Services

Let Winters Title Agency help you with all your real estate closings.

Real Estate Closings

The closing process begins when Winters Title Agency receives a copy of the contract or loan approval letter. The file is immediately assigned to our of our Notarial Assistants and a copy of the current title is ordered from our Abstractor. Information will be requested from all parties involved in the sale and Winters Title Agency will coordinate the closing between the purchaser, seller, lender, and realtor. After all information is gathered, and the necessary documentation is received, our Notarial Secretary takes the file to prepare the HUD Settlement Statement, figure tax prorations, and prepare all of the legal documentation and disbursements necessary for closing.

Prior to your closing, Winters Title Agency will provide you with the dollar amount needed at the closing. If Winters Title does not have all of the figures from your lender, please refer to the Good Faith Estimate provided by your lender. A personal check (under $2,500) may be used for a remaining balance.

For the closing, Winters Title will need a copy of a state-issued identification card and certified funds/cashier’s check. We also accept wire transfers – please contact your area Winters Title Agency for specific wiring instructions. Typical documents you will sign during the closing are as followed, though not limited to, the Act of Sale, HUD-1 Settlement Statement, Note/Mortgage, Deed of Trust, and Truth-in-Lending. After all of the documents are signed, we will provided copies of all closing documents for your records. Once the closing is finished, our Post Closer sends the legal documents to the Courthouse for recordation, the monies for payoffs to the appropriate parties, and the mortgage documents to the Mortgage Company. When documents are received from the Courthouse after recording, our Post Closer sends the documents to the Mortgage Company and copies to the purchaser. Our Post Closer also sends out releases and cancellations to be completed and recorded to ensure the proper clearing of the title for purchaser and seller.

Please contact your neighborhood Winters Title Agency with any questions regarding the closing process. We are happy to help and look forward to seeing you at our closing table!

1031 Exchange

WHAT IS A 1031 EXCHANGE?
The purpose of the Exchange, in most cases, is to defer the payment of taxes on some or all of the capital gain in the property that is exchanged. The Internal Revenue Service, through Section 1031 of the Revenue Code, recognizes that an exchange of like-kind property is not a taxable event. Under Section 1031 there is no taxable gain or loss recognized where property held for investment or business is exchanged solely for property of like-kind which is to be held for investment or business.

EXCHANGE TRANSACTION
First American Exchange Corporation will provide an Exchange Agreement defining the exchange transaction and setting forth the obligations of all parties. This agreement must be approved by the taxpayer's tax advisor. There are two parts to an exchange transaction, the "sale" of the "Relinquished Property" and the "purchase" of the "Replacement Property."

EXCHANGE DEADLINES
The Replacement Property must be identified within 45 days of the first Relinquished Property closing. The entire transaction must be completed by the earlier of (1) 180 days from the first closing date; or (2) the due date of your tax return (including extensions) for the year the property was sold.

PLACEMENT AND SECURITY OF THE FUNDS
First American Title Insurance Company will customarily hold the funds derived from the sale of the Relinquished Property pending completion of the Exchange. First American Title Insurance Company provides the assurance that all funds derived from the sale of the Relinquished Property will be available to complete the exchange. First American Exchange Corporation is a subsidiary of First American Title Insurance Company, which is acknowledged as one of the nation's leading title insurers, tracing its origin to 1889.

First American Title Insurance Company will issue an Exchange Closing Protection Letter on funds held to insure against loss or misuse of these funds by either First American Exchange Corporation or the financial institution chosen by First American Title Insurance Company in which the funds are held during the Exchange. A "Growth Factor" equal to the total interest earned will help offset the expenses incurred.