Paxin Closing and Escrow, LLC » Uncategorized

WILL I HAVE TO GIVE UP MY HOUSE, CAR OR OTHER PROPERTY, IF I FILE FOR BANKRUPTCY?

Sam Paxin — Wed, 01 Feb 2012 15:48:55 +0000

Generally, you will not be asked to surrender your house, car or other property when filing a Chapter 7 or Chapter 13 bankruptcy. The bankruptcy law recognizes that bankruptcy filers should be able to protect some of their assets, and it is my experience that most of the time, these exemptions, will include your possessions. Most of our clients keep all of their property during and after their Chapter 7 or Chapter 13 filing.

Although your bankruptcy will be filed in federal court, the rules that cover what you can protect when you file are contained in Georgia law. The federal Bankruptcy Code specifically allows State to create their own exemption rules and Georgia has elected to do so. The Georgia statute addressing these exemptions is located a OCGA 44-13-100.

If you have any Bankruptcy questions, or need help with your title insurance needs, please do not hesitate to call Paxin Closing and Escrow, LLC, at 866-752-4445

PROPOSED ACCOUNTING RULES MAY INCREASE OWNERSHIP OF COMMERCIAL REAL ESTATE

Sam Paxin — Tue, 10 Jan 2012 16:17:18 +0000

Although accounting rules usually don’t end up as front page news, there are some recent proposals to change the Financial Accounting Standards Board (FASB) accounting rules that should have a significant impact on the commercial real estate industry. The rules may make it more likely that companies will choose to own property rather than rent it, and may also change lease negotiations for those who do rent.

Currently, a lease can be either a capital lease, which is reflected on the tenant’s balance sheet, or an operating lease, which shows up on financial statements in the form of rent as a monthly expense. The proposed rule would treat almost all leases as capital leases. FASB argues that this rule would encourage transparency and give a more accurate picture of a company’s financial condition.

Although the new rules may improve disclosure and transparency, they have the potential to have a significant effect on the commercial real estate and equipment leasing industries. Many large companies have thousands of operating leases and one reason some of them choose to rent rather than acquire property is the way the property is treated for accounting purposes. The new rules would require a company to include virtually all of its leases on its balance sheet, as if it had purchased the property and was making loan payments rather than paying rent.

What are the expected effects of these changes?

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The accounting benefits of leasing space versus buying property will be eliminated, so some companies are expected to decide to acquire property rather than lease it. This change should increase the volume of sales activity and 1031 exchanges.

• Financial covenants in loan documents will be affected by this change, so debtors will need to discuss this issue with their lenders in order to ensure that they do not breach the financial covenants in their loan documents.

• As currently written, the rules do not grandfather in any existing leases, so the administrative burden on tenants could be significant during the transition period.

• Because the lease term would affect what is put on the balance sheet, and because some option periods would be included when computing what the lease term is, lease negotiations may be affected. More tenants may want shorter term leases and may consider the accounting rules when deciding whether to ask for options to extend their leases.

These rules are not final, but if they are enacted in their current form, they will have a significant impact on some companies who lease property.

If you have any questions, or need help with your title insurance needs, please do not hesitate to contact Paxin Closing and Escrow, LLC, at 866-752-4445.

PROPOSED ACCOUNTING RULES MAY INCREASE OWNERSHIP OF COMMERCIAL REAL ESTATE

Sam Paxin — Tue, 10 Jan 2012 16:14:35 +0000

What are the expected effects of these changes?

•

• As currently written, the rules do not grandfather in any existing leases, so the administrative burden on tenants could be significant during the transition period.

These rules are not final, but if they are enacted in their current form, they will have a significant impact on some companies who lease property.

If you have any questions, or need help with your title insurance needs, please do not hesitate to contact Paxin Closing and Escrow, LLC, at 866-752-4445.

COMMERCIAL AND INDUSTRIAL REAL ESTATE

Sam Paxin — Sat, 17 Dec 2011 13:29:59 +0000

Your Commercial and/or Industrial Real Estate holding/s are most likely the most valuable asset/s you or your entity may ever own. With so much at stake, the advice and counsel of a professional is not really an option – it’s a necessity. Whether it’s a property boundary issue that you have recently discovered, an adjoining owner improvement project gone awry, or any other kind of dispute that has spiraled out of control, the attorneys at Paxin Closing and Escrow, LLC can answer your questions and provide the professional guidance you need to carry on with your life.

We know you have invested a significant amount of time and energy to make your Commercial and/or Industrial Real Estate project what is today. Our advice and counsel is always framed with that in mind — to protect your investment. No matter how simple a problem may first appear, it is always a good idea to speak with an attorney before you take action or sign documents. We are available, experienced and prepared to help you navigate the complexities of any and all of your Commercial and/or Industrial Real Estate law issues and Commercial and/or Industrial Real Estate title related services by finding the solution that works best for you.

We have experience helping clients in all areas of Commercial and/or Industrial Real Estate law.

If you have any questions, or need help with your title insurance needs, please do not hesitate to contact Paxin Closing and Escrow, LLC, at 866-752-4445.

WHY TITLE INSURANCE?

Sam Paxin — Wed, 30 Nov 2011 23:44:38 +0000

COMMERCIAL AND INDUSTRIAL Title policies insure owners and lenders against possible losses from claims against COMMERCIAL AND INDUSTRIAL real property ownership. The preliminary report or title commitment provides advance information on matters which will be excepted from coverage. Lenders and owners are thereby given an opportunity to correct title flaws before purchasing or lending.

Title insurance originated in the 1870′s to halt a series of land ownership problems that developed from inaccurate record searches, forgeries, and related problems. Today, title insurance offers protection from certain items that cannot be determined from public records, such as forgeries of all types, undisclosed heirs, clerical errors, and invalid legal procedures and interpretations.

Policies of title insurance are written on the basis of a search of public records and other records which impart constructive notice. Please note, a recorded deed does not prove that the seller is the owner of the property. Only title insurance can protect your interest in the property from unknown encumbrances, legal conflicts and unforeseen claims.

A policy of title insurance is like a pre-paid legal agreement. Your insurer will provide legal defense against challenges to your insured title (dependent, of course, upon the type of policy coverage) and will reimburse you financially for losses due to the covered defects in your ownership rights.

It is important to remember that a lender’s title insurance policy does not insure a borrower against title risks. While certain types of policies pertain to both the owner and the lender, it makes good sense to help protect your borrowers by explaining the limitations of their particular coverage.

If you have any questions, or need help with your title insurance needs, please do not hesitate to contact Paxin Closing and Escrow, LLC, at 866-752-4445.

COMMERCIAL AND INDUSTRIAL REAL ESTATE TRANSACTIONS

Sam Paxin — Tue, 15 Nov 2011 14:43:15 +0000

Commercial real estate transactions can involve a broad range of complex issues and parties. PAXIN CLOSING AND ESCROW, LLC works directly with developers, contractors, investors, financial institutions, and other critical entities in this arena. Our expertise spans a wide range of legal and transactional segments of the commercial real estate industry. We are also adept at working with foreign sources of capital, which can be critical in today’s challenging financial and real estate environment.

If you or your organization develops, manages, buys or sells developed or undeveloped land, hotels and motels, multi-family apartment complexes, golf courses, condominium conversion projects, shopping centers, office complexes, residential subdivisions, mixed-use developments or other industrial or commercial property, our experienced commercial firm can help you.

In particular, our services include the following:

Drafting and negotiating purchase and sale agreements

Reviewing, negotiating and administering the closing of construction and permanent financing loans

Resolving land-use and zoning issues

Handling construction and building permit issues, partnership concerns, survey and title issues, etc.

Assisting clients in the purchase and disposition of real estate portfolios

Advising on financing (conventional, SBA and Commercial Mortgage-backed Securities [CMBS or conduit] financing)

Counseling on ownership structures, syndications, joint ventures, private equity investments and mezzanine financing

Reviewing property titles and title insurance and issuing title insurance policies

Representing lenders, including mortgage companies and banks, in real estate-secured and SBA-backed financing

Drafting and negotiating contracts, leases, escrow arrangements and other agreements

If you have any questions, or need help with your title insurance needs, please do not hesitate to contact Paxin Closing and Escrow, LLC, at 866-752-4445.

GEORGIA COMMERCIAL AND INDUSTRIAL REAL ESTATE TRANSACTIONS – DUE DILIGENCE IS MANDATORY

Sam Paxin — Fri, 04 Nov 2011 15:07:06 +0000

Due Diligence is a key term used in Commercial and Industrial real estate transactions.

The term is always related to the process of inspection, examination and investigation of a subject property to determine the suitability of said property for a particular transaction, prior to a purchaser finalizing the purchase of the property.

In all Commercial and Industrial real estate transactions, due diligence must be unconditionally carried out before the agreement is consummated. Commercial and Industrial real estate transactions are very complex and often times cause problems when the parties fail to seek proper legal counsel.

Due to the high complexity of Commercial and Industrial real estate transactions, the absence of a thorough investigation and due diligence can result in a buyer/purchaser/borrower being legally bound by agreement/s that may not properly serve their needs. Thus, proper review and preparation are essential to the process.

The cost associated in hiring a law firm, such as Paxin Closing and Escrow, LLC, to handle any of your due diligence matters, or any other Commercial and Industrial real estate matters, is far less than the consequence of any matters surfacing after closing.

As a result, it is very important to have your own Georgia Commercial and Industrial real estate lawyer protect your interests. The same is true for sellers of Commercial and Industrial real estate. The same caution must be taken.

If you have any questions, or need help with your title insurance needs, please do not hesitate to contact Paxin Closing and Escrow, LLC, at 866-752-4445.

COMMERCIAL, INDUSTRIAL, AGRICULTURAL, LARGE ACREAGE, REAL ESTATE TITLE INSURANCE SERVICES

Sam Paxin — Sat, 29 Oct 2011 13:49:06 +0000

At Paxin Closing and Escrow, LLC, we provide title insurance policies and related real estate transaction and mortgage lending products and services to individual consumers, mortgage lenders, businesses and government agencies. Our products and services protect our customers from financial loss and hardship related to unknown judgments and liens, forged transfers, inconsistencies within a property’s title or misapplication of fiduciary funds. The distribution channel for our products and services spans across the nation and includes independent title insurance agents wholly owned insurance company branch offices, owned/affiliated agencies and ancillary services subsidiaries.

If you have any questions, or need help with your title insurance needs, please do not hesitate to contact Paxin Closing and Escrow, LLC, at 866-752-4445.

PROTECT YOUR ASSETS

Sam Paxin — Fri, 21 Oct 2011 14:29:12 +0000

Over the last several months, a number of states from Colorado to New Jersey have posted warnings on the return of the Attorney’s Escrow Account scam.

As described on the New Jersey Department of Insurance web site, scammers accomplish the scam via e-mail solicitations to attorneys that typically involve the claim of delinquent collections, or similar matters, which require the receipt of funds via check into an attorney’s escrow account. Shortly after funds are received, but before the check has cleared, the attorney is asked to wire some of the funds to the scammer’s bank account. Only later does the attorney learn that the original check is fraudulent.

While this is a relatively easy scam to spot, it is one you and your staff should be vigilant about.

Paxin Closing and Escrow, LLC, offers solutions to protect your firm against scams like this and other frauds and thefts.

If you have any questions, or need help with your title insurance needs, please do not hesitate to contact Paxin Closing and Escrow, LLC, at 866-752-4445.

CLAIM TRENDS IN TITLE INSURANCE (4 of 4)

Sam Paxin — Fri, 14 Oct 2011 14:22:26 +0000

With a tremendous number of Commercial and Industrial properties in foreclosure and default, in the State of Georgia, there are a great deal of title issues that must be cleared prior to the subsequent resale or re-finance of these properties. Some of these issues will result in title insurance claims and following is the fourth most common error that continues to cause increased claims:

Judgment/Lien/Tax Problems – Another group of claims that we see with great regularity relate to tax issues. If the property is subject to a reassessment or the taxes are under appeal, you need to make the appropriate exception in the title insurance policy. Additionally, we would strongly recommend that you get a tax report for your transaction and that you do not rely on the county website to verify taxes. With regard to judgment liens, please make sure that all necessary names are searched in the lien indexes. Further, if a party is added to a transaction after your initial examination, please remember to run a judgment search on them prior to closing.

If you have any questions, or need help with your title insurance needs, please do not hesitate to contact Paxin Closing and Escrow, LLC, at 866-752-4445.