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

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.

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.

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

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.

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.