See you in the Harbor, Part II – Gig Harbor Escrow Team Goes All In!

On September 3, 2010 / Blog

Well, since Jannae Mitton Jolibois went to great lengths to make a splash when she Joined the team at Ticor in Gig Harbor, the bar has been set pretty high. So naturally when it came time for us to announce our new and spacious Escrow location in Gig Harbor, we decided to continue with our “See you in the Harbor” theme.

So, picture your favorite Gig Harbor escrow team cordially introducing themselves and announcing their new location as they’re standing on the bow of a yacht just in front of the famous “Tides Tavern” dock. The sun is shining, the harbor is calm, and the stately evergreens on the hill peer down in anticipation as the entire Escrow team says, “See you in the Harbor.”

Thank you Gig Harbor and surrounding communities for choosing Ticor for your title insurance and escrow needs!

Click here to order title and escrow.

For questions about our new location in Gig Harbor, please call: 253-686-1976

We’re having a Luau! Announcing our new Gig Harbor Escrow location!

On August 25, 2010 / Blog

Our Gig Harbor Escrow branch has moved and we’re very excited about the new location! For those familiar with the Gig Harbor area, we’re right on Soundview drive across the street from the Harvester Restaurant. The new office offers more spacious escrow signing rooms, a comfortable waiting area, and plenty of windows for more natural light. It’s a brighter, cheerier office which suits our bright and cheery Gig Harbor sales and escrow team to a “T” and makes for a warm experience at the Real Estate closing table!

And to celebrate our new Gig Harbor Escrow location, we’re going to have a Luau! So please stop by and share in the Aloha spirit with our fabulous escrow team as we savor the fun, sounds, and genuine flavors of the islands!

Here are the Luau details:

Thursday September 23rd, 4-7PM

5775 Soundview Drive
Suite 204C
Gig Harbor (See Map Below)
RSVP: Jannae (253) 686-1976

View Larger Map

The Anatomy of a Non-Judicial Foreclosure in Washington State

On August 13, 2010 / Blog, Escrow, Title Insurance

Real estate loans (usually in the form of deeds of trusts) can be foreclosed through court proceedings (a judicial foreclosure) or outside of the court’s involvement (a non-judicial foreclosure) in the State of Washington. If a deed of trust contains a clause which provides “power of sale” to the trustee (a designated party listed on the deed of trust) and a statement which confirms that the property is not being used principally for agricultural purposes it may be foreclosed non-judicially. Otherwise it must be foreclosed judicially.

Here’s what happens in a non-judicial foreclosure:

Loan payments are not made and a default occurs.
Once a default has occurred the lender (or the trustee) sends a written notice of default to the borrower by first class mail and either registered or certified mail. The lender must also post a copy of the notice in a conspicuous place on the premises or personally serve a copy to the borrower.
If the borrower does not pay the outstanding amounts (i.e. cure the default) within 30 days of the issuance of the notice of default the lender may authorize the trustee to issue a notice of sale. The sale may not take place less than 120 days from the issuance of the notice of default.
If the borrower does not cure the default the trustee sends a written notice of sale to the borrower by first class mail and either registered or certified mail. The notice is also sent to parties with recorded/filed monetary encumbrances (i.e. deeds of trust, mechanics liens, judgments, etc…) and the plaintiff(s) in any filed court action and any party who has recorded a request for notice as specified by law. The trustee must also post a copy of the notice in a conspicuous place on the premises or personally serve a copy to any occupant. The notice is also recorded with the county auditor and must be recorded at least 90 days prior to the sale date.
The sale (i.e. trustee sale) may be halted up to 11 days before the sale date if the default is cured or the loan is fully paid. After that time the lender does not have to agree to accept payment.
If the sale is not postponed (by the borrower filing bankruptcy) the trustee will “cry” (i.e. conduct) the foreclosure sale in the public place at the time and location specified in the notice of sale. The sale is usually held on the front steps of the county courthouse but it could be held in any location. The sale must be held on a Friday between the hours of 9 a.m. and 4 p.m. If the Friday is a legal holiday the sale will take place on the following Monday.
Once the sale takes place the deed of trust is foreclosed. A Trustee’s Deed is recorded soon afterwards and the successful bidder becomes the owner.

Best Regards,
Gregg Colbo
Sr. Underwriter
Ticor Title

Why Do I Need Title Insurance? The Tale of the Lingering Line of Credit…

On July 22, 2010 / Blog, Title Insurance

Why do I need Title Insurance? Good question. And there are many good answers. Title insurance is one of those things that property owners may not appreciate until it comes time to make a claim. And when a claim is covered, that property owner thanks their lucky stars (and their Title insurer) because claims can be very costly.

Here is one scenario that illustrates why having title insurance with a company that has a large claims reserve is a good thing:

Johnny Home Owner took out a line of credit loan which was secured by his property in the form of a Deed of Trust. Some time later, Johnny Home Owner sold the property to Sally Home Buyer. The sale closed in a seemingly normal fashion and Sally Moved in and proceeded to make her house payments on time.

The Hitch:
A step in the closing process was inadvertently missed, allowing Johnny to continue to draw thousands of dollars of funds from the Line of Credit which was still secured by the property that is now owned by Sally. “What?,” you ask. How is this possible?

The step that was overlooked:
Specifically with a Line of Credit, the borrower (Johnny) needed to send a written statement to the lender in order to close the line of credit. Unlike a regular loan attached to a deed of trust, a Line of Credit cannot be closed without a written statement from the borrower (Johnny). The lender will not release the property now owned by the buyer, without that written notification.

Sally Home Buyer went into foreclosure:
Months after moving into her new home, Sally received a foreclosure notice against her new property from a lender that she didn’t recognize. Alarmed, she investigated and discovered that Johnny’s Line of Credit is attached to the property and in default.

Never fear, Sally Home Buyer has Ticor Title Insurance…
Sally, alerted Ticor Title of the foreclosure against her property due to the previous owner’s outstanding Line of Credit. Ticor evaluated the situation and in this case took steps to stop the foreclosure, eliminate the Line of Credit, and remove the cloud on title.

The moral of the story:
Choosing a title company with a hefty claims reserve will make all the difference in the world when it comes time to cover a claim. Ticor Title as a member of the FNF family of companies, has the nations deepest claims reserves at $2.6 Billion dollars. The choice is yours!

If you have questions about title insurance, you can call or text us at 253-318-1909.

This story was provided by Gregg Colbo, Senior Underwriter, Ticor Title. This story is based on real life circumstances. However, the names of the people in this story are ficticious and were chosen randomly. The intent of this article is to illustrate the value of title insurance.

What are the typical closing costs? And who traditionally pays them?

On July 6, 2010 / Blog, Escrow

Click the image to download a guide to customary closing costs.

Purchasing a home generally revolves around two things: emotion and money. In this post we’d like to address the money portion, in particular we’ll touch on closing costs. Customary closing costs are a huge part of buying a home and during the purchase of a home you’ll find escrow plays a huge part in calculating these closing costs.

Definition of Closing Costs: Fees and expenses, over and above the price of the property, incurred by the buyer and/or the seller in the property ownership transfer. Examples are title searches, closing services, loan fees and deed filing fees. Also called settlement costs.

Per the definition you can see there are two sides (buyer and seller) to the equation when determining closing costs. Below is a simple customary closing cost list. Keep in mind these are typical, but should not be considered hard fast rules, feel free to consult your real estate agent for more detail.

Typical Closing Costs for a BUYER:

One-half of the escrow fee (according to contract)
Lender’s title policy premiums
Document preparation (if applicable)
Tax pro-ration (from date of acquisition)
Recording charges for all documents in buyer’s names
Home Owner’s insurance premium for first year
Home Warranty (according to contract)Preview
Inspection fees (according to contract): roofing, property, geological, pest, etc.
All new loan charges (except those required by lender for seller to pay)
Interim interest on new loan from date of funding to first payment date

Typical Closing Costs for a SELLER:

One-half of the escrow fee (according to contract)
Work orders (according to contract)
Owner’s title insurance premiums
Real estate commission
Any judgments, tax liens, etc. against the seller
Any unpaid Homeowner Association dues
Home Warranty (according to contract)
Any bonds or assessments (according to contract)
Any loan fees required by buyer’s lender (according to contract)
Recording charges to clear all documents of record against seller
Payoff of all loans in seller’s name (or existing loan balance being assumed by buyer)
Interest accrued to lender being paid off, reconveyance fees and any prepayment penalties
Excise Tax (% based on county and sale price)

Buying or selling your home can be one of the biggest financial decisions of your life. But knowing what to expect by being informed can make the process easier for you!

To download a single page guide to customary closing costs, click here!

The Two Ways to Order Title and Escrow Online

On June 25, 2010 / Blog, Escrow, Title Insurance

Two are better than one… (even when it comes to ordering title and escrow online)

We offer two ways to order title and escrow online.

Ordering title and escrow online is not a new thing for real estate professionals in Seattle, Tacoma, and the surrounding communities. But for us at Ticor, allowing our clients to place a title and escrow order online without logging in to myticor.com is a new thing.

In the past, we have required our clients to create an account on our site that stores basic information like what real estate brokerage they are affiliated with, their phone number, email address, and who their representative is at Ticor, etc. In reality, this is the most efficient way for users to use our website. When logged in, placing a title and escrow order is quicker because the order forms will already be populated with the Real Estate agent’s or Loan Officer’s contact information. This saves a bunch of time keying in basic info when it’s time to order title and escrow.

But, we realize that not everyone wants to register on our website and remember a username and password. So we have created a title and escrow order form that is available for users that are not logged in to Ticor’s website. There are a few required fields that are necessary for us to identify who is placing the order of course. But the rest of the form has the same familiar fields that our loyal clients are accustomed to.

Thanks for the orders!
Matt Sweet
Marketing / Technology Integration
Ticor Title

How Green is your Escrow Transaction?

On June 16, 2010 / Blog, Escrow

We’re very happy to announce that we have recently fulfilled the requirements for becoming certified green in our Title & Escrow Plant in Renton and in our Escrow branches around the Puget Sound! Quite simply, that means we are using technology to save paper, recycling more, and implementing more business practices that Reuse, Reduce, and Recycle!

Ticor has certified Green branches in the following locations:

The Ticor Dashboard is a prime example of one of the technologies that we use to reduce waste and facilitate a more efficient communication flow with all parties involved in escrow transactions. For a brief demo of our dashboard, click here.

Upon hearing of our newly minted status as Greener Title & Escrow people, one of our clients responded so positively, we decided to do an impromptu video to capture some of his enthusiasm about a more sustainable approach to handling real estate transactions!

How to get a Facebook Fan Page Custom URL

On April 16, 2010 / Blog, Technology

Last year Facebook began allowing users to set custom URLs or web addresses for their fan pages. This is a great feature because it allows us to promote our fan page address in plain english. Instead of having an address that has a hundred random characters in it that nobody could remember, we have a nice and tidy URL that is much more memorable. And in our case it is the same as our Twitter address and ‘mothership’ website.

Our Old Facebook URL looked something like this:
http://www.facebook.com/#!/pages/My-Super-Long-Fan-Page-Address/335531722729?ref=not-memorable

Our new Custom Facebook URL is much shorter and easier to remember:
http://facebook.com/myticor

Ticor’s Twitter account
http://twitter.com/myticor

Ticor Title Northwest Mothership Website
https://myticor.com

With ‘myticor’ in each address, we have congruency among our website and social accounts which reinforces our brand.

Have you checked your title company’s claims reserve lately?

On February 15, 2010 / Blog, Title Insurance

Have you ever heard anyone say, “You don’t need insurance until you need it? ” It sounds a bit obvious and silly, but it’s true. Title insurance is one of those things that is sometimes looked at (and soon forgotten) as just a line item on the HUD 1 Settlement Statement. Many people don’t realize just how valuable a title insurance policy can be until it’s time to file a claim on what is most likely their biggest asset, the family home.

We won’t go into any horror stories today ( and how title insurance saved the property owner). There’s one point we want to make. When shopping for a title company for your next real estate transaction, please consider the claims reserve (or claims paying ability) of your title company. If by chance you choose a title insurance company that does not have a healthy claims reserve, you may find yourself in a precarious position should they encounter a surge in claims.

Ticor Title is backed by our nation’s largest claims reserve at $2.7 Billion dollars. It’s hard for most people to even imagine how much money that is. But it suffices to say that insuring the title of your property with Ticor is a smart move. Rest assured.

We’ve got you covered!

Archive for the Blog Category