Managing the many details of a transaction can quickly become overwhelming. Stewart Title Relocation Services is here to assist you with the complex challenges you face.
We understand one size truly does not fit all when it comes to our customers. That’s why we work with you to develop a customized solution for your business. Equipped with a complete service delivery assessment, our team of experts is ready to provide exceptional service to each relocation management company (RMC).
Title orders are placed within a select national network of Stewart Title affiliates, agents and approved attorneys experienced in relocation transactions.
Stewart’s national network performs extensive underwriting and analysis of the property to verify title can be insured at resale closing.
We obtain property tax information from our local office, including taxing authority contacts and mailing information, payment status (paid or unpaid) and coverage dates, utility information (if lienable), special assessment and personal property tax information.
We review the title search for potential title defects and provide a snapshot of the status of the title. We work directly with the transferee or relocation management company (RMC) to cure any issues prior to equity closing.
State-specific documents are prepared for the transferring employee to transfer the title of their property to the new buyer. In states that require attorney drafting, we order the documents from the local attorney.
State-specific documents are prepared for the entity that takes title from the transferee and ultimately passes title to the new buyer in a two-deed transaction.
We review the executed documents to verify each document has been completed and signed accurately by the transferee, notary and witnesses, when applicable, to ensure recordability.
Our nominee takes title on behalf of the RMC to ensure the highest degree of discretion and anonymity and to streamline the two-deed process for the RMC.
We calculate the transferring employee’s equity by prorating updated property tax, mortgage and homeowners’ association (HOA) information. A Seller’s Equity Statement is prepared and a 1099S is filed, when applicable.
We prepare the certificate of insurance notifying the vacant home insurance underwriter that the property is now vacant and coverage should begin. At resale closing, we calculate and collect the premium due.
Upon receipt of wired funds from the RMC or their corporate client, we can make the mortgage payoff(s); disburse equity proceeds to the transferee and record documents upon request.
Upon receipt of wired funds from the RMC or their corporate client, we set up a working bank account for disbursements, including equity proceeds to the transferee, mortgage, property tax and HOA payments.
We work with the local closing office to secure a final closing statement prior to closing that accurately reflects the terms of the Purchase Agreement. We ensure that the proceeds, all closing documentation and the broker referral fee are received by the RMC shortly after disbursement.
We monitor escrow funds held at closing by the local closing agent.
We prepare a Final Property Report detailing all expenses and credits incurred during the relocation transaction that the RMC uses to bill their corporate client.
We assign a Stewart Title affiliate, agent or approved attorney to handle the destination closing for the transferee who works closely with the selling real estate professional to ensure a smooth and successful closing.
We assign a Stewart Title affiliate, agent or approved attorney to handle the closing directly with the transferee. Once a Purchase Agreement has been executed, we work closely with the local closing office to secure the closing statement for the RMC to review for reimbursable closing costs.
We can provide title and closing services on-site at the customer location by forming a team of experienced Stewart Title Relocation Services associates coordinating and conforming to the accounting processes and corporate culture.
We provide timely and customizable training to consultants, management and other audiences on industry developments and best practices. Stay up to date with our legislative alerts and quarterly newsletters.
Reporting includes, but is not limited to, the following:
- Customer Open Order Report – Lists open orders with the order date and customer file number
- Title Order Detail Report – Reflects the current status of each open file for the calendar year, e.g., open, closed or cancelled
- Agent Turn Time Report – Calculates the turn time between the local agent’s receipt of the title order through the date the title search, tax information and vesting deed were delivered to us
- Customer Turn Time Report – Calculates the turn time between the date we receive the order through the date that title results are delivered to our customer
- Process Point Report – Shows the current status of each file
- Title Curative Report – Shows the current status of title issues and curative actions that have been taken to date
- Equity Turn Time Report – Calculates the turn time between the date equity is requested through the date the equity statement is delivered to our customer
- Closing Metrics Report – Calculates the turn time for three categories: turn time between the legal close date and the date we delivered the closing notification to our customer; turn time between the legal close date and the date we delivered the reconciliation package to our customer; and turn time between the legal close date and the date the local closing office sent the proceeds and referral fee to our customer
- Score Card – Tracks and provides on a semi-annual basis our monthly performance on title, equity, closing notification, closing reconciliation package and proceeds/referral fee turn times