ultimately the total sale price falls short of the balance owed on the property’s loan and closing costs.
Short sales are beneficial to both homeowners and lenders by avoiding the negative financial consequences both parties face in foreclosure. However, a short sale can present a huge headache for realtors simply because of the volume of work associated with the short sale process.
Parks Title has a full time short sale coordination team. We handle all the details of a short sale transaction from submission to closing. If you have questions about our short sale coordination program, or would like to request a copy of our Short Sale package to help you navigate the process, please click here.
A Foreclosure Guarantee and Commitment is a title insurance product designed to assist a lender and its foreclosing attorney to prepare to foreclose on a real estate mortgage. The Foreclosure Guarantee is designed to provide the lender and its attorney the information regarding the current owner, mortgage and liens affecting the property. Parks Title counts among our clients more than 50 lenders and attorneys for whom we provide this detailed service.
A land contract forfeiture seeks to accomplish payment and bring the land contract current, including interest, costs, and expenses such as taxes. In the event the purchasers are unable to bring the land contract current, a forfeiture action seeks return of the property to the seller. Forfeiture actions are relatively quick, and they are generally less expensive then foreclosure actions. Parks Title prepares a title commitment detailing all parties that need to be named in the court action. Upon satisfaction of all requirements and receipt of Judgment of Foreclosure, Parks Title will issue an Owner’s Policy.
If you have questions about title to property, Parks Title can perform a title search and provide you with the information you desire. Searches are performed for a variety of reasons and can take different approaches from “last deed of record forward” to “search in commitment form.” Contact us today to discuss your specific need, and we’ll offer the quickest and most efficient way to provide you the information you need.
Parks Title’s cornerstone of service is uncompromising professional ethics. As the agent coordinating the financial transactions related to transfer of title, Parks Title will oversee the holding of assets and timely distribution of funds so the conditions of the escrow agreement will be met. Our experienced and efficient escrow agents provide integrated escrow services including payment and disbursement services, wire transfer and deposit services and detailed activity reporting for all parties.
An owner’s policy insures buyers that the title to the real estate is free from all liens and encumbrances except those that are listed as exceptions in the policy or excluded from the policy’s coverage. The policy also covers for loss if there is no right of access to the land. The liability limit of the owner’s policy is typically the purchase price paid for the property, and title insurance coverage lasts as long as the buyer retains an interest in the insured real estate. Rate schedules from Parks Title underwriters are available in our document library.
A loan policy, also known as Lender’s Title insurance, is based on the dollar amount of the loan and protects the lender’s interest in the property should a problem with the title arise. Once the loan is paid off, the policy is no longer in effect.
Parks Title is experienced in closing and coordinating 1031 Exchange transactions. In a typical transaction, the property owner is taxed on any gain realized from the sale. However, through a Section 1031 Exchange, the tax on the gain is deferred until a future date. A 1031 Exchange is tax-deferred, not tax-free. Each of the Parks Title underwriters have subsidiary 1031 Exchange companies and comprehensive websites for their respective companies. Click here to be directed to the links for each of our underwriters.
Parks Title will facilitate the delivery and return of real estate documents to the client directly or to the appropriate realtor, lender or attorney. Parks Title also records documents in every county throughout Michigan and Illinois. In addition, Parks Title coordinates the payment of all current and delinquent taxes related to a client’s closing.