Title & Escrow News and Information
The CFPB has amended Regulations J and L
to permit online filing under ILSA. According to the CFPB, “the Interstate Land Sales Full Disclosure Act requires certain land developers to register their subdivisions and provide disclosures about the lots being offered, to protect consumers from deception or abuse.” This generally requires a developer of a subdivision containing one hundred or more lots, with certain exceptions, to register the subdivision with the CFPB. Electronic filing will modernize the process by making payment submission more efficient and reducing paperwork costs.
CFPB ILSA Website & Online Filing Resources
The agency has also launched a new website with online filing resources, including instructions, available at www.consumerfinance.gov/ilsa.
Final Rule Effective Date
June 10, 2016
For issues or questions regarding ILSA registration contact the Interstate Land Sales Registration Program Office. Direct any FOIA requests to our FOIA office.
When people talk about a real estate purchase, they sometimes use the terms “signing” and “closing” interchangeably in reference to the event when the buyers sign documents with Escrow. However, there are several events that take place between the buyer’s signing appointment and the actual closing of the real estate transaction. Let’s take a moment and review that process.
Signing of Documents
Escrow receives instructions to prepare the settlement statement so the lender can provide the Closing Disclosure to the buyer/borrower for acceptance and signature. During the waiting period, the escrow company can prepare the necessary escrow and title transfer documents. After the required waiting period, the lender will then forward the documents for signature to the escrow company, so that the signing appointments can be scheduled.
Lender Reviews Documents & Funds the Loan
Once the loan documents have been signed, the escrow officer delivers them back to the lender either by email, fax or physical delivery for review. When the lender is satisfied that all required documents have been signed and all outstanding loan conditions have been met, the lender will notify escrow that they are ready to disburse the loan funds to escrow. Upon receipt of the wire from the lender, the escrow officer is authorized to send the transfer documents to the county for recording. The time frame for review is normally 24 to 48 hours.
Real estate transactions in Washington State that involve conveyance or transfer where consideration is paid, require the payment of excise tax. All appropriate tax amounts must be paid before the county will allow the Deed conveying title to be recorded.
Recording is Authorized
Once recording is authorized by the lender, and all funds have been received, documents are either electronically recorded or hand-carried to the county recorder’s office by the title insurance company. The Warranty Deed is recorded first, showing the transfer of the property to the buyer, with the Deed of Trust recorded next. Recording the Deed of Trust just after the Deed insures the lender’s first lien position on the property.
Closed and Recorded
Recording numbers are the unique and specific numbers given by the county recorder’s office to a properly executed legal document thereby making it part of the public record. In other words, when we have recording numbers, the buyer is “on record” as holding title to the property and based on the possession date in the purchase agreement, the new owner may take possession and proceeds may be disbursed to the seller.
We are pleased to announce the availability of Ticor Title's comprehensive Buyer/Seller guide in PDF, eBook, and Print Formats. This guide is designed to provide meaningful information and answer commonly asked questions that home buyers and sellers have throughout a real estate transaction.
Our goal with the Buyer/Seller Guide is to improve the overall experience of buyers and sellers by providing education and insights that demystify Title Insurance, Escrow, the CFPB, Taxes and more. This guide is a useful tool in setting proper expectations for the complex process of buying and selling a home.
How to Get the Buyer & Seller Guide
For your convenience, there are three ways to access the guide:
Buyer & Seller Guide Available Formats
|Formats & How to Access
Downloadable PDF ||Download the Buyer & Seller Guide in PDF format for viewing, sharing, and local print. Download here: Buyer and Seller Guide to Title & Escrow
||eBooklet format presents well on tablets, smart-phones, and desktops and provides a means of linking to and sharing individual pages or sections of the document. Click here to view the Buyer & Seller Guide in eBook format.
||The Buyer & Seller Guide is available in a high-quality print format upon request. Please contact your Ticor Title Sales Executive to reserve yours today.
We are pleased to announce that John Kirkpatrick has joined the Ticor Title team in Lynnwood!
A Seasoned Professional
Like many professionals, John Kirkpatrick was led into the world of title and escrow in his early 20s by a family member. While his first role served it's purpose for him at the time, it was not long before a simple "job" turned into a passionate career. With a drive and motivation to show the world what the meaning of true customer service and responsiveness can be, John's career grew exponentially. During his nearly 15 year career, John has held titles such as Customer Service Manager, Centralized Services Manager, Director of Sales Operations, and Business Development Manager.
A Passion for Excellence
While being inside the office supporting his teammates has been extremely rewarding, in recent years John felt a calling to be in the field connecting and building meaningful relationships with clients directly. John is driven by an overwhelming desire to prove to this industry that top-notch customer service is not a thing of the past. Through commitment and dedication to his craft, he strives to build trust and long-lasting partnerships with his clients. John's refreshing authenticity and sense of camaraderie builds solid foundations in which relationships flourish. He wears his heart on his sleeve, his clients see his passion, and they connect with him on a truly genuine level.
Please join us in welcoming John to the Ticor Title Family!