Title & Escrow News and Information
Seller Finances the Purchase
A land contract is an installment contract in which the seller finances the purchase. The seller maintains the deed until satisfaction. It is comparable to owner financing. The buyer gives the seller a down payment and the seller acts as a bank; financing the balance of the purchase or sale price.
The interest rate is negotiated by the parties
The interest rate is negotiated and set by the parties involved. Land contracts can be created on or used on most types of property such as residential, land only, mobile home with land, commercial, mixed use.
During the Course of a Land Contract
The buyer has possession of and equitable title to the property while the seller holds legal title. If desired, the buyer may assign and convey his/her (buyer’s) interest in this contract or any part thereof, provided, however, that such assignment or conveyance shall not impair the seller’s security in the Premises. Once the contract is in effect and for the duration thereof, the buyer will be responsible for all taxes and assessments.
The seller conveys legal title by way of a Statutory Warranty Fulfillment Deed to the buyer when the contract is paid in full and all terms are fulfilled free and clear of any liens or encumbrances other than taxes and assessments for the current year.
Now that you're ready to buy or sell a home it's time to close the deal. But what does that really mean? What happens at closing and how long does it take? Well the process varies depending on your location, but here's a general overview of what you can expect at closing.
Escrow's Role in a Real Estate Transaction
As your Escrow Closing Team, we will follow the terms of your Purchase and Sale Agreement, and use these instructions to complete the transfer of the property from Seller to Buyer.
We'll ensure that any items on your title commitment have been cleared, prior to closing. We also maintain a detailed accounting of all the finances involved with the purchase of your property. Most importantly, we prepare the legal documents that transfer ownership, from Seller to Buyer.
Escrow carries out instructions per the terms of sale
It all starts when a buyer and seller agree on the terms of sale and ends four to eight weeks later at closing. In the middle, all kinds of stuff happens to make sure the terms of sale are met. It's the kind of stuff you're thankful someone else does while you're getting ready to move.
Then at closing, the escrow officer confirms the terms of sale are met, makes sure the funds are distributed, the deed is recorded, and the keys are delivered. if you're the buyer, this is when you finally get possession of your house.
Closing the sale of a home doesn't have to be mysterious! find out more about how it works with the resources below.
Services that Escrow Provides & What to Expect at Closing
Escrow Workflow – 12 Steps to Closing with the TRID Forms
Funds and Proceeds – Tips for a Successful Escrow Closing
Be Aware Early of Matters & Exceptions to Coverage
A Title Commitment provides a list of the matters which will be shown as exceptions to coverage in a designated policy or policies of title insurance, if issued concurrently, covering a particular state or interest in land. It is designated to provide a preliminary response to an application for title insurance and is intended to facilitate the issuance of the designated policy or policies.
Since these exceptions may point to potential problems with an intended purchase,
it is important for all parties to review the report once it is received.
It is normally prepared after application (order) for such policy(ies) of title insurance on behalf of the principals to a real property transaction. The Title Commitment states on its face that it is made solely to facilitate the subsequent issuance of a title insurance policy and that the insurer assumes no liability for errors in the report. Accordingly, any claim arising from a defect in title must be made under the title policy and not the Title Commitment.
If a title policy is not contemplated, a Title Commitment should not be ordered. Instead, consideration should be given to requesting a Subdivision Guarantee Report or other similar title product.
After a title order has been placed, matters relative to the title policy coverage on the subject property are assembled in a title search package and examined by skilled technicians. This is when the Title Commitment is prepared and sent to the customer. The report contains relevant information so that the parties to the transaction will become aware of matters which will not be insured against by the title company.
This report is issued before the title policy, hence the name Title Commitment.
We are pleased to announce that Christy Jones has joined the Ticor Title team in Lynnwood!
A Seasoned Professional
As a seasoned veteran in Title and Escrow since 2001, Christy has experienced the ups and downs of the market and gained valuable knowledge along the way. She knows her client’s time is valuable, so she ensures that her team’s communication is quick and effective throughout the entire transaction. Christy has closed a broad array of transactions including: Refinance, Residential Resale, Multi-Family, Short Sales, Estates, REO, HUD Sales, Builder, Mobile Homes, and more. She strives to provide a positive and memorable closing with our customers and build long-standing relationship with brokers and lenders.
A Lynnwood Native
Christy was born and raised in the Lynnwood/Meadowdale area, and attended Mountlake Terrace High School. Enjoying our beloved Pacific Northwest with her husband and son, and attending her son’s sports activities, is something she looks forward to every day. She also loves camping, walking around the Edmonds beaches and parks, partaking in the local fairs and festivals, bowling, and watching movies. Vacationing at Disneyland and other theme parks in California brings great joy to her life.
Integrity & Pride
As with her family, Christy has true dedication and compassion toward her customers. Integrity and pride in the service she provides is of utmost importance and she believes that a happy customer is a loyal customer!
Partner with Christy and experience the difference in how her communication and extensive knowledge makes for a smooth and enjoyable transaction.
By now, we're all familiar with the Closing Disclosure delivery period and review period guidelines set forth by the CFPB. The delivery and waiting period guidelines have made it more challenging to plan and schedule signings because the delivery method, non-working days, and federal holidays all have to be factored in when determining the earliest possible consummation date or required delivery date for a specific consummation date. And of course, there's the 3-day rescission period that applies to refinance transactions.
To eliminate the guesswork and speed up the calculation process for our clients and partners, we are happy to announce the availability of the Ticor Title TRID Calendar. The TRID Calendar is an interactive tool that illustrates all the important dates in three simple steps.
Where to Find the TRID Calendar
Access the TRID Calendar at http://ticortitle.com/cfpb/calendar.htm on a desktop, tablet, or mobile device.
How the TRID Calendar Works
Determining the delivery period, review period, consummation date, and rescission period can be achieved in three simple steps:
- Specify loan purpose (purchase or refinance)
- Specify delivery method (personal delivery, mail delivery, electronic delivery)
- Click a date on the calendar to specify signing/consummation date
The TRID Calendar will instantly illustrate the delivery period, review period, signing/consummation date, and rescission period (for refinances) to the calendar.
Save a PDF for Your Records
As a convenience, the TRID Calendar provides the option to create and save the calendar as a PDF. To create a PDF of your illustrated calendar, click the "CREATE PDF FILE" button at the bottom of the TRID Calendar page . The PDF file displays the delivery period, review period, consummation date, rescission period, as well as holidays that occur during any of the periods. Also included in the PDF is an explanation of Consummation.