sold icon

Purchases, Assignments, & Other Transactions
in the Piedmont Triad area

There can be many similarities between real estate closings, but that doesn’t mean they are identical. 

At ICS, we assess each transaction based on its own needs so that we can provide you with the right services for the situation. We are experienced with and equipped to handle contracts for deeds, private loans, lease purchases, lease options, purchase agreements, refinance closings, seller financing, assignments, and many other types of transactions. You can rest assured that our services will get you through any real estate closing. If you want success, call ICS!

Assisting Buyers & Sellers

Knowledgeable About a Range of Closings

20+ Years of Experience

Purchase Closing

Your closing date is the day you become the new owner of a home or investment property. During the purchase closing appointment, you sign all legal paperwork related to transferring ownership to your name and pay escrow items and closing costs. Since you do not want to wait for several weeks, or even months, to move forward with closing, it is essential you partner with a closing firm with experience and a vast understanding of the purchase closing process.

    After scheduling your purchase closing with Innovative Closing Solutions, we take care of all the behind-the-scenes work that supports a hassle-free closing. 

      Our role in the closing process involves the following:

        • Performing a thorough title examination.
        • Coordinating with all parties involved with the closing.
        • Reviewing and explaining all documents, like the deed, the deed of trust, and settlement statement.
        • Recording the transaction and disbursing all monies.

        Refinance Closing

        Refinancing your mortgage can provide the opportunity to secure a lower interest rate, resulting in lower monthly payments, more predictable costs, and a shortened loan term.

          The refinance closing process is incredibly similar to the closing you went to when you initially purchased your home. However, since you already own the property, you will not deal with a seller or a real estate agent. 

            Our role in refinance closing remains largely similar as well. As your closing firm, we will:

              • Communicate with everyone involved in the closing process, including your lender

              • Coordinate the procurement of all documentation

              • Represent your rights as the homeowner

              • Record the loan and distribute all funds

              Private Lender Closings

              Private loans are short-term loans secured by real estate property. Funded by private investors instead of conventional lenders, like a credit union or bank, private loans generally have terms that last anywhere from one to five years. Typically, private loans require interest-only payments along with some principal, requiring a balloon payment at the end of the loan’s life.

                As a borrower, you can secure a private loan for nearly any type of property, from multi-family residential and commercial to industrial, land, and single-family residential. But the main benefit of private loans is that the lending process is much faster than obtaining funding through a bank or credit union, and in most cases, much less documentation is required.

                  Seller Financing

                  In a seller financing situation, the seller presumes the role of the lender. However, instead of providing the buyer with cash, the seller gives the buyer enough credit to cover the home’s selling price, minus the down payment. The seller and the buyer then agree to and sign a promissory note that outlines the loan’s terms. Then, with the local public records authority, they record a mortgage and the buyer makes payments on the loan incrementally with interest typically added on.

                    Subject-to Closings

                    In a subject-to transaction, the buyer purchases the property subject-to the existing loan.

                      house icon with a lock

                      For most transactions, all loans held by the seller are paid off at closing. With a subject-to transaction, the buyer secures the deed to the property at closing, and makes payments on the prior owner's existing loan until it is fully paid.

                        Subject-to closings became popular in the 1970s when low interest rates were common, and they can be beneficial in certain modern situations. For example, a seller may be willing to go through with a subject to purchase if they want to alleviate themselves of a property immediately. Comparatively, buyers may prefer a subject-to purchase when the interest rate on an existing loan is lower than rates in the current market.

                          Double Closing

                          A double closing involves two transactions between three parties. The AB transaction happens when the property owner (A) sells to a buyer (B - typically an investor), and then a BC transaction occurs when B, who is now the seller, sells the property to the end buyer (C). Double closings can be useful in certain circumstances - if you think a double close is the right path for you, don't hesitate to contact us for help getting started!

                            NC State Bar FEO 2021-1: Ethics opinion against double closes

                              The NC State Bar recently release an ethics opinion that has changed the way our office is allowed to handle double close transactions. Our office will handle the AB transaction, record and fund completely, and then another closing attorney would handle the BC transaction. This follows the state bar's requirements for ownership, funding, and client conflict. If you have further questions about our double close method, please reach out and we will be happy to answer any questions!

                              https://www.ncbar.gov/for-lawyers/ethics/adopted-opinions/2021-formal-ethics-opinion-1/ 

                                  Lease Options

                                  Lease options are a popular form of real estate agreement in which the buyer provides the seller option money in exchange for the right to buy the property at a later date. The buyer and seller can either agree on a purchase price at the inception of the agreement, or the buyer can agree to buy the property for market value at the time the option is exercised. In most cases, buyers interested in lease options solidify the future purchase price at the initiation of the lease option agreement.

                                    With lease options, it is essential that the terms of the agreement are clear, so buyer and seller both fully understand their obligations and rights at the offset.

                                      Our role is to carefully draft these agreements, so both parties feel fully informed and confident going into the agreement.

                                        Lease Purchases

                                        Lease purchases are a transaction many people consider to make the dream of homeownership a reality. The premise of these programs involves the tenant having possession of a property before he/she is required to buy the property. At the end of a certain time period, the renter could qualify to finance the purchase of the home.

                                          chat bubble icon

                                          Lease purchases are often complicated, with many terms and stipulations included within the agreement. Therefore, it is imperative that an attorney thoroughly review the terms of the lease purchase and ensure all parties involved understand the terms and expectations.

                                            At ICS, we work with landlords and tenants interested in developing a lease purchase. Our role in the process involves completely reviewing the contract and ensuring our client makes an informed decision.

                                              Advanced Investment Strategies

                                              If you are an investor wanting to utilize an investment strategy not listed on our website, don't worry! We frequently handle closings with other strategies for investment, and would love to chat more about how we could best serve you on your next closing. Feel free to call or email for more information on other investment strategies you'd like to use, and we'd be happy to help you get started!

                                                Close on a Property Today

                                                Count on the professional team at Innovative Closing Solutions to help you through a variety of closing and loan situations.

                                                Call us to start developing a plan that suits your situation—we’ll provide financing options to make sure you’re profiting off your property or one step closer to becoming a homeowner.

                                                (336) 793-1953