True Story: A Vacant Lot and Fake Sellers Caught

Vacant Lot & Fake Sellers CaughtTeri D., Closing Officer at one of our agencies, was processing a sale of a vacant, waterfront lot. The sales price was $205,000; a cash purchase. The purchaser paid $5,000 as earnest money and was working with a builder on plans to build a home on the lot.

Since the property was a vacant lot Teri realized the seller’s mailing address would be different than the property address; her office has an added precaution in place where the address provided is compared with the address for the tax bill on the tax assessor’s website.

Confirmation & Connecting with the Sellers

Teri discovered the vacant property address was different than the tax bill address. She sent a letter to the seller at the address listed on the tax bill introducing herself, her company and asking the seller to contact her to confirm the sale of the lot. The buyer was not obtaining a new loan so about a week later they were ready to close. Teri prepared the closing documents on Friday, March 31, 2017. She contacted the listing agent to find out where and how she should send the closing documents. The listing agent advised her to email the closing documents to the seller. Once again, in an effort to ensure there was no funny business going on, Teri also sent the documents via overnight delivery to the address on the tax bill. Everything was sent on Monday, April 3, 2017.

We’re Not Selling

“They told him they were not selling their lot…”

On April 5, 2017, the real owners of the vacant lot called the Agency and asked to speak with the President. Brice C. took their call. The owners explained to Brice they received a letter and overnight package from his company. They told him they were not selling their lot and did not have it listed for sale. Further, they stated they already explained this to the listing agent on March 24, 2017. That was twelve days ago. Teri wondered why the listing agent did not tell her that when she called on March 31, 2017?

Questions for the Listing Agent

Brice called Teri into his office to share what he learned. She immediately called the listing agent to notify him the real owners just called her company’s president. She asked him why he did not tell her he spoke to them on March 24, 2017. The listing agent explained after receiving the email about the property, unbeknownst to him, he asked the fake sellers for identification. They showed him their passports. He asked for copies and they gave him copies. It never occurred to him they were false.

The real owners had forwarded their email exchange with the listing agent to Brice, where they confirmed they were the owners of the lot and were not interested in selling. Teri also asked the listing agent why he provided her with a different email address for the seller than the one he received from the real owners who communicated with him. He simply huffed at her. Was he really going to let this deal close knowing all of this? She will never know.

No, Thank You!

Fortunately for Teri this agent does not usually do business with her. It was the selling agent who encouraged the buyers to select her as their closing agent. The company resigned from the transaction.

Teri recognized the risks associated with sales where the property owner is absentee. Simply checking the tax bill and sending a notice to the address listed on the bill saved the agency and the underwriter from a potential claim.

Ticor Title Welcomes Dawn Jallen, LPO – Seattle Escrow Branch Manager

Dawn Jallen LPO Escrow Branch Manager

Dawn Jallen - LPO Branch Manager
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.

Dawn Jallen

dawn.jallen@ticortitle.com
Phone: 206-720-0114
Fax: 206-720-0117
1505 Westlake Ave N Suite 150
Seattle, WA 98109

About Dawn

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!

Keys to a Successful Escrow Closing

keys-successful-closingClosing 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.

SELLERS

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.)
  • Judgment/Liens
  • Any name changes since vesting

BUYERS

  • 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.

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!
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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