New! Real Estate Buyer & Seller Guide

Real Estate Buyer Seller Resource Guide

Buyer and Seller Guide to Title & Escrow

Click for eBooklet

We are pleased to announce the availability of Ticor Title’s comprehensive Buyer/Seller guide in PDF, eBook, and Print Formats. This guide is designed to provide meaningful information and answer commonly asked questions that home buyers and sellers have throughout a real estate transaction.

Our goal with the Buyer/Seller Guide is to improve the overall experience of buyers and sellers by providing education and insights that demystify Title Insurance, Escrow, the CFPB, Taxes and more. This guide is a useful tool in setting proper expectations for the complex process of buying and selling a home.

How to Get the Buyer & Seller Guide

For your convenience, there are three ways to access the guide:

Buyer & Seller Guide Available Formats
Formats & How to Access
Downloadable PDF Download the Buyer & Seller Guide in PDF format for viewing, sharing, and local print. Download here: Buyer and Seller Guide to Title & Escrow
eBooklet eBooklet format presents well on tablets, smart-phones, and desktops and provides a means of linking to and sharing individual pages or sections of the document. Click here to view the Buyer & Seller Guide in eBook format.
Print The Buyer & Seller Guide is available in a high-quality print format upon request. Please contact your Ticor Title Sales Executive to reserve yours today.

The guide provides insights and information on the following:

Click any item below to view.

TITLE

The Title Insurance Value Proposition: 10 Reasons
What is Title? – FAQ
Why You Need Title Insurance – 21 Reasons
Life of a Title Search
Title Policy Comparison Chart
Homeowner’s Policy of Title Insurance
Homeowner’s Policy Additional Benefits
What is the Title Commitment?
5 Common Ways To Hold Title
ID Affidavit – Why is it Needed?
Vesting: Common Ways of Holding Title

ESCROW & TAXES

Escrow: FAQ
The Escrow Process
The Life of an Escrow
Opening Escrow
Red Flags in the Escrow / Title Process
Other Parties to an Escrow Transaction
The Loan Process
PMI Private Mortgage Insurance – FAQ

Taxes
PATH Act
Loan FAQ
What is Payoff
Property Tax – Annual Calendar
Closing Costs: What Buyers & Sellers Typically Pay For

CONSUMER FINANCIAL PROTECTION BUREAU

Consumer Financial Protection Bureau (CFPB)
What is Consumer Financial Protection Bureau? (CFPB)
Will The New CFPB Rule Delay My Closing?
Purchase Title / Escrow Order Workflow
The New Closing Disclosure Explained

TERMS

Glossary of Terms

What to Expect at Escrow Closing – [Video]

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.

Ticor Title Lynnwood Welcomes Christy Jones

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.

How to Eliminate Signing/Consummation Date Guesswork

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.

Open House May 12 – Ticor Title Lynnwood

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...

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

What is Escrow [video]

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.

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

Open House April 13th – Ticor Title – Gig Harbor

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

PATH Act Increases Withholding Rate up to 15%

FIRPTA PATH Update February 17, 2016

FIRPTA PATH withholding explanationOn December 18, President Obama signed the Protecting Americans from Tax Hikes (PATH) Act of 2015. This law creates significant changes to the provisions of the Internal Revenue Code of 1986, which amended the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA).

What does the new rule change about withholding requirements?

Settlement agents must begin holding back 10-15% proceeds from the sale of real property by foreign nationals. Property bought by foreign persons that will be used as a personal residence is exempt from the increase if the sales price does not exceed $1,000,000. If the previous exception for personal residences does not apply, the 10% withholding rate is retained. If the price is higher than $1,000,000, the new 15% withholding rate will apply.

Download

Download a printable version:
PATH ACT FIRPTA update

What are the benefits?

The PATH Act benefits the real estate industry by doubling the maximum amount of stock ownership that a foreign investor may have in a real estate investment trust (REIT) from 5% to 10%. Another additional benefit is that the law permits certain foreign pension funds to invest in REITs without having FIRPTA treatment apply.

When does it go into effect?

The PATH Act is effective 60 days after Obama signed it into law. This applies to sales on and after FEBRUARY 17, 2016.

What are the guidelines settlement agents must follow when remitting funds to the IRS?

  1. If the amount realized is $300,000 (typically the sales price) or less, and the property will be used by the foreign buyer as a residence (within current regulations), no amount will be withheld or remitted to the IRS.
  2. If the amount realized above $300,000 but does not exceed $1,000,000 and the property will be used by the buyer as a residence, then the withholding rate is 10% of the entire amount realized.
  3. If the amount realized exceeds $1,000,000, then the withholding rate is 15% on the entire amount, regardless of how the property is used.

Are there any obligations for FIRPTA withholding by the real estate agent or broker?

If you represent the buyer or seller of real property subject to FIRPTA withholding, you could be liable for the tax that should have been withheld by the buyer in certain circumstances.

If you have additional questions about the PATH Act, please contact a tax professional.

Ticor Title Spokane Valley Expands Team!

Ticor Title Spokane Valley Expands Team

Ticor Title Spokane Valley Expands TeamWelcome Pam Koep and Melissa Stewart!

Location & Contact

16201 E Indiana Ave, Suite 3300
Spokane, 99216
Phone: 509-928-9665
Fax: 855-885-2346

Online

TeamPam@TicorTitle.com
TicorSpokane.com

We are pleased to announce the expansion of our new Spokane Valley Operation with the addition of Pam Judge – Closer/LPO, and Melissa Stewart – Escrow Assistant. We believe that every successful closing begins with a great team. Please join us in congratulating Pam and Melissa for joining Team Ticor!

Pam Koep – LPO/Escrow Closer

Pam began her career in 1999 as a receptionist and worked her way up into title and landed in escrow about 14 years ago. An LPO for 3 years, she is very organized and likes to stay on top of her files, delivering CD’s or HUDS as quickly as possible.

Clients commend Pam for the way she explains documents to their clients and facilitates timely signings. Her goal is to make transactions flow smoothly for everyone.

Pam is a Northwest native with one child. She spends her free time outdoors and enjoys camping. She also enjoys doing crafts, traveling, and time with family and friends.

Pam Koep

LPO/Escrow Closer
Spokane Valley Office
(509) 742-5305
pam.judge@ticortitle.com

Melissa Stewart – Escrow Assistant

Melissa has been in the Title & Escrow industry for over eight years and is known for her attention to detail and structured approach to working with clients and transactions. She prides herself on her ability to cultivate positive relationships and takes a team approach to achieving goals.

Melissa loves to travel and experience the adventure of new sights, cultures, and food. On the weekends, you might find her spending quality time with family, reading a good book, or playing tennis with her hubby.

A Spokane resident of 27 years, Melissa attended middle school and high school there before earning a degree in Elementary Education from Eastern Washington University.

Melissa Stewart
Escrow Assistant
Spokane Valley Office
(509) 742-5304
melissa.stewart@ticortitle.com

Escrow Workflow – 12 Steps to Closing with the TRID Forms

As we all know, the Closing Process has changed since the enactment of the new TRID rule. And with the implementation of new forms, lenders and settlement agents work together to determine a workflow for the completion and delivery of the Closing Disclosure during the closing process. Below is one example that illustrates the process and shows which items the Lender typically performs and which items Escrow typically performs.

Download

CFPB Escrow Workflow

Download a PDF of the CFPB Escrow Workflow here.

Who Completes the Closing Disclosure?

Lenders and settlement agents may agree to divide responsibilities with regard to completing the Closing Disclosure with the settlement agent assuming responsibility to complete some or all of the Closing Disclosure.

Who Delivers the Closing Disclosure?

The rule makes the lender responsible for ensuring that the consumer receives the Closing Disclosure. Lenders may work with the settlement agent to have them deliver the Closing Disclosure to consumers on their behalf.

Typical Escrow Workflow:

PERFORMED BY LENDER

PERFORMED BY TICOR TITLE

Open Order

Lender will send order request through Real EC to the Ticor Title Escrow unit. The Escrow unit will open the escrow and request title report and order any payoffs required.

1
  2

Confirmation of Order and Preliminary Report

A confirmation is sent to the lender that the escrow order is opened and the preliminary report will be uploaded to Real EC.

Documents Request

A CPL, fee quote, wiring instructions and any other documents that are requested by the lender will be uploaded to RealEC.

3  
  4

Closing Disclosure Preparation

Upon delivery of lender’s instructions, the escrow unit will prepare the closing disclosure and upload to Real EC for lender review and approval.

Delivery of Closing Disclosure

The Lender or escrow unit will prepare and deliver the closing disclosure to the borrowers as instructed and within the timeframe as required by the lender.

5

Delivery of Closing Disclosure

The Lender or escrow unit will prepare and deliver the closing disclosure to the borrowers as instructed and within the timeframe as required by the lender.

Closing Instructions and Loan Documents

Lender will prepare Closing Instructions and Loan Documents and send to escrow unit through Real EC.

6  
  7

Signing / Consummation

Once received, escrow will schedule an appointment with the borrowers to sign the loan documents upon the expiration of the disclosure period.

  8

Loan Documents to Lender

The escrow unit will return executed loan documents and provide any outstanding conditions through Real EC that are required for the lender to provide funding authorization.

Funding Requirements

Lender provides additional funding requirements to Ticor Title Escrow & Escrow provides requirements to Lender.

9  

Lender Funds

Lender sends funds to Ticor Title Escrow unit.

10  
  11

Recordation

Once the wire is received from the lender, the escrow will record the Deed of Trust and any additional required documents with the County Recorder’s office. ~ The original recorded documents will be uploaded to Real EC and sent to the lender as required.

  12

Final Title Policy

The title company will send the final title policy to the lender as per their lender’s instructions.