17 Points of Communication for Smoother Closings at Ticor Escrow

On November 4, 2014   /   Blog, Escrow  
Celebrating a successful escrow closing

A resource you can count on…

Celebrating a successful escrow closingEveryone knows that great communication is key for a smooth and successful closing,  but what does great communication mean?

The table below illustrates each point of contact our clients can count on with every closing at Ticor Escrow.  Not only will we keep you and your clients informed throughout the closing but we will also provide the guidance and information to prepare you for the next step in the process.

We are a resource you can count on.

Points of contact during escrow

The proven communication schedule below provides a better client experience with every escrow we close:

Points of Contact Throughout the Escrow Closing Process
Point of Contact Real Estate Agents Lenders Buyers Sellers
Download PDF
Introduction Phone Calls
Introduction Emails
Email Earnest Money Receipt
Title Review Email with Title Report Included
Detailed File Review Emails (Throughout Transaction)
Contact Both Real Estate Agents to Verify Purchase Price and Closing Date
Loan Document Status Emails to Real Estate AgentsWe relay any updates/correspondence we receive as to loan status includingfinal approval received and eta on loan docs
Contact Buyers & Sellers to Prepare the Clients for Closing Process
Loan Documents Arrive in Escrow – Email Notification to All Parties
Email Estimated HUD for Lender Approval & Agent Review
Email Approved HUD to Real Estate Agents, Buyer, Seller
Contact Clients to Schedule Signing Appointments
Email Agents & Lender to Notify that Signing Appointments Have Been Scheduled
Email All Parties Once Lender Funding Authorization is Received
Email All Parties Once Loan Funds are Received and we RELEASE for RECORDING
Call All Parties Once Recording Numbers Are Received
Email All Parties Final Settlement Statements and Recording Numbers

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Escrow Points of Contact

Click here to download a PDF copy of this article.

Do you have questions or comments? Please share below.

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Celebrating the Completion of the New Raft Island Bridge

On October 23, 2014   /   Blog, Title Insurance  
The New Raft Island Bridge

The New Raft Island BridgeOn Sunday, June 29, the community of Raft Island celebrated the opening of a new bridge that replaced the original 1958 bridge. Ticor Title would like to congratulate the Raft Island community for this major milestone. We are grateful to have provided title insurance for this project.

Construction of the New  Bridge

For the first six months of 2014, residents of Raft Island  watched the construction of the new bridge unfold adjacent to the original 57-year old bridge.  On Sunday, June 29 they celebrated its completion with the boom of a cannon, a picnic, live music, and a crossing by a car from the LeMay car museum.

The Infrastructure Assistance Coordinating Council awarded RIIA first place for Community Facilities projects in 2014.   This category includes projects like hospitals, health clinics and public safety facilities. In an October 1 ceremony, RIIA was cited by 300 IACC members.   The island was commended for facing up to the difficult choices and tasks inherent in replacing an aging bridge over a navigable coastal area.

Bridge History

In 1957 Raft Island was purchased for $80,000 by Archie Matthew Sr. Who initiated construction of the original bridge in 1958.  Matthew then sold the majority of the island in 1959 for the sum of $348,000. In 1995, after nearly 40 years of service, engineers determined that the original raft island bridge had a projected lifespan of approximately 20 years.  Below is a timeline leading up to the construction of the new bridge.

  • 1958 Matthew constructs 2-Lane 788-ft x 20-ft Timber Bridge with Concrete Decking
  • 1977 RIIA purchases the Bridge and Access Road (off Kopachuck) for $50,0000.  RIIA is a taxable  non-profit home owners association (HOA).
  • 1995 Engineers Inspection reveals on-going deterioration with remaining bridge life of approx 20 years (to 2016) **
  • 1996 Membership approves Annual Special Assessment called the Bridge Replacement Fund (BRF)
  • 1996 Each lot assessed $130 BRF with 8.04% added each year thereafter (BRF will be $610 in 2016)
  • 2005 Updated construction estimates reveal BRF falling behind projected bridge replacement construction costs.  Board initiates full review of bridge condition and options.
  • 2007 Board studies many options including possibility to get a Road Improvement District approved by Pierce County.
  • 2009 Volunteer Bridge Committee formed to review Bridge Options
  • 2010 membership approves preliminary design of new bridge in order to compete for low interest Federal Stimulus loan.    State and Federal agencies give favorable pre-screenings of plan.
  • 2011-2012 in a series of votes, RIIA voters overwhelmingly approve replacing bridge (75%+)
  • Though taxed at 33% rate, the BRF is able to cover 25% of the cost of new bridge
  • USDA offers 80% guarantee to any bank that will provide RIIA with long term loan
  • 33 banks pursued for loan.  All report a 30 yr. bridge loan is outside their expertise
  • USDA agrees to provide 30 yr. loan at fixed interest (no construction financing offered.)
  • More banks pursued until Northwest Farm Credit Services agrees to provide construction line of credit under an ARC bond.

Insuring Title for the Raft Island Bridge Project

We are pleased and honored that Ticor Title provided the title insurance policy for the Raft Island bridge project.  An unusual project such as this brings unusual challenges.

To explain, we have provided a brief Q&A with our Sr. Commercial Title Officer, David Watson:

Q: What role did Ticor Title play in the development of the new Raft Island Bridge?

A: Ticor Title provided a lender’s title policy to NW Farm Credit Services for approximately 5.7 million in coverage to complete the financing package for this project. Initially the residents of Raft Island spent 20 plus years raising money for the construction of a new bridge and the NW Farm Credit Services loan was the last piece of the puzzle.

Q: What is involved in a title search for a project like this?

A: This was a fun search completed by Miriam Hatcher a veteran of over 30 years examining Pierce County properties. This was her first bridge. The interesting thing about this is that since Raft Island Improvement Association had an existing bridge and had been conveyed the property, we didn’t have to deal with the State of Washington or Pierce County. Our contacts were for the most part the Raft Island Improvement Association Board.

We had typical issues you see when dealing with waterfront property, however for the most part, the title exam process was not terribly difficult which was a pleasant surprise going into the project. Since the Raft Island Association had been working on the project for so long, much of the heavy lifting, permits, and approvals had already been put in place and were recorded for our review.

The biggest issue for us was ensuring that we were getting a full picture of the documents recorded which affected the bridge and the land around the bridge. Miriam had to spend a lot of time reviewing documents that had no real effect on the bridge project due to the inconsistency in how recorded documents were posted in the plant for property such as this. This was truly a “round peg in a square hole” type of title exam.

Late Afternoon Traffic on the Raft Island Bridge – [Hyperlapse Video]

Q: Why was Ticor chosen as the title insurer for this project and what unique skills or expertise did your team bring?

A: We were chosen for this project by way of a recommendation. Lee Smith an agent at Windermere Gig Harbor was asked by the Raft Island Board to recommend a title company and he provided them with Lucy Ritchie’s contact information. This is a prime example of the importance of word of mouth and maintaining a good reputation in the real estate community and the opportunities this brings for future business.

Q: What was the biggest challenge with this project from the title insurance perspective?

A: From a title insurance prospective this wasn’t as daunting a challenge as we initially thought when we first started looking at the project. The construction for the new bridge had already begun when we started on the project, bringing up potential lien priority issues. But NW Farm Credit Services didn’t need coverage to shield them from this potential lien liability so that ended up being a non-issue. This ended up being a pretty routine construction loan transaction due in large part to the preparation of the Raft Island Improvement Association and the years they had spent getting the project permitted, financed and approved.

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Open House – October 9 – Ticor Title in Kent, WA

On September 30, 2014   /   Blog, Escrow  
Ticor Title - Kent, WA Open House

Ticor Title - Kent, WA Open House

Ticor Title Kent – Open House

Our Kent, WA escrow location has relocated and you are cordially invited to join us for appetizers and drinks as we celebrate.  The festivities will begin at 4:00PM October 9th. We hope you will join us!

When

October 9, 2014
4:00PM – 7:00PM

Where

Ticor Title Company
Kent Escrow Branch
10840 SE 208th St
Kent, WA 98031

Please RSVP

Via Phone: (253) 631-3990

Contact & Customer Service

Phone: (253) 631-3990 Customer Service: cs.wa@ticortitle.com

Location & Directions

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Gallery

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View the invite

Ticor Title Kent, WA Open House invitation

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Open House September 25 – Ticor Title Federal Way

On September 12, 2014   /   Blog, Escrow  

Ticor Title Federal Way – Open House

You are cordially invited to join us for appetizers and drinks as we celebrate at our new escrow location in Federal Way.  The festivities will begin at 4:00PM September 25th. We hope you will join us!

When

September 25, 2014
4:00PM – 7:00PM

Where

Ticor Title Company
Federal Way Escrow Branch
33400 9th Ave S, Suite 102
Federal Way, WA 98003

Please RSVP

Via Phone: (253) 765-7255

 

View the invite

federal-way-open-house

Contact & Customer Service

Phone: (253) 765-7255 Customer Service: cs.wa@ticortitle.com

Location & Directions

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Video Tour and Photo Gallery – Ticor Title in Everett

On September 10, 2014   /   Blog, Escrow  
A view of the reception area at Ticor Title in Everett

It’s been a few weeks since the opening of our new escrow office in Everett. And with our open house quickly approaching we wanted to give everyone a glimpse of the new space. Below you’ll find a brief virtual tour and a photo gallery.

Where to find us

Ticor Title – Everett

2825 Colby Ave, Suite 300
Everett, WA 98201
Phone: (425) 586-6964
Map & Directions

Your Closing Experience

Our office is conveniently located on the corner of Colby Ave. and Hewitt Ave. in Everett. When you arrive, you’ll be greeted with a smile, offered refreshments, and promptly escorted to your own private signing room. Our team’s goal is to provide you with the best possible closing experience for your real estate transaction.

Come See Us

All are welcome to pop in and check out the fantastic new office, but in the mean time check out the video tour and photo gallery here. We’re confident that buyers, sellers, real estate agents, and lenders will appreciate our new location in Everett.

We look forward to seeing you soon!

Photo Gallery of Ticor Title – Everett, WA

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Ticor Everett Grand Opening – September 18

On August 21, 2014   /   Blog, Escrow  
Ticor Title Everett

Ticor Title Everett

Ticor Title Everett – Open House

You are cordially invited to join us for appetizers and drinks as we celebrate the opening of our Snohomish County Everett branch.  The festivities will begin at 4:00PM September 18th.

We hope you will join us!

When

September 18, 2014
4:00PM – 7:00PM

Where

Ticor Title Company
Shohomish County Everett Branch
2825 Colby Ave
Suite 300
Everett, WA 98201

Please RSVP

Via Phone: (425) 586-6964

Contact & Customer Service

Phone: (425) 586-6964

Customer Service: cs.wa@ticortitle.com

Location & Directions

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Announcing the Relocation of Ticor’s Kent Branch

On August 19, 2014   /   Blog, Escrow  
Ticor Title Kent, WA

Ticor Title Kent, WA

We are very pleased to announce that our escrow branch in Kent has relocated to a more convenient and central location! The growth of our business in Kent has brought with it the need for a fresh space, a more central location, and an upscale look & feel to better serve our clients.

You’ll find our Kent branch located at the intersection of SE 208th St and 108th Ave SE.

We think you’ll love the ample parking, easy access from the street level, upscale look & feel, and of course the same friendly faces! Please stop by and see us soon.

Where to find us

Ticor Title – Kent Branch

10840 SE 208th St
Kent, WA 98031
Phone: (253) 631-3990
Fax: (253) 631-3991

Map & Directions

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NEW! Buyer & Seller Resources for Smoother Transactions

On August 4, 2014   /   Blog, Escrow, Title Insurance  

Buyer-Seller-Guide-1New Buyer/Seller Guides

Check out the freshly updated Buyer and Seller resource library on myTicor.com! The new guides and booklets are free to download and can improve the client experience with every real estate transaction.

Read more...

Educating & Communicating for Greater Success!

buyer-seller-resourcesClear communication, knowledge, and mutual understanding can make all the difference in a real estate transaction. Read more →

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Will the Real Seller Please Stand Up?

On July 22, 2014   /   Blog, Escrow  

The real estate agent opened escrow with KimberLee C., an experienced escrow officer at our sister branch in Salem, Ore. About a week and a half before closing, the agent came in to the office and explained the seller was not really the true seller, but instead his boss was the actual owner.

p1878M-5444-RT8The boss had transferred properties to various people as he was going through a nasty divorce. KimberLee became suspicious right then and started asking questions in order to sell — did the seller have a valid, unexpired ID? Where will the funds go at closing?

Over the next week or so, the agent in an attempt to ensure the closing would happen, sent KimberLee an expired driver’s license, one that had been taken away from the seller by the Department of Motor Vehicles.

The agent also sent a Mexican Matricula Consular identification card, which she told him was not an acceptable form of identification. The pictures between the two identification cards did not match up (probably because they were taken years apart).

The agent gave KimberLee various scenarios such as, “Would we take a Washington driver’s license,” and what other type of identification would be acceptable. KimberLee thought the agent was being very naïve (not devious) and just trying to help his client.

Something wasn’t right

Being on high alert by all this, the seller, his boss and the agent came in for the scheduled signing appointment. When KimberLee went to show them to a closing room, she was pretty sure there would be an issue — just by the signer’s body language.

KimberLee requested the signer’s driver’s license and headed to the copy machine and the Fraud Fighter™ black light purchased from UVeritech. She felt the card was an obvious fake.

Someone had taken the picture from the Mexican Matricula Consular identification card, and cut and pasted it to the new driver’s license. The feel of it was off and putting it under the black light confirmed KimberLee’s suspicions. “Oregon” is supposed to be diagonally repeated on front of license and is also visible under UV light. There was nothing visible under the black light.

KimberLee did not stop there! She called the Department of Motor Vehicles and they confirmed the identification number did not match up with the name. She asked them if we should keep the license and they said for her to call the police.

Step away from the transaction

She contacted her manager, Ted U., and he advised her not to call the police but instead give the license back to the seller and send them on their way as quickly as possible, to remove the potentially violent customer from our office and our employees from harm’s way.

KimberLee did have some alternatives. She could have used a credible witness acknowledgement for the seller. However, the definition of credible witness in her notary handbook reads as follows, “A believable witness worthy of confidence who personally knows the signer of a document.”

KimberLee felt that no one involved in the sale of the property was being completely honest and elected to resign as escrow holder rather than jeopardize the company by insuring a deed that might have been forged.

Luckily for KimberLee this is the first time anything of this nature has happened in her 36 year career. For her diligent effort to prevent a possible forgery, KimberLee has been rewarded and recieved a letter of recognition.

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Keen Title Examiner Discovers Forgery

On June 24, 2014   /   Blog, Escrow  
The vesting on the open order sheet did not match the vested owner of record. That is not an unusual discovery in the title industry, but this time it triggered the title examiner to dig deeper and to uncover a forgery!

forged signatureOne of our sister branches in Denver opened a sale transaction in the amount of $450,000 and ordered the title report/commitment. The title examiner, Venita O., noticed the open order sheet reflected the property owner as an Estate of a named individual. The most current deed, however, reflected the owner as an LLC.

There was no death certificate of public record for the decedent, so Venita was unable to determine if he died prior to the deed to the LLC. She looked at previous deeds of trust in the chain of title to compare the decedent’s signature to the signature on the deed to the LLC. The signatures were not the same at all. Read more →

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