July 2018

Title 101: What You Need to Know About 1031 Exchange Process

By |2019-06-11T18:58:12+00:00July 2nd, 2018|Settlement Statement, Tax Sales|

Whenever you sell business or investment property and have a gain, you generally have to pay tax on the gain at the time of sale. Internal Revenue Code (IRC) Section 1031 provides an exception and allows you to postpone paying tax on the gain if you reinvest the proceeds in similar property as part of [...]

June 2018

Title Insurance 101: All Inclusive vs Out of County Rates

By |2019-06-11T18:58:12+00:00June 18th, 2018|Costs, Title Search|

We have found there to be some confusion about this topic, so we figured it might be a good time to share some info on our Melrose blog. Tennessee title insurance premiums and costs can vary depending on the county. This is related to whether or not a particular county is classified as all-inclusive or [...]

April 2018

How Closing Costs Stack Up

By |2019-06-11T18:58:12+00:00April 23rd, 2018|Home Closing|

Curious about how closing costs stack up across the country? The average national closing costs totaled $4,876, according to a recent survey released by ClosingCorp. This data represents the average closing costs, including lender’s title, owner’s title, settlement, appraisal, transfer taxes (where applicable), recording fees and other costs including inspection (pest, roof and home) services [...]

March 2018

Notice of Completion and What You Need to Know When Working with New Construction

By |2019-06-11T18:58:12+00:00March 19th, 2018|Home Closing, Real Estate|

There is definitely an uptick of new construction in East Tennessee and as a real estate professional, it's important that you are informed about issues that may affect your clients. One such thing to be familiar with is "Notice of Completion." The Notice of Completion is an instrument that can be recorded pursuant to TN [...]

February 2018

Is Tennessee a Community Property State and Why Does It Matter?

By |2019-06-11T18:58:12+00:00February 5th, 2018|Home Closing|

Marital property is anything, real or personal, that was acquired during marriage, and includes any increase in value of separate property over the course of the marriage or personal injury recoveries. The court determines the spouses’ contributions to increase to determined value. Everything else is separate property, and is awarded to the spouse whose property [...]

January 2018

Underwriting Guidelines & Tax Sales: What You Need to Know

By |2019-06-11T18:58:12+00:00January 29th, 2018|Tax Sales|

Generally, Old Republic will not insure a property if there has been a tax sale in the last 20 years absent certain factors being present. If there is an Owner’s Policy for the current owner, and that Owner’s Policy does not contain an exception for tax sale matters, ORT can insure with an indemnity letter [...]

Melrose Title Company Upgrades Free Title App

By |2019-06-11T18:58:12+00:00January 10th, 2018|For Buyers and Sellers, Real Estate, Realtors|

If you thought Melrose Title's FREE title app was already pretty great, you're going to love these latest updates! The Buyer Estimate has been redesigned to feature sections for the following: Home insurance Property tax prorations HOA dues prorations Impounds Lenders fees and other buyer expenses OR credits. Don't worry, it still includes allows you to save [...]

November 2017

October 2017

July 2017

Beware and Take Precaution to Avoid Online Fraud

By |2019-06-11T18:58:12+00:00July 12th, 2017|Uncategorized|

Please be aware that Wire Fraud Schemes are rampant this summer as well as email phishing. What can you do? Change your email password to something difficult to replicate (use a combination of letters and numbers). From a recent article in the ALTA (American Land Title Association) newsletter:  Here are five tips to protect against wire [...]