Delegate These 5 Tasks & Save Time With Every Real Estate Transaction

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

Ticor’s customer service / property research team is well known in the Puget Sound area for their depth of knowledge and high level of service to local Real Estate professionals. They are the best of the best when it comes to providing property information with a smile.  And while our customer service team is doing what they do best, they’re also saving our clients the most valuable resource they have which is time.

How many times have you thought, “If I just had more time…” Would your own personal Property Research Assistant help?  Experienced real estate professionals are experts at leveraging their most valuable skills for the most profit.  And our most successful clients tell us that working with the Property Info professionals at Ticor Title Company, really saves them time.  Below is a brief list of things our team can do for you so you can focus your time on what brings you the most profit.

Delegate these 5 tasks to Ticor’s customer service team & save time:

  1. Pre-Listing Pack or ‘Trio’: Profile, map, and deed with legal description
  2. Check Owner’s Name(s) or find a phone number
  3. Mailing list & labels around a new Listing
  4. Tax assessed value
  5. Plat map with dimensions

Ticor has a dedicated Team of ‘Property Info’ professionals, who will find these answers for you.   Next time you need to do some research, delegate it to Ticor!
Serving:

King & Snohomish County

Diane Brittenham
Anne Serex
Susan Barney
425-255-6969
425-467-0377
206-720-6969

 Pierce County

Rachel  Jacobson
(253) 383-0055

 Emerging Markets

Mandy Quach
(206) 720-6969

(Outside of these counties too!)
CS.WA@TicorTitle.com

Save Time on every real estate transaction

Save Time on Every Real Estate Transaction with Ticor Customer Service

Click the image to the left for a sample list of services from Ticor’s Customer Service / Property Info Team

 

Back to Top

What is a Closing Protection Letter in Washington State?

On January 11, 2011   /   Blog, Escrow  

A closing protection letter (“CPL”) is a written indemnity agreement requested by a lending institution or bank (“lender”) and issued by the title insurance company (“underwriter”) that will issue a loan policy insuring the lender. CPLs provide specific assurances to the lender which safeguard them in the event that dishonesty, fraud, or negligence cause failure of the escrow agent to properly disburse the closing or escrow funds in a real estate transaction. A CPL also provides assurances to the lender that their written closing instructions have been complied with.

CPLs are issued in most states and some of them restrict, limit or even prohibit their use. According to Washington State law (RCW 48.05.330) CPLs may only be issued when a title insurance company or its issuing agent is handling the closing.

Occasionally a lender will request a CPL when the closing is being handled by an outside party (i.e. independent escrow company or attorney) and not the underwriter or its issuing agent. In these cases the CPL can only be issued after a sub-escrow is opened and the underwriter or its agent has been instructed to accept lender loan funds, collect title related fees and premiums, the sub-escrow fee, payoff all liens that appear in the preliminary title commitment (i.e. “title report”) and forward the balance of funds to the outside party. The CPL does not protect against acts of the outside party.

Closing protection letters are largely misunderstood and misused. A CPL is not insurance and its application is limited. However, the lender”s title insurance policy does contain provisions which, among other things, insure the lender that it has an enforceable and valid lien on the subject property. Furthermore, the escrow agent must also have errors and omission insurance which provides protection against fraudulent or dishonest acts as well as unintentional errors and omissions.

Back to Top

Beware of 16 Red Flags that could delay your escrow closing

On January 11, 2011   /   Blog, Title Insurance  
Avoid red flags that could delay escrow closing

Terms such as “Notice of Trustee’s Sale” are what we would refer to as a Red Flag. And sometimes they can slow down an otherwise smooth transaction. Some attention may need to be paid to these.

For today’s home-buyer it’s plain to see the immense value that a thorough real estate title examination brings.  The greater economic challenges of the last few years has trickled into the real estate transactions of today by way of what we call “clouds on title”. And lately the clouds have been plentiful.  Not to worry, however! Identifying potential “red flags” on a title report early in the process can save time in the long run and help set proper expectations for everyone involved in the real estate transaction.

A familiar story…

Our friend Rick the Realtor was happy to find his buyers the perfect home.  Their offer had been accepted, and next, he expected to review the sellers Title Report.  Everything looked great until Rick saw a recorded Notice of Trustee’s Sale.

Terms such as “Notice of Trustee’s Sale”  are what we would refer to as a Red Flag.  And sometimes they can slow down an otherwise smooth transaction.  Some attention may need to be paid to these.

Thanks to being aware of Red Flags, Rick the Realtor knew that some fact finding would help settle whether or not the Notice of Trustee’s Sale that he saw was really an issue.

At Ticor, we’re always glad to help you understand what these terms mean.  And, most importantly, we’ll work closely with you, to help address and resolve these matters early in the course of the transaction.

16 Examples of Red Flags to be aware of:

  • State Warrants
  • Federal tax liens
  • Mechanics’ liens
  • Encroachments
  • Seller not vested in title
  • Property in estate or probate
  • Property over-encumbered
  • Judgments against seller or buyer
  • State tax or Support liens
  • Pending law suits
  • Paid, unreleased loans from individuals
  • Real estate contracts
  • Access questions
  • Housing code violations
  • Statement of Identity / I.D. Affidavit
  • Short Sales
*This is a partial list of what we may consider to be red flags. For more information please contact your Ticor Representative.
Back to Top