Closing
This is the date the new fiscal year begins & when property taxes reset.
What is July 1?
From July 1 through Mid-October, the Seller credits the Buyer with a prorated share of the taxes based on the previous year tax amount. Buyer is then responsible for paying taxes when due.
From Mid-October through June 30th, the seller pays the taxes and the buyer reimburses for a prorated portion of the taxes.
With this document, a principal is appointing someone else to act on their behalf.
What is a POA?
This term is used to explain how Escrow reasonably divides any expenses related to the property, representing the amount of time each principal owns the property.
What are prorations?
Common fees that are prorated include property taxes and HOA dues.
This document is needed by an Escrow Officer to help distinguish buyers & sellers of real property from others with similar names.
What is an ID Affidavit?
This app & website allows you to create seller net sheets & estimated closing costs right at your fingertips.
What is Ticor Agent One?
This document is signed by both buyer and seller and confirms the final, agreed-upon purchase price, prorations, and credits for closing.
What is the Settlement Statement?
This law requires buyers to withhold 15% of the amount realized by the seller when that seller is a foreigner.
What is FIRPTA?
Foreign Investment in Real Property Tax Act.
This rule, which allows a borrower to cancel a transaction after signing, only applies to refinances & home equity type loans — not purchases.
What is the Right of Rescission?
Borrowers have until midnight of the third business day after signing to rescind.
During a divorce, this person must sign off on the sale even if they are not on title to the home.
Who is the spouse?
In Oregon, neither party can sell property during a divorce without acceptance & acknowledgment by both parties and/or a judge.
If you are in need of a property profile on a weekend or evening when Ticor Title is closed, you can use this website.
What is TicorExpress?
When these are not provided, this is the only time a buyer can receive an earnest money refund from escrow without a seller’s signature.
What are Seller Disclosures?
Bonus: What do we do with funds if the buyer & seller cannot reach agreement?
We send it to an Interpleader.
This federal law requires lenders to provide borrowers with clear, timely disclosures of loan costs to prevent surprises at closing.
What is TILA?
(Truth in Lending Act)
This law prohibits a lender from recording a lien before the loan has been funded.
What is the “Good Funds” Law?
Example: When a lender takes collateral against the property but fails to fund, preventing payoff of prior liens.
This term describes a break in the chain of title that must be corrected before a property can be insured or transferred.
What is a gap in title?
Finding the best areas to market to can be difficult, but this website allows you to see turnover rates & likely sellers easily.
What is Ticor Live Farm?
This additional insurance premium is required by lenders for borrowers who are taking out a new loan on a home with recent construction.
What is Early Issue Title Coverage?
It protects both buyer & lender from mechanics liens filed after closing.
This report, if offered, assures the buyer of marketable title.
What is a PTR?
Preliminary Title Report.
Contains:
This occurs when the buyer and seller cannot agree on repair costs or credits, and the earnest money is held until a mutual release is signed.
What is a dispute hold?
Once a transaction is recorded, this becomes effective and remains effective until the property is sold again or changes hands.
What is a Title Insurance Policy?
Not generally transferable except in very rare direct-insurer cases.
When a seller asks you what the average days on market are for their area, you can reference this tool that Ticor Sales Executives email weekly.
What are Altos Reports?
In this type of agreement, a vendor holds title and collects payments from the vendee directly.
What is a land contract?
Once satisfied, the vendee receives title.
This U.S. agency is responsible for consumer protection in the real estate/financial sectors.
What is the CFPB?
Consumer Financial Protection Bureau.
They enforce RESPA and oversee all financial sectors affecting consumers.
This person takes over management of a living trust property when the original trustee has died or become incapacitated.
What is a successor trustee?
It takes this long for a judgment to attach to a property when someone is added to title.
What is immediately?
Before hosting an Open House, you should reference this site for marketing & lead capture tools.
What is Breakthrough Broker?