One thing you'll learn quickly about Cornerstone is that we aren't just a title agency. We provide a broad spectrum of related services, including escrow, title searches, master policies, and new construction services. Whether you're a land developer in need of an insurance policy that provides coverage for multiple real estate parcels or need additional work done to remedy existing defective title work, look no further - Cornerstone is your all-in-one resource.
Title Insurance
Be assured that your investment is protected. Cornerstone Title is still in the business of providing you assurance to go hand in hand with title insurance. We have a comprehensive team that is dedicated to thoroughness and accuracy that will guarantee your investment is protected.
Title insurance provides coverage for certain losses due to defects in the title that occurred prior to your ownership. The seller can give you only those rights that have been previously received by him/her with good title. Title insurance protects against such prior fraud or forgery that might go undetected until after closing and possibly jeopardize your ownership and investment.
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Real Estate Closings
Choose experience. Every real estate transaction is a little different which makes experience crucial. We know the many things that can go wrong but by anticipating common problems we can prevent most closing delays. We have extensive experience in residential and commercial real estate closings.
Title companies traditionally handle the real estate closing or settlement of a real estate transaction compiling all of the charges, taxes and fees related to the sale on behalf of the seller and purchaser and breaking it down to the final bottom line for the purchaser to bring to closing and the net proceeds to be paid to the seller. In addition to the settlement statement, the title officer explains the lender and other documents that pertain to the transaction.
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Escrow
The funds related to the real estate transaction run through the title company’s escrow account. The seller’s payoffs, the property taxes, recording fees, real estate agent commissions, etc. that must be paid at closing are compiled on the settlement statement. The title company collects the monies and is responsible to send the amounts due to the respective parties.
Often a contract for sale includes a provision for escrow, which is simply when something is given to a third party (an "escrow agent" or "title company") to hold until a certain event takes place, and then that thing, (for example, a deed or closing funds) is delivered to another party. Escrow instructions tell the agent how to hold and care for the items given to him or her.
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Property Development / Master Polices
A master policy is an insurance policy that provides coverage for multiple parcels of real estate. As a Land developer you can benefit from a master policy when developing a large piece of property into ten or more smaller parcels because the policy is based on the value of the land as a whole and then as you sell the parcels, you only pay a nominal amount for the purchaser’s owners policy at closing.
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Construction
Use Cornerstone Title Insurance Agency for your next construction project. As a contractor, you want to work with a knowledgeable and efficient title company who will work with you to meet the demands of your client as well as insure their lender of clear title. We work quickly to update the title search and provide the endorsements to the lender to expedite your draw requests. We understand the risks involved and will work with you to get the appropriate waivers from your sub-contractors.
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Title Searches
Our highly qualified and experienced examiner will perform a search of your property back to the date of your choosing. A title search is the resulting document of data research on a piece of real estate. A real estate researcher, or title examiner, will retrieve documents on your property, such as transfer records, lien records, judgment records, and other recorded data. The results are compiled into a report, called a title search. This report can be used to understand the status of the property such as property liens or current ownership.
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1031 Exchanges or Tax-Deferred Exchanges
Cornerstone Title is exemplary in closing and facilitating 1031 exchanges transactions. Let our experienced closing staff make your exchange close seamlessly.
In a typical transaction, the property owner is taxed on any gain realized from the sale. However, through a Section 1031 Exchange , the tax on the gain is deferred until some future date. Section 1031 of the Internal Revenue Code provides that no gain or loss shall be recognized on the exchange of property held for productive use in a trade or business, or for investment. A tax-deferred exchange is a method by which a property owner trades one or more relinquished properties for one or more replacement properties of "like-kind", while deferring the payment of federal income taxes and some state taxes on the transaction.
The theory behind Section 1031 is that when a property owner has reinvested the sale proceeds into another property, the economic gain has not been realized in a way that generates funds to pay any tax. In other words, the taxpayer's investment is still the same, only the form has changed (e.g. vacant land exchanged for apartment building). Therefore, it would be unfair to force the taxpayer to pay tax on a "paper" gain.
The like-kind exchange under Section 1031 is tax-deferred, not tax-free. When the replacement property is ultimately sold (not as part of another exchange), the original deferred gain, plus any additional gain realized since the purchase of the replacement property, is subject to tax.
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Curative Title Work
Since Cornerstone Title Insurance Agency is working for you, when problems do occur, we work together with you to remedy title defects quickly and efficiently. Occasional title searches reveal a defect in the chain of title.
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