Cannabis related title services
Wherever you travel in Michigan nowadays, the cannabis industry is growing in popularity, to the point that it almost seems to be everywhere. Even more remarkably, this explosive growth is taking place in an incredibly uncertain legal environment, with conflicting laws at the federal, state, and local levels. As a result, most banks, lenders, and title agencies take a hands-off, or at best an arms-length approach to cannabis real estate.
Birmingham Title takes a different approach. Since cannabis is legal in the great State of Michigan, buyers and sellers of cannabis-purposed properties deserve the same level of service and expertise as buyers and sellers of any other commercial real estate—even more so since cannabis-related deals tend to be more complicated, fast paced, and prone to last-minute changes. We relish the challenge of providing title services to this fast-growing industry.
Our cannabis title products
We provide two basic cannabis title products – a title insurance policy and a title search. The standard cannabis real estate sale or financing transaction will involve our title insurance policies for both the owner and the lender. This product is the end result of the entire suite of Birmingham Title Agency services, including order processing, title commitment issuance, title clearance, processing of the settlement statement, drafting of closing documents, execution of closing document, recording of security instruments, and frequent updates on the property throughout the process.
However, we understand that the history of title on a property can provide a wealth of information long before and long after the sale. That is where our title search product comes in – our experienced title examiners will perform the same 40-year search of the county records on the property, and the same examination that would occur with a title insurance policy, and provide you with a report that details the owner of the property, the encumbrances, taxes, easements, and copies of all relevant recorded documents. Our title searches can help you and your clients identify if a property is free and clear and can close quickly, or determine what needs to be done to clear title.
The biggest reason real estate professionals shy away from the cannabis industry is a lack of understanding of the laws surrounding this unique and emerging industry. We have been servicing the legal and title needs of entrepreneurs in the Metro Detroit area for decades, and to us, business is business. We are not afraid to tackle your cannabis transaction because we have done our research, we know the law, and most importantly, we know real estate.
Our three hands-on real estate attorney owners have fought over the last few years to provide legal and enforceable title insurance to our business clients. From locating the underwriters that can provide coverage, to negotiating endorsements, and finding appropriate banking solutions, we have worked tirelessly to educate ourselves and our clients. The end result is treating cannabis title work just like any other file – no hesitations, no ambiguity, and no price gouging. As your full-service title agency, we want you to expect the highest competency, no matter what business you are in.
Birmingham Title Agency is proud to have worked with some of the largest cannabis operations in the state since the industry has been legalized. Because we are long time partners of entrepreneurs, we were able to grow our cannabis title insurance abilities alongside our clients. We are forever indebted to our past clients and invite our prospect clients to take advantage of our experience, advocate on your behalf, and provide title and escrow services that protect your business.
Through our connections to the cannabis industry, we have immersed ourselves not only in the growth and adaptation of the title industry in relation to cannabis, but also in all the surrounding industries influenced by the legalization. No matter what your particular cannabis need is, we can connect you to the premier attorneys, lenders, banks, appraisers, and contractors that understand this industry and value it appropriately.
Cannabis transactions tend to have alternating periods of flurries of activity, followed by long periods of waiting, followed by more activity. We understand the nature of these transactions, the licensing contingencies, and the need to keep the deal moving. To this end, Birmingham Title Agency is happy to provide all the escrow services parties will need for their real estate transactions. This includes receiving monthly escrow deposits, transitioning non-refundable deposits to the sellers, and keeping records on everything. If you are in need of cannabis escrow services, within a real estate transaction or outside of real estate, see our Escrow Services (link here) page for more information.
Our closing options
The last few years have encouraged the title industry to take great strides in providing a variety of options for buyers and sellers to close their real estate deals, anywhere, any time. We’re committed to offering multiple closing options, all secure and reliable, to accommodate clients who prefer a classic at-the-table closing; those who prefer to keep their distance as much as possible; and those whose schedule or location doesn’t permit an in-person closing.
In-person closings (together, or apart)
There’s nothing like an in-person closing to feel the excitement and accomplishment of getting a deal done. Even during COVID, we’ve committed to keeping our office open, while maintaining appropriate safety protocols for sanitizing, masking, and social distancing. Our multiple conference rooms allow us to “stage” closings throughout our office. We can accommodate all comfort levels—just let us know your preferences.
Remote closings
Remote closings are the “new normal” in the title industry, because many of our clients either cannot or prefer not to take hours out of their day to attend an in-person closing. We are fully equipped to make your closing happen when and where works for you. We can arrange a mobile notary to meet you, literally anywhere in the country and at any hour, to conduct your signing and then get the documents back to us.
Electronic closings
Signatures on most of our documents can take place over DocuSign, anywhere you have an internet connection to your computer, phone, or tablet. Where there are documents that need to be notarized, we can even arrange for notarizing to take place via a smart-phone app, for a completely mobile and paperless experience.
Counterpart closings
Most people think of closing as an in-person at-the-table event, but a “closing” is really just a process of gathering and distributing funds and documents. As long as the parties are on board, that can happen in a very piece-by-piece way, over days or even weeks. However complex the closing might turn out to be, our closing agents can shepherd the process to make sure everything is collected, reviewed, confirmed and released to the parties.
