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What do you find on a title report?
Purchase & Sale Agreement
Red Flags of Title
The Life of an Escrow Officer
HOLD UPS
100
Based on the Sales Price
What is the sellers Homeowner's policy
100
Important for escrow to have at the beginning of the transaction
What is Client Information
100
Notice may be given at any time but only protects the right to claim a lien for professional services, materials, or equipment supplied after the date which is sixty days before
What is Mechanics (Contractor's) Lien?
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
Sometimes gifted at the end of the transaction to the new buyers
What is a home warranty
200
Base on the Loan Amount
What is Lenders Simultaneous Policy
200
Certified Check, Personal Check, Wire Transfer, or Money Order, cash is not excepted
What is Earnest Money
200
This Lien is the government's legal claim against your property when you neglect or fail to pay a tax debt. The lien protects the government's interest in all your property, including real estate, personal property and financial assets.
What is A federal tax lien
200
Generally the busiest time for closings
What is end of the month?
200
When the seller becomes the tenant
What is a rent hold back
300
Title to the Estate of interest in the land is at the Effective Date vested in Test T. Seller, as his separate estate
Who has the right to sell the property
300
Can hold up the transaction if we we don't have the most updated one
What is Addendum
300
Lien issued by Department of Health and Social Services
What is an Child Support Lien
300
A clean title report for the new home buyer
What is clearing clouds on the title report?
300
Can change the sales price
What is a delayed appraisal
400
They are on every residential resales title policy
What are the General Exceptions
400
Possession Change
What is a Closing Date?
400
A certain right to use the "Real Property" of another without actually owning the property
What is an easement?
400
Their favorite part of the transaction
What is the signing appointment
400
out of town clients signing
What is a courtesy signing
500
These run to a specific tax parcel number
What are the Special Exceptions
500
The day the buyer assumes the loan
What is the consummation date
500
Usually in subdivisions but can be found in any neighbor generally enforced by the local Home Owners Associations
What are Convents, Conditions and Restrictions
500
The other half of the escrow officer
What is their assistant?
500
Where you can find your client information
What is a Broker/Commission Demand?