Services
Abstracting
Our highly trained in-house abstractors search through the public records kept by the Clerks of Court in several parishes to find any documents which affect ownership of the subject property. This often involves a deep dive into the subject property’s history (sometimes dating back to the Louisiana Purchase!) to ensure that there is an unbroken chain of ownership, and that the contract Seller has a clear and merchantable title. The abstractor then prepares a report of his findings, including any relevant maps or surveys, for review and instruction by the title underwriters. Abstracting is an art form, and you never quite know what might turn up in the records!
Title Examination
Our underwriters review all relevant documents to determine ownership and any measures required to clear issues of title. They will then prepare a list of all requirements which must be met before clear title can be passed to the Buyer. This can be anything from correcting mistakes in previous deeds, to filing a full blown succession if the property was never correctly passed down from a deceased owner, or even figuring out how to provide public road access to a property that lacks it. Our experienced staff will draft any legal documents required to correct these issues, and help your deal get to the closing table with all parties protected.
Title Insurance
Our officers are authorized producers of title insurance policies for the two largest national underwriting companies in the world. Once the conditions outlined to clear title have been satisfied, they will produce Lenders’ and Owners’ policies of title insurance that protect a Buyer’s ownership, and a Lender’s security rights, in the subject property. The premiums for these policies are paid one-time only, at closing, and can provide the peace of mind that comes with knowing your largest investment is protected.
Escrow
Our Escrow Officers obtain payoff amounts for all liens, judgments, and mortgages, collect all funds to hold as a trusted third party, and disburse to the relevant parties when closing conditions are met. They will coordinate with Buyers, Sellers, Lenders, and Agents to clear every hurdle on the way to the closing table. They will assist out-of-town parties in execution of necessary transactional documents. They work hard at burning down the phone lines until your deal is closed!
Closing
We offer a clean, spacious, and comfortable space for in-person closings, and snacks are complimentary! Our closing attorney will navigate the parties through all required legal documents and notarize all legal instruments, while answering questions when needed, and striving to create an enjoyable and memorable experience on a day that many find stressful. When the keys are transferred, we will take celebratory photos of your group in our Red Carpet Room.
Post-Closing
One last step for quality control after your closing—We will ensure that all necessary documents are filed of public record, and that all lienholders are paid in a timely manner and their liens canceled from the public records. We will also obtain a certified copy of your recorded Deed and forward this to you, the Buyer, along with your complete title insurance policy.
1031 Exchange
First Commerce is a Qualified Intermediary for a 1031 “Like-kind” exchange. We will help you prepare transactional documents, and hold your funds in escrow, all as required by the IRS under Section 1031. Many property investors use this method to avoid owing capital gains tax and apply those funds toward their next investment property.
