Bloomington, IN

Steve Dalton commented on my last post that sometimes "title companies get in the way" of closing legitimate real estate purchases and refinances.

Title companies are at the bottom of the hill that is a real estate transaction.

And guess what? It all rolls down hill. Delays, misunderstandings, mistakes, and last minute stipulations get compressed as the closing date looms. And since the title company is the last one that generally has to do anything prior to closing, I'm not surprised, and even expect, that clients may feel that we get in the way from time to time.

What may seem as needless meddling in the consummation of the sale or refinance is usually the title company trying to resolve conflicting instructions received from one or more of the parties to the transaction.

Common conflicts between the Purchase Agreement and the Lender's Closing Instructions revolve around the Buyer's net cash back or net cash to close being outside the Lender's permitted tolerance, handling inspection and repair credits, and how the Seller's contribution towards closing cost is defined and set out on the HUD-1. In Indiana, the Purchase Agreement often requires prorating taxes in a way that is simply not possible given the inherent one to two year lag time of tax assessments.

We resolve all the conflicting instructions by requiring written clarifications and Amendments to the Purchase Agreement, Closing Instructions or Title Commitment. If this process seems to you to be getting in the way of a closing, it's probably our fault for not explaining this correctly.

Just like you, we don't get paid unless the deal closes. Why would we want to make things needlessly difficult? We don't. All we're trying to do is resolve the conflicts so that we can close the transaction without compromising our fiduciary responsibilities to all the parties.

There's always a reason behind what a title company may require. If we don't explain it sufficiently keep asking until you understand. Sometimes, you can clear up a misunderstanding that will make things easier or even eliminate the requirement. As always, good communication is the key to a successful closing experience for you and your clients.

Good communication helps us dodge that rock at the bottom of the hill, too. For which we are eternally grateful.

Photo courtesy of Free Digital Photos. Net

We just finished compiling our monthly statistical package for September. A recent network upgrade put us behind the curve for a week or so, but we're caught up now.

Our property records data base shows that through September, the sale market in Monroe County continues steady and is off about 20% from a year ago.

Total deed recordings in September were 165, compared to 210 in September 2007. For the year to date period, there were 1821 deed recordings compared to 2293 in 2007. Only deeds judged to represent a residential, commercial or vacant land sale transaction are included. Quit-Claim Deeds, deeds between related parties and Sheriff's Deeds, for example, are not counted.

Judging from media reports, we're faring much better than some other parts of the country. Actually, has anyone ever fared worse than media reports about anything? I don't think so.

Here's a chart that shows the last four years of so. If you like to receive our complimentary monthly statistical package, send an email to Tammy Walker , our Vice President of Sales.

For a city our size, Bloom® is a magazine of remarkable quality. Bloom® is the passion of editor and publisher Malcolm Abrams. Malcolm, a quintessential New Yorker with years of publishing experience, visited Bloomington a few years ago, fell in love with our city, relocated and decided to publish a city magazine.

For the most recent issue of Bloom®, Malcolm asked his readers several months ago to "take pictures of whatever caught their fancy on one day, Saturday, August 23."If you're from Bloomington or have visited here, you'll find the collection captures the quality of life that we would all miss if we left. If you've not been to Bloomington, you'll get a glimpse of what makes our city such a special place.

There's a link to Bloom® down the right side of this page. Take a few minutes to check it out. You will not be disappointed.

My favorite picture is the one Malcolm chose for the magazine cover; the Chocolate Moose by Domingo "Ding" Prud'homme. The Chocolate Moose is just down the street from my office and has achieved legendary status in the eyes of our employees; especially when one of them has a birthday. The picture captures the timelessness of the "Moose." It would be the same even if taken 30 years ago.

This issue of Bloom® also marked my debut as the author of a short column about the local housing market. If you have the opportunity to pick up a copy of the magazine (the column is not available in the online magazine) please check it out and let me know what you think.