The Property Tax Annual Calendar

How they’re calculated & when they’re due

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 examine property taxes in Washington State, including when they are due, when they may be paid, how they’re calculated, and what tax relief programs are available.

For information on the property tax calendar and more, we have assembled an easy-to-understand Buyer and Seller Guide to Title and Escrow for our clients and partners.  

Here’s an excerpt from Property Tax Annual Calendar in our guide:

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
We would love to help you have an amazing closing experience on your next real estate transaction. 
Check out our Buyer and Seller Guide to Title and Escrow today!

What’s In A Name?

What’s In A Name?

Quite a bit!

What’s in a name? When a title company seeks to uncover matters affecting title to real property, the answer is, “Quite a bit.”

For information on the ID Affidavit and more, we have assembled an easy-to-understand Buyer and Seller Guide to Title and Escrow for our clients and partners.   

Here’s an excerpt from ID Affidavit – Why Is It Needed? in our guide:

An ID Affidavit provides title companies with the information they need to distinguish the buyers and sellers of real property from others with similar names. After identifying the true buyers and sellers, title companies may disregard the judgments, liens or other matters on the public records under similar names…

We would love to help you have an amazing closing experience on your next real estate transaction. 
Check out our Buyer and Seller Guide to Title and Escrow today!

What is a Title Commitment?

An offer to issue a policy


A Title Commitment (also known as a Preliminary Report in some areas) is a dated formal report that sets out in detail the conditions under which a policy of title insurance would be issued on a particular parcel of land. Its sole purpose is to facilitate the issuance of the policy. 

For information on the Title Commitment and more, we have assembled an easy-to-understand Buyer and Seller Guide to Title and Escrow for our clients and partners.   

Here’s an excerpt from What is the Title Commitment in our guide:

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. It is normally prepared after application (order) for such policy(ies) of title insurance on behalf of the principals to a real property transaction.

We would love to help you have an amazing closing experience on your next real estate transaction. 
Check out our Buyer and Seller Guide to Title and Escrow today!

What’s a Red Flag?

Watch out for potential delays

 
A “red flag” is a signal to pay attention! Below are some of the items which may cause delays or other problems within a transaction and must be addressed well before the closing. 

For information on Red Flags and more, we have assembled an easy-to-understand Buyer and Seller Guide to Title and Escrow for our clients and partners.  

Here’s an excerpt from Red Flags in the Escrow/Title Process in our guide:

Examples of Red Flags to Watch For:

  • Bankruptcies
  • Business trusts
  • Clearing liens and judgments, including child or spousal support liens
  • Encroachment or off record easements
  • Establishing fact of death–joint tenancy Family trusts
  • Foreclosures
  • Physical inspection results–Encroachment, off-record easements
  • Probates
  • Power of Attorney–Use of, proper execution
  • Proper execution of documents
  • Proper jurats, notary seals
  • Recent construction
  • Transfers or loans involving corporations or partnerships
  • Last minute change in buyers
  • Last minute change in type of title insurance coverage
We would love to help you have an amazing closing experience on your next real estate transaction. 
Check out our Buyer and Seller Guide to Title and Escrow today!

Why is Escrow Needed?

And Other Frequently Asked Questions

 Peace of Mind and Protection
The questions, “What is an Escrow?” or “Why do I need Escrow?” come up from time to time. To answer these common questions and more, we have assembled an easy-to-understand Buyer and Seller Guide to Title and Escrow for our clients and partners.  

Here’s an excerpt from Escrow: Frequently Asked Questions in our guide:

  • Why is Escrow Needed? Whether you are the buyer or the seller, you want assurance that no funds or property will change hands until all instructions have been followed. With the increasing complexity of business, law and tax structures, it takes a trained professional to supervise the transaction.
  • How Long is an Escrow? The length of an escrow is determined by the terms of the purchase agreement/joint escrow instructions and can range from a few days to several months.
  • Who Chooses the Escrow? The selection of the escrow holder is normally done by agreement between the principals. If a real estate agent is involved, they may recommend an escrow holder.
We would love to help you have an amazing closing experience on your next real estate transaction. 
Check out our Buyer and Seller Guide to Title and Escrow today!

What Does Title Insurance Protect?

Why Title Insurance?

 Peace of Mind and Protection
We are often asked, “Why do I need title insurance?”, and “What does title insurance protect?”. To answer these common questions and more, we have assembled an easy-to-understand Buyer and Seller Guide to Title and Escrow for our clients and partners.  

Here’s an excerpt from The Title Insurance Value Proposition in our guide:

  • Title insurance protects the interests of property owners and lenders against legitimate or false title claims by owners or lien holders. It insures the title to the investment, unlocking its potential as a financial asset for the owner.
  • Title problems are discovered in more than one-third of residential real estate transactions. These “defects” must be resolved prior to closing. The most common problems are existing liens, unpaid mortgages, and recording errors of names, addresses or legal descriptions.
  • A homeowner’s title insurance policy protects the owner for as long as he or she has an interest in the property; and the premium is paid only once, at closing.
We would love to help you have an amazing closing experience on your next real estate transaction. 
Check out our Buyer and Seller Guide to Title and Escrow today!

Like your favorite coffee house!

At Ticor we strive to create a unique and personal closing experience that is unmatched in the industry. As many of our clients know, our closings are smooth and consistent time after time.

These are just a few of the reasons why working with
Ticor is like being at your favorite coffee house!

The Ticor Difference:

  • We take a proactive approach from beginning to end.
  • Files are opened immediately.
  • Title is cleared and all items needed for closing are obtained within ten days of opening. This means no surprises at closing for items missed or simply not addressed.
  • We sign our sellers in advance to ensure they sign at a date, time and place that is convenient for them.
  • We can better accommodate same day buyer signings and closings because our sellers are already signed.
  • We send file updates throughout the transaction to keep our clients in the loop of what comes next.
  • We e-record all of our documents which allows us to get the recording numbers back to our clients ASAP.
  • We use the customer preferred method of communication by phone calls and texting which makes it easy and convenient for our agents and clients to communicate with our team.
  • Since our closers work in teams there is always someone available to speak with or answer questions for clients.

We invite you to stop by one of our 
ten beautiful offices – coffee is on us!

844-MY-TICOR or 844-698-4267 (Call or Text!)

Washington Uniform Common Interest Ownership Act – FAQs

In March of 2018, Governor Inslee signed the Washington Uniform Common Interest Ownership Act (WUCIOA) and it took effect on July 1, 2018. The bill created a new chapter in the Revised Code of Washington that governs the formation, management, and termination of condos, co-ops, and planned communities (Common Interest Communities or “CICs”). Below is a summary of the who, what, when, where, and why of the act.

Who does the act apply to?

All new common interest communities meeting minimum requirements, or existing communities who “opt in” by amending existing CCRs.

What does the act do?

  • Applies to the Formation, Management and Termination of “Common Interest Communities” (CIC)
  • Affects how new CICs are created in Declaration of CCRs and Map
  • Existing HOAs and Condos may Opt-In by Amendment
  • Affects new Construction Sale of Units by requirement of Public Offering Statement
  • Affects Re-sales of Units by requirement of Resale Certificates
  • Form 22CIC must be completed on MLS Purchase and Sale Agreements for properties that are CICs
  • Typically any new Plat or Condo which has 13 or more “Units/ Lots” and bills dues over $300 annually

When did the act take effect?

Effective July 1, 2018

Where does the act apply?

Washington State

Why was the act created?

  • To create standardization of certain aspects of CCR’s/ HOA’s/ COA’s, in connection to individual units of real estate which share Common Interest Areas.
  • To promote transparency in Boards and standardized access for Owners to Board meetings and information.
  • To Standardize Notice of Meetings of Board and to extend collections on unpaid dues to 6 years recovery.
  • To Provide ample information to new Buyers with Public Offering Statements and Re-Sale Certificates, with mandatory time to review before purchasing Unit.
  • To provide Associations with simplified remedies to revise outdated CCRs.

Questions on your transaction?

Call Ticor Title Company for clarification on how WUCIOA impacts the Title in your transaction.

Ticor Title Officers/branches

AUBURN CPU  
Randi Elliott – Title Officer 253-393-9812
   
BELLEVUE  
Mike Wilson – Title Officer 253-765-7258
   
EVERETT  
Charie Winburn – Title Officer 425-586-6969
Christina Hughes – Title Officer 425-434-4005
Georgia Hallett – Sr Title Officer 425-586-6966
   
PUYALLUP  
Danny Osborn – Title Officer 253-904-1144
   
SEATTLE LAKE UNION  
Reid Vance – Title Manager 206-393-0921
   
GIG HARBOR  
Sean Barragan – Title Officer 253-904-1150
   
SPOKANE  
Adrienne Kerbs – Title Officer 509-742-5310
   
SPOKANE VALLEY  
Matt Buster – Title Officer 509-742-5306

Strong Commercial Business Drives Third Quarter Performance

Ticor Title is a member of the Fidelity National Financial family of companies and the nation’s largest group of title companies and title insurance underwriters that collectively issue more title insurance policies than any other title company in the United States.

Title Operation Performance

Our title business finished the third quarter of 2018 with solid results, as we generated adjusted pre-tax title earnings of $297 million, and an adjusted pre-tax title margin of 15.6%. Our adjusted pre-tax title earnings represented a $10 million, or 3.5%, growth over the third quarter of 2017.

Commercial Real Estate Overview

Our commercial operations continued their solid performance with third quarter total commercial revenue of $271 million, an 8% increase over the third quarter of 2017. This was driven by a 16% increase in total commercial fee per file, offset by a 7% decrease in closed commercial orders. Third quarter total commercial orders opened increased by 1% compared to the prior year.

Residential Real Estate Overview

Residential purchase opened orders increased by .3% and closed orders decreased by 1% in the third quarter versus the same quarter of 2017. In addition, the mix of business trend towards purchase transactions was sustained in the third quarter, with purchase business accounting for 69% of opened and 71% of closed orders.

Strong Focus on Metrics into Fourth Quarter

Moving into the seasonally slower fourth quarter of 2018, we remain focused on our operating metrics and executing our business plans to maximize our profitability and strive to remain the most profitable title insurance company in the nation.

How to Read a Title Commitment

How to Read a Title Commitment

What is a Title Commitment?

A Title Commitment (also known as a Preliminary Report in some areas) is a dated formal report that sets out in detail the conditions under which a policy of title insurance would be issued on a particular parcel of land. Its sole purpose is to facilitate the issuance of the policy.

Within a short time after a title order has been opened, the matters of record relative to the issuance of the title insurance policy on the subject property have been assembled in the title search and examined by skilled technicians. This is the time when the Title Commitment is prepared and sent to the customer.

The report reflects the matters which would be shown as exceptions in a policy of the title insurance so that the parties to the transaction will be aware of any of those matters of record that may need to be cleared prior to the closing of the transaction. This report is issued before the title policy—hence the name Title Commitment.

Download & Print

Download a printable PDF:
How to Read a Title Commitment

Those matters shown in the report are as follows:

  1. The estate or interest covered.
  2. The record owner of the estate or interest.
  3. A legal description of the parcel of land covered.
  4. Requirements and Notes
  5. The easements, liens, encumbrances and other matters which affect the title to the land at the date and time of the report.

Members of the Washington Land Title Association (WLTA) use the type of report explained on the eBook below. The investigation of title is normally limited to the public record, with no reference to off record matters. All references to specific property, dollar amounts, documents, and individual and corporate identification are fictional and for the purpose of educational sample only.

A Guide to Reading the Title Commitment

How To Read A Title Commitment