Order Customer Service and Title & Escrow Via Text / SMS Messaging!

On March 25, 2011 / Blog, Technology

We are very excited to announce that you can now order title and escrow & real estate property information via text / SMS messaging! Our Client Services / Property Research team across the King, Pierce, Snohomish area is fully equipped to receive property information requests and title & escrow orders from you via text if that’s the way you prefer to communicate!

Simply text your property info requests and title and escrow orders to:

425-298-7575

Why are we offering ‘order by SMS text messaging’?

woman ordering title and escrow via text sms messaging

Text Ticor Customer Service at 425-298-7575

Have you noticed the people around you texting a lot more lately? Have you noticed yourself texting more and more? Or more importantly, have you noticed that your clients prefer to communicate with you via text…. According to CTIA, Americans sent 173.2 Billion text messages during the month of June 2010. That’s an increase from 7.2 Billion text messages sent during the month of June 2005 (CTIA is the International Association for the Wireless Teslecommunications Industry).

And that’s just texting… Smartphones in general are on a rapid rise. A Nielsen study predicts that by the end of 2011 smart phones will hold the majority of the mobile phone market. Another study showed that banking via mobile devices has grown 129% in the US over the last two years.

So logically with information and services becoming more mobile every day, this leads us to a few important questions: What if you could send a text to order property research or title and escrow for your real estate listing? What if all you needed was a single phone number for communicating with your favorite Title and Escrow company? What if the Puget Sound’s most seasoned property information specialists were a text away?

So give it a try today! If you have a service request or would like to open title on a property, hit us with a text at 425-298-7575 right now!

And remember that Title Insurance orders placed electronically will receive a 5% discount (click here for discount details).

6 Tips for Reading Plat Maps

On March 25, 2011 / Blog, Property Info - Customer Service

Each day, most real estate professionals access ‘Plat Maps.’ The need for these maps varies for each property, and each circumstance. In Ticor’s effort to make things easy for clients, we thought you could use some ‘Pointers’ about working with Plat Maps!

6 Tips for Reading Plat Maps:

1. Access – Access is simply how someone can physically reach the property. We have a sample for you here, where you can see that ‘Access’ is shown on map, by

A. city or county road,
B. private driveway (flagpole lot),
C. shared driveway with common ownership,
D. shared driveway with easement, and
E. private road.

Click the map to view an explanation of types of access

2. Views – Ticor usually provides a ‘Close –up’ view of the lot, along with a larger view. Viewing the larger view will help you identify important points, such as where your lot is located, in relation to a major thoroughfare, or greenbelt.

3. Dimensions – These are usually given for the lot as shown, but there can be variances. But, what if no Dimensions are showing?

Places to check further for ‘Dimensions,’ are always available thru Ticor Property Info. For example, Ticor Property Info Specialists can give you a copy of the ‘Face of the Plat’ if available; or can provide approximate dimensions with a map measuring tool.

4. Unplatted, or Platted Property – Platted Property is created by the developer recording a plat. Unplatted parcels are not in a recorded subdivision. Platted land often has “lot and block” legal descriptions, and unplatted usually has “metes and bounds” legals. Of course, there are exceptions to every rule! For platted parcels, we can look at the face of the plat for a wealth of information about the lot and its surroundings. We’ll address this in depth soon, here at TicorBlog.com.

5. Location of Lot – As it relates to a block, always useful to know. We’ll address this more in a future article. In the meantime, it is always wise to check where your subject property ‘sits’ on a block, based on what you’ve seen, vs. what is showing on your Plat Map. Are these different? If so, it’s time to ask for some help from Ticor! You can also compare the lot size to the acreage or lot square feet given on the property profile.

6. Troubleshooting Plat Maps – Don’t assume boundary lines, based on what is showing on a Plat Map. While Plat Maps can give a good idea as do the location of these lines, the only definitive way to know exact boundary lines is thru a survey.

One last note: Remember, King County’s Plat Maps display information a bit differently than Snohomish or Pierce County.

Our Property Information Specialists are at your service!

Ticor Email for Property Info: cs.wa@ticortitle.com

Ticor Seattle / Renton:
Ticor Bellevue:
Ticor Puyallup / Pierce County:
Ticor International:

206-720-6969 / 425-255-6969
425-467-0377
253-383-0055
425-204-5113

Note: Some charges may apply, in accordance with Washington State Insurance Commissioner Guidelines, but profile, map and deed are always free

Do you have questions, comments, or tips that you would like to share regarding plat maps? Please share your thoughts, questions, or comments below!

4 Hot Tips for Working with Escrow on an REO Closing

On March 11, 2011 / Blog, Escrow

Real Estate Owned transactions are much more common now than in recent years. And if you’re a Real Estate agent in the Seattle area, chances are you’ve been doing your homework on how to make these types of transactions flow better for everyone involved. Our escrow team has put together a few tips that will help:

The Seller requires the Buyer’s name(s) to appear on the purchase and sale EXACTLY how the vesting will be displayed on the ensuing Deed.
If there is a discrepancy between the two, the Seller will require an addendum to rectify this discrepancy. This can save a ton of time in the beginning portion of the REO Process and help eliminate future delays in closing.

Always review the Seller’s “Counter Addendum” to avoid surprises.
Escrow reviews the Counter Addendum for instructions regarding the closing. Some things we normally see addressed are: Closing extension fees, max seller paid closing costs, excise tax, actual closing dates, “property as is” clause, utilities ‘not’ paid through closing, etc.

Click the image above to download 4 hot tips for REO closings.

Remind your Buyers that their Lender’s delivery of Loan Documents is the beginning of the final stage of closing.
This means Escrow absolutely needs the Loan Documents to generate a HUD for the Buyer’s Lender to approve. Consequently Escrow cannot send a HUD for the Sellers approval until the Buyer’s Lender is satisfied with the Buyer’s portion of the HUD. This is different than your standard transaction where your seller can sign ahead of time.

Depending on the Seller and their processing time frames; reviewing, signing and returning the Seller Approved/Signed HUD can take anywhere between 24-72 hours.
What this means is the Buyer’s Lender cannot fund the transaction until they have a Seller Approved HUD, even if Escrow has signed and submitted the Buyers funding package to the funding department. This is a commonly misunderstood portion of the process and can help set Buyer expectations in the final days of closing. It is best to plan for the full 72 hours anticipating any last minute delays from the seller.

How about you? Do you have questions or feedback regarding the REO closing process? Please leave a comment below!

Deeds Indeed

On March 11, 2011 / Blog, Title Insurance

Deeds Indeed

Consider this… A bank is selling REO property, but will convey by “special” warranty deed, rather than the statutory warranty deed we usually see. Isn’t it still a warranty deed? Will the purchaser accept this? And, isn’t a statutory warranty deed required?

Types of Property Deeds

There are several types of deeds. A “warranty” deed warrants title for all matters, no matter what they are or when they were created prior to the date of sale. It binds the seller for the benefit of the buyer and all heirs and assigns of both. Express warranties aren’t shown in the deed because Washington’s statutes say what they are – hence a “statutory” warranty deed includes them without recitals in the deed. (The warranties are set out in RCW 64.04.030.)

A “quitclaim” deed means that no covenants of warranty are included at all. The buyer gets only whatever interest the seller has, good, bad or ugly (and may even be nothing). It is often used to clear a cloud on the title. (These deeds are provided for by RCW 64.04.050.)

A “bargain and sale” deed falls somewhere in the middle. It also has statutory definitions, and means the seller is limiting covenants of good title to only matters created during the time that the seller was in title or as specified in the deed. (The specifics are in RCW 64.04.040.)

The ability to further limit warranties gives rise to the “special” warranty deed. It’s not a statutory form, but simply means the grantor is expressly stating in the deed what the limited warranties, if any, are.

Warranties may be unacceptable to a seller who shouldn’t have to assume that type of liability. Thus, a special warranty deed is used in fiduciary situations, including (in addition to the sale of REO property) a personal representative in a probate, a deed of trust trustee, and a trustee of a trust – all parties who aren’t responsible for matters arising before coming into title or who don’t have any active ownership of the land.

Warranties are valuable to a buyer because if there are problems or defects in the title, it is important to be able to sue the seller, even when the buyer has title insurance. That’s also why title companies like a warranty deed, because they have subrogation rights under the policy, meaning it can step into the shoes of the insured and sue the seller under the deed warranties. The buyer’s title policy still provides the same coverage no matter which type of deed is used.

Only the parties’ respective attorneys can offer advice in this area. The seller and purchaser need to agree on the form of deed. They each have valid legal reasons for their requirements. While it is unlikely that any REO seller will be willing to offer a statutory warranty deed, the form of deed ultimately comes from negotiation.

Do you have a question or comment about deeds? Please leave a comment below!

Sustainable Development Clock Hour Class – March 24

On March 9, 2011 / Uncategorized

Regional population growth is changing the Northwest!

Would you like to Gain an understanding of the patterns and demographics of our growing region and see the interrelationships of sustainable communities, smart growth and natural habitat conservation?

Click the image to download the flyer

Come to this 3-hour class to familiarize yourself with the lingo of sustainability and develop your skills in conveying your knowledge to your clients.

Green site development is here to stay; it is rapidly growing and with more regulations coming that will make understanding these practices necessary to your business.

When:
March 24th 2011 10-1PM
3 clock hours $35
Instructor: Patty Moriarty

Where:
Sterling Savings Bank Home Loan Division(Validated Parking!)
Metropolitan Park East Tower
1730 Minor Avenue, Suite 1100
Seattle, WA 98101

Register Today – Call or Email:

Patty Moriarty 206.898.0356
patty@nativegrowth.com

Monthly archive for March 2011