The post FinCEN’s New Real Estate Reporting Rule: What You Need to Know appeared first on NNTG.
]]>Under FinCEN’s Anti-Money Laundering Real Estate Transfers reporting rule (RRE Rule), “Reporting Persons” as defined, must report details about individuals who own or control legal entities or trusts involved in all-cash/non-conventional financed residential real estate transactions. This reporting requirement is no longer limited to certain cities or counties, nor is there a minimum purchase price as per FinCEN’s prior Geographic Targeting Orders.
TOP 7 THINGS YOU SHOULD KNOW ABOUT FINCEN’S NEW RULE:
More Documentation Will Be Required Upfront:
Escrow will be responsible for collecting and submitting information about the entities or trusts and their beneficial owners and signers to FinCEN using a new “Real Estate Reporting (RER)” system.
Real Estate Agent’s Role:
Agents should educate their buyers that if they’re using an entity or trust to purchase their real estate, they will need to provide personal information about the actual people behind the entity.
Near North Title Group is preparing for the changes, while continuing to meet the current FinCEN reporting requirements. We are working with our teams to:
This is a significant shift, but we are prepared to keep transactions running smoothly and avoid delays.
See ALTA – Financial Crimes Enforcement Network (FinCEN) and FinCEN Fact Sheet Regarding Residential Real Estate Reporting for additional information.
1(2) the person that prepares the closing or settlement statement for the transfer; (3) the person that files with the recordation office the deed or other instrument that transfers ownership of the residential real property; (4) the person that underwrites an owner’s title insurance policy for the transferee with respect to the transferred residential real property, such as the title insurance company; (5) the person that disburses in any form, including from an escrow account, trust account, or lawyers’ trust account, the greatest amount of funds in connection with the residential real property transfer; (6) the person that provides an evaluation of the status of the title, and finally (7) the person that prepares the deed or, if no deed is involved, any other legal instrument that transfers ownership of the residential real property.
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]]>The post Near North Title Group Welcomes Kelly Jamen as Vice President & Underwriting Counsel appeared first on NNTG.
]]>A seasoned title and closing agent, Kelly has successfully guided countless clients through complex contracts, closings, and property matters, earning a reputation as a trusted advocate in both residential and commercial real estate. Her fluency in English, Spanish, and Portuguese allows her to serve our diverse community with exceptional communication and understanding.
“Kelly’s extensive background and commitment to client service make her an incredible asset to our Florida division,” said Ivette Fernandez, Managing Director, Near North Title Group. “We are thrilled to welcome her and look forward to the positive impact she will make for our clients across Florida.”
Near North Title Group remains committed to providing customized, nationwide title and escrow solutions with a local touch, and Kelly’s leadership will further strengthen our ability to deliver on that promise.
About Near North Title Group
Near North Title Group is a fully integrated title, escrow, construction escrow and 1031 exchange company that for over 30 years has provided clients with a comprehensive portfolio of commercial and residential services nationwide. Near North’s national commercial operations and residential Midwest and Florida offices facilitate over $10 billion in yearly transaction volume throughout over 60 locations, making it one of the strongest commercial title agents in the country and one of the largest residential agents in the Midwest. Near North is continuously expanding its market presence through acquisitions and organic growth as it provides customized solutions to its clientele, leveraging years of industry expertise and underwriter relationships that allow for maximum flexibility in facilitating even the most complex real estate transactions.
For more information about Near North Title Group and its services, please visit www.nntg.com
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]]>The post Midwest Foothold Strengthens with Increased Minnesota Market Presence appeared first on NNTG.
]]>Near North’s operations have grown continuously from both organic growth as well as strategic acquisitions, with its presence in Minnesota stemming from Near North’s acquisition of Doma’s Midwest retail operations in 2023. Near North’s Minnesota operations trace their roots back to Title Protection, Inc., founded in 1990 in LeCenter, MN. “When the opportunity to acquire NST presented itself, Near North was excited to create the partnership and extend its Minnesota reach. The integration of NST’s team into Near North’s operations represents an important development opportunity to provide increased service offerings throughout Minnesota where we partner with and protect our customers”, said Near North’s CEO, Daniel Fowler. NST’s CEO Jake Piller said, “we are eager to join Near North Title Group’s national network and look forward to its staff’s deep bench of expertise to provide our existing clients with increased capabilities.”
NST’s staff will continue operating in its current Faribault location, uniting NST and Near North’s top title personnel in the region.
About Near North Title Group
Near North Title Group is a fully integrated title, escrow, construction escrow and 1031 exchange company that for over 30 years has provided clients with a comprehensive portfolio of commercial and residential services nationwide. Near North’s national commercial operations and residential Midwest and Florida offices facilitate over $10 billion in yearly transaction volume throughout over 60 locations, making it one of the strongest commercial title agents in the country and one of the largest residential agents in the Midwest. Near North is continuously expanding its market presence through acquisitions and organic growth as it provides customized solutions to its clientele, leveraging years of industry expertise and underwriter relationships that allow for maximum flexibility in facilitating even the most complex real estate transactions.
For more information about Near North Title Group and its services, please visit www.nntg.com
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]]>The post Near North Title Group Further Expands Footprint with Acquisition of Doma Florida Agency Branches appeared first on NNTG.
]]>The acquisition of Doma’s Florida branches signifies Near North Title Group’s dedication to strengthening its presence in key markets to further scale operations across the country. With a commitment to exceptional customer service and innovative solutions, Near North Title Group is poised to further solidify its position as one of the largest title agents in the industry.
“We are pleased to have the opportunity to acquire another set of Doma offices as they seek to refine their focus on their core business model of underwriting and technology”, said Dan Fowler, CEO of Near North Title Group. “Doma Florida employees, like the Midwest group, seek to embrace technology and will mesh with our tech-forward approach to utilizing the best systems and technology to service our customers”.
This acquisition will empower Near North Title Group to enhance its service offerings and continue using cutting-edge technology, streamlining the closing process for both clients and industry professionals. Clients can expect the same outstanding service and attention to detail that Near North Title Group has become renowned for, now bolstered by the added capabilities and resources of the Doma team.
This marks Near North’s third acquisition in 2023 despite soft market conditions. As Near North Title Group continues its growth strategy, it remains dedicated to delivering unparalleled customer experiences, enabling smooth and secure real estate transactions for buyers, sellers, and industry partners alike.
About Near North Title Group:
Near North Title Group is a fully integrated title, escrow, construction escrow and 1031 exchange company that for over 30 years has provided clients with a comprehensive portfolio of commercial and residential services nationwide. Near North’s national commercial operations and residential Midwest and Florida offices facilitate over $10 billion in yearly transaction volume throughout over 60 locations, making it one of the strongest commercial title agents in the country and one of the largest residential agents in the Midwest. Near North is continuously expanding its market presence through acquisitions and organic growth as it provides customized solutions to its clientele, leveraging years of industry expertise and underwriter relationships that allow for maximum flexibility in facilitating even the most complex real estate transactions.
For more information about Near North Title Group and its services, please visit www.nntg.com.
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]]>The post Near North Title Group Announces Acquisition of Doma’s Midwest Operations appeared first on NNTG.
]]>The acquisition of these Doma (formerly known as North American Title) operations is a significant milestone in Near North’s strategy, bringing the number of combined offices to nearly 60 in six Midwestern states and Florida. The Near North brand has grown from its founding in the 1980’s as a leading national commercial title agency into a commercial and residential market leader as it expands the company’s market presence across the Midwest and Florida. By combining the expertise and resources of both organizations, Near North is well-positioned to deliver even greater value to clients of the acquired offices and Near North’s current offices and strengthen its position as a leader in the title industry.
“Our mission at Near North Title Group is to partner with our clients and protect their interests throughout the real estate transaction process,” said Dan Fowler, CEO of Near North Title Group. “This acquisition represents a tremendous opportunity for us to extend our reach and enhance our ability to serve clients across the Midwest. We are excited to welcome the talented team from Doma, including Alex Grundhoffer, Doma’s national COO of Local Branch Operations, and Doma Managing Directors of Minnesota, Wisconsin, Illinois and Indiana into the Near North family and look forward to combining our strengths to deliver exceptional service to our valued clients.” Grundhoffer commented that “The synergies of our collective management team and office locations made Near North the perfect home for our valued employees and clients. Near North’s culture and industry knowledge, especially so given the strong national commercial capabilities, will bring value to our local teams and communities. My team looks forward to being a part of the Near North family.”
“This strategic transaction is aligned with our mission-driven go-forward strategy and refined focus on our core underwriting and technology business,” said Max Simkoff, Founder and CEO of Doma. “Our Midwest operations have a track record of providing excellent customer service. We believe we have found optimal homes for our Local team members in the branches we have sold. I want to thank this team for their hard work and dedication to Doma and our vision over the years.”
Near North Title Group’s dedication to excellence, integrity, and customer satisfaction aligns perfectly with Doma’s commitment to providing exceptional title services. This acquisition allows Near North to leverage the established customer base and deep-rooted industry relationships, while also benefiting from their specialized knowledge of each market where we operate. Houlihan Lokey acted as a financial advisor to Doma and Wooton Hoy LLC acted as legal counsel to Near North.
About Near North Title Group:
Near North Title Group is a fully integrated title, escrow, construction escrow and 1031 exchange company that for over 30 years has provided clients with a comprehensive portfolio of commercial and residential services nationwide. Near North’s national commercial operations and residential Midwest and Florida offices facilitate over $10 billion in yearly transaction volume throughout nearly 60 locations, making it one of the strongest commercial title agents in the country and one of the largest residential agents in the Midwest. Near North is continuously expanding its market presence through acquisitions and organic growth as it provides customized solutions to its clientele, leveraging years of industry expertise and underwriter relationships that allow for maximum flexibility in facilitating even the most complex real estate transactions.
For more information about Near North Title Group and its services, please visit www.nntg.com.
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]]>The post Near North Welcomes Tracey Onohan appeared first on NNTG.
]]>Near North Title Group is pleased to welcome Tracey Onohan as an Account Executive in our Merrillville, IN office.
With over 30 years of experience in the lending industry, Tracey possesses exceptional skills in understanding client needs and navigating the mortgage process. Her extensive expertise will greatly contribute to the growth of Near North’s Residential Sales team.
Scott Gryder, Chief Revenue Officer, commented, “Tracey’s comprehensive understanding of the real estate process and her established relationships within the community make her a valuable asset. Her ability to connect with clients and deep knowledge of the industry will be highly beneficial to Near North.”
Tracey, along with her husband and two children, resides in Highland, IN. When she’s not working, she enjoys pursuing hobbies such as gardening, bike riding and spending time with her dogs.
Tracey Onohan | 219-500-1023 | [email protected]
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]]>The post New Talent Strengthens Commercial Capabilities appeared first on NNTG.
]]>Our new team members bring extensive experience and expertise in various fields, including underwriting, escrow, examination, and client relations. Their arrival has already started to make a positive impact on our operations, and we are confident that their skills and passion will lead to even greater success for our clients.
In addition to our new hires, we have also invested heavily in technology and infrastructure to support our growing team. This has allowed us to streamline our processes, improve communication, and increase efficiency, ensuring that you receive the best and fastest service possible.
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]]>The post O’Connor Title Joins the Near North Title Group Platform appeared first on NNTG.
]]>Near North Title Group has announced that it is expanding its platform by incorporating O’Connor Title, which will further solidify its status as one of the most powerful title and escrow agents in the Midwest. This acquisition brings together the robust infrastructure and expertise of Near North’s premier platform with the well-established twenty-year-old title insurance agency of O’Connor Title, serving both commercial and residential real estate markets in Chicagoland and Southern Illinois.
As part of Near North’s plan for sustained corporate expansion, this consolidation marks a significant growth opportunity for us to expand our services beyond the borders of Illinois and make them more accessible. “We are thrilled to collaborate with O’Connor, which will allow us to offer his clients the full range of solutions from Near North Title Group along with our unparalleled level of service”, said CEO Daniel Fowler.
With the guidance of industry veteran John O’Connor, O’Connor Title has established strong connections with the top real estate agents in the region. John O’Connor, the CEO, expressed his enthusiasm for this new chapter, stating, “I am thrilled about this development for O’Connor Title and the opportunities that the platform provided by Near North Title Group will bring. This will enable us to maintain our commitment to serving our clients with expertise, attention, and professionalism that forms the foundation of our company.”
O’Connor Title will carry on business as usual, bringing together the leading title professionals in the area and providing more opportunities to expand the scope of its services. By joining forces, O’Connor Title will take advantage of the advanced technology and infrastructure behind Near North’s network of over 20 offices and nationwide capabilities. Near North has seen tremendous growth in recent years, both through internal expansion and strategic partnerships.
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]]>The post Near North Welcomes Pedro Pinero appeared first on NNTG.
]]>“Pedro has a comprehensive background in the real estate process and has built many strong relationships with the people in his area,” said Ray Summeier, Senior Vice President, Residential Services. “His ability to connect with clients and knowledge of the real estate industry will be an impactful benefit to Near North.”
Pedro is originally from Caracas Venezuela but resides in Miami, FL with his wife and two children. Outside of work, his hobbies include dancing, reading and going to the beach with his family.
Pedro Pinero | 786-925-0958 | [email protected]
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]]>The post Why Choose Exchange Services Group appeared first on NNTG.
]]>AFFILIATION WITH NEAR NORTH TITLE GROUP
Exchange Services Group’s affiliation with Near North Title Group means one dedicated team handling your transaction from beginning to end. Partnering with Near North to facilitate title and escrow services allows Exchange Services Group to offer efficient personalized solutions for both 1031 Exchange and closing processes.
LIKE-KIND EXCHANGES
Exchange Services Group, LLC provides Qualified Intermediary services under the provisions of Internal Revenue Code §1031. This Code Section and IRS Regulations allow Exchange Services Group’s clients to sell real estate assets and acquire replacement real estate assets without recognizing a current capital gains tax liability or taxes from depreciation recapture. Exchange Services Group provides a tax-advantaged vehicle to defer gain on the sale of investment or business-use real property assets. With more than twenty years of experience in real property exchanges, Exchange Services Group understands that any like-kind exchange transaction can have a unique set of circumstances and is well-equipped to handle a variety of commercial, farm and residential exchanges, including various forms of financing.
HOW LIKE-KIND EXCHANGES WORK
Like-kind exchanges are regulated under Internal Revenue Code §1031 and related IRS Regulations. These enable taxpayers to replace existing real property assets held for business or investment purposes with other real property assets while deferring the capital gains tax resulting from the disposition. Exchange Services Group acts as the Qualified Intermediary for the exchange of real property assets, investing the exchange funds until a replacement real property asset is acquired, thereby facilitating the exchange process.
WHY CHOOSE EXCHANGE SERVICES GROUP
Effective Tax Solutions
Our team of exchange experts is dedicated to assisting and supporting responsive and effective tax solutions for our clients’ most complex tax-deferred transactions.
Exchange Experts
Exchange Services Group has over twenty years’ experience as a Qualified Intermediary dealing in real property exchanges. We facilitate a wide array of exchanges for our customers, including:
• Single-asset Exchanges
• Multi-asset Exchanges
• Multi-state Reverse Exchanges
• Installment Agreement Exchanges
• Seller-financed Exchanges
• Replacement Property Under Construction Exchanges
Financial Security
Exchange funds are held in separate accounts and can be invested in AAA rated (S&P) money market funds that invest primarily in high quality, short-term money market instruments. Interest is calculated daily and accrued monthly to the client.
CONTACT US
John Lamberts – President, Exchange Services Group
312-419-3937 | [email protected]
Aukse Joiner – Executive Vice President, ESG & National Commercial Underwriting Counsel
312-621-3367 | [email protected]
Greg Putt – 1031 Exchange Coordinator
260-222-5548 [email protected]
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