to your new home t o y r u u o o o n t to e e e u u t to to o o o o o o o o o o o o o o o o y o y o y o y ou ou o o u u u u o o u u ur ur r r u u u u u u u u r r r r ne ne e e e e e e ew ew e e e e e e w w o o o ho om m om m m w w w w w w o ho ho o o o o ho ho o o om om o o o o o o m m m m o o m m o o om om m m ome om m m m m m m m m m e e e e e e e e e e e e e e e e e e e e
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The information compiled for use in this report(s) was imported from a vendor provided database source. Although theinformation is deemed reliable and every effort has been taken to correct data imperfections, Ticor Title cannot be held
Primary Owner: Secondary Owner:LUESSER EMELDE M Mail Address: 24112 79TH AVENUE CT E GRAHAM WA 98338Site Address: 24112 79TH AVENUE CT E GRAHAM WA 98338APN : 602023-029 Lot Number : Page Grid : Housing Tract Number: Legal Description : Abbreviated Description: SEC/TWN/RNG/MER:SEC 20-1-2 TWP 18 RNG 04 SECTION 20 TOWNSHIP 18 RANGE 04 QUARTER 12 CHATEAU WOODS - PHASE I: CHATEAU WOODS - PHASE I NW OF NE 20-18-04E LOT 29 TOG/W
Property Details Bedrooms : 3 Year Built : 1990 Square Feet : 1,020 SF
Bathrooms : 2 Garage : Attached 2 Lot Size : 1.06 AC
Total Rooms : Fireplace : 1 Number of Units : 1
Zoning : R10 Pool : Use Code : Single Family Residential
Sale & Loan Transfer Date : 03/14/1994 Seller : WALLACE JR, JAMES W; WALLACE, KRISTINE
Transfer Value : N/A Document # : 9403140912BK-PG: 1001-0263 Cost/Sq Feet : N/A
Land Value : $100,300 Tax Amount : Tax Rate Area : 575
Improvement Value : $119,500 Tax Status : Current Tax Account ID : 17536238
Market Improvement Value : Market Land Value : Market Value :
Courtesy of Ticor Title Offered by Ticor Title Insurance All information produced is deemed reliable but is not guaranteed.
Pierce County Parcel Information
Parcel InformationParcel #: 6020230290
Site Address: 24112 79th Avct E Graham WA 98338
Owner: Luesser Emelde M
Owner Address: 24112 79th Avenue Ct E Graham, WA 98338-9389
Phone: 2538477330
Township/Range/Section: T: 18N R: 04E S: 20 Q: NE
Parcel Size: 1.06 Acres (46,160 SqFt)
Lot Dimensions: Front:0 - Depth:0
Map Page/Grid: 914-J1
Plat/Subdivision: CHATEAU WOODS - PHASE I
Plat Volume/Page: / 604 - 1101
Lot: 29
Block:
Census Tract/Block: 073116/1003
Waterfront:
Levy Rate: 13.74637456
Market Value Land: $75,500
Market Value Imprv: $96,300
Total Market Value: $171,800
Taxable Value: $111,670
Tax Information Tax Year: Annual Tax:
2011 $9822010 $1,135
Legal Section 20 Township 18 Range 04 Quarter 12 CHATEAU WOODS - PHASE I: CHATEAU WOODS - PHASE I NW OF NE 20-18-04E LOT 29 TOG/W PRI RD ABUTT (APPROX. 46,200 SQ FT) OUT OF 04-18-20-1-002 SEG B-0059 CH/NF5/10/90AT
Land Land Use: 1101 - SINGLE FAMILY DWELLING Zoning: R10 - Rural 10
Neighborhood: 060901 School District: SD #403 Bethel
Sewer: Sewer/Septic Installed View:
Improvement Year Built.: 1990 Build Type: 1 - 1 Story Bldg Use: 100 - Single Family Residential
Orig. Loan Amt: $106,350 Title Co: COMMONWEALTH TITLE
Finance Type: Fixed Loan Type: Lender: CONTINENTAL SAVINGS BANKSentry Dynamics, Inc. and its customers make no representations, warranties or conditions, express or implied, as to the accuracy or completeness of information contained in this report.
Sentry Dynamics, Inc. and its customers make no representations, warranties or conditions, express or implied, as to the accuracy or completeness of information contained in this report.
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Sentry Dynamics, Inc. and its customers make no representations, warranties or conditions, express or implied, as to the accuracy or completeness of information contained in this report.
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Sentry Dynamics, Inc. and its customers make no representations, warranties or conditions, express or implied, as to the accuracy or completeness of information contained in this report.
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Public Schools Report24112 79TH AVENUE CT E, GRAHAM, WA, 98338- 9389
Public School Statistics
NORTH STAR ELEMENTARY 1.08Mi. from subject property
7719 224TH STREET EAST GRAHAM , WA 98338-9216 253-538-3700
l Kindergarten - Grade 6 l Student Teacher Ratio: 1:18.9 l Full Time Equivalent Administrators:
Grade Membership
KDGN GR - 1 GR - 2 GR - 3 GR - 4 GR - 5 GR - 6 Total 88 68 78 84 83 104 90 595
ROCKY RIDGE ELEMENTARY 1.49Mi. from subject property
6514 260TH STREET EAST GRAHAM , WA 98338-9648 253-538-3000
l Kindergarten - Grade 6 l Student Teacher Ratio: 1:20.4 l Full Time Equivalent Administrators:
Grade Membership
KDGN GR - 1 GR - 2 GR - 3 GR - 4 GR - 5 GR - 6 Total 69 86 84 71 101 115 135 661
FRONTIER JR HIGH 2.17Mi. from subject property
22110 108TH AVENUE EAST GRAHAM , WA 98338-8871 253-538-3600
l Grade 7 - Grade 9 l Student Teacher Ratio: 1:20 l Full Time Equivalent Administrators:
Grade Membership
GR - 7 GR - 8 GR - 9 Total 345 296 280 921
BETHEL HIGH SCHOOL 2.76Mi. from subject property
22215 38TH AVENUE EAST SPANAWAY , WA 98387-6828 253-539-6600
l Grade 10 - Grade 12 l Student Teacher Ratio: 1:25.3 l Full Time Equivalent Administrators:
Grade Membership
GR - 10 GR - 11 GR - 12 Total 690 571 534 1,795
BETHEL SCHOOL DIST 403
516 176TH ST E SPANAWAY , WA 98387-8399 TEL: 253-539-6024 l Grade Span PK-12 l Pupil Teacher Ratio: 20.7:1 l Total Enrollment: 18,061 l Number of High School Graduates: 1,113 l Number of Teachers: 871.4 l Number of Teacher Aids: 138 l Number of Guidance Counselors: 25 l Number of School Administrators: 52.1 l Number of Schools : 33
About School Report Public Schools The Public School Report lists schools closest to the subject property. For a complete listing of schools in your area, please go to http://www.nces.ed.gov/globallocator.
API Index The Academic Performance Index (API) measures academic performance and growth of schools, which includes results of the Stanford 9. The API reports a numeric scale that ranges from 200 to 1000. A school's score or position on the API indicates the level of a school's performance.
EVERGREEN MONTESSORI ACADEMY 6.33Mi. from subject property
14414 107TH AVENUE CT E PUYALLUP, WA 98374-3831 253-841-8410 Gender: Coed
l Prekindergarten - Kindergarten l Nonsectarian l Student Teacher Ratio: 1:3.8 l Full Time Equivalent Administrators: 1.6
Grade MembershipPK KDGN Total 29 6 35
IMAGINATION MONTESSORI ACADEMY 7.21Mi. from subject property
14917 9TH AVENUE CT E TACOMA, WA 98445-2586 253-535-2522 Gender: Coed
l Prekindergarten - Grade 8 l Nonsectarian l Student Teacher Ratio: 1:2.3 l Full Time Equivalent Administrators: 3
Grade MembershipPK KDGN GR - 3 GR - 4 GR - 5 GR - 8 Total 10 1 1 1 1 3 17
PARKLAND LUTHERAN CHURCH & SCHOOL 8.95Mi. from subject property
12309 PACIFIC AVENUE S TACOMA, WA 98444-5060 253-537-1901 Gender: Coed
l Prekindergarten - Grade 8 l Other Lutheran l Student Teacher Ratio: 1:15.7 l Full Time Equivalent Administrators: 8.1
Grade MembershipPK KDGN GR - 1 GR - 2 GR - 3 GR - 4 GR - 5 GR - 6 GR - 7 GR - 8 Total 20 18 11 14 15 12 12 11 18 16 147
TRINITY LUTHERAN PRESCHOOL & CHILDCARE 9.25Mi. from subject property
12115 PARK AVENUE S TACOMA, WA 98444-3629 253-535-2699 Gender: Coed
l Prekindergarten - Kindergarten l Evangelical Lutheran Church in America (formerly AELC, ALC, l Student Teacher Ratio: 1:28.0 l Full Time Equivalent Administrators: 1
Grade MembershipPK KDGN Total 25 11 53
About School Report Private Schools As private schools are not subject to district boundaries, we list up to 15 of the schools closest to the subject property within a five mile radius of the subject property.
Courtesy of Ticor Title Offered by Ticor Title Insurance All information produced is deemed reliable but is not guaranteed.
WEISS REYN H & GRAHAM DANIELLE R 24117 79TH AVENUE CT E, GRAHAM WA 98338 APN: 602023-024 Bedrooms: 3 Bathrooms: 2.0 Square Feet: 1,252 SF Lot Size: 1.32 AC Year Built: 1990 Garage: A
KELLEY, STACY 7902 242ND ST E, GRAHAM WA 98338 APN: 602023-033 Bedrooms: 3 Bathrooms: 2.3 Square Feet: 1,837 SF Lot Size: 1.01 AC Year Built: 1991 Garage: A
SCHERR RAYMOND J & NANCY L (TTEE) 24002 79TH AVENUE CT E, GRAHAM WA 98338 APN: 602023-026 Bedrooms: 3 Bathrooms: 2.3 Square Feet: 2,010 SF Lot Size: 1.15 AC Year Built: 1990 Garage: M
SHAW TIMOTHY R & DONNA J 7812 242ND ST E, GRAHAM WA 98338 APN: 602023-032 Bedrooms: 3 Bathrooms: 2.3 Square Feet: 2,075 SF Lot Size: 1.01 AC Year Built: 1991 Garage: M
FITZGERALD KELLY D 24111 77TH AVE E, GRAHAM WA 98338 APN: 041820-201-2 Bedrooms: 2 Bathrooms: 1.0 Square Feet: 1,010 SF Lot Size: 5 AC Year Built: 1988 Garage:
SYLVIA ROBERT C & S M HANSON 7910 242ND ST E, GRAHAM WA 98338 APN: 602023-034 Bedrooms: 3 Bathrooms: 2.3 Square Feet: 1,713 SF Lot Size: 1 AC Year Built: 1991 Garage: M
ABIVA MARACO D & LINA G 8009 242ND ST E, GRAHAM WA 98338 APN: 602023-023 Bedrooms: 3 Bathrooms: 2.3 Square Feet: 2,192 SF Lot Size: 1.31 AC Year Built: 1991 Garage: A
MARTINSONS JACQUELYN I & DAREK V 8002 242ND ST E, GRAHAM WA 98338 APN: 602023-035 Bedrooms: 3 Bathrooms: 2.3 Square Feet: 2,029 SF Lot Size: 1 AC Year Built: 1991 Garage: A
LUESSER EMELDE M 24112 79TH AVENUE CT E, GRAHAM WA 98338 APN: 602023-029 Bedrooms: 3 Bathrooms: 2.0 Square Feet: 1,020 SF Lot Size: 1.06 AC Year Built: 1990 Garage: A
TUDOR WALTER M & TERESA A 24018 79TH AVENUE CT E, GRAHAM WA 98338 APN: 602023-028 Bedrooms: 3 Bathrooms: 2.3 Square Feet: 2,608 SF Lot Size: 1.3 AC Year Built: 1991 Garage: M
WILD RICHARD D JR & CARRIE R 24116 79TH AVENUE CT E, GRAHAM WA 98338 APN: 602023-030 Bedrooms: 3 Bathrooms: 2.3 Square Feet: 1,901 SF Lot Size: 1.3 AC Year Built: 1991 Garage: M
THOMAS, RICKY A; THOMAS, WINDIE L 7807 242ND ST E, GRAHAM WA 98338 APN: 602023-031 Bedrooms: 3 Bathrooms: 2.3 Square Feet: 2,764 SF Lot Size: 1.07 AC Year Built: 1991 Garage: A
CARON JAMES S & LISA H 24006 79TH AVENUE CT E, GRAHAM WA 98338 APN: 602023-027 Bedrooms: 3 Bathrooms: 2.3 Square Feet: 1,661 SF Lot Size: 1.45 AC Year Built: 1990 Garage: A
LEU, TAMARA SUE 24019 79TH AVENUE CT E, GRAHAM WA 98338 APN: 602023-025 Bedrooms: 3 Bathrooms: 2.0 Square Feet: 1,306 SF Lot Size: 1.28 AC Year Built: 1990 Garage: A
KARLSSON BENNY K J & SUSAN C 24015 79TH AVENUE CT E, GRAHAM WA 98338 APN: 602023-022 Bedrooms: 3 Bathrooms: 2.5 Square Feet: 1,569 SF Lot Size: 1.2 AC Year Built: 1990 Garage: A
Courtesy of Ticor Title Offered by Ticor Title Insurance All information produced is deemed reliable but is not guaranteed.
The Subject Property of 24112 79TH AVENUE CT E, GRAHAM, WA 98338-9389 is in Zone X and is considered to be OUT of the Special Flood Hazard Area (SFHA).
AN AREA THAT IS DETERMINED TO BE OUTSIDE THE 1% AND 0.2% ANNUAL CHANCE FLOODPLAINS. About Flood Report
The flood information contained in this report was obtained from maps provided by the Federal Emergency Management Agency (FEMA). Whenever possible we will report if the subject property is inside or outside of a 100 year Flood Hazard Area. These areas are defined as areas that have a one percent (1%) chance in any given year of being affected by a significant flood.
If a determination indicates that a property is located inside a special flood hazard area as described above, then a lender making a loan on the property must require the borrower purchasing the property to acquire flood insurance on the structure.
The flood information contained in this report is merely a preliminary review intended to provide the buyer, seller or agent guidance and general proximity of the subject property in relation to the 100 years flood hazard area. The buyer should obtain exact specific information from the seller or agent prior to finalizing his decision regarding the purchase of a given property.
Auburn 25 W Main St 253-931-3000 www.ci.auburn.wa.us Bonney Lake 19306 Bonney Lake Blvd 253-862-8602 www.ci.bonney-lake.wa.us
DuPont 303 Barksdale Ave 253-964-8121 www.ci.dupont.wa.us Eatonville 201 Center St W 360-832-3361 www.eatonville.com Edgewood 2221 Meridian Ave E 253-952-3299 www.ci.edgewood.wa.us
Steilacoom 1030 Roe St 253-581-1900 www.ci.steilacoom.wa.us Sumner 1104 Maple St 253-863-8300 www.ci.sumner.wa.us
University Place 3715 Bridgeport Way W, Ste B-1 253-566-5656 www.ci.university-place.wa.us
Capitol Moving Storage 800-246-1760 www.capitolmovingandstorage.com City Moving Systems Inc 800-426-7776 www.citymovingsystems.com
Packaging Store Moving Ctr 253-584-7464 www.packstore.com PODS-Portable On Demand 866-229-4120 www.pods.com Starving Students 800-254-0375 www.ssmovers.com
Bowman Payless Oil 206-772-4447 Eatonville P & L 360-832-3244 Elmhurst Mutual P & L 253-531-4646 www.elmhurstmutual.org Lakeview L & P 253-584-6060 www.lakeviewlight.com Prorgas 253-839-5062 Parkland L & Water 253-531-5666 www.plw.coop Pennisula Light Company 253-857-1510 www.penlight.org Puget Sound Energy 888-321-7779 www.pse.com Tacoma Power Energy 253-502-8600 www.ci.tacoma.wa.us/power/
Comcast 888-266-2278 www.comcast.com Direct TV 888-777-2454 www.directv.com Dish Network 888-825-2557 www.dishnetwork.com Day Wireless Systems 800-503-3433 206-878-1926 www.daywireless.com
Roy 253-537-8687 www.lemayinc.com Ruston 253-759-3544 South Hill 253-845-6955 www.lemayinc.com Steilacoom 253-537-8687 www.lemayinc.com Sumner 253-414-0345 www.wcnx.org
Valley Water 253-841-9698 253-841-9698 www.valleywaterdistrict.com Buckley 360-829-1921 www.buckleychamber.org
Valley Water 253-841-9698 253-841-9698 www.valleywaterdistrict.com DuPont
Pierce County Sewer 253-798-4020 253-964-3554 www.co.pierce.wa.us Eatonville
Spanaway Water Co. 253-531-9024 253-539-9526 www.spanaway-water.org Edgewood
Mt. View Water Co. 253-863-7348 www.ci.edgewood.wa.us Enumclaw
Gig Harbor 253-857-5950 www.cityofgigharbor.net Washington Water 253-851-4060 253-857-4001 www.wawater.com Rainier View Water 253-537-6634 253-537-7896 www.rainierviewwater.com Stroh’s Water 253-858-2051 253-858-6109 Peninsula Light/Water 253-857-5950 253-857-1558 www.penlight.org
Lakewood Lakewood Water Dist 253-588-4423 253-588-7150 www.lakewood-water-dist.org
Milton 253-922-3738 www.ci.milton.wa.us
Rainier View Water 253-537-6634 253-537-7896 www.rainierviewwater.com Valley Water 253-841-9698 253-841-9698 www.valleywaterdistrict.com
Puyallup Rainier View Water 253-537-6634 253-537-7896 www.rainierviewwater.com Valley Water 253-841-9698 253-841-9698 www.valleywaterdistrict.com Firgrove Mutual Water Summit Water Co. 253-537-7781 253-536-1759
Roy Rainier View Water 253-537-6634 253-537-7896 www.rainierviewwater.com
Ruston 253-502-8247 www.ci.tacoma.wa.us South Hill
Valley Water 253-841-9698 253-841-9698 www.valleywaterdistrict.com Firgrove Mutual Water Summit Water Co. 253-537-7781 253-536-1759
Steilacoom Lakewood Water Dist 253-588-4423 253-588-7150 www.lakewood-water-dist.org
Sumner Valley Water 253-841-9698 253-841-9698 www.valleywaterdistrict.com
Tacoma 253-502-8247 www.ci.tacoma.wa.us Parkland Light & Water 253-531-5666 253-531-2684 www.plw.coop Pierce Co. Public Works 253-798-7250 www.co.pierce.wa.us Spanaway Water Co. 253-531-9024 www.spanaway-water.org Summit Water Co. 253-537-7781 253-536-1759
University Place Tacoma Water 253-502-8247 www.ci.tacoma.wa.us
What is Escrow and Why is it Needed?Escrow is an arrangement in which a disinterested third party (an escrow
holder), holds legal documents and disburses funds on behalf of a buyer and
seller, and distributes them according to the buyer and seller’s instructions.
People buying and selling real estate often open escrow for their protection
and convenience. The buyer can instruct the escrow holder to disburse
the purchase price only upon the satisfaction of certain prerequisites and
conditions. The seller can instruct the escrow holder to retain possession
of the deed to the buyer until the seller’s requirements, including receipt
of the purchase price, are met. Both rely on the escrow holder to faithfully
carry out their mutually consistent instructions relating to the transaction
and to advise them if any of their instructions are not mutually consistent or
cannot be carried out.
Escrow is convenient for the buyer and seller because both can move
forward separately but simultaneously in providing inspections, reports,
loan commitments, funds, deeds, and many other items, using the escrow
holder as the central deposit point. If the instructions from all parties to
escrow are clearly drafted, fully detailed and mutually consistent, the escrow
holder can take many actions without further consultation. This saves much
time and facilitates a smooth closing of the transaction.
What Each Party Does in the Escrow ProcessThe Seller
• Deposits the executed deed to the buyer with the escrow holder.
• Deposits evidence of pest inspection and any required repair work, per the
purchase and sale agreement.
• Deposits required documents such as addresses of mortgage holders, homeowner association contacts, and lien holders.
The Buyer• Deposits the funds required, in addition to any borrowed funds, to pay
the purchase price with the escrow holder.
• Deposits funds sufficient for home and title insurance.
• Approves any inspection reports, title insurance commitments, etc. called for by the purchase and sale agreement.
• Fulfills any other conditions specified in the escrow instructions.
The Lender (if Applicable)• Deposits proceeds of the loan to the purchaser.
• Directs the escrow holder on the conditions under which the loan funds may be used.
The Escrow Holder• Opens the order for title insurance.
• Obtains approvals from the buyer on title insurance report, pest and other inspections.
• Receives funds from the buyer and/or any lender.
• Prorates insurance, taxes, rents, etc.
• Disburses funds for title insurance, recording fees, real estate commissions, lien clearance, etc.
• Prepares a final statement for each party, indicating amounts to be disbursed for services and any further amounts necessary to close escrow.
• Records deed and loan documents, delivers the deed to the buyer, loan documents to the lender and funds to the seller, closing the escrow.
What HappensWhat Happensin Escrow?
In SummaryEscrow accounts are opened for protection and convenience by those who are selling or buying real estate. The escrow process
was developed to help facilitate the sale or purchase of your home. The escrow holder accomplishes this by:
• Acting as the impartial “stakeholder,” or depository of documents and funds.
• Processing and coordinating the flow of documents and funds.
• Keeping all parties informed of progress on the escrow.
• Responding to the lender’s requirements.
• Securing a title insurance policy.
• Obtaining approvals of reports and documents from the parties as required.
• Prorating and adjusting insurance, taxes, rents, etc.
• Recording the deed and loan documents.
• Maintaining security and accountability of monies owed and owing.
If the inspector detects an unrecorded easement or other evidence of outstanding rights that could affect the owner’s title and possibly the value and intended use, the company will disclose these matters before the closing of the purchase. Those matters must then either be disposed of or shown as exceptions in the title insurance policy. Sometimes when an acceptable survey and appropriate affidavits are received, an inspection will not be made.
Judgment and Name Search One of the most important parts of the title search is to determine if there are any unsatisfied judgments against the seller or previous owners which were in existence while they owned the title. A judgment is a general lien against the debtor’s real estate and constitutes security for any money owed under the judgment. The real estate can be sold to satisfy the judgment.
It is extremely important to be sure that a title is not subject to judgments against the seller or previous owners. Title insurance provides this protection. A judgment against a person named Smith may affect the title of a seller named Smith, depending on whether or not they are the same person. All possible variations of the name must be examined.
For example, the name Smith might be spelled Schmidt, Schmid, Schmidtt, Schmidz, Schmied, Schmiedt, Smid, Smythe, and so on. The name Nichols can be spelled 73 different ways, from Nachols to Nychals. The task is to determine which of these applies to the owner in question. First names have to be checked, too. There are 25 foreign forms of John, including Johann, Jehan, Hans, Shaun, Gudi, and Efom.
Rights established by judgment decrees, unpaid federal income taxes, and mechanic’s liens all may be prior claims on the property, ahead of the buyer’s or lender’s rights. If a judgment is discovered that constitutes a defect in the title, it is pointed out. The seller must then eliminate it before the title of the new buyer can be insured free and clear of that judgment.
Commitment When these searches have been completed, the title company issues a commitment to insure, stating the conditions under which it will insure the title. The buyer, seller and mortgage lender can proceed with the closing of the transaction after clearing up any defects in the title which may have been uncovered by the search and examination.
The mortgage lender is as concerned as the buyer about the quality of the title because the property is to be security for the new mortgage loan. The mortgage lender requires assurance that it has a valid first (or another acceptable priority) mortgage lien on the property. This is not only common sense, but generally a legal requirement of regulated mortgage lenders.
The lender’s title insurance, however, does not protect the new buyer of the property. Although the land is the same, the interest of the buyer and the interest of the lender are very different. The provisions of a lender’s title insurance policy are very different from those of a buyer’s policy. The buyer should obtain his own policy, often issued simultaneously with the lender’s policy.
You’ve decided to purchase a home and hope to take possession as soon as possible. The terms have been agreed on and all financial arrangements have been made. But one important detail remains. Before the transaction can
close, a title search must be made.
The most accurate description of title is “a bundle of rights in real property.” A title search is the process of determining from the public record just what these rights are and who owns them.
A title search is a means of determining that the person who is selling the property really has the right to sell it, and that the buyer is getting all the rights to the property (title) that he or she is paying for.
In those transactions where title insurance is involved, the title company must determine insurability of the title as part of the search process. This leads to the issuance of a title policy, which insures the existence or non-existence of rights to the property.
The title insurance company will, at its own expense, defend the title and will pay losses within the coverage of the policy if they occur.
But exactly what is involved in a title search? Ticor Title Company provides the following step-by-step review as follows: Chain of Title, Judgement and Name Search, Tax Search, Commitment, and Report on Possession.
Chain of TitleThis is simply a history of the ownership for a particular piece of property, telling who bought and sold it, and when. The information may be derived from public records — usually a County Clerk or Recorder’s Office — or obtained from title plants privately owned and maintained by title companies. There are great varieties of such plants — index cards, punch cards, tract books, even sophisticated computerized plants. They all contain essentially the same information from which the history of the title may be secured.
Tax Search This is a search to determine the present status of general real estate taxes against the property. The tax search will reveal if taxes are current or whether any taxes are past due and unpaid from previous years. In addition, the tax search will indicate the existence of any special assessments against the land and, if so, whether or not these assessments are current or past due.
A due and unpaid tax or special assessment is a prior lien or claim on the property above all others. If a buyer purchases property with unpaid and past due taxes or assessments against it, he or she is likely to find a government body — the city, county or state — placing the property up for sale to pay those taxes or assessments. A tax search reveals the status of the taxes. Title insurance protects the buyer against loss from unpaid and past due taxes and assessments.
Report on PossessionIn many places where it operates, Ticor Title Company may send inspectors to look at the property to verify the lot size, check the location of improvements, and look for evidence of easements that are not shown on the record.
The purpose of this is to supplement the information learned from the title search. In the eyes of the law, any buyer of real estate is assumed to have notice of all matters properly shown in the public records for that real estate, as well as any information that an actual inspection may reveal.
a title search?WHAT’S INWHAT’S IN
Keys to a
Verify with your loan officer that all conditions have been met.
Notify your escrow officer the names of your lender and homeowner insurance companies
Buyers
Keys to aSuccessful ClosingThe key to any transaction as important as your sale or purchase is to read and understand your Purchase and Sale Agreement (P&SA). The P&SA will inform the escrow officer of all the details that are to take place. Your escrow officer is not an attorney and cannot practice law; you should consult your lawyer for legal advice. The escrow officer is there to follow the instructions given by the principals in the escrow through the P&SA and lender instructions.
Prior to Closing
Confirm with your agent that all contingencies have been satisfied
Keep your agent informed of any vacation plans or times you will be unavailable
If you plan to have your documents reviewed by an attorney, please notify your escrow officer at least
48 hours prior to signing
Buyers and Sellers
Before your signing AppointmentExpect to sign at the escrow company one or two business days before the closing date
If funds are required to close, be prepared to bring the monies in the form of a cashier’s check 24
hours before recording or wire transfer the same day as closing
Have a valid photo ID available at your signing appointment: Driver’s License, State ID, Passport, or
Green Card
Expect the signing to last approximately one hour if you are the buyer and 30 minutes if you are the seller
Guide toCustomary Closing CostsGuide toOne-half of the escrow fee (according to contract)Lender’s title policy premiums (ALTA)Document preparation (if applicable)Tax pro-ration (from date of acquisition)Recording charges for all documents in buyer’s namesHome Owner’s insurance premium for first yearHome Warranty (according to contract)Inspection fees (according to contract): roofing, property, geological, pest, etc.All new loan charges (except those required by lender for seller to pay)Interim interest on new loan from date of funding to first payment date
The buyer normally pays for:
One-half of the escrow fee (according to contract)Work orders (according to contract)Owner’s title insurance premiumsReal estate commissionAny judgments, tax liens, etc. against the sellerAny unpaid Homeowner Association duesHome Warranty (according to contract)Any bonds or assessments (according to contract)Any loan fees required by buyer’s lender (according to contract)Recording charges to clear all documents of record against sellerPayoff of all loans in seller’s name (or existing loan balance being assumed by buyer)Interest accrued to lender being paid off, reconveyance fees and any prepayment penaltiesExcise Tax (% based on county and sale price)
The seller normally pays for:
What isWhat is
ESCROW
New OwNer!Payments to Lender
Purchase & sale agreemeNt
Selling Agent – BuyerBuyer Loan Application
Listing Agent – Sellerreview &
clear title
Insurance Binder
leNderMortgage Insurance
UnderwriterLoan Approval
verificatiONBuyers FundsEmployment
AppraisalCredit Report
determiNe statusHomeowners DuesFees/Commissions
TaxesLiens
Mortgages
clOsiNg statemeNt & escrOw
iNstructiONs
recOrd & disburse fuNds
Oversee clOsiNg dOcumeNts sigNed
PrePare legal dOcumeNts
Escrow is an arrangement in which a neutral third party (escrow agent) takes instruction from buyer and seller to process documentation and handle funds in the real estate transactions.