Foreclosures

FPT conducts foreclosures for various lenders and banks. During the foreclosure process, the proper notices are sent to the borrowers and second mortgage lenders and/or lienholders. The property is then advertised in the local newspaper for three consecutive weeks prior to the sale. The foreclosure statues and laws are strictly construed. FPT will ensure that your foreclosure is properly conducted – the FIRST time.

Real Estate Closings

There are few business transactions with more importance than those related to the sale and purchase of real estate. The purchase of a home is usually the largest, single expenditure most families will ever make. Moreover, the investment in commercial property is equally important. To these individuals, we at First Priority Title Company, Inc., play a critical role in the real estate transaction. Trust FPT to assist you with the preparation of the necessary documents for residential or commercial closings. Each closer has over 10 years experience. We are also knowledgeable in reverse mortgages, lease purchases, contract for deeds, and 1031 Tax Exchange closings.

Legal Filings

FPT will properly and timely record your legal documents to procure title and/or secure your position regarding the subject property.

Title Insurance

FPT represents three of the top title insurance underwriters in the country. Title insurance protects policy owners against covered financial losses resulting from title defects and hidden risks, such as:

There are two types of title policies:

  1. lender’s (loan) title policies – required by lenders and paid by borrowers to insure the loan amount;
  2. owner’s title policy – optional title coverage for the buyers/borrowers to protect the homeowner's investment

We proudly represent First American Title Insurance Company.

Document Preparation

FPT has an attorney on staff to competently prepare any real estate documents you may need. Examples of legal documents you may need are: warranty deeds, quit claim deeds, lease purchases, notes, trust deeds, UCC-1 liens, materialman/mechanics liens, notice of completions, 1031 Tax Exchange documents, LLC agreements, charters, articles of incorporation, subdivision restrictions, condominium master deed and by-laws, releases, easements, and more.

REO

FPT represents banks and lenders on the foreclosure resales. You definitely want to choose an experienced and competent title company to handle these transactions. With an on-staff attorney, FPT has an excellent rating for curing title defects. In addition, we recognize the importance of sending the closing documents well in advance and promptly wiring your proceeds.

Title Searches

FPT will provide a competent and thorough search of the public records to reveal liens, mortgages, claims and encumbrances against the subject property and provide you this complete report in writing through an attorney’s title opinion and/or a commitment to insure. We service the entire state of Tennessee.

1031 Tax Exchange

A 1031 – Like-Kind Exchange is a tax deferred exchange transaction under Section 1031 of the Internal Revenue Code. This section allows for the sale of certain types of real and personal property with the deferral of payment of capital gains tax at that point. The key is the language in the code which states: “No gain or loss shall be recognized on the exchange of property held for productive use in a trade or business or for investment purposes if such property is exchanged solely for property of a like-kind which is to be held for either productive use in trade or business or for investment purposes.” This means that you must choose replacement property which is “like-kind” and you (the investor) cannot receive any “boot” (cash or other benefits) at the closing. FPT has the attorneys and staff that will prepare the appropriate documents for a 1031 tax exchange.