Condo, Townhome, PUD, or Plat? What they are, how they’re different, and how they’re identified.
Sometimes questions arise as to the exact nature of certain residential properties: It looks like a house but is it a condo, a townhome, built on a lot in a plat or what? Should I use a Residential Purchase & Sale Agreement or a Condominium Purchase & Sale Agreement form when I write up an […]
The Property Tax Annual Cycle
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’re going to take a look at property taxes, including when they are due, when they may be paid, how they’re calculated, and what tax relief programs are available. […]
The Life Cycle of Bankruptcy – Chapters 7, 11, and 13
Even though bankruptcy filings are becoming more and more commonplace, the process itself is still not easily understood by most people. In general, the bankruptcy process is intended to ultimately give debtors a fresh start. But the path to that fresh start depends on many factors. In the lifecycle of bankruptcy flow chart below, you’ll […]
What Happens Between Signing and Closing of Escrow…
Note: This Article was originally published October 25, 2011. An updated version with current information is available here: What’s the Difference Between Signing and Closing Escrow What’s the difference between “Signing” and “Closing Escrow?” When people talk about a real estate purchase, they sometimes use the terms “signing” and “closing” interchangeably in reference to the […]
Top 8 Questions About FIRPTA
What is F.I.R.P.T.A.? F.I.R.P.T.A. is an acronym for Foreign Investment Real Property Tax Act. It was established in 1980 for the purpose of withholding the estimated amount of taxes which may be due on the gain of the disposition of a U.S. Real Property Interest from foreign persons. A U.S. real property interest includes sales […]
Real Estate Legal Descriptions in Plain English
Legal descriptions of property, those all-important components of a Purchase and Sale Agreement, fall into two basic categories: platted and unplatted properties. Of course, there are many variations in each category! For your reference, we have put together a quick reference with examples below. Click on any link below to see examples of various types […]
A Policy by any Other Name – ALTA Homeowner’s Policy Demystified
What kind of title insurance policy should the real estate buyer get? Does it make a difference? Is there a cost difference? There are different types of title insurance policies with different coverages. In the past, standard or extended policies were the norm, but the Homeowner’s Policy (“ALTA Homeowner’s Policy for One-to-Four Family Residence”) has […]
6 Tips for Reading Plat Maps
Each day, most real estate professionals access ‘Plat Maps.’ The need for these maps varies for each property, and each circumstance. In Ticor’s effort to make things easy for clients, we thought you could use some ‘Pointers’ about working with Plat Maps! 6 Tips for Reading Plat Maps: 1. Access – Access is simply how […]
How do I remove someone from the title to my property?
Situations can arise where the ownership interest in your property changes from the way it was originally acquired. Whether it is due to death, divorce, a parting of ways or the requirements of a new lender it sometimes becomes necessary to remove someone’s name from the title to a property. This is usually accomplished by […]
What is a Closing Protection Letter in Washington State?
A closing protection letter (“CPL”) is a written indemnity agreement requested by a lending institution or bank (“lender”) and issued by the title insurance company (“underwriter”) that will issue a loan policy insuring the lender. CPLs provide specific assurances to the lender which safeguard them in the event that dishonesty, fraud, or negligence cause failure […]