Washington Buyer and Seller Guide for Title and Escrow

Introduction 3
Important Contacts For Your Transaction 4
The Title Insurance “Value Proposition”: 10 Reasons 5
What is Title? - FAQ 6
Why You Need Title Insurance - 21 Reasons 8
Life of a Title Search 9
Title Policy Comparison Chart 10
Homeowner’s Policy of Title Insurance 12
Homeowner’s Policy Additional Benefits 13
What is the Preliminary “Title” Report? 15
5 Common Ways To Hold Title 16
ID Affidavit - Why is it Needed? 17
Vesting: Common Ways of Holding Title 18
Escrow: FAQ 20
The Escrow Process 22
The Life of an Escrow 24
Opening Escrow 26
Red Flags in the Escrow / Title Process 27
Taxes 34
Pat Act 36
Loan FAQ 37
What is Payoff 38
Closing Costs: What Buyers & Sellers Typically Pay For 40
Consumer Financial Protection Bureau (CFPB) 43
What is Consumer Financial Protection Bureau? (CFPB) 44
Will The New CFPB Rule Delay My Closing? 46
Purchase Title / Escrow Order Workflow 47
The New Closing Disclosure Explained 48
Glossary of Terms 57

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