What do you find on a title report?
Purchase & sale agreement
Red flags of title
The Life of an Escrow
Hold ups
100
This amount is based on the sales price
What is the Policy Amount/Liability Amount for the Owner's Policy?
100
Important for escrow to have at the beginning of the transaction
What is complete contact information for your client?
100
These liens are claimed for unpaid labor, professional services, materials, or equipment within 90 days from when the work is completed.
What are mechanics' liens or material men's liens?
100
Although not a lawyer, they are able to prepare, and complete documents in a form previously approved by the limited practice board for use in closing a loan, extension of credit, sale or other transfer of real or personal property.
What is a Limited Practice Officer?
100
Personal checks or money orders
What has up to a 10 day hold?
200
This product insures the priority and enforceability of the deed of trust
What is the Loan Policy?
200
Certified check, personal check, wire transfer or money order - cash is not excepted.
What is earnest money?
200
Unpaid federal taxes may result in the IRS filing one of these.
What is a Notice of Federal Tax Lien?
200
Generally the busiest time for closings.
What is end of month?
200
When the seller is a foreign individual or entity.
What is FIRPTA?
300
These additions to the policy can provide additional coverage
What are endorsements?
300
These can potentially hold up a closing if escrow and the lender do not have a copy
What are addendums?
300
This state department may file a lien on property to recover for unpaid child support
What is the Department of Social and Health Services (DSHS)?
300
Confirms the amount owed on the sellers underlying debt.
What is a payoff statement?
300
This can cause a loan to be re-underwritten.
What is a missing addendum (seller/broker credit or price change)?
400
The Commitment should show that title is _____ in the seller.
What is vested?
400
These are what the county issues when a document becomes public record and a transaction is officially closed.
What are recording numbers?
400
This is a non-possessory right of use to property.
What is an easement?
400
Escrow’s favorite part of the transaction.
What is making closing calls to the real estate brokers?
400
A signing that takes place when your customers are out of town or unavailable to sign at our local office.
What is a courtesy signing?
500
Schedule B of the Commitment shows the property specific exceptions to title, also known as this.
What are the special exceptions?
500
The day the buyer assumes the loan.
What is the consummation date?
500
These are usually found in subdivisions and are generally enforced by the local homeowner's association.
What are Covenants, Conditions and Restrictions (CC&Rs)?
500
The other half of the escrow officer.
Who is their assistant?
500
The most important document a Realtor can send to escrow to ensure they get paid the correct amount for the transaction.
What is a commission disbursement form?
M
e
n
u