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THE ABSTRACT & TITLE COMPANIES
The Difference is Our Experience!

* NEW *
Indiana Good Funds Law

Effective July 1, 2009, Indiana law now requires all funds in the amount of $10,000 or more received from any party to a real estate transaction must be wired funds. Checks from a single party totaling $10,000 or more are prohibited. This ensures money is immediately available for disbursement to all parties involved, hence, good funds.

What does this mean for you?

If you have a closing with a buyer who will be bringing $10,000 or more to closing, you will need to get the title company’s wiring instructions to give to your clients prior to closing.

If your buyer is bringing $10,000 or less to closing the following are considered “good funds” under the Act:
- United States Currency
- Wired Funds
- Certified or cashier’s check drawn on an existing account at a bank, savings & loan, credit union or savings bank chartered under the laws of a state or the United States
- A check drawn on the trust account of a real estate broker
- A personal check not to exceed $500 per closing
- A check issued by the State, the United States, or a political subdivision of the State or the United States
- A check drawn on the escrow account of another closing agent (case by case basis)
- A check issued by a farm credit service authorized under the Farm Credit Act of 1971

Please be aware, for back-to-back closings taking place at different title companies, disbursement may be delayed since multiple wires will have to transpire. Please keep this in mind and schedule closings accordingly. Additionally, if you have a seller closing at one title company and they will be bringing more than $10,000 to their next closing at another title company, their funds will need to be wired. The title company can only accept a title company check if the amount is $10,000 or less. In this case, we would need the wiring instructions for the title company where the seller will be closing on the purchase of new property prior to closing so funds can be wired out immediately after funding.

Special Notes:
- Wired funds do not include ACH transfers (transfers that can be pulled back by sender). Please verify with your bank that funds are wired unconditionally.

- The new law allows for sellers proceeds and payoffs to be issued with a check at closing unless a wire is specifically requested. Therefore, checks will still be issued at closing unless requested otherwise.

According to the new Good Funds Law, your title company will not be able to disburse any proceeds, payoffs, or other payments until all money is received for the transaction. The law applies to all title companies in the State of Indiana and no exceptions can be made. To see the bill in its entirety, please visit: http://bit.ly/InGov

AS ALWAYS, THANK YOU FOR PLACING YOUR TRUST WITH ABSTRACT & TITLE. WE TRULY APPRECIATE YOU AND YOUR BUSINESS.
]]> Newsletter http://www.abstract-title.com/site/index.php?entry=entry090601-182255 ATG Mon, 01 Jun 2009 22:22:55 GMT http://www.abstract-title.com/site/index.php?entry=entry081001-221458 Abstract & Title would like to welcome a new member to our team!
Joyce Crabtree is the new Closer/Manager of our Avon Office. Joyce has over 30 years of experience in the title industry and we are very excited to have her as an addition to our staff. She is committed to working hard for you and your clients. The Abstract & Title team aspires to give you the best in customer service. We truly enjoy working with all of you.

TAXES OUT YET?
Good question. 2007 payable 2008 tax amounts for Hendricks & Marion counties are still not available. They are anticipated to be out within the next month or so...of course, that’s always subject to change. We will keep you posted. Please note: 2007 payable 2008 Morgan county taxes are now available.

SETTLEMENT STATEMENTS
Please take time to review your settlement statements before closing. This helps us avoid errors on items such as commission amounts & splits, tax discrepancies, bills which need to be collected, etc. Due to many factors, often times you receive your settlement statements last minute. We will do everything we can to get your figures to you as soon as possible. Glancing over the figures and verifying that commission and other items


]]> Newsletter http://www.abstract-title.com/site/index.php?entry=entry081001-221458 ATG Thu, 02 Oct 2008 02:14:58 GMT http://www.abstract-title.com/site/index.php?entry=entry080301-221607 The Difference is Our Experience!

AS ALWAYS, THANK YOU FOR PLACING YOUR TRUST WITH ABSTRACT & TITLE.

WE TRULY APPRECIATE YOU AND YOUR BUSINESS.
Please visit us at our website:www. abstract-title.com

ESTATES, TRUSTS, LLCs’, CORPORATIONS, & POAs’
WHAT YOU NEED TO KNOW

Working with so many types of entities in real estate transactions these days, it becomes difficult to keep up with what is required on each type of transaction. In order to ensure a smooth closing, here is a quick reference sheet to help you determine which forms will be required at closing.

ESTATES – When listing a property for a deceased owner, please make sure an estate has been filed in the courts or is in the works (meaning they have talked to an attorney). We will need the name of the personal representative of the estate. Purchase agreements, etc. need to read ― Estate of __________ By: _____________, Personal Representative.‖ If an estate has not been filed yet, please provide us with the name and phone number of the attorney who will be working on the estate paperwork. *NOTE: If title to a property was held as husband and wife and one spouse has passed away, we will need the date of death of the deceased spouse for the survivor-ship clause to be included on the deed.

TRUSTS – For buyers taking title as a trust, we will need the exact trust name, trustees’ names, and date of the trust. A copy of the first page of the trust will provide this information. Please make sure the trust name is written on the purchase agreements and signed by the trustees of the trust. For example, ―John Doe and Jane Doe, Co-Trustees of the John and Jane Doe Revo-cable Trust dated January 1, 2008.‖ Buyers purchasing as a trust and sellers selling as a trust need to read this way on the purchase agreement and all documents. If the Seller is a Trust, we will need to know who the acting Trustee(s) is/are.

LLCs’ – LLC entities have MEMBERS, not presidents, vice presidents, etc. Prior to closing, we will need the resolution for the LLC stating: (1) who the members of the LLC are, (2) who has authority to sign for real estate transactions, and (3) that the subject real estate transaction has been approved by the LLC.

CORPORATIONS – Corporations have officers such as president, vice president, secre-tary, and treasurer. Prior to closing, we will need a corporate resolution stating: (1) who the offi-cers of the corporation are, (2) who has authority to sign for real estate transactions, and (3) that the subject real estate transaction has been approved by the corporation.

POAs’ – If you have a seller who is having a power of attorney sign for them at closing, please get us a copy of the POA immediately. It will need to be reviewed and approved prior to closing. If you need a POA prepared for you, one of our attorneys can have a POA prepared within a couple of hours for $50. *SPECIAL NOTE: A person appointed as a power of attorney CANNOT appoint another person as power of attorney. A new power of attorney would have to be drawn and executed by the person appointing a power of attorney.

*ADDITIONAL NOTE: If a seller appoints a power of attorney and then passes away, the power of attorney is no longer valid…it is now an estate.]]> Newsletter http://www.abstract-title.com/site/index.php?entry=entry080301-221607 ATG Sun, 02 Mar 2008 03:16:07 GMT http://www.abstract-title.com/site/index.php?entry=entry080201-221652
Attached you will find a comparison chart showing the differences between the policies along with a quick reference sheet for deciding which policy type to select for your client. Please note that both types of policies are not available on certain property types, types of transactions, etc. Therefore, the reference sheet will help guide you as to which policy would most likely fit a particular transaction type.

Please feel free to contact us with any questions. We are here to help you and your clients. If one of the sales reps cannot answer a specific question, we will make sure one of our attorneys will answer it for you.

As always, thank you for placing your trust and confidence in Abstract & Title. We truly appreciate working with all of you!]]> Newsletter http://www.abstract-title.com/site/index.php?entry=entry080201-221652 ATG Sat, 02 Feb 2008 03:16:52 GMT http://www.abstract-title.com/site/index.php?entry=entry071101-221732 IMPORTANT NOTICE:

• Our Avon office has moved!
  Our new location is 287 Shiloh Crossing Dr, Avon
  The new office is located behind Best Buy.
  Please feel free to stop in and see the new office!


• Amy Hanna has been named as manager for the Abstract & Title Brownsburg office.
  Amy will be managing, along with maintaining her current sales role. Please feel free to call Amy with any of your title insurance/closing needs.


• The Department of Insurance has issued a bulletin to clarify Indiana law in relation to RESPA on marketing practices used by title companies. Please see the attached Bulletin 158 from IDOI. Call us if you have any questions.

]]> Newsletter http://www.abstract-title.com/site/index.php?entry=entry071101-221732 ATG Fri, 02 Nov 2007 02:17:32 GMT http://www.abstract-title.com/site/index.php?entry=entry070701-222343
Similar to automobiles, manufactured homes come with a Certificate of Title, a record of which is maintained with the Indiana Bureau of Motor Vehicles. The home is considered personal property and is not a part of the real estate on which it is located. When selling or refinancing a manufactured home, the Certificate of Title must be “retired” by the BMV and converted to real estate. This is done by sending various documents to the BMV office in Indianapolis. Your local BMV will not assist you with this process.

After the BMV is satisfied with your documents, they will send you a Transfer to Real Estate packet. The packet, which must be recorded, includes the “Retired” stamped Certificate of Title and an Affidavit to Transfer Real Estate. This process takes approximately six weeks after the BMV has received the correct documents. Upon recordation of this packet, your manufactured home will be considered to be real estate and the process is complete.

Abstract and Title would be happy to answer any questions you may have regard-ing this process. You could also visit the State of Indiana BMV website to get specific instructions and documents at: http://www.in.gov/bmv/platesandtitle/51 ... ctions.pdf]]> Newsletter http://www.abstract-title.com/site/index.php?entry=entry070701-222343 ATG Mon, 02 Jul 2007 02:23:43 GMT http://www.abstract-title.com/site/index.php?entry=entry070501-222557 Things you need to know:

EXEMPTIONS

The deadline for filing property exemptions (homestead, mortgage, etc.) is June 10th. Previously, this date was May 10th and has been changed, allowing more time for filing. This means: If your buyer closes BEFORE March 1st, they have until June 10th the SAME YEAR TO file. If closing takes place AFTER March 1st, they have until June 10th the FOLLOWING YEAR to file. This does become confusing sometimes, but is done this way because taxes are a year in arrears in the State of Indiana.

OTHER NEWS:

• Homeowner’s Associations often have management companies handle billing and dues collection for the associations. When a closing takes place on a property which is part of an association, we obtain a letter from the management company stating dues and required amounts needing to be collected at closing. The MAJORITY of homeowner’s association management companies charge a fee for preparation of this letter or a fee to transfer the name on their records reflecting the new buyer’s names. Sometimes, they charge both a preparation fee AND a transfer fee. Please note that MANY association management companies have raised their rates for these letters. It is not uncommon for these fees to be $75 or greater. For example, Revel and Underwood charges $75.00 to prepare the letter, as well as, an additional $45 if the letter is needed sooner than 3-10 business days. They also charge a $75.00 transfer fee. So, fees can be $195.00 on a property in addition to any actual dues being owed. Many buyers and sellers become upset when they see these high fees. Unfortunately, we have no control over these rates. Disclosing these fees as early as possible should help to eliminate the “shock” factor at the closing.


• Our website has been transformed and is up-and-running. Feel free to visit at: www.abstract-title.com for valuable information. You may now also place your orders online.

]]> Newsletter http://www.abstract-title.com/site/index.php?entry=entry070501-222557 ATG Wed, 02 May 2007 02:25:57 GMT http://www.abstract-title.com/site/index.php?entry=entry070401-222824 TITLE INSURANCE ENFORCEMENT FUND FEE (aka TIEFF)

We are sure that you have noticed a Title Insurance Enforcement Fund Fee on your settlement statements. This fee is $5.00 per policy that appears in the 1100 section of the closing statement. Would you like to know why this fee appears and what the money is being used for???

There is a newly-created Title Insurance Division contained within the Consumer Protection Unit of the Indiana Dept. of Insurance. In the division’s latest press release, their goals were stated as follows:

• To address consumer complaints and create a more even playing field within the industry. To achieve these goals, the Title Insurance Division plans to work to ensure that consumers receive their policies and recorded documents in a timely manner, and that closings are conducted in accordance with state and federal law


• In addition, the Division will target misappropriation and RESPA violations in the areas of shared marketing agreements, affiliated businesses and the reduction and shifting of closing fees to obtain refinance business


• The Title Insurance Division will also partner with the Attorney General’s Office, the Secretary of State, the Department of Financial Institutions, the State Police and other governmental entities to combat the increasing problem of mortgage fraud.

OTHER NEWS:

• Our Brownsburg office has moved to a larger facility, two doors down.
  Please feel free to stop by and say hello to Tammy, Natalie, and the newest member of our Brownsburg team, Brandi. They would love to see you.


• Construction has begun on our new office in Avon. Next time you’re in Avon, look behind Best Buy and you will see the future home of A&T.


• Our website has been transformed and is up-and-running. Feel free to visit at: www-abstract-title.com for valuable information. You may now also place your orders online.

]]> Newsletter http://www.abstract-title.com/site/index.php?entry=entry070401-222824 ATG Mon, 02 Apr 2007 02:28:24 GMT http://www.abstract-title.com/site/index.php?entry=entry070201-223125 Things you need to know:

The newest purchase agreements have revised wording pertaining to seller paid closing costs. If it is the intent of the parties to have seller pay up to a certain dollar amount of the buyer’s closing costs, you must be very specific about which of the buyer’s costs will be included.

For example, Item #5 (Method of payment) now states “Buyer shall pay all costs of obtaining financing except _________(dollar figure).” If you list $2,500 in Item #5, it will only include buyer’s costs of financing. It will not include closing fee, survey, and title insurance. If buyer’s costs of financing are less than $2,500, and the survey, closing fee, and title insurance items are marked that the buyer will pay them, then the seller will only be paying the buyer’s costs of financing. The cost of the survey, closing fee, and title insurance cannot be used to make up the total of $2,500 listed in Item #5.

However, if it is the parties’ intent that seller will pay up to $2,500 of buyer’s costs whether related to financing, survey, closing fee, or title insurance, state the following in Item #22 (Further Conditions): “Buyer shall pay up to $2,500 of buyer’s closing costs, including, but not limited to, costs of financing, closing fee, survey, and title insurance.” In Item #5, state “see Item #22.”

Please pay special attention to your purchase agreements. Not all agents are using the new forms yet and they are not the same.]]> Newsletter http://www.abstract-title.com/site/index.php?entry=entry070201-223125 ATG Fri, 02 Feb 2007 03:31:25 GMT