Belle Meade Title & Escrow

Masthead Image

Frequently Asked Questions

We service the entire state of Tennessee and can provide services in surrounding states.

A title insurance policy is like any other insurance policy. The policy protects the insured (Buyer or Lender) by indemnifying them against actual losses caused by the presence of certain defects, liens and encumbrances that exist against the title as of the date of the policy and which are neither excepted or excluded from coverage. An example of an excepted encumbrance would be an easement running through the property. The policy would not protect the Lender or Owner with regard to future use of the easement, as it was a matter of public record at the time the policy was issued.

Fortunately for Homebuyers and Lenders, they need not rely solely on an attorney’s opinion or title examination for protection against title problems. No matter how diligent the attorney, there are matters that can arise after the closing that may require extreme measures to cure. For this reason, the Seller will generally provide a title insurance policy to protect the interests of the Buyers, and the Lender will require a title insurance policy to protect the Lender’s interest in the property.

You can calculate title insurance using the calculator linked below:
First American Title Insurance Company
(NOTE: Does not include Out of County Exam Fee)

Sometimes referred to as a “Starker Trust,” a 1031 Exchange is a transaction in which an owner of property held for investment is allowed to sell one or more properties, and purchases on or more properties, without a tax consequence in the year of sale. It is the best strategy for the deferral of capital gains which would ordinarily arise from the sale of real estate. Real estate owners can accomplish almost any investment objective with 1031 Exchanges, including:

  • Greater Leverage
  • Diversification
  • Improved Cash Flow
  • Geographic Relocation
  • Property Consolidation

An Exchange is usually a 3-way exchange in which an Intermediary is used to facilitate the transaction. Four things ordinarily occur in an exchange:

  1. The Seller sells the relinquished property. We call this “Exchange” Property
  2. At Closing the sale proceeds go to a (EEC), where the funds are held in a trust account “for the Benefit Of” the exchanger (the Seller).
  3. The seller identifies replacement properties within 45 days of the closing of the relinquished property by furnishing to EEC a notice of payment you may elect to purchased with 1031 funds.
  4. The seller (now the buyer) closes on the replacement property(ies) within 180 days of the closing on the relinquished property, and the funds are wired by the Intermediary from the “FBO Trust Account” to the closing agent.

You can exchange any real estate investment for any other type of real estate investment - for example, vacant land can be exchanged for a warehouse, an office building for an apartment complex or a vacation home, an orange grove, a golf course, a horse ranch, what-have-you. As long as the property being sold is not a primary residence, and there is a tax liability to selling, an Exchange should be considered. Our exchange services are exclusively handled by Bob Notestine and Jenny Morris. Feel free to address you questions to them about this services. We also urge you to consult with your own tax professional about 1031 tax exchanges.

In accordance with the Good Funds Distribution Act of 2005, by law we are unable to accept any form of payment exceeding $1,000 unless payment is made by way of certified funds or wired funds.

Certified Funds are funds in the form of any of the following:

  • cash
  • wire transfers
  • checks issued by the state or one of its political subdivisions
  • Cashier's checks
  • Teller's checks or other official checks issued by a financial institution and drawn on or payable through a financial institution within the same Federal Reserve check processing region as the location of the settlement agent
  • Checks issued by a federal government instrumentality organized under the Farm Credit Act of 1971 (i.e. credit unions).