Understanding an ID Affidavit
What’s in a name? When a title company seeks to uncover matters affecting title to real property, the answer is, “Quite a bit.”
An ID Affidavit provides title companies with the information they need to distinguish the buyers and sellers of real property from others with similar names. After identifying the true buyers and sellers, title companies may disregard the judgments, liens or other matters on the public records under similar names.
To help you better understand this sensitive subject, below are answers to common questions relating to ID Affidavits.
What is an ID Affidavit?
A Statement of Information is a form routinely requested from the buyer, seller and borrower in a transaction where title insurance is sought. The completed form provides the title company with information needed to adequately examine documents so as to disregard matters which do not affect the property to be insured, matters which actually apply to some other person.
What Does an ID Affidavit Do?
Every day documents affecting real property – liens, court decrees, bankruptcies – are recorded. Whenever a title company uncovers a recorded document in which the name is the same or similar to that of the buyer, seller or borrower in a title transaction, the title company must ask, “Does this document affect the parties we are insuring?” Because if it does, it affects title to the property and would, therefore, be listed as an exception from coverage under the title policy.
A properly completed ID Affidavit will allow the title company to differentiate between parties with the same or similar names when searching documents recorded by name. This protects all parties involved and allows the title company to competently carry out its duties without unnecessary delay.
We are proud to announce that Dawn Jallen has made the choice to join the Ticor Title Escrow team as Branch Manager of our Seattle/Lake Union location. Her depth of knowledge, 19 years of experience and leadership skills bring immense value to our Seattle team and will ultimately provide a superior closing experience for our clients and partners.
1505 Westlake Ave N Suite 150
Seattle, WA 98109
Dawn began her career in 1998 with a small Seattle law firm specializing in escrow transactions. She began as an escrow assistant, and has progressed in the industry for 19 years. From 2000 to 2007, Dawn worked as an LPO and Branch Manager in Seattle for a National Title Company, which led to a position in Southern California as the Escrow Operations Manager for Ventura and Los Angeles Counties. Dawn decided to return to the Seattle market in 2012 and since that time has continued to pursue her goals and career in escrow.
Please Join us in welcoming Dawn Jallen to the Ticor Title Family!
Closing on a home can be an exciting and stressful process all at the same time. With so many potential speed bumps it’s important we make your closing flow as smooth as possible. At Ticor we believe one of the easiest ways to accomplish this is by educating buyers and sellers as they prepare for the big day. In particular we’d like to highlight some of the simple steps a buyer/seller can take to expedite the process. We call these steps the “Keys to a Successful Closing”.
BUYERS AND SELLERS
- Provide your escrow officer with your phone number & email.
- Confirm with your agent that all contingencies have been satisfied.
- Keep your agent informed of any vacation or travel plans or times you will be unavailable.
- If you plan to have your documents reviewed by an attorney, please notify your escrow officer at least 48 hours prior to signing.
Gather the following and deliver to your Escrow Officer:
- Your forwarding address.
- Any existing payoff information.
- Identify leased equipment.
- Homeowner Association information.
- Utilities (if they are to be paid out of escrow.)
- Any name changes since vesting
- Notify your escrow officer the names of your lender and homeowner insurance companies.
- Verify with your loan officer that all conditions have been met.
BEFORE YOUR SIGNING APPOINTMENT
- Plan to sign at the escrow company one or two business days before the closing date.
- Expect the signing to last approximately one hour if you are the buyer and 30 minutes if you are the seller
- Have two pieces of valid ID (one being photo ID) available at your signing appointment: Driver’s License, State ID, Passport, or Green Card.
- If funds are required to close, be prepared to bring the monies in the form of a cashier’s check or wire transfer. These funds need to be received by the Escrow office 24 hours in advance of the recording/closing date indicated on your Purchase and Sale Agreement.
We’re excited to introduce the Ticor Intelligence Report to our Puget Sound area clients & partners.
The Ticor Intelligence Report is designed to help you generate leads, increase referrals, and provide meaningful local market data to your clients and prospects.
Be the local market intelligence expert for $25 per year!
Post and promote your reports on Facebook and Twitter. Print and share your reports at open houses. Upload reports to your website. It’s easy to get your area-specific reports in front of prospective buyers and sellers.
Your weekly Ticor Intelligence Report will quickly become your new best friend.Now, when someone asks you, “How’s the market?”, you can answer them confidently, with specific details. Your buyers and sellers will love you for helping them make smarter decisions about pricing, market timing and more.
Getting Started takes just a few moments. Contact your Ticor Title Sales Executive for more information today!
Ticor Title is a member of the FNF family of companies and the nation’s largest group of title companies and title insurance underwriters that collectively issue more title insurance policies than any other title company in the United States.
FNF Core Title Operation Performance
The fourth quarter of 2016 was a great finish to another strong year for our title insurance business, as we generated fourth quarter adjusted pre-tax title earnings of $292 million and a 15.8% adjusted pre-tax title margin. For the full-year 2016, we produced more than $8.2 billion in total revenue and a 14.7% adjusted pre-tax title margin.
Residential Real Estate Overview
Fidelity National Title Group purchase opened and closed orders increased by 7% and 12%, respectively on a daily basis in the fourth quarter. In addition, the mix of business during the fourth quarter shifted more towards purchase transactions, with purchase business accounting for 59% of open orders and 55% of closed orders.
Commercial Real Estate Overview
Our commercial operations experienced another strong quarter to end 2016. Total commercial revenue of $285 million was our second highest quarterly in company history. For fullyear 2016 total commercial revenue of approximately $973 million was just 5% behind the record setting 2015 performance.
Looking Forward to the Year Ahead
As we progress through 2017, we continue to strive to maximize earnings from our operations and remain the most profitable title insurance company in the country.
You’re invited to join us for food, refreshments, conversation & good times as we celebrate the recent relocation of our Spokane Valley escrow office!
At Ticor Title Spokane Valley, we believe that every successful real estate transaction begins with a great team. We are proud of our dedicated family of professionals who are committed to the highest levels of service to our clients, the Spokane Valley community, and each other.
So please join us as we celebrate our growing team and new Spokane Valley location!
4PM – 7PM
Ticor Title – Spokane Valley
16201 E Indiana Ave., Suite 3300
Spokane Valley, WA 99216
Map & Directions
We are happy to announce that Chrystal Southwick, Escrow Closer/LPO has made the choice to join the Ticor Title Escrow Team in Spokane. Chrystal will be headquartered in our downtown Spokane location in Rock Pointe III. Chrystal brings twenty-five years of experience and a solid reputation for providing high quality customer service.
My clients would say that I am extremely passionate about my career. I believe the most important thing I can do as an Escrow Officer is listen to the client, understand what they’re trying to accomplish, and help them come to a solution with their clients.
Signing first time home buyers is one of the highlights of my profession. I love taking the time to go over their documents and making sure they understand what they are signing. I take special care in helping clients solve problems and talk through issues that may arise.
Having empathy for our clients is invaluable as an escrow professional. I take the time to put myself in the seller or buyer’s shoes and remember what it is like to have hopes of moving into a new home on a Friday afternoon with the moving truck loaded, 2 kids, 3 dogs and a cat and all you want to do is sleep in your own bed in your new home…I get that. That’s why I do everything possible to exceed timelines and expectations of our clients.
On the weekends I enjoy time with my family or hiking/walking with one of my dogs. I also enjoy red wine and dark chocolate.
Please join us in welcoming Chrystal to the Ticor Title Family in Spokane!
Ticor Title is pleased to announce that Cathy Wahl has made the choice to join Ticor Title Spokane as Sales Manager. Cathy brings nineteen years of experience in Customer Service, Sales, and Management. Cathy’s focus is to work with the Sales Team to continue the company’s growth initiative throughout Spokane County.
I love building relationships, both internally and externally. Some of my very best friends have come out of this industry. I also really love talking with buyers and sellers when they come into the office. Everyone has a story and I enjoy hearing it.
The past two years of my career in the title industry have brought me tremendous personal and professional growth and I am excited to now take on elevated challenges and the opportunity to lead the sales team at Ticor.
Clients would describe me as being very well rounded, a careful listener, and a valuable resource. I recognize and respect that the information and solutions that we provide our clients and partners may ultimately reflect on them and their work. With that being said, I believe in taking the time to find the optimal solution for each challenge, even if outside resources are required.
I am passionate about being a mother to my son. There isn’t a day that goes by that I am not thankful for the opportunity to be his mother. I may have more professional photos of him than Kate Middleton has of Henry and Charlotte. I have a note in my kitchen that says “You are the reward for everything I have done right in my life”. So true.
That being said, I also enjoy adult time wine tasting, golf, dinner parties with good friends and playing at the lake.
Cathy has also been involved with Women and Children’s Free Restaurant and has served as past WCR Member of the Year, SAR Affiliate of the Year, and WCR Affiliate of the Year.
Title Insurance Value Proposition: Why Title Insurance is Important and Worth the Money
Title Insurance provides a unique array of value and benefits to our customers. Below are 10 ways that it can provide protection and peace of mind.
- Title insurance protects the interests of property owners and lenders against legitimate or false title claims by owners or lien holders. It insures the title to the investment, unlocking its potential as a financial asset for the owner.
- At Ticor we access, assemble, analyze, and distribute title information, in addition to handling escrow and closing.
- Title problems are discovered in more than one-third of residential real estate transactions. These “defects” must be resolved prior to closing. The most common problems are existing liens, unpaid mortgages, and recording errors of names, addresses or legal descriptions.
- A homeowner’s title insurance policy protects the owner for as long as he or she has an interest in the property; and the premium is paid only once, at closing.
- Title insurance is different from other forms of insurance because it insures against events that occurred before the policy is issued, as opposed to insuring against events in the future, as auto, health, property or life insurance do. Title insurance is loss prevention insurance.
- Ticor performs a thorough search of existing records to identify all possible defects in order to resolve them prior to issuing a policy. We perform intensive and extensive work up-front to minimize claims. The better we do this, the lower our rate of claims and the more secure your level of protection.
- Researching titles is extremely labor-intensive since only a small percentage of public records are computerized. The industry invests a substantial amount of time and expense to collect and evaluate title records. As a result, the industry’s claims experience is low compared to other lines of insurance.
- Ticor’s impressive Claim Reserves gives you unquestionable security and peace of mind knowing that your policy is backed by a leader in the title insurance industry.
- Dollar for dollar, title insurance is the best investment you can make to protect your interest in one of the most valuable assets you own: your home.
- To get the best value, choose Ticor Title for all your Title and Escrow needs. Write us in on your next transaction and you’ll see why we are Worth the Money.
Print, Share, Download Tips for Buyers & Sellers
This helpful information and more can be found in our Buyer Seller Guide to Title & Escrow eBook. Check it out!
Buyer Seller Guide to Title & Escrow
Ticor Title Seattle Welcomes Keleen Goering, Escrow Closer, LPO
We are happy to announce that Keleen Goering has made the choice to join the Ticor Title escrow team and will be headquartered in our Lake Union office on Westlake Avenue. Keleen brings years of experience and a rich service ethic that will provide immense value to our clients and partners. Please join us in welcoming Keleen to the team!
I’ve been in the title & escrow industry for 15 years since launching my career at Ticor Title in Oregon in 2002, and am happy to announce my return to Ticor Title in Seattle this year.
My commitment to clients and customers is steadfast and has earned me a reputation for taking personal interest and accountability for timely and cohesive escrow closings. My consistent dedication to clear communication and transparency is at the core of my success in the escrow field.
Your success is my success, and I look forward to being a part of that in your next transaction!