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Condo, Townhome, PUD, or Plat? What they are, how they’re different, and how they’re identified.

Condo, Townhome, PUD, or Plat?  What they are, how they’re different, and how they’re identified.

Sometimes questions arise as to the exact nature of certain residential properties: It looks like a house but is it a condo, a townhome, built on a lot in a plat or what? Should I use a Residential Purchase & Sale Agreement or a Condominium Purchase & Sale Agreement form when I write up an offer?  No worries! Your Ticor Customer Service team is happy to help you clear up this sometimes murky issue.  Below are some tips to help you identify which type of residential parcel you’re working with. Download Click the image below to download a printable version […]

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The Property Tax Annual Cycle

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February 7, 2012

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Blog, Title Insurance

The Property Tax Annual Cycle

There are few things in life that are as certain as taxes, especially when it comes to buying, selling, and owning real estate.  In this article, we’re going to take a look at property taxes, including when they are due, when they may be paid, how they’re calculated, and what tax relief programs are available. The Property Tax Timeline Download the Property Tax infographic Click here to download a printable version of the Property Tax annual cycle. Property taxes have a timeline that is different than most other taxes or bills that we pay. Let’s take a look at the […]

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The Life Cycle of Bankruptcy – Chapters 7, 11, and 13

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January 24, 2012

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Blog, Title Insurance

The Life Cycle of Bankruptcy – Chapters 7, 11, and 13

Even though bankruptcy filings are becoming more and more commonplace, the process itself is still not easily understood by most people. In general, the bankruptcy process is intended to ultimately give debtors a fresh start. But the path to that fresh start depends on many factors. In the lifecycle of bankruptcy flow chart below, you’ll see the most common paths taken for the 3 most common types of bankruptcy : chapters 7, 11, and 13. Download a printable version of this chart. Click the image below for a printable version of this chart. Download Life Cycle of Bankruptcy Chart here. […]

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What Happens Between Signing and Closing of Escrow…

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October 25, 2011

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Blog, Escrow

What Happens Between Signing and Closing of Escrow…

Note: This Article was originally published October 25, 2011. An updated version with current information is available here: What’s the Difference Between Signing and Closing Escrow What’s the difference between “Signing” and “Closing Escrow?” 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. Download Download a printable article here: What […]

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Top 8 Questions About FIRPTA

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October 10, 2011

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Blog, Escrow

Top 8 Questions About FIRPTA

What is F.I.R.P.T.A.? F.I.R.P.T.A. is an acronym for Foreign Investment Real Property Tax Act.  It was established in 1980 for the purpose of withholding the estimated amount of taxes which may be due on the gain of the disposition of a U.S. Real Property Interest from foreign persons.  A U.S. real property interest includes sales of interests in parcels of real property as well as sales of shares in certain U.S. corporations which are considered U.S. real property holding corporations. Persons purchasing U.S. real property interests (transferee) from foreign personsare required to withhold 10 percent of the amount realized. What […]

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Real Estate Legal Descriptions in Plain English

Real Estate Legal Descriptions in Plain English

Legal descriptions of property, those all-important components of a Purchase and Sale Agreement, fall into two basic categories: platted and unplatted properties. Of course, there are many variations in each category! For your reference, we have put together a quick reference with examples below. Click on any link below to see examples of various types of legal descriptions & the maps that go with them. Platted is a general term for properties where a subdivision involving an approved survey map and plans that describe each lot or unit and that are recorded with the county. Subdivisions, shortplats, and even condominiums […]

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A Policy by any Other Name – ALTA Homeowner’s Policy Demystified

A Policy by any Other Name – ALTA Homeowner’s Policy Demystified

What kind of title insurance policy should the real estate buyer get? Does it make a difference? Is there a cost difference? There are different types of title insurance policies with different coverages. In the past, standard or extended policies were the norm, but the Homeowner’s Policy (“ALTA Homeowner’s Policy for One-to-Four Family Residence”) has become the new standard for residential transactions. This expanded coverage policy is the default policy called for in Paragraph “e” of the NWMLS Residential Purchase and Sale Agreement. It is the best choice in most residential transactions involving platted lots with an existing home. But […]

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6 Tips for Reading Plat Maps

6 Tips for Reading Plat Maps

Each day, most real estate professionals access ‘Plat Maps.’ The need for these maps varies for each property, and each circumstance.  In Ticor’s effort to make things easy for clients, we thought you could use some ‘Pointers’ about working with Plat Maps! 6 Tips for Reading Plat Maps: 1.  Access –  Access is simply how someone can physically reach the property.  We have a sample for you here, where you can see that ‘Access’ is shown on map, by A. city or county road, B. private driveway (flagpole lot), C. shared driveway with common ownership, D. shared driveway with easement, […]

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How do I remove someone from the title to my property?

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February 8, 2011

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Blog, Title Insurance

How Do I Remove Someone From Title?

Situations can arise where the ownership interest in your property changes from the way it was originally acquired. Whether it is due to death, divorce, a parting of ways or the requirements of a new lender it sometimes becomes necessary to remove someone’s name from the title to a property. This is usually accomplished by the party exiting title executing a deed of conveyance in favor of the party or parties that will remain in title. Clearing the interest of deceased parties is an entirely different matter altogether and will not be addressed here. In Case of Divorce In cases […]

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What is a Closing Protection Letter in Washington State?

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January 11, 2011

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Blog, Escrow

A closing protection letter (“CPL”) is a written indemnity agreement requested by a lending institution or bank (“lender”) and issued by the title insurance company (“underwriter”) that will issue a loan policy insuring the lender. CPLs provide specific assurances to the lender which safeguard them in the event that dishonesty, fraud, or negligence cause failure of the escrow agent to properly disburse the closing or escrow funds in a real estate transaction. A CPL also provides assurances to the lender that their written closing instructions have been complied with. CPLs are issued in most states and some of them restrict, […]

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