Managing the many details of a transaction can quickly become overwhelming. Stewart Relocation Services (SRS) 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 ensure title can be insured at resale closing.
SRS obtains 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.
SRS reviews the title search for potential title defects and provides a snapshot of the status of the title. We work directly with the transferee or RMC to cure any issues prior to equity closing.
Transferee Document Preparation/Coordination
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, SRS orders the documents from the local attorney.
Corporate Document Preparation/Coordination
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.
Document Package Review
SRS reviews the executed documents to verify each document has been completed and signed accurately by the transferee, notary and witnesses, when applicable, to ensure recordability.
The SRS 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.
SRS calculates 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.
Vacant Home Insurance Administration
SRS prepares the certificate of insurance notifying the vacant home insurance underwriter that the property is now vacant and coverage should begin. At resale closing, SRS calculates and collects the premium due.
Disbursements and Recordings
Upon receipt of wired funds from the RMC or their corporate client, SRS can make the mortgage payoff(s); disburse equity proceeds to the transferee and record documents upon request.
Property Accounting Services
Upon receipt of wired funds from the RMC or their corporate client, SRS sets up a working bank account for disbursements, including equity proceeds to the transferee, mortgage, property tax and HOA payments.
Resale Closing Coordination
SRS works with the local closing office to secure a final HUD-1/Settlement Statement prior to closing that accurately reflects the terms of the Purchase Agreement. SRS ensures that the proceeds, all closing documentation and the broker referral fee are received by the RMC shortly after disbursement.
SRS monitors escrow funds held at closing by the local closing agent.
Final Property Reconciliation
SRS prepares a Final Property Report detailing all expenses and credits incurred during the relocation transaction that the RMC uses to bill their corporate client.
Destination Title and Closing Services
SRS assigns a Stewart affiliate, agent or approved attorney to handle the destination closing for the transferee and works closely with the selling real estate professional to ensure a smooth and successful closing.
SRS assigns a Stewart affiliate, agent or approved attorney to handle the closing directly with the transferee. Once a Purchase Agreement has been executed, SRS works closely with the local closing office to secure the HUD-1/Settlement Statement for the RMC to review for reimbursable closing costs.
SRS can provide title and closing services on site at the customer location by forming a team of experienced Stewart associates coordinating and conforming to the accounting processes and corporate culture.
Training and Education
SRS provides timely and customizable training to consultants, management and other audiences on industry developments and best practices. Stay up to date with SRS’ legislative alerts and quarterly newsletters.
Reporting includes, but 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 SRS
- Customer Turn Time Report – calculates the turn time between the date SRS receives 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 SRS delivered the closing notification to our customer; turn time between the legal close date and the date SRS 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 SRS’ monthly performance on title, equity, closing notification, closing reconciliation package and proceeds/referral fee turn times