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!