Authorized Signatory
What is our authorized signatory service?
Authorized signatories are third-party professionals who are given the authority to sign binding agreements on your behalf. In doing so our clients no longer need to locate or interact with a 3rd party notary or spend the time signing potentially hundreds of documents. Additionally, you can save the time and money traveling around chasing paperwork.
Fast and Easy
Not only do our authorized signatories save our clients time and money, but they are always available and can help ensure that your business dealings are completely on time. Costs attributed to incomplete paperwork can delay your deals costing thousands of dollars.
Document Preparation
Introduction
The most important pieces of any real estate transaction are the legally binding documents that both parties walk away with, and it is fitting that so much effort is spent drafting and negotiating these documents. The accurate and efficient preparation of documents like deeds, mortgages, assignments, and UCC filings saves time and costs, and even protects the privacy of those involved in real estate transactions. Here is why it is so important to hire a document preparation service that can skillfully navigate that process.
Time - The Costs of Going Back
Anyone who has ever had to redraw a mortgage or similar document will know that mistakes and miscommunications can take weeks or even months to correct, and that is because of the value contained in the small details. Sometimes it is just a matter of overlooking a piece of information. For example, if the purchasing party is unaware of a deduction in taxes that the previous owner was entitled to, and those preparing the documents do not account for an increase in payments, a time-consuming renegotiation of the contract might be necessary. To avoid these kinds of situations, we employ strict conferencing requirements and a reliable multi-step review process to ensure that details are not overlooked during the document preparation process and closings move forward as scheduled.
Savings - The Contract is the Contract
For any person, and especially those frequently involved in real estate transactions, the cost of poorly prepared documents can lead to serious financial losses. This is true for lenders as well. UCC liens, for example, are used to help lenders protect their assets and must be filed into the public record. A poorly prepared UCC filing with even the smallest mistake (filing requirements often vary between jurisdictions) can cause a lender to have a limited ability to collect collateral in place of an asset. Similarly, the difference between a fixed rate mortgage and an adjustable rate mortgage can spell tens of thousands of dollars for purchasers in real estate transactions. Not only does our staff utilize an extensive drafting and review process, but they also have the necessary experience in the industry to catch mistakes that are often made while preparing real estate documents.
Privacy and Reputation
Real estate transactions involve some of the most sensitive information about individuals and businesses, and so information related to these transactions is often targeted and monetized. Personal information about our customers and their clients is only used for the purpose of drafting real estate transaction documents and is eliminated once the transactions are finalized. The preparation of documents is arguably the most intricate aspect of any real estate transaction, and the costs of avoiding an experienced document preparation service like ours is too high.
Proration Calculations
Introduction
Proration is a term that is used often and for most individuals, a basic understanding of how prorated costs are calculated is enough to navigate day-to-day real estate transactions. Essentially, proration calculation involves assigning responsibility for costs associated with purchases and transfers like unpaid taxes, rent, utility costs, etc. If a purchaser took possession of a piece of real estate, for example, in August of last year, the individual making the proration calculation must ensure that the purchaser is responsible only for taxes computed from the date of closing. Some proration calculations are straightforward and simply involve determining when one party relinquished financial responsibility and the other assumed that responsibility, but other cases are more complicated and necessitate the experience of a professional.
Making Advanced Calculations
While some cases of proration calculation are straightforward, certain elements like varying codes and regulations between jurisdictions and property histories can make these calculations increasingly complex. Common scenarios involve determining responsibility for costs like property taxes and utility payments in a real estate transaction, because while in one jurisdiction the seller might be responsible for certain costs, the buyer might assume responsibility in another. Our skilled professionals utilize the provided tax searches to ensure that prorated costs are calculated correctly the first time. They will also navigate rent rolls and other information specific to a property to ensure accurate calculations. In short, trusting professionals who deal often with common errors and oversights associated with proration calculations to make those calculations is the most reliable way of ensuring peace of mind for customers in a real estate transaction.