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                9 MAR

                The Green Jacket

                The Green Jacket

                I opened up the closet door to the vacant room. There she stood all by herself, glowing and glistening in green.  Rarer than the flawless Rockefeller Emerald. It was a Green Jacket. Not any Green Jacket, but the winner of  the Masters green jacket. The rarest of all trophies in sports. Next month the azaleas will be blooming (not in the vacant closet) and perhaps the 56th individual champion will slip on the blazer.  Something I could only dream of trying on. My folks were single digit handicaps when they played but unfortunately, the golf gene skipped a generation. My double-jointed shoulder would always pop out of the socket on the backswing. If roofs and windows were the target, I too would be a champion. Sadly, that empty closet was the closest I’ll ever get.

                The old Masters champion had moved out and the home was for sale. He was a known character on the PGA Tour. He also took care of things around the house. And that is where our problem began.

                Getting ready for closing, the title agent discovered an unlicensed hot water heater in the lien search. It was like getting hit by the ball without anyone yelling, ‘FORE!” We didn’t know if it was literally a “HOT”, Hot Water Heater sold by an unsavory solicitor. The buyer didn’t want to close until this was resolved.  It became a standoff of the deal falling apart. Now we had to get out of the bunker.

                Title Insurance is not something one dreams of. You fantasize of your forever home. If you are dreaming of title insurance firms doing lien searches, than I would refer you to Veronica Lichtenstein, LMHC. Because if you are daydreaming of title insurance you either need hobbies or you are having a bad dream. Title insurance is a companion purchase. Kind of like getting a toothpick after a meal. You never go to the restaurant salivating over the toothpick but if you want to smooch with your partner, it’s something that is necessary. I’ll explain why you need a closing company and title insurance in an interview with Jessica Lind at Next Wave Title in Jupiter and Boca Raton.  Also we answer questions on what is the best day to close, if you should hire the title company before or after you put the house under contract, why to pre-sign, if you can close in prison and what happened to our masters champion……

                Closing companies help obtain title insurance but they do a plethora of other things. There is a lot to do to ensure a smooth closing.

                Title Insurance is basically a necessary piece to buying and selling a home.  It makes sure there is no cloud on the title because if there is, you might not rightfully own the house. A squatter or unsavory Florida Man or Florida Woman type might be found in your kitchen or hanging out in the pool if not. This ensures your home is your home and is protection that you own the house free and clear. If there is a problem, then you can confidently call the fuzz to take away the vagrant. Of just point them to the dog walking nosey neighbor’s house as a place to chill.

                A closing and title insurance company and title agent does a lot to get the transaction to closing besides obtaining title insurance.  Each property is unique with a different set of owners and buyers. Here is a list of items they handle.

                1. Analyzes the contract to what needs to be done.
                2. Communicates with all parties from both real estate companies, HOA’s, condo associations, taxing authorities, mortgage firms, escrow holder. ( no emotion in any of these folks!)
                3. Lien Search and HOA estoppel.
                4. Orders title search to get commitment.
                5. The title commitment is what produces the owner’s policy.
                6. Work with the mortgage broker/lender if applicable including appraiser.
                7. Works with county and attorneys if applicable.
                8. Order Survey and examine survey. Lots can go wrong here.
                9. Fee breakdown of who owes what for debits and credits.
                10. HOA Estoppel (see if someone owes money here).
                11. Handles incoming wires and escrow safely (fraud today is critically important).
                12. Put figures together for HUD.
                13. Orchestrating wet signatures, notary.
                14. Recording to the clerk of court which officially changes the ownership.
                15. Validating where monies go.
                16. Disperses funds.
                17. Wrap up. How to file homestead exemption, scams in the mail to avoid, etc….

                A lot needs to happen to have a smooth closing.  Communication is the most important. Who are all the players?  Are they all local or in town?

                Picking your title company early on is important because once you decide to put your home on the market if there are any liens on the house (like a “hot” hot water heater), you have time to correct them. A lien search is found from the city and county and then it involves looking up if there are any code violations (think an addition), open permits (think rouge contractor), surveys, unpaid taxes.

                Pre-signing is important in my opinion in case one party can’t be there at closing. If one party doesn’t sign, they are violating the contract. I’ve seen this happen where a Seller did not pre-sign and appeared after business hours.  You can hear the story during the Echo Podcast. The Seller was stressed and showed up at 7pm.  My Buyers wanted out and just left saying the Seller refused to close. My advice – pre close!

                Best days to close are Tuesday – Thursday. If wiring doesn’t show up on a Friday, then keys won’t be handed over until Monday. Monday closings have Fed Ex’s that get delayed. Usually ok, but Tuesday through Thursday is best…….Monday closings have Fed Ex’s that get delayed. Usually ok, but Tuesday through Friday is best. Also, the first and last day of the month is the most crowded day for closings. Mortgage companies are also overwhelmed. Try to do in-between if possible.

                You want a title company that is large in size, (systems will be more sophisticated), has an experienced title agent, and that has legal involved. Fraud is rampant these days and small title companies that do not have strong nationwide or large state technology protection probably can’t invest the capital in the latest security systems. You also want a real estate attorney on staff in case there is an issue.  Attorneys who are not in rhythm of doing plenty of closings should be interviewed with some caution. They may be wonderful attorneys and specialists in a  particular area but without lots of real estate repetitions, those closings tend to be more out of sync.

                A good closing agent is aware of dates if you want to do a quick closing.  HOA meeting dates, banks and wires can get in the way.

                Reissue Credits is something that can happen if its been bought within 3 years (sale needs to be within 3 years of purchase and must provide owners policy)

                 

                I interviewed Jessica Lind at Next Wave Title for the Podcast to talk about all this and more. Jessica is a veteran of 20 years in title and has seen it all through lots of different markets. Next Wave Title has its main office in Jupiter on Indiantown Road (the blue building on stilts by Bolay).  The parent firm is a nationwide title firm with attorneys in 17 states. They also have offices in Boca Raton locally and do remote closings. However, they have one of those crazy money machines that everyone goes into after closing for some much-needed relief, so it’s kind of fun in person.  Jessica goes over everything in detail and what is vital for smooth closings that a Realtor, Buyer/Seller need to be prepared for. We also discuss signing remotely, mail aways, and crazy stories like doing a closing in a prison.

                In my book, Next Wave Title wears the Title. Plus they disburse the Money Green, which is better than a green jacket!  And the Masters Champion house did close. Hole in one!

                 

                Next Wave Title

                1851 W Indiantown Rd, Jupiter, FL 33458

                (561) 390-9283 ext. 34208

                jessica.lind@nextwavetitle.com

                https://www.nextwavetitle.com/

                 

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                Jeff Lichtenstein, originally from Chicago, got his start in the home furnishings textile business where he traveled over 35 weeks a year selling fabrics. After the family business was sold, Jeff moved to Florida and became a real estate agent. Today he is the owner and broker of Echo Fine Properties, a luxury residential brokerage voted best brokerage of the year. Jeff manages a non-traditional model of real estate that mimics a traditional business model. Echo has 80 agents, an average of one million dollars per transaction and over 500 million in annual sales. Between traveling for work and annual family trips to national parks with his wife and 2 now adult children, Jeff has visited 49 states. He is also one of the few Chicago White Sox fans you’ll ever meet.  Some publications he has been quoted in.

                Author of business & leadership book How Making a Sandwich Can Change Your World –  The Amazing Success of the PB&J Strategy – Available to Buy Now!

                Feel free to ask him a question directly at jeff@EchoFineProperties.com including a complementary  valuation of your home.

                 

                Posted in Open House Blog, Real Estate Tips on March 9, 2024 at 5:37 am.

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