Maria Proctor is Vice President with Industrial Valley Abstract Company and she is currently an active member of the Affiliate Member Forum and the Affiliate First Task Force.

Please share with us your background and your career track.

My career began in the computer field with a math degree from Villanova. Initially as a computer programmer with a marketing research firm in Philadelphia, then with Wharton Econometric Forecasting at the University of Pennsylvania, I later moved to Scott Paper as a computer analyst for their treasury department. In the mid eighties, my husband and I purchased Industrial Valley Abstract Company, (IVAC), which was founded in 1965 as the first independent agent of the former underwriter, Industrial Valley Title Company. My initial goal was to learn title searching in the courthouse. This goal expanded to becoming a licensed Title Officer handling Real Estate settlements in PA, NJ and Delaware and marketing to Lenders, REALTORS ® and Attorneys.

What can agents do to resolve issues to ensure a smooth transaction?  

We train our staff to ask very detailed questions at the time a title order is processed. Early in the transaction process, the agent or his/her conveyancer, can forward the specific information to us so that there are no surprises at the settlement table. A sample of questions/topics we ask include: Are the parties divorced? If so, is there a Divorce Decree and Property Settlement Agreement? Is one of the parties deceased? If so, what is the date of death and where are the death certificate, heirs, and estate’s financial accounting? Is there a corporation involved? If so, where is the LLC, LLP or Corporation documentation and is the entity licensed (and are the corporate taxes paid) in our state? As appropriate, we will also ask for Trust, Guardianship, Bankruptcy, Survey, IRS Lien(s) and 1031 Exchange documents. Our in-house title examination is conducted by experienced attorneys, and these answers early in the transaction help us solve title issues well in advance.

 What are the biggest challenges you see at the settlement table?

Our goal at IVAC is to email/fax the HUD settlement sheet to all parties in advance of the settlement, and we request the conveyancing, the lender documents and the money wired as soon as possible. We want the Buyer, Seller, REALTORS ®, Lender and Attorney to know in advance the specifics of the transaction such as prorations, settlement charges and dollars needed to close. Without these items finalized ahead, settlement can take an unnecessary amount of time.

How has the title business changed in the last 6 months?

We see many more investors buying properties especially in LLC or LLP entities. However, the customer may try to create their own LLC or LLP documents via the internet and many times the corporate documentation is incomplete. Secondly, this new entity now has to find a lender to lend in the name of the LLC or LLP. Although aware of the corporate benefits, the investor is sometimes surprised by the differences in purchasing as a corporate entity. With the increase in foreclosures and the ever decreasing amount of available land, particularly on the east coast, I do expect these investor purchases to continue.

At the end of a busy day, how do you prepare yourself for the next challenge?

Every day is busy! Daily I thank the Lord for my husband, children (4), family and associates. I try to add a stress reliever such as golf, sailing, ice hockey, or skiing. Many workdays end in the early to late evening, but I love people and difficult title situations which is why our logo states: Specializing in Difficult Title Issues. How Can We Help You Today?