Category Archives: Escrow Information
Duties Of the Lender
The duties of your lender in the escrow process are to ensure that your loan for the purchase of your home can get the proper funding to close the transaction. To do this, the lender needs to … Continue reading
The Duties of The Title Insurance Officer.
The duties of the Title Insurance Officer is to do a complete search and examination of the Title of the subject property.
Verify the legal description provided by the Purchase and Sale Agreement.
Issue a title … Continue reading
The Closing Process and Responsibilities
During the closing process of a real estate transaction there are certain duties which must be performed. Who is responsible for which duty? The following is an explanation of the duties of everyone involved in the … Continue reading
Escrow Thursday: Sub-Escrow and the Closing Protection Letter
When the escrow company closing a transaction is an “independent” escrow company (not associated with a title company), or is affiliated with a different title company, lenders can, and frequently do, require that … Continue reading
How Are Property Taxes Handled in Escrow?
In Washington State most counties collect property taxes twice a year, April 30th and October 31. The April payment covers January through June and the October payment covers July through December. Lenders typically send … Continue reading
HUD Settlement Statement
The HUD-1 Settlement Statement is the financial picture of the closing which shows all the money flowing into and out of the purchase and sale of real estate. The purchase-and-sale agreement, or escrow instructions, is/are the written agreement … Continue reading
What Is Escrow and Why Is It Needed?
An escrow is an arrangement in which a neutral third party (the escrow agent) assembles and processes all of the components of a real estate transaction (including legal documents), records the transaction, and … Continue reading
The Limited Practice Officer
Is a professional designation held only by lay persons who have passed the “Limited Practice Officer” test administered by the Limited Practice Board and the Washington State Supreme Court.
Has a limited license to select, prepare and … Continue reading
Who Does What in the Escrow Process?
The Seller and Seller’s Broker
• Delivers a fully executed purchase and sale agreement to the escrow agent.
• Executes the paperwork necessary to close the transaction.
• Deposits any amendments to the purchase and sale agreement.
The … Continue reading
Escrow Offices Were Busy in November
November’s real estate reports are out and the news is very good. Closed sales in November were up 19 percent over last year in the Seattle area. This is good news for the real estate … Continue reading
Road Map to the Escrow Process
Purchase and Sale Agreement is the first stop on the road.
The primary reason to create an escrow in a real property transaction, contracted by a Purchase and Sale Agreement, is to provide a mechanism for … Continue reading
The Basics of Escrow
I attended a continuing education class today at the new Library in Burien, Washington. It was presented by First American Title Insurance Company, and the instructor was Kathy McKinley. The class was on the basics of escrow. … Continue reading
Forms of Deeds in Washington State.
There are several types of deeds that can be used for real estate in the State of Washington. The difference in the deeds are the types of warranties provided.
A Warranty Deed warrants to the buyer … Continue reading
Appealing Your Property Taxes
It is that time of year when notices of your property tax assessment for the coming year is arriving in the mail. If you think that your taxes are too high, you can appeal the assessment. You … Continue reading
Why do some title reports call for an inspection?
When a title company inspects, which is about 15-25% of all sale orders, they look for the following:
A. Evidence of recent improvements (thus, potential mechanic’s lien rights)
B. Evidence of encroachments
C. Evidence of … Continue reading