In this deep dive interview our management team discusses Fraud Protection, Title Insurance and more on the Home Matters radio show that aired on ONMY.FM.
Some of the topics covered
What is Title Insurance?
How does it protect you and your property?
What are the steps needed to protect yourself from Wire Fraud?
About Home Matters
Home Matters is a home improvement and lifestyle show that covers everything having to do with your home: treating your deck, winterizing your home, keeping your electric bill down, and how to pair your food and wine.
On April 28th, 2019, The Washington State Legislature passed a 2-year budget that will have a significant impact on most sellers of commercial and residential real estate.
What is REET?
Real estate excise tax (REET) is a tax on the sale of real estate. The real estate excise tax is typically paid by the seller of the property, although the buyer is liable for the tax if it is not paid. The tax applies to the seller. The tax also applies to transfers of controlling interests (50% or more) in entities that own property in the state.
How are the funds used?
1.3% of the state tax collected by counties is retained to cover administration costs. Of the net proceeds to the state, 2% goes into the public works assistance account, 4.1% to the education legacy account with remaining amounts going the general fund.
Effective Jan. 1, 2020, ESSB 5998 made changes to the real estate excise tax program. Some of these changes include:
a graduated state REET rate structure for sales of real property
exception: agricultural land/timberland is excluded from the new rate structure and will continue to have a state REET rate of 1.28%
updates for controlling interest transfers (greater than 50% change of ownership in an entity that owns real property)
expands the transfer period from 12 months to 36 months
changes the reporting requirements during the annual corporate renewal cycle to disclose any transfers 16% or more
Please note* Additional County and/or City Taxes Will Apply
Ticor Title is a member of the Fidelity National Financial family of companies and the nation’s largest group of title companies and title insurance underwriters – Fidelity National Title, Chicago Title, Commonwealth Land Title, Alamo Title and National Title of New York – that collectively issue more title insurance policies than any other title company in the United States.
Collectively, the FNF title brands remain the largest and the most profitable in the industry. As always, we remain committed to managing our business with discipline, providing the best possible customer service, and remaining the financially strongest title insurance provider for our policyholders, clients, and partners.
Our standings with third-party rating agencies are a testament to our longevity, financial strength, and claims paying ability. For 12 of the last 13 years, we have held a position on the FORTUNE 500® list.
We hear this question often. There are three types of owner’s policies; Standard, Extended, and ALTA Homeowner’s. It’s important to note that the ALTA Homeowner’s Policy is specified by default on the NWMLS (Northwest Multiple Listing Service) Form 22.
Selecting the right Title Insurance Policy is an important decision.
We recommend the ALTA Policy.
Why would the ALTA Homeowner’s policy be the top choice? The ALTA Homeowner’s policy offers the highest level of protection for homeowners that exceeds the coverage of the Standard or Extended policies. Some home buyers may not be aware of the risks to title that exist and thus not understand the explicit value of broader coverage. Nonetheless, buyers should know that they always have a choice.