Commercial Experience

Elk Rapids

CSS successfully closed the sale of a vacant site at 112 Dexter Street in downtown Elk Rapids

Bringing one of the first formal lodging options to the popular lakeside village. CSS is proud be part of aiding this development for the Elk Rapids community.

alden

CSS handled the closing of the sale of the real estate and business known as Higgins Store in downtown Alden.

This store has been in Alden since 1893 and is a known favorite among the locals – they sell not only ice cream, but beer, wine and spirits. So glad we were able to assist with the transition of such a tradition!

Traverse City

CSS facilitated the closing of the sale of 8580 Commerce Court in Harbor Springs Michigan to Little Traverse Bay Humane Society.

We conducted this commercial closing, which included a 1031 Exchange fully electronically between buyer and seller – no need for travel or personal appearances!

CSS Commercial Title Transaction

$3 million Sale after foreclosure with 2 mortgages.

Without requiring a discharge of the second mortgage, CSS was able to close and insure this.

Situation: The Property was owned by a mom. There were 2 mortgages; the first mortgage was foreclosed by advertisement and the son, through his trust, purchased it at the foreclosure sale for $1.7 million. The son entered into a PA with a 3rd party buyer for $3 million. The buyer had insisted that the mom sign the PA due to redemption rights. They then redrafted the PA to have it just between the son’s trust and the new buyer.

Issue: Another title company would not insure the transaction without requiring a discharge of the second mortgage, because the son’s trust was the buyer at the first foreclosure.

Resolution: After waiting for the redemption period to elapse, we required an affidavit regarding the source of funds and a statement of no collusion. The value seemed adequate, given a comparable bid by the foreclosing lender. Since there was no collusion, the second mortgage was wiped out and in no worse position than if anyone else bought the property at the foreclosure.

CSS Commercial Title Transaction

Commercial Sale with Encroachment Issue

CSS worked with its partner law firm to quickly draft the termination document and have it signed by all parties involved so that the property could be listed and sold.

Issue: There was an encroachment of a small building on a parcel that was being listed. In addition, the neighbor was entering and exiting the encroaching building through the listed property without a formal easement. The realtor wanted the removal of the building and the termination of any rights of use, access, etc. that the neighbor may have under adverse possession, prescriptive easement, or license.

Resolution: CSS contracted with Jelinek & Snabes, PLLC, of which its CEO and Corporate Counsel are partners, to work with the parties and quickly draft the termination document. All involved parties signed the document so that the property could be listed and sold without the outstanding interest of the neighbor.

CSS Commercial Title Transaction

Commercial Sale without Deed in Fulfillment

Without a deed in fulfillment from the grandmother, parents could sell to their children.

Issue: Family business with real estate. Parents bought the property from their Grandmother on a land contract in 2007 and never got a deed in fulfillment. Grandma was deceased for many years and now the parents were selling to children.

Resolution: CSS knew that they had a UW that may accept something less than full probate to be opened for the deed in fulfillment. Went to that underwriter with the fact scenario and possible resolution and the UW agreed to insure with that resolution.

CSS Commercial Title Transaction

Condominium Sale with Amendments

Our in-house corporate counsel, with 28 years’ real estate experience, presented her position to the underwriter who agreed that we could insure.

Issue: Needed to insure a buyer for two units in the condominium development that was created under two amendments. A different title company did a commitment and required proof that both of the amendments were legally done.

Resolution: Our in-house corporate counsel, having drafted condominium documents and with 28 years of experience in the real estate industry, believed that the amendments were legal and we could rely on those. She presented her position to the underwriter who agreed that we could insure the units based on the amendments and that nothing else was needed to prove their legality.

CSS Commercial Title Transaction

Vacant Land with Title Challenges

Title was held by a co-partnership that was dissolved in the 1980s. CSS was able to close the transaction, even though nothing was recorded and the partners were deceased.

Issue: The Title was in name of a co-partnership that was dissolved in the 1980s. The bulk of assets was transferred by the partners to corporations owned by themselves. Nothing was recorded and both partners were deceased.

Resolution: The partnership statutes were examined and CSS worked with a UW to agree to accept affidavits from the sole heirs of the last surviving partner containing certain attestations, including the authority to wind up the partnership’s affairs. It was resolved with a deed to the buyer at the closing on behalf of the dissolved partnership.

CSS Commercial Title Transaction

Commercial Sale with Sidewalk Exception

There was an old Agreement from the 1800s with the City that allowed them to expand a sidewalk listed as an exception on the title commitment.

Issue: There was a very old Agreement from the 1800s with the City that allowed them to expand a sidewalk listed as an exception on the title commitment. The legal description on the Agreement, when our examiner mapped it out, covered only up to 100 feet of the property. The buyer wanted the restriction removed.

Resolution: The CSS examiner and corporate counsel found an aerial photo and survey that showed the property has been improved for years and the sidewalk did not show an encroachment onto the property. This immediate in-house examination and acquisition of external sources was proof in support of the removal of the restriction.

CSS Commercial Title Transaction

Commercial Sale whose developer was in Bankruptcy

Only needed to require discharges/releases and not require any other bankruptcy documentation or approvals.

Issue: The sale of the condominium development had multiple liens and on which the fee owner/developer had been in bankruptcy. Another title company that was initially contacted, required bankruptcy documentation and authorization to proceed with the sale.

Resolution: CSS first checked with the online bankruptcy website to determine the history and status of the owner’s bankruptcy. It was discovered that the bankruptcy was closed. Therefore, while the recorded mortgages and liens were not discharged in the bankruptcy, they only needed to require discharges/releases and did not require any other bankruptcy documentation or approvals.

CSS Commercial Title Transaction

Acquisition of a new manufacturing and distribution warehouse

The transaction involved property in Howell, a purchaser in Northern Michigan, a seller in Colorado, attorney representation, a lender, and a last minute 1031 Exchange.

CSS recently closed this transaction on behalf of Pop Daddy Snacks, a maker of healthy snack foods. The customer said that CSS “closed and coordinated it seamlessly. You did a fantastic job!”

The transaction participants included Pop Daddy Snacks, Nicolet National Bank out of Wisconsin, and a Colorado-based seller represented by Pless Law Firm, LLC.

CSS Commercial Title Transaction

Upscale manufactured housing community covering 80+ acres

CSS provided title insurance and closing services, and will be providing insured construction draw services to assist in the development of a new housing project in Traverse City

The Alta Vista project will be an upscale manufactured housing community covering 80+ acres and offering outstanding amenities, engaging activities and easy access to local conveniences.