What is a Land Contract?

On June 28, 2016   /   Blog, Spokane, Title Insurance, WesternWA  
What is a Land Contract

What is a land contract

Seller Finances the Purchase

A land contract is an installment contract in which the seller finances the purchase. The seller maintains the deed until satisfaction. It is comparable to owner financing. The buyer gives the seller a down payment and the seller acts as a bank; financing the balance of the purchase or sale price.

The Interest Rate is Negotiated by the Parties

The interest rate is negotiated and set by the parties involved. Land contracts can be created on or used on most types of property such as residential, land only, mobile home with land, commercial, mixed use.

During the Course of a Land Contract

The buyer has possession of and equitable title to the property while the seller holds legal title. If desired, the buyer may assign and convey his/her (buyer’s) interest in this contract or any part thereof, provided, however, that such assignment or conveyance shall not impair the seller’s security in the Premises. Once the contract is in effect and for the duration thereof, the buyer will be responsible for all taxes and assessments.

The seller conveys legal title by way of a Statutory Warranty Fulfillment Deed to the buyer when the contract is paid in full and all terms are fulfilled free and clear of any liens or encumbrances other than taxes and assessments for the current year.

Related Articles

Deed Types – What are the Differences
Deeds Indeed – Types of Property Deeds
Access Recorded Documents via Mobile App

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What to Expect at Escrow Closing – [Video]

On June 14, 2016   /   Blog, Escrow, Spokane, WesternWA  
What to expect at escrow closing


Now that you’re ready to buy or sell a home it’s time to close the deal. But what does that really mean? What happens at closing and how long does it take? Well the process varies depending on your location, but here’s a general overview of what you can expect at closing.

Escrow’s Role in a Real Estate Transaction

As your Escrow Closing Team, we will follow the terms of your Purchase and Sale Agreement, and use these instructions to complete the transfer of the property from Seller to Buyer.
We’ll ensure that any items on your title commitment have been cleared, prior to closing. We also maintain a detailed accounting of all the finances involved with the purchase of your property. Most importantly, we prepare the legal documents that transfer ownership, from Seller to Buyer.

Escrow carries out instructions per the terms of sale

It all starts when a buyer and seller agree on the terms of sale and ends four to eight weeks later at closing. In the middle, all kinds of stuff happens to make sure the terms of sale are met. It’s the kind of stuff you’re thankful someone else does while you’re getting ready to move.

Then at closing, the escrow officer confirms the terms of sale are met, makes sure the funds are distributed, the deed is recorded, and the keys are delivered. if you’re the buyer, this is when you finally get possession of your house.

Closing the sale of a home doesn’t have to be mysterious! find out more about how it works with the resources below.

Related Articles

Services that Escrow Provides & What to Expect at Closing

Escrow Workflow – 12 Steps to Closing with the TRID Forms

Funds and Proceeds – Tips for a Successful Escrow Closing

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What is a Title Commitment

On June 8, 2016   /   Blog, Spokane, Title Insurance, WesternWA  
What is a Title Insurance Commitment

What is a Title Insurance Commitment

Be Aware Early of Matters & Exceptions to Coverage

A Title Commitment provides a list of the matters which will be shown as exceptions to coverage in a designated policy or policies of title insurance, if issued concurrently, covering a particular state or interest in land. It is designated to provide a preliminary response to an application for title insurance and is intended to facilitate the issuance of the designated policy or policies.

Since these exceptions may point to potential problems with an intended purchase,
it is important for all parties to review the report once it is received.

Title Commitment

Corefact ProofDownload a PDF of this article here
The Ticor Title Title Commitment is an offer to issue a policy of title insurance covering a particular estate or interest in land subject to stated exceptions.

It is normally prepared after application (order) for such policy(ies) of title insurance on behalf of the principals to a real property transaction. The Title Commitment states on its face that it is made solely to facilitate the subsequent issuance of a title insurance policy and that the insurer assumes no liability for errors in the report. Accordingly, any claim arising from a defect in title must be made under the title policy and not the Title Commitment.

If a title policy is not contemplated, a Title Commitment should not be ordered. Instead, consideration should be given to requesting a Subdivision Guarantee Report or other similar title product.

After a title order has been placed, matters relative to the title policy coverage on the subject property are assembled in a title search package and examined by skilled technicians. This is when the Title Commitment is prepared and sent to the customer. The report contains relevant information so that the parties to the transaction will become aware of matters which will not be insured against by the title company.

This report is issued before the title policy, hence the name Title Commitment.

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Ticor Title Lynnwood Welcomes Christy Jones

On May 27, 2016   /   Blog, Escrow, WesternWA  
Christy Jones - LPO Escrow Closer

Christy-Jones-LPO Escrow Closer

We are pleased to announce that Christy Jones has joined the Ticor Title team in Lynnwood!

A Seasoned Professional

As a seasoned veteran in Title and Escrow since 2001, Christy has experienced the ups and downs of the market and gained valuable knowledge along the way. She knows her client’s time is valuable, so she ensures that her team’s communication is quick and effective throughout the entire transaction. Christy has closed a broad array of transactions including: Refinance, Residential Resale, Multi-Family, Short Sales, Estates, REO, HUD Sales, Builder, Mobile Homes, and more. She strives to provide a positive and memorable closing with our customers and build long-standing relationship with brokers and lenders.

Christy Jones

LPO/Escrow Closer
425-434-4013
christy.jones@ticortitle.com
19020 33rd Ave W Suite 550
Lynnwood, WA 98036

Map & Directions

Read more...

A Lynnwood Native

Christy was born and raised in the Lynnwood/Meadowdale area, and attended Mountlake Terrace High School. Enjoying our beloved Pacific Northwest with her husband and son, and attending her son’s sports activities, is something she looks forward to every day. She also loves camping, walking around the Edmonds beaches and parks, partaking in the local fairs and festivals, bowling, and watching movies. Vacationing at Disneyland and other theme parks in California brings great joy to her life.

Integrity & Pride

As with her family, Christy has true dedication and compassion toward her customers. Integrity and pride in the service she provides is of utmost importance and she believes that a happy customer is a loyal customer!

Partner with Christy and experience the difference in how her communication and extensive knowledge makes for a smooth and enjoyable transaction.

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How to Eliminate Signing/Consummation Date Guesswork

On May 25, 2016   /   Blog, Escrow, Spokane, WesternWA  
TRID Calendar

TRID Calendar - Determine Consummation Date
By now, we’re all familiar with the Closing Disclosure delivery period and review period guidelines set forth by the CFPB. The delivery and waiting period guidelines have made it more challenging to plan and schedule signings because the delivery method, non-working days, and federal holidays all have to be factored in when determining the earliest possible consummation date or required delivery date for a specific consummation date. And of course, there’s the 3-day rescission period that applies to refinance transactions.

To eliminate the guesswork and speed up the calculation process for our clients and partners, we are happy to announce the availability of the Ticor Title TRID Calendar. The TRID Calendar is an interactive tool that illustrates all the important dates in three simple steps.

Read more...

NOTE:

If a federal holiday falls within the Delivery and/or Waiting Periods, add an additional business day.

The three-day period is measured by days, not hours. Thus, disclosure must be delivered three days before closing, and not 72 hours prior to closing.

Disclosures may also be delivered electronically to the Delivery Period and may be signed in compliance with E-Sign requirements.

Where to Find the TRID Calendar

Access the TRID Calendar at http://ticortitle.com/cfpb/calendar.htm on a desktop, tablet, or mobile device.

How the TRID Calendar Works

Determining the delivery period, review period, consummation date, and rescission period can be achieved in three simple steps:

  1. Specify loan purpose (purchase or refinance)
  2. Specify delivery method (personal delivery, mail delivery, electronic delivery)
  3. Click a date on the calendar to specify signing/consummation date

The TRID Calendar will instantly illustrate the delivery period, review period, signing/consummation date, and rescission period (for refinances) to the calendar.

Save a PDF for Your Records

TRID Calendar PDFAs a convenience, the TRID Calendar provides the option to create and save the calendar as a PDF. To create a PDF of your illustrated calendar, click the “CREATE PDF FILE” button at the bottom of the TRID Calendar page . The PDF file displays the delivery period, review period, consummation date, rescission period, as well as holidays that occur during any of the periods. Also included in the PDF is an explanation of Consummation.

What is Consummation?

Consummation is the day the borrower becomes legally obligated under the loan, which would be the date of signing, even if the loan has a rescission period.It is important to note the definition of consummation can be different than the closing date as defined in the purchase agreement where the buyer becomes contractually obligated to a seller on a real estate transaction.

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What to Look For in a Title Insurance Company [video]

On May 17, 2016   /   Blog, Spokane, Title Insurance, WesternWA  
What to look for in a title insurance company


Ok so you know title insurance is important for verifying the title of your property, right? So trusting in the right company is also important. But how to you pick the best provider?

Experience, Reputation, and Reliability

Well, as you work with your real estate agent or lender, here are three things to consider when looking for a title insurance company: experience, reputation, and reliability.

Every state is different so the company you choose should have solid partnerships with local businesses, representatives with significant experience in your community, and expert knowledge of your local laws.

You also want a title company with a good reputation for solving complex problems, mediating difficult circumstances, and dealing with any situation that comes up. Because you never know what might come up! And finally you want a representative who’s backed by decades of reliability with the financial stability to be around for many years to come.

So as you work with your real estate agent or lender ask about the title company and choose one that’s experienced, reputable, and reliable!

About Title Insurance

Title policies insure owners and lenders against possible losses from claims against real property ownership. The preliminary report or commitment provides advance information on matters which will be excepted from coverage. Lenders and owners are thereby given an opportunity to correct title flaws before purchasing or lending.
Title insurance originated in the 1870’s to stem a series of land ownership problems that developed from inaccurate record searches, forgeries, and related problems. Today, it offers protection from certain items that cannot be determined from public records, such as forgeries of all types, undisclosed heirs, hidden marriages and divorces, clerical errors, and invalid legal procedures and interpretations.

Policies are written on the basis of a search of public records and other records which impart constructive notice. Remember, a deed does not prove that the seller is the owner of the property. Only title insurance can protect your interest in the property from unknown encumbrances, legal conflicts and unforeseen claims.

A policy of title insurance is like a pre-paid legal agreement. Your insurer will provide legal defense against challenges to your insured title (dependent, of course, upon the type of policy coverage ) and will reimburse you financially for losses due to the covered defects in your ownership rights.

It is important to remember that a lender’s title policy does not insure a borrower against title risks. While certain types of policies pertain to both the owner and the lender, it makes good sense to help protect your borrowers by explaining the limitations of their particular coverage.

If you have any questions regarding which policy would best suit the needs of any particular situation, contact your Ticor Title representative.

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Open House May 12 – Ticor Title Lynnwood

On May 3, 2016   /   Blog, Escrow, WesternWA  

Ticor Title Lynnwood Open House May 12, 2016

You’re invited to join us for food, refreshments, and good times as we celebrate the recent opening of our Lynnwood escrow office!
Thursday, May 12

At Ticor Title Lynnwood, 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 Lynnwood community, and each other.

So please join us as we celebrate our growing team and new Lynnwood location!
Read more...

Download the Invite

Ticor Title Lynnwood Open House May 12, 2016
Download the Lynnwood Open House invitation here.

When:

May 12
4PM – 7PM

Where:

Ticor Title – Lynnwood
19020 33rd Ave W
Suite 550
Lynnwood, WA   98036
Map & Directions – Ticor Title Lynnwood

RSVP:

Scott Huggins
425-361-3776
scott.huggins@ticortitle.com

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What is Escrow [video]

On April 27, 2016   /   Blog, Escrow, Spokane, WesternWA  
What is Escrow


Making a simple financial transaction is pretty straightforward, right?
You get the goods, he gets the money, and a receipt is your proof of ownership. But how do you make a financial transaction as large and as complicated as a home purchase or refinance?

How Escrow Works

That’s where escrow comes in. Your escrow officer is an essential partner who mediates a complicated financial transaction to make sure it’s done accurately and fairly.

Related Articles

Escrow Workflow – 12 Steps to Closing
Funds and Proceeds – Tips for a Successful Escrow Closing
Deed Types – What are the Differences

Here’s how it works: When a buyer and seller come to an agreement on the terms of sale, everyone involved gives their part of the transaction to the escrow officer. Then the escrow officer ensures everyone does what they agreed to do before handing over the deed and distributing funds appropriately.

And by the time the property changes hands or the refinance is complete, all the variables are coordinated and everyone has peace of mind it was all done correctly! To learn more about escrow contact your Ticor Title representative.

Escrow Workflow

Click to Download

Escrow Workflow

The Escrow process in 12 steps. This flowchart illustrates which items are performed by escrow and which items are performed by the Lender.

Click here to download

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The Property Tax Annual Cycle in Washington State

On April 14, 2016   /   Blog, Property Info - Customer Service, Spokane, WesternWA  

There are few things in life that are as certain as taxes, especially when it comes to buying, selling, and owning real estate.  In this article, we’re going to take a specific look at common questions relating to property taxes, including when they are due, when they may be paid, how they’re calculated, and what tax relief programs are available.
Click Here to View a PDF version of this infographic.Property-Tax-Annual-Cycle-graphic

 

The Property Tax Timeline

Download the Property Tax infographic

Click here to download a printable version of the Property Tax annual cycle.

Property taxes have a timeline that is different than most other taxes or bills that we pay. Let’s take a look at the facts:

  • Taxes are due twice a year, but towards the middle each cycle
  • First half taxes are due at the end of April and cover January through June
  • Second half taxes are due at the end of October, and cover July through December
Click  the following link to download a printable version of the Property Tax Annual Cycle Infographic.

Property tax proration

Because taxes are due toward the middle of the period they cover, a real estate seller may receive a refund or pay prorated taxes depending on the closing date.  For example, a sale that closes in March will have both parties paying prorated taxes: the seller pays for January 1st to date of closing, and the buyer pays from the closing date to June 30th. A closing that happens in May, would give the seller a refund for prorated taxes from the closing date to the end of June, since the seller would have paid in April for the entire first half of the year.

Can property taxes be paid in advance?

When are taxes due?

1st half are due the last day of April, 2nd half are due the last day of October. King County mails out a statement in the middle of February.

Taxes for the second half of the year can be paid in advance, but the first half can’t. Washington State law (RCW 84.56.010) doesn’t allow county treasurers to collect property taxes until February 15 of the year that they are due. So the first half is typically payable any time between Feb 15th and April 30th; and the second half is typically payable any time between Feb 15th and October 31st. It is not necessary to have a tax statement to mail in with your payment. If you decide to mail in your payment without a tax statement, you must write your tax account number on the check. Mailed payments must be postmarked on or before the due date otherwise they will be considered late.

How are property taxes calculated?

How taxes are calculated

The two factors used in the calculation of taxes are the assessed value of the property and the levy rate for that area. Levy rates are represented in dollars per thousand, so to calculate the tax amount multiply the assessed value by the levy rate and divide by 1,000.

The property tax for a given parcel are based on a fairly simple calculation: multiply the total assessed or taxable value of the parcel by the levy rate for that parcel’s neighborhood. In addition there can be fees added by the county to cover specific services like noxious weed control.

Last Year’s Assessed Value x This Year’s Levy Rate = Tax Amount Due

What determines the levy rate?

The levy rates are determined by a number of factors, including the results of voter-approved levies. Property taxes usually aren’t certified until the middle of February, even though the assessments were mailed out the previous year (which often causes confusion). In other words, the assessed valuation statement you get in the 2ndhalf of this year has no effect on the taxes you are paying this year. The valuation will be used in the calculation for next year’s taxes. You won’t know the actual tax you will need to pay for 2016 until the county certifies 2016 taxes in the middle of February, even though 2016 assessed values have been available for months.

Assessed value vs. taxable value

The assessed value is typically the same as the taxable value except in cases where the taxpayer has applied for and received an exemption. For example, senior and disabled property owners may qualify for tax reductions. In some cases home improvements may qualify for a 3-year exemption for taxes on the value of the improvement. For more information on possible exemptions or tax defererals, contact the Assessor-Treasurer for the county in which the property is located.

What tax relief programs are available?

Here are some examples of tax relief programs and special classifications that may be available in your area:

  • Open Space Classification for Agricultural land, Timberland, and Natural preserves.
  • Designated Forest Land Classification for timberland parcels 20 acres or more.
  • Historical Restoration Exemption for historical significant property undergoing restoration.
  • Improvement Exemption – Single Family Dwellings a temporary exemption of valuation of additions to single-family dwellings.
  • Destroyed Property Claim adjustment to the valuation of destroyed property. (King County – please note this program is handled by the Admin department, for further information please contact them at 425-388-3038).
  • Property tax exemptions for senior citizens and disabled persons
  • Full tax deferrals for senior citizens and disabled persons.
  • Exemptions for qualifying property owned by non-profit organizations.
  • Property tax deferral for those with limited income.

Property tax resources:

King County property tax resources

King County Assessor-Treasurer hotline: (206) 296-3850
Find your tax parcel account number: King County tax parcel search
See or print a tax statement: View or print King County tax statements here.
Make online payment: Pay King County Property Taxes Online
Make checks payable to: King County Treasurer
Mailing addresses for property taxes: King County Treasury 500 Fourth Avenue, Room 600 Seattle, WA 98104

Pierce County property tax resources:

Pierce County Assessor-Treasurer hotline: (253) 798-6111
Find your tax parcel account number: Pierce County tax parcel search
See or print a tax statement: View or print Pierce County tax statements online here.
Make online payment: Pay Pierce County Property Taxes Online
Make checks payable to: Pierce County
Mailing addresses for property taxes: Pierce County Budget & Finance P.O. Box 11621 Tacoma, WA 98411-6621

Snohomish County property tax resources:

Snohomish County Assessor-Treasurer hotline: (425) 388-3433
Find your tax parcel account number: Snohomish County Tax tax parcel search
See or print a tax statement: View or Print Snohomish County tax statements online here.
Make online payment: Pay Snohomish County Property Taxes Online.
Make checks payable to: Snohomish County Treasurer
Mailing addresses for property taxes: Snohomish County Treasurer 3000 Rockefeller Ave, M/S 501 Everett, WA 98201

Spokane County property tax resources:

Spokane County Assessor-Treasurer hotline: (509) 477-3698
Find your tax parcel account number: Spokane County Tax tax parcel search
See or print a tax statement: View or Print Spokane County tax statements online here.
Make online payment: Pay Spokane County Property Taxes Online.
Make checks payable to: Spokane County Treasurer
Mailing addresses for property taxes: Spokane County Treasurer
PO Box 199
Spokane, WA 99210
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Open House April 13th – Ticor Title – Gig Harbor

On March 28, 2016   /   Blog, Escrow, WesternWA  
Gig Harbor Open House 2016

Gig-Harbor-open-house-2016

You’re invited to join us for food, refreshments, live music, and good times as we celebrate the recent relocation of our Gig Harbor escrow office!

At Ticor Title Gig Harbor, 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 Gig Harbor community, and each other.

So please join us as we celebrate our growing team and expanded Gig Harbor location!
Read more...

Download the Invite

Ticor Title Open House 2016 Gig HarborClick here to download the invite

When:

April 13
4PM – 7PM

Where:

Ticor Title – Gig Harbor
5775 Soundview Drive #204B
Gig Harbor, WA 98335
Map & Directions

RSVP:

Lucy Ritchie
253-358-0034
lucy.ritchie@ticortitle.com

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