Title & Escrow News and Information
Buying a home is an exciting and emotional time for many people. To help you buy your home with more confidence, make sure you get owner's title insurance. Here's why it's so important for you.
Protects Your Largest Investment
A home is probably the single largest investment you'll make in your life. You insure everything else that's valuable to you—your life, car, personal property, health, pets, jewelry, etc.—so why not your largest investment? For a one-time fee, owner's title insurance protects your property rights for as long as you or your heirs* own the home.
Reduces Your Risk
If you're buying a home, there are many hidden issues that may pop up after purchasing it. Getting an owner's title insurance policy protects you from legal title discrepancies. Don't think it will happen to you? Think again. Here are just some of the many situations that you'll be protected from if you have owner's title insurance.
Unforeseeable title claims, such as:
• Forgery: making a false document. For example, the seller misrepresents the identity of the person selling the property.
• Fraud: deception to achieve unfair gain. For example, someone steals your identity and either sells your house without your knowledge or consent, or takes out a second mortgage on the property and walks away with the money.
• Clerical error: inconsistent paperwork and historical records. For example, an unforeseeable discrepancy in the property or fence line causes confusion in ownership rights.
Unexpected title claims, such as:
• Outstanding mortgages and judgments, or liens against the property because the seller didn't pay required taxes
• Pending legal action against the property that could affect your ownership
• An unknown heir of a previous owner who is claiming ownership of the property
You Can't Beat the Value
Owner's title insurance is a one-time fee that's very low relative to the value it provides. It typically costs around 0.5% of a home's purchase price.
Covers Your Heirs*
As long as you or your heirs* own your home, owner's title insurance protects your property rights.
Home insurance and warranties protect only the inside of the home. Getting owner's title insurance ensures your family's property rights stay protected.
8 in 10 Homebuyers Agree
Each year, more than 80% of America's homebuyers choose to get owner's title insurance.
Peace of Mind
If you're buying a home, owner's title insurance lets you rest assured, with the knowledge that you won't be stuck with certain existing debts or legal problems once you've closed on your new home.
More Homebuyer Tips & Information
The American Land Title Association helps educate homebuyers like you about title insurance so you can protect your property rights. Check out www.homeclosing101.org to learn more about title insurance and the home closing process.
*This article offers a brief description of insurance coverages, products and services and is meant for informational purposes only. Actual coverages may vary by state, company or locality. You may not be eligible for all of the insurance products, coverages or services described in this advertising. For exact terms, conditions, exclusions, and limitations, please contact a Ticor Title representative.
Sometimes it’s the little things that can make all the difference as to how smoothly a real estate transaction flows. Among the little things are Title & Escrow Rates and Closing Protection Letters (CPLs). The old school way of receiving accurate title & escrow rates or a CPL involved contacting an escrow officer or assistant to request information specific to a transaction. But what do you do if it’s after hours or on the weekend? What if your preferred closer is unavailable or in a signing appointment? What if your deal may fall apart if you don’t receive an answer immediately?
Here are two ways to eliminate delays and streamline the transaction workflow:
Closing Protection Letters Delivered in 1-Minute or Less
Ticor Title is proud to offer a system by which we provide Closing Protection Letters (CPLs) in under one minute for our Lender Clients, providing convenience and a speedy response 24/7. When a Lender completes the CPL request form via MyTicor.com, a response via email with the completed CPL will be delivered immediately and the transaction in our system will be updated regardless of the day of the week or the time of day.
Request CPLs instantly at: MyTicor.com
Title & Escrow Rates Provided Instantly and Accurately
For the protection of consumers, today’s transactions allow very little tolerance for variances in Title & Escrow fees disclosed on a Loan Estimate. When you take into account that title and escrow fees are filed and calculated differently in various counties across the United States, determining accurate fees for a Loan Estimate or GFE may become daunting. And don’t forget the various sales tax rates that need to be accounted for across the state of Washington.
Visit TicorRates.com for instant rates.
In addition, for transactions in which an owner’s policy will be purchased, the CFPB rule prescribes special mathematical calculations for disclosure of the owner’s and lender’s title insurance premiums, which may require receipt of rates for both a stand-alone and simultaneously-issued lender’s policy, as well as the owner’s policy rate. Suddenly, the little task of getting a quote has become a high-stakes math project.
The Ticor Title rate calculator takes all the aforementioned variables into account and provides a means of accessing accurate fees instantly any time, any day. The result is streamlined workflows for our clients and the peace of mind and confidence that comes with accurate numbers.
The CFPB has amended Regulations J and L
to permit online filing under ILSA. According to the CFPB, “the Interstate Land Sales Full Disclosure Act requires certain land developers to register their subdivisions and provide disclosures about the lots being offered, to protect consumers from deception or abuse.” This generally requires a developer of a subdivision containing one hundred or more lots, with certain exceptions, to register the subdivision with the CFPB. Electronic filing will modernize the process by making payment submission more efficient and reducing paperwork costs.
CFPB ILSA Website & Online Filing Resources
The agency has also launched a new website with online filing resources, including instructions, available at www.consumerfinance.gov/ilsa.
Final Rule Effective Date
June 10, 2016
For issues or questions regarding ILSA registration contact the Interstate Land Sales Registration Program Office. Direct any FOIA requests to our FOIA office.
When people talk about a real estate purchase, they sometimes use the terms “signing” and “closing” interchangeably in reference to the event when the buyers sign documents with Escrow. However, there are several events that take place between the buyer’s signing appointment and the actual closing of the real estate transaction. Let’s take a moment and review that process.
Signing of Documents
Escrow receives instructions to prepare the settlement statement so the lender can provide the Closing Disclosure to the buyer/borrower for acceptance and signature. During the waiting period, the escrow company can prepare the necessary escrow and title transfer documents. After the required waiting period, the lender will then forward the documents for signature to the escrow company, so that the signing appointments can be scheduled.
Lender Reviews Documents & Funds the Loan
Once the loan documents have been signed, the escrow officer delivers them back to the lender either by email, fax or physical delivery for review. When the lender is satisfied that all required documents have been signed and all outstanding loan conditions have been met, the lender will notify escrow that they are ready to disburse the loan funds to escrow. Upon receipt of the wire from the lender, the escrow officer is authorized to send the transfer documents to the county for recording. The time frame for review is normally 24 to 48 hours.
Real estate transactions in Washington State that involve conveyance or transfer where consideration is paid, require the payment of excise tax. All appropriate tax amounts must be paid before the county will allow the Deed conveying title to be recorded.
Recording is Authorized
Once recording is authorized by the lender, and all funds have been received, documents are either electronically recorded or hand-carried to the county recorder’s office by the title insurance company. The Warranty Deed is recorded first, showing the transfer of the property to the buyer, with the Deed of Trust recorded next. Recording the Deed of Trust just after the Deed insures the lender’s first lien position on the property.
Closed and Recorded
Recording numbers are the unique and specific numbers given by the county recorder’s office to a properly executed legal document thereby making it part of the public record. In other words, when we have recording numbers, the buyer is “on record” as holding title to the property and based on the possession date in the purchase agreement, the new owner may take possession and proceeds may be disbursed to the seller.
We are pleased to announce the availability of Ticor Title's comprehensive Buyer/Seller guide in PDF, eBook, and Print Formats. This guide is designed to provide meaningful information and answer commonly asked questions that home buyers and sellers have throughout a real estate transaction.
Our goal with the Buyer/Seller Guide is to improve the overall experience of buyers and sellers by providing education and insights that demystify Title Insurance, Escrow, the CFPB, Taxes and more. This guide is a useful tool in setting proper expectations for the complex process of buying and selling a home.
How to Get the Buyer & Seller Guide
For your convenience, there are three ways to access the guide:
Buyer & Seller Guide Available Formats
|Formats & How to Access
Downloadable PDF ||Download the Buyer & Seller Guide in PDF format for viewing, sharing, and local print. Download here: Buyer and Seller Guide to Title & Escrow
||eBooklet format presents well on tablets, smart-phones, and desktops and provides a means of linking to and sharing individual pages or sections of the document. Click here to view the Buyer & Seller Guide in eBook format.
||The Buyer & Seller Guide is available in a high-quality print format upon request. Please contact your Ticor Title Sales Executive to reserve yours today.