Ticor Tech Tip – Our recent Home Matters interview is one you won’t want to miss!

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.

Be sure to listen to the full interview here https://mynorthwest.com/category/podcast_player/?a=0c832081-a379-4b23-b581-aa9000f2f587&sid=1021&n=Home+Matters

Ticor Tech Tip – Washington State Real Estate Excise Tax

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.

As of January 1st 2023, there was an additional update below.

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

More information is available at the Washington State Department of Revenue https://dor.wa.gov/find-taxes-rates/other-taxes/real-estate-excise-tax

If you have any questions, please contact your Sales Executive or
Escrow Officer for further information.

Click HERE to download a printable PDF Flyer.

Ticor Tech Tip – Best Quarterly Performance in Nearly 16 Years

Continues Strong Momentum of 2019

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.

When working with Ticor Title you can rest
assured that our commitment to you is
established on a rock solid financial foundation.

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.

2019 Mid Year FNF Company Fact Sheet
Click here to download a PDF of this report.

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.

Ticor Tech Tip – Which Title Insurance Policy Should I Choose?

Which Title Insurance Policy Should I Choose?

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.