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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
This amount is based on the sales price.
What is the Homeowner's policy?
100
Important for escrow to have at the beginning of the transaction.
What is client information?
100
The right to claim a lien for professional services, materials or equipment supplied 90 days after completion of work.
What are Mechanic or Contractor 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
Sometimes gifted at the end of the transaction to the new buyers.
What is a home warranty?
200
This amount is based on the loan amount.
What is the Lender's Policy?
200
Certified check, personal check, wire transfer or money order - cash is not excepted.
What is earnest money?
200
The Government's legal claim against your property when you fail to pay a tax debt.
What is a Federal tax lien?
200
Generally the busiest time for closings.
What is end of 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 is the person that has the right to sell the property?
300
These can potentially hold up a transaction if escrow does not have a copy.
What are addendums?
300
Lien issued by department of health and social services.
What is a child support lien?
300
Ensures a clean title report for the new home buyer.
What is clearing clouds on the title report?
300
This can change a sales price.
What is an appraisal?
400
These are on every residential resale title policy.
What are the General Exceptions?
400
This is most commonly the date of possession change
What is the recording or 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
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
These are property specific and apply only to the particular 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 neighborhood generally enforced by the local home owner's association.
What are the covenants, conditions and restrictions?
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 Broker/Commission Demand?