WFG Title and Escrow Information Booklet

Page 1

8 FACTS ABOUT

POWER OF ATTORNEY 1) If a new loan is being obtained: A) You should contact borrower’s/buyer’s lender

Note 3: A Power of Attorney that is already of

to see if they will allow the use of a Power of

UHTXLUH D WLWOH FRPSDQ\ WR FDOO IRU D UHFRUGDEOH

Attorney to execute their loan documents, and

Âł$IÂżGDYLW FRQÂżUPLQJ DXWKRULW\ XQGHU 3RZHU RI

determine the type of Power of Attorney i.e.

Attorney� (California Probate Code Section

JHQHUDO VSHFLÂżF HWF WKH\ PD\ UHTXLUH

4305) to be recorded at the close of sale or loan

record or is more than 12 months old, may

transaction.

B) Make sure that the principal’s and attorney-infact’s names are consistent with loan documents

5) Depending on whether the transaction in-

and escrow instructions, as well as how the

YROYHV D VDOH RU UHÂżQDQFH WKH NH\ ZRUGV WKDW

principal holds the record title.

D WLWOH FRPSDQ\ RU OHQGHU PD\ ORRN IRU LQ WKH VHFWLRQ WKDW VSHFLÂżHV WKH DWWRUQH\ LQ IDFWÂśV

2) If a sale is involved:

powers are: to “convey�,�Mortgage�,�encum

Make sure that the principal’s name is consistent

ber�,�executed deed�, and “executed deed of

with the way he/she holds the record title and

trust.�

that the attorney in fact executes the conveyance document consistent with his/her name shown on

6) The person signing for the principal is

the Power of Attorney.

called an “attorney-in-fact�.

3) A Power of Attorney must be notarized and

7) Be sure the attorney-in-fact executes the

UHFRUGHG LQ WKH 2IÂżFH RI WKH &RXQW\ 5HFRUG-

document consistent with the requirements

ed in which the subject property is located.

of a county recorders.

4) Although there are no statues of limitation

8) A title company will not insure an attorney-

governing the term of Power of Attorney, the

LQ IDFW FRQYH\LQJ WKH SULQFLSDOÂśV SURSHUW\ WR

Power of Attorney itself may impose a dead-

himself/herself.

line for its use. Note 1: All Power of Attorneys expire on the date of death of the principal. Note 2: Please consult your legal or estate planning professional when contemplating use of a California durable statutory Power of Attorney.

$/7$ &/7$

+20(2:1(5¶6 &29(5$*(

:H ZDQW SROLFLHV IRU KRPHRZQHUV WKDW SURYLGH FRYHUDJH UHOHYDQW LQ WRGD\¶V ZRUOG 1R KRPH SXUFKDVHU VKRXOG HYHQ FRQVLGHU EX\LQJ WKHLU KRPH ZLWKRXW DOVR GHPDQGLQJ WKH +RPHRZQHU¶V 7LWOH ,QVXUDQFH 3ROLF\

7KH $/7$ &/7$ +RPHRZQHU¶V &RYHUDJH SROLFLHV SURYLGH QHZ DQG YHU\ H[FLWLQJ FRYHUDJHV 7KHVH FRYHUDJHV VKRXOG UHVXOW LQ KRPHRZQHUV ZDQWLQJ WKHLU RZQ SROLF\ RI WLWOH LQVXUDQFH RQ HYHU\ KRPH WKH\ SXUFKDVH %HORZ LV D EULHI GHVFULSWLRQ RI MXVW VRPH RI WKH SUREOHPV FRYHUHG E\ WKLV QHZ SROLF\ x 3RVW SROLF\ IRUJHU\ RU LPSHUVRQDWLRQ OHDYLQJ \RX ZLWK QR UHFRUG WLWOH RU ZLWK PRUWJDJHV RQ \RXU KRPH \RX QHYHU PDGH x 6RPHRQH FODLPLQJ WKDW GXULQJ \RXU RZQHUVKLS D SUHVFULSWLYH QHJDWLYH HDVHPHQW VXFK DV D YLHZ HDVHPHQW KDV EHHQ FUHDWHG RYHU \RXU ODQG OLPLWLQJ \RXU XVH x 1HLJKERUV EXLOGLQJ HQFURDFKLQJ VWUXFWXUHV RQWR \RXU ODQG DIWHU \RX SXUFKDVH LW x $Q\ERG\ DIWHU \RX SXUFKDVH \RXU KRPH UHFRUGLQJ D GHHG PRUWJDJH RU RWKHU GRFXPHQW WKDW E\ PLVWDNH GHVFULEHV \RXU SURSHUW\ LQVWHDG RI WKH ODQG LQWHQGHG WKHUHE\ OHDYLQJ \RX ZLWK D FORXGHG WLWOH DQG H[SHQVHV DQG D KDVVOH WR JHW LW FRUUHFWHG x /DFN RI DFWXDO SK\VLFDO DFFHVV IRU ERWK YHKLFOHV DQG SHGHVWULDQV WR DQG IURP \RXU KRPH 2WKHU SROLFLHV RQO\ SURYLGH FRYHUDJH IRU ODFN RI D OHJDO ULJKW RI DFFHVV x 3UH H[LVWLQJ YLRODWLRQV RI && 5V ZKLFK VRPHRQH LV WU\LQJ WR IRUFH \RX WR FRUUHFW RU UHPRYH 7KLV FRYHUDJH DSSOLHV HYHQ LI WKH && 5V DUH H[FHSWHG IURP FRYHUDJH LQ VFKHGXOH % x 6XEGLYLVLRQ ODZ YLRODWLRQV RI SUHYLRXV RZQHU ,Q VRPH DUHDV WKH WLWOH LV YRLG LI WKH VXEGLYLVLRQ ODZV KDYH EHHQ YLRODWHG ,Q RWKHUV \RX FDQQRW REWDLQ EXLOGLQJ SHUPLWV WR PDNH WKH GHVLUHG LPSURYHPHQWV x %XLOGLQJ SHUPLW YLRODWLRQV RI SUHYLRXV RZQHUV 7KLV LV YHU\ YDOXDEOH WR WKH XQZDU\ SXUFKDVHU EHFDXVH LW LV YLUWXDOO\ LPSRVVLEOH WR NQRZ ZKHWKHU DOO SRUWLRQV RI WKH KRPH \RX ZDQW WR SXUFKDVH ZHUH FRQVWUXFWHG ZLWK D EXLOGLQJ SHUPLW x =RQLQJ ODZ RU UHJXODWLRQ YLRODWLRQV RI SUHYLRXV RZQHUV ZKLFK WKH LQVXUHG LV IRUFHG WR UHPHG\ RU UHPRYH x (QFURDFKPHQWV RI H[LVWLQJ VWUXFWXUHV RQWR QHLJKERULQJ SURSHUW\ RU RQWR HDVHPHQWV DIIHFWLQJ \RXU KRPH 7KHUH LV HYHQ FRYHUDJH IRU ERXQGDU\ ZDOO RU IHQFH HQFURDFKPHQWV x 7KH UHVLGHQFH ZLWK WKH DGGUHVV VKRZQ LQ WKH SROLF\ QRW EHLQJ ORFDWHG RQ WKH ODQG GHVFULEHG 2QH RI WKH JUHDW EHQHILWV RI WKH +RPHRZQHU¶V 3ROLF\ LV LW VROYHV D SUREOHP LQKHUHQW LQ RWKHU IRUPV 2WKHU SROLFLHV WHUPLQDWH ZKHQ \RX WUDQVIHU \RXU WLWOH H[FHSW DV WR ZDUUDQW\ OLDELOLW\ 7KLV KDV EHHQ SUREOHPDWLF IRU RZQHUV DQG HVWDWH SODQQLQJ SURIHVVLRQDOV ,I \RX SXUFKDVH D SROLF\ ZKHQ \RX EX\ \RXU KRPH DQG VXEVHTXHQWO\ SODFH WKH WLWOH LQ \RXU WUXVW IRU HVWDWH SODQQLQJ SXUSRVHV \RX PD\ KDYH YHU\ ZHOO ORVW \RXU WLWOH LQVXUDQFH FRYHUDJH 1RW VR ZLWK WKH QHZ +RPHRZQHU¶V 3ROLF\

%,1'(5

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³+RZ ORQJ GR , SODQ WR NHHS WKLV SURSHUW\"´ 7KH WLWOH ELQGHU LV D FRVW VDYLQJ WRRO IRU SHRSOH L H LQYHVWRUV ZKR LQWHQG WR ³IOLS´ D SURSHUW\ RU IRU WKRVH ZKR DUH VXEMHFW WR IUHTXHQW UHORFDWLRQ RU ZKR MXVW ILQG WKHPVHOYHV QRW ZLVKLQJ WR UHPDLQ LQ D VSHFLILF SURSHUW\ IRU PRUH WKDQ WZR \HDUV ,W LV LPSRUWDQW WR UHSHDW KRZHYHU WKDW DQ LQWHULP ELQGHU LV QRW LQVXUDQFH LW LV D FRPPLWPHQW WR LVVXH DQ LQVXUDQFH SROLF\ +RZHYHU LI D FODLP DULVHV GXULQJ WKH LQWHULP ELQGHU SHULRG WKH SHUVRQ WR ZKRP WKH LQWHULP ELQGHU ZDV LVVXHG PD\ FRQYHUW WKH LQWHULP ELQGHU WR DQ RZQHU¶V SROLF\ RI WLWOH LQVXUDQFH QDPLQJ KLP DV LQVXUHG DQG WHQGHU WKDW FODLP SXUVXDQW WR WKH SROLF\ 7LWOH ELQGHUV DUH RQO\ IRU EX\HUV QRW OHQGHUV DQG DUH LVVXHG LQ OLHX RI DQ 2ZQHU¶V 3ROLF\

CALIFORNIA

ENDORSEMENT

DEFINITIONS

Endorsements are available to provide insurance against environmental protection liens, enforcement of covenants, conditions and restrictions and accuracy of boundaries. Below DUH VRPH RI WKH PRVW FRPPRQ DQG VWDQGDUG UHÂż DQG UHVDOH HQGRUVHPHQWV

STANDARD REFI AND RESALE ENDORSEMENTS

ENDORSEMENT

DESCRIPTION

CHARGE

100

Comprehensive coverage regarding boundaries, easements and CC&R’s.

No Charge

100.2

Comprehensive - ALTA 9

No Charge

100.12 or 100.13

Right of enforcement under CC&R is ineffective.

$25.00

100.18

Right of reentry ineffective and unmarketability of title because of right of entry.

$25.00

103.1

Unlocatable easement.

$25.00

103.3

Easement - Removal of improvements.

No Charge

103.5

:DWHU ULJKWV HQGRUVHPHQW RI EDVH UDWH QRW LQFOXGHG LQ WLHUHG UHÂż SULFLQJ

$25.00

8.1 or 110.9

Environmental protection.

$25.00

111.5 or 111.8

Variable rate endorsement.

No Charge

115.1

Condominium

No Charge

115.2

Planned Unit Development

No Charge

116 or 116.2

Property Address

No Charge

COMMON WAYS TO HOLD TITLE

7LWOH WR UHDO SURSHUW\ LQ &DOLIRUQLD PD\ EH KHOG E\ LQGLYLGXDOV HLWKHU LQ 6ROH 2ZQHUVKLS RU LQ &R 2ZQHUVKLS 7KHUH DUH VHYHUDO YDULDWLRQV DV WR KRZ WLWOH PD\ EH KHOG LQ HDFK W\SH RI RZQHUVKLS DQG WKH IROORZLQJ VXPPDULHV UHIHUHQFH WKH PRUH FRPPRQ H[DPSOHV 7KH ZD\ SURSHUW\ LV KHOG FDQ DIIHFW \RXU WD[HV LQKHULWDQFH DQG \RXU ILQDQFLDO IXWXUH %H VXUH WR FRQVXOW \RXU DWWRUQH\ DQG DFFRXQWDQW WR DGYLVH \RX

62/( 2:1(56+,3

&2 2:1(56+,3

x

$ PDQ RU ZRPDQ ZKR LV QRW PDUULHG ([DPSOH -DQH 'RH D VLQJOH ZRPDQ

x

x

$Q XQPDUULHG PDQ ZRPDQ $ PDQ RU ZRPDQ ZKR KDYLQJ EHHQ PDUULHG DUH OHJDOO\ GLYRUFHG ([DPSOH -DQH 'RH DQ XQPDUULHG ZRPDQ

x

$ PDUULHG PDQ ZRPDQ DV KLV KHU 6ROH DQG VHSDUDWH SURSHUW\ ZKHQ D PDUULHG PDQ RU ZRPDQ ZLVKHV WR DFTXLUH WLWOH DV WKHLU VROH DQG VHSDUDWH SURSHUW\ WKH VSRXVH PXVW FRQVHQW DQG UHOLQTXLVK DOO ULJKW WLWOH DQG LQWHUHVW LQ WKH SURSHUW\ E\ GHHG RU RWKHU ZULWWHQ DJUHHPHQW ([DPSOH -DQH 'RH D PDUULHG ZRPDQ KDV KHU VROH DQG VHSDUDWH SURSHUW\

&RPPXQLW\ 3URSHUW\ $Q\ SURSHUW\ DFTXLUHG GXULQJ D YDOLG PDUULDJH ([FOXGHG LV DQ\ SURSHUW\ DFTXLUHG E\ JLIW EHTXHVW GHYLVH GHVFHQW RU DV WKH VHSDUDWH SURSHUW\ RI HLWKHU LV SUHVXPHG FRPPXQLW\ SURSHUW\ ([DPSOH -DQH 'RH DQG -RKQ 'RH ZLIH DQG KXVEDQG DV FRPPXQLW\ SURSHUW\ ([DPSOH -DQH 'RH DQG -RKQ 'RH ZLIH DQG KXVEDQG ([DPSOH -DQH 'RH PDUULHG ZRPDQ

x

-RLQW 7HQDQF\ -RLQW DQG HTXDO LQWHUHVWV LQ ODQG RZQHG E\ WZR RU PRUH LQGLYLGXDOV FUHDWHG XQGHU D VLQJOH LQVWUXPHQW ZLWK ULJKW RI VXUYLYRUVKLS ([DPSOH -DQH 'RH DQG -RKQ 'RH ZLIH DQG KXVEDQG DV MRLQW WHQDQWV

x

7HQDQF\ ,Q &RPPRQ 8QGHU WHQDQF\ LQ FRPPRQ WKH FR RZQHUV RZQ XQGLYLGHG LQWHUHVWV EXW XQOLNH MRLQW WHQDQF\ WKHVH LQWHUHVWV QHHG QRW EH HTXDO LQ TXDQWLW\ DQG PD\ DULVH DW GLIIHUHQW WLPHV 7KHUH LV QR ULJKW RI VXUYLYRUVKLS HDFK WHQDQW RZQV DQ LQWHUHVW ZKLFK RQ KLV RU KHU GHDWK YHVWV LQ KLV RU KHU KHLUV RU GHYLVHH ([DPSOH -DQH 'RH D VLQJOH ZRPDQ DV WR DQ XQGLYLGHG WKV LQWHUHVW DQG 6DOO\ 6PLWK D VLQJOH ZRPDQ DV WR DQ XQGLYLGHG WK LQWHUHVW DV WHQDQWV ,Q FRPPRQ

x

7UXVW 7LWOH WR UHDO SURSHUW\ LQ &DOLIRUQLD PD\ EH KHOG LQ WUXVW 7KH WUXVWHH RI WKH WUXVW KROGV WLWOH SXUVXDQW WR WKH WHUPV RI WKH WUXVW IRU WKH EHQHILW RI WKH WUXVWRU EHQHILFLDU\

3URYLGHG E\ WKLUG SDUW\ ZLWK QR DIILOLDWLRQ WR :)* 7LWOH ,QV &R DQG DW QR FRVW WR :)* 7LWOH ,QF &R 3UR 3U UUR URY RYLGHG : :)* )* * 7LW :)* 7LWOH ,QV &R PDNHV QR UHSUHVHQWDWLRQ WKDW DQ\ RI WKH LQIRUPDWLRQ LV FXUUHQW RU DFFXUDWH DQG GR GRH G RH R HV QR GRHV QRW HQGRUVH RU RWKHUZLVH DFFHSW UHVSRQVLELOLW\ IRU WKH LQIRUPDWLRQ

%1//10 9#;5 61 *1.& 6+6.'

6+6.' 8'56+0) %#.+(140+#

2CTVKGU

&KXKUKQP QH +PVGTGUVU

%QOOWPKV[ 2TQRGTV[

%QOOWPKV[ 2TQRGTV[ YKVJ 4KIJV QH 5WTXKXQTUJKR

*WUDCPF CPF YKHG QT FQOGUVKE RCTVPGTU

*WUDCPF CPF YKHG QT FQOGUVKE RCTVPGTU

,QKPV 6GPCPE[ #P[ PWODGT QH RGTUQPU ECP DG JWUDCPF CPF YKHG QT FQOGUVKE RCTVPGTU

6GPCPE[ KP %QOOQP

2CTVPGTUJKR

6TWUV

#P[ PWODGT QH RGTUQPU

#P[ PWODGT QH RGTUQPU

#P[ PWODGT QH DGPGHKEKCTKGU QH VJG VTWUV

#P[ PWODGT QH KPVGTGUVU GSWCN QH WPGSWCN

2CTVPGTUJKR KPVGTGUVU OC[ DG GSWCN QT WPGSWCN

$GPGHKEKCN KPVGTGUVU WPFGT VTWUV OC[ DG GSWCN QT WPGSWCN

'SWCN

'SWCN

+P VJG PCOGU QH VJG KPFKXKFWCN QYPGTU

+P VJG PCOGU QH VJG KPFKXKFWCN QYPGTU

+P VJG PCOGU QH VJG KPFKXKFWCN QYPGTU

+P VJG PCOGU QH VJG KPFKXKFWCN QYPGTU

+P VJG PCOG QH VJG RCTVPGTUJKR

+P VJG PCOG QH VJG VTWUVGG őCU VTWUVGGŒ

2QUUGUUKQP

'SWCN TKIJV QH RQUUGUUKQP

'SWCN TKIJV QH RQUUGUUKQP

'SWCN TKIJV QH RQUUGUUKQP

'SWCN TKIJV QH RQUUGUUKQP

#EEQTFKPI VQ RCTVPGTUJKR CITGGOGPV

#EEQTFKPI VQ VTWUV CITGGOGPV

%QPXG[CPEG

$QVJ URQWUGU OWUV LQKP KP C EQPXG[CPEG

$QVJ URQWUGU OWUV LQKP KP C EQPXG[CPEG

%QPXG[CPEG D[ QPG EQ QYPGT DTGCMU VJG LQKPV VGPCPE[

'CEJ EQ QYPGTŏU KPVGTGUV OC[ DG EQPXG[GF UGRCTCVGN[

#P[ IGPGTCN RCTVPGT CWVJQTK\GF D[ VJG RCTVPGTUJKR CITGGOGPV OC[ EQPXG[

6TWUVGG OC[ EQPXG[ KP CEEQTFCPEG YKVJ VJG VTWUV CITGGOGPV

&GEGFGPVŏU KPVGTGUV RCUUGU VQ UWTXKXQT

&GEGFGPVŏU KPVGTGUV RCUUGU VQ VJG UWTXKXQT U

&GEGFGPVŏU KPVGTGUV RCUUGU VQ VJG FGEGFGPVŏU GUVCVG

6KVNG

&GCVJ

&GEGFGPVŏU 5RQWUG KPVGTGUV RCUUGU VQ FGEGFGPVŏU GUVCVG

'SWCN

2CTVPGTUJKR CITGGOGPV RTQXKFGU HQT GKVJGT VGTOKPCVKQP QT EQPVKPWCPEG QH VJG RCTVPGTUJKR

6TWUV CITGGOGPV WUWCNN[ RTQXKFGU HQT FKUVTKDWVKQP WRQP FGCVJ QH VJG UGVVNQT 6TWUV CITGGOGPV WUWCNN[ RTQXKFGU HQT FKUVTKDWVKQP WRQP FGCVJ QH VJG UGVVNQT

5WEEGUUQTŏU 5VCVWU

6GPCPE[ KP EQOOQP DGVYGGP FGXKUGG CPF UWTXKXQT TGUWNVU

5WTXKXQT QYPU GPVKTG KPVGTGUV

.CUV UWTXKXQT QYPU GPVKTG KPVGTGUV

&GXKUGGU QT JGKTU DGEQOG VGPCPVU KP EQOOQP

*GKTU QT FGXKUGG JCXG TKIJVU KP RCTVPGTUJKR KPVGTGUV DWV PQV KP URGEKHKE RTQRGTV[

%TGFKVQTŏU 4KIJVU

%QOOWPKV[ RTQRGTV[ KU NKCDNG HQT VJG FGDVU QH GKVJGT URQWUG KPEWTTGF DGHQTG QT FWTKPI OCTTKCIG QT FQOGUVKE RCTVPGTUJKR

%QOOWPKV[ RTQRGTV[ KU NKCDNG HQT VJG FGDVU QH GKVJGT URQWUG KPEWTTGF DGHQTG QT FWTKPI OCTTKCIG QT FQOGUVKE RCTVPGTUJKR

%Q QYPGTŏU KPVGTGUV OC[ DG UQNF CV CP GZGEWVKQP UCNG VQ UCVKUH[ VJG EQ QYPGTŏU LWFIGOGPV ETGFKVQT

%Q QYPGTŏU KPVGTGUV OC[ DG UQNF CV CP GZGEWVKQP UCNG VQ UCVKUH[ VJG EQ QYPGTŏU LWFIGOGPV ETGFKVQT

1PN[ C RCTVPGTŏU TKIJV VQ TGEGKXG RTQHKVU ECP DG GZGEWVGF WRQP D[ VJG RCTVPGTŏU LWFIGOGPV ETGFKVQT

7UWCNN[ C ETGFKVQT ECPPQV GZGEWVG QP C DGPGHKEKCT[ŏU KPVGTGUV

6JG HQTGIQKPI KU RTQXKFGF HQT IGPGTCN KPHQTOCVKQP QPN[ (QT URGEKHKE 3WGUVKQPU QP (KPCPEKCN 6CZ QT GUVCVG RNCPPKPI YG UWIIGUV [QW EQPVCEV CP #VVQTPG[ QT %GTVKHKGF 2WDNKE #EEQWPVCPV

COMPARISON OF TITLE POLICIES 1. Someone else owns a recorded interest in your title. 2. A document upon which your title is based is not property signed, sealed, acknowledged, recorded or delivered.

Standard

CLTA Policy

3. Your title is affected by forgery ,fraud, duress, incompetency, incapacity or impersonation. 4. You have no legal right of access to and from your land. 5. restrictive covenants limit your use of the land. 6. There is a lien on your title, which includes: a mortgage or deed of trust. judgement, tax or special assessment or a charge by a home owner’s or condominium association. 7. Your title is unmarketable, which allows someone to refuse to purchase, lease or make a mortgage loan on the land. 8. Other defects, liens or encumbrances.

ALTA Policy

Residential

9. Mechanics liens for labor or material furnished before the policy date. 10. Someone else has rights affecting your title arising out of leases, contract or options. 11. Someone has an unrecorded easement on your land. 12. Cannot use the property as a single family residence (1-4 units) because the use violates an existing zoning law. 13. Forced removal of existing structures (other than boundary walls or fences) because they: extend onto other land or an easement, violate a restriction shown in Schedule B, violate an existing zoning law. 14. forced removal of existing boundary walls or fences because they: extend onto other land, an easement of a building setback line, violate a restriction shown in Schedule B, or violate an existing zoning law or zoning regulation.

Homeowner’s Policy

Complete

15. No actual vehicular and / or pedestrian access to the land. 16. You are forced to correct or remove an existing violation of any covenant, condition or restriction affecting the land, even if the CC&R is excepted in Schedule B. 17. Your title is lost or taken because of a violation of any covenant, condition of restriction affecting the land, which occurred before you acquired title, even if the CC&R is excepted in Schedule B. 18. Because of an existing violation of a subdivision law: you are unable to obtain a building permit, you are forced to correct or remove the violation, or someone refuses, based on a legal right, to purchase or make a mortgage loan on the land. 19. You are forced to correct or remove your existing structures (other than boundary walls or fences) because they were built without a building permit. 20. Your existing structures are damaged through the exercise of a right to use an easement affecting the land, even if the easement is excepted in Schedule B. 21. Forgery impersonation or other defect affecting your title which occurs after the policy date. 22. Prescriptive easement or adverse possession against your title occurring after the policy date. 23. Your existing improvements (or a replacement or modification of them after the policy date) are damaged because of the future exercise of a right to use the land for extraction or development of water, minerals or other substance, even if those rights are excepted in Schedule B and the damage occurs after the policy date. 24. Your neighbor builds a structure (other than boundary walls or fences) on your property after the policy date. 25. The residence with the address shown in Schedule A is not located on the land at the policy date. 26. The failure of the map, if any, attached to the policy to show the correct location of the land according to the public records. 27. Title can be transferred to a Living Trust after the policy date; extends to heirs and trust beneficiaries. 28. Automatic increase in coverage up to 150% ( at 10% annually for 5 years) Note: This chart is intended for comparison purposes only and is not to be relied on for an explanation of policy coverage. Policy coverages are subject to the terms, exclusions, exceptions and deductibles shown in the policies. * Certain properties do not qualify for the Homeowners Policy

Provided P rovide vided vid ed by by third t party with no affiliation to WFG Title Ins Co. and at no cost to WFG Title Inc. Co. WFG Title IIns n . Co. Co. makes make no representation that any of the information is current or accurate and does not endorse or Ins. o oth he erw rw wissse e accept ac cc otherwise responsibility for the information.

GUIDE TO READING AN ASSESSOR’S PLAT MAP

Part of the A.P.N. This 3 digit number indicates the Page section of the map.

2 Parcel Number Part of the A.P.N., this number Indicates the property in question.

3 Lot Number Indicates the Lot number for the Tract.

4 Assessor’s Book Number Part of the A.P.N. This Book and Page number represents the Map.

5 Book and Page Indicates what map page adjoins our map.

6 Acreage Indicator Provides acreage information for the lot.

7 Abbreviated Miscellaneous Maps

439-39

Read “Map recorded in Book 21, Page 25 of Miscellaneous Maps in the office of the county recorder of said county”

4

11

5

8 Updated Map Date The updated date for the current map.

6

9 Corner Frame Shows the exterior corners of subdivision map boundaries.

10 Tract Number This number indicates the tract for the map or section of the map.

6

1 Page Number

3

11 North Arrow Not always facing “up”. The Arrow also indicates the scale of the map.

12 Original Map Date The year the map was originated.

12

10

7

1

16

2 8

/,)( 2) $1 (6&52: 4GEGKXG CPF TGXKGY GUETQY CPF RGTVKPGPV KPHQTOCVKQP

0,66,21

67$7(0(17

&RPPXQLFDWH &ROODERUDWH &R ([LVW 2XU ORJR LV WKUHH & V UHSUHVHQWLQJ FRPPXQLFDWH FROODERUDWH DQG FR H[LVW :)* XQGHUVWDQGV WKDW LW KDV QR SXUSRVH ZLWKRXW LWV FOLHQWV 6LPSO\ SXW :)* H[LVWV IRU LWV FOLHQWV 2XU FOLHQW IRFXV PDQLIHVWV LWVHOI WKURXJK FRQVWDQW FRPPXQLFDWLRQ DQG DQ XQFRQGLWLRQDO ZLOOLQJQHVV WR FROODERUDWH DW HYHU\ RSSRUWXQLW\ %\ H[HUFLVLQJ FRPPXQLFDWLRQ DQG FROODERUDWLRQ ZH LQWHJUDWH ZLWK RXU FOLHQW SURFHVVHV DQG FR H[LVW IRU WKH FRQVXPHU V EHQHILW

WHO WE ARE

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

352326,7,21

352326,7,21 3URSRVLWLRQ VWDWHV WKDW D KRPH¶V WD[ DPRXQW FDQQRW H[FHHG RI LW¶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¶UH RYHU WKH DJH RI DQG \RX EX\ D QHZ KRPH HTXDO RU OHVVHU YDOXH LQ D FRXQW\ WKDW DFFHSWV 3URSRVLWLRQ \RXU WD[HV ZLOO UHPDLQ WKH VDPH DV WKH\ ZHUH RQ \RXU SUHYLRXV KRPH

3URYLGHG E\ WKLUG SDUW\ ZLWK QR DIILOLDWLRQ WR :)* 7LWOH ,QV &R DQG DW QR FRVW WR :)* 7LWOH ,QF &R 3 3UR URYLG LG GH HG GE : :)* * 7LWOH , :)* 7LWOH ,QV &R PDNHV QR UHSUHVHQWDWLRQ WKDW DQ\ RI WKH LQIRUPDWLRQ LV FXUUHQW RU DFFXUDWH DQG GRHV Q GRH V Q V QRW RW H HQ GRHV QRW HQGRUVH RU RWKHUZLVH DFFHSW UHVSRQVLELOLW\ IRU WKH LQIRUPDWLRQ

REPRESENTING AN ENTITY... If an agent believes he is going to work with an entity, it is important to get proof of the representative’s authorization before beginning to work with that representative but definitely before entering into an agreement with that representative. If an agent represents an entity such as an LLC and thinks that the representative she has been working with is the authorized manager and they execute a listing agreement, there may be no enforceable agreement if the person is in fact not authorized to blind or sign on behalf of the LLC. In order to avoid these and other similar problems, the following documents should be requested to confirm the person signing the contract/listing agreement is the person authorized to do so: 1. Limited Liability Company (LLC): Operating Agreement of a Certificate of Members (or Managers) designating the member (of manager) authorized to conduct business on behalf of the LLC. 2. Corporation: Certificate of Directors (or Secretary’s Certificate) designating the officer that authorized to conduct business on behalf of the corporation. 3. Partnership: Partnership Agreement designating either the managing partner of the general partner and certificate of partners authorizing the transaction. 4. Trust: Trustee’s Certificate stating who the current trustee is and listing out the powers of the trustee (which should include the purchase/sale of real property) 5. Estate: Letters Testamentary or Letters of Administration stating who the executor is and is the probate court’s authorization regarding the estate.

The title company will also require an entity’s documents to complete the transaction. The following documents are often set forth on a title report as required by the title company (but check the preliminary title report or with your title officer for your particular transaction): 1. LLC: articles of Organization, Operating Agreement (certified by the appropriate manager or member that is the current copy), and a current list of the members if the company is member-managed. 2. Corporation: Certificate of good standing; Certificate of Directors designating the officer that is authorized to conduct business on behalf of the corporation; A copy of the corporate resolution authorizing a particular transaction, i.e., sell or borrower, specifying the property involved in that particular transaction. 3. Partnership: Certified copy of the partnership authority, Partnership Agreement (certified by the ppropriate partner(s) that it is the current copy), satisfactory evidence of a consent of majority of interest of limited partners (if a limited partnership). 4. Trust: excerpts from the trust instrument designating the trustee and trustee’s powers, Trustee’s Certificate. 5: Estate: Evidence that final taxes and/or estate taxes have been paid for descendent/estate and an order by the probate court allowing the transaction.

Please keep in mind that this information is used for general purposes. For any further questions regarding an entity, please contact your title rep.

Provided Pro Pr r vid ded ed by by third th h party with no affiliation to WFG Title Ins Co. and at no cost to WFG Title Inc. Co. WFG Title Ins. Ins ns. Co. ns Co. makes make es no representation that any of the information is current or accurate and does not endorse or otherwise o oth otherw therw wis iise sse e accept acc ce responsibility for the information.

CLOSING A SHORT SALE ESCROW

7R ILQDOL]H WKH VDOH RI D SURSHUW\ D QHXWUDO WKLUG SDUW\ OLNH :)* 7LWOH ,QVXUDQFH &RPSDQ\ LV EURXJKW LQ WR PDNH VXUH WKH WUDQVDFWLRQ ZLOO FORVH SURSHUO\ DQG RQ WLPH :)* LQVXUHV WKDW DOO WHUPV DQG FRQGLWLRQV RI WKH VHOOHU¶V DQG EX\HU¶V DJUHHPHQW DUH PHW SULRU WR WKH VDOH EHLQJ ILQDOL]HG 7KLV LQFOXGLQJ UHFHLYLQJ IXQGV DQG GRFXPHQWV FRPSOHWLQJ UHTXLUHG IRUPV DQG REWDLQLQJ WKH UHOHDVH GRFXPHQWV IRU DQ\ ORDQV RU OLHQV WKDW PD\ KDYH EHHQ SDLG RII ZLWK WKH WUDQVDFWLRQ DVVXULQJ FOHDU WLWOH WR WKH SURSHUW\ EHIRUH WKH SXUFKDVH SULFH LV IXOO\ SDLG

6RPH RI WKH GRFXPHQWV \RXU HVFURZ RIILFHU PD\ UHTXHVW DUH DV IROORZV

<RXU HVFURZ RIILFHU ZLOO FRQGXFW PDQ\ GXWLHV RQ EHKDOI RI ERWK WKH %X\HU DQG WKH 6HOOHU DQG LQFOXGHV

x

:ULWWHQ FRQILUPDWLRQ IURP WKH IRUHFORVLQJ OHQGHU WKDW KH\ ZLOO DFFHSW D VKRUW VDOH

x

3UHSDULQJ HVFURZ LQVWUXFWLRQV

x

x

/RDQ GRFXPHQWV

5HTXHVWLQJ D WLWOH VHDUFK IURP :)*¶V FXVWRPHU VHUYLFH GHSDUWPHQW

x

7D[ VWDWHPHQWV

x

x

)LUH DQG RWKHU LQVXUDQFH SROLFLHV

&RPSO\LQJ ZLWK OHQGHU¶V UHTXLUHPHQWV DV VSHFLILHG LQ WKH HVFURZ DJUHHPHQW

x

7LWOH LQVXUDQFH SROLFLHV IURP :)*¶V WLWOH GHSDUWPHQW

x

5HFHLYLQJ IXQGV IURP WKH EX\HU

x

7HUPV RI VDOH

x

3URUDWLQJ LQVXUDQFH WD[ LQWHUHVW DQG RWKHU SD\PHQWV DFFRUGLQJ WR LQVWUXFWLRQV

x

5HTXHVWV IRU SD\PHQW IRU YDULRXV VHUYLFHV WR EH SDLG RXW RI HVFURZ IXQGV

x

5HFRUGLQJ GHHGV DQG RWKHU GRFXPHQWV DV LQVWUXFWHG

x

5HTXHVWLQJ D WLWOH LQVXUDQFH SROLF\ IURP :)*¶V FXVWRPHU VHUYLFH GHSDUWPHQW

x

&ORVLQJ HVFURZ ZKHQ DOO LQVWUXFWLRQV KDYH EHHQ PHW DV ZHOO DV WKH UHTXLUHPHQWV RI H[LVWLQJ OHQGHU

x

'LVEXUVLQJ IXQGV DQG ILQDOL]LQJ LQVWUXFWLRQV

&ORVLQJ FDQ RQO\ WDNH SODFH RQFH LQVWUXFWLRQV RI WKH FRPSOHWHG HVFURZ KDYH WDNHQ SODFH DQG DOO RI WKH RXWVWDQGLQJ SD\PHQWV DQG IHHV DUH FROOHFWHG DQG SDLG $W WKLV SRLQW WLWOH WR WKH SURSHUW\ LV WUDQVIHUUHG DQG WKH DSSURSULDWHG WLWOH LQVXUDQFH LV LVVXHG DV RXWOLQHG LQ WKH HVFURZ LQVWUXFWLRQV

3URYLGHG E\ WKLUG SDUW\ ZLWK QR DIILOLDWLRQ WR :)* 7LWOH ,QV &R DQG DW QR FRVW WR :)* 7LWOH ,QF &R 3 3UR UR RYLGHG : )* * 7LWW :)* 7LWOH ,QV &R PDNHV QR UHSUHVHQWDWLRQ WKDW DQ\ RI WKH LQIRUPDWLRQ LV FXUUHQW RU DFFXUDWH DQG GRH G GR RH R HV V Q V QR GRHV QRW HQGRUVH RU RWKHUZLVH DFFHSW UHVSRQVLELOLW\ IRU WKH LQIRUPDWLRQ

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±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¶V EX\HU¶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¶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

3URYLGHG E\ WKLUG SDUW\ ZLWK QR DIILOLDWLRQ WR :)* 7LWOH ,QV &R DQG DW QR FRVW WR :)* 7LWOH ,QF &R :)* 7LWOH ,QV &R PDNHV QR UHSUHVHQWDWLRQ WKDW DQ\ RI WKH LQIRUPDWLRQ LV FXUUHQW RU DFFXUDWH DQG GRHV QRW HQGRUVH RU RWKHUZLVH DFFHSW UHVSRQVLELOLW\ IRU WKH LQIRUPDWLRQ

UNDERSTANDING CONDOMINIUM & PUD OWNERSHIP

California's builders, in an effort to combat the dual problem of an increasing population and a declining availability of prime land, are increasingly turning to common interest developments (CIDs) as a means to maximize land use and offer homebuyers convenient, affordable housing. The two most common forms of common interest developments in California are Condominiums and Planned Developments, often referred to as PUDs. The essential characteristics shared by these two forms of ownership are: 1.Common ownership of private residential property; 2.Mandatory membership of all owners in an association which controls use of the common property; 3.Governing documents which establish the procedures for governing the association, the rules which the owners must follow in the use of their individual lots or units as well as the common properties; and 4.A means by which owners are assessed to finance the operation of the association and maintenance of the common properties. Before continuing further, it may be helpful to clarify a common misconception about Condominiums and PUDs. The terms Condominium and PUD refer to types of interests in land, not to physical styles of dwellings. Therefore, when homebuyers say that they are buying a townhouse, that is not the same as saying that they are buying a Condominium. When homebuyers say that they are buying a unit in a PUD, they are not necessarily buying a single-family detached home. Though the townhouse is the most common style of structure found in common interest developments in California, a townhouse might legally be a Condominium, a unit or lot in a Planned Development, or a single-family detached residence. The terms Condominium or PUD will say a great deal about the ownership rights the buyer will receive in the unit and the interest they will acquire in the common properties or common areas of the development. Common interest developments offer many advantages to homebuyers-low maintenance and access to attractive amenities-however, there are restrictions and duties which come with ownership of a Condominium or PUD that buyers should be aware of prior to purchase. To acquaint you with various aspects of ownership in common interest developments, the California Land Title Association has answered some of the questions most commonly asked about Condominiums and PUDs.

What are the basic differences between ownership of a Condominium and ownership of a PUD? The owner(s) of a unit within a typical Condominium project owns 100% of the unit, as defined by a recorded Condominium Plan. As well, they will own a fractional or percentage interest in all common areas of the Condominium project. The owner(s) of a lot within a PUD own the lot which has been conveyed to them-as shown in the recorded Tract Map or Parcel Map-and the structure and improvements thereon. In addition, they receive rights and easements to use in common areas owned by another-frequently a homeowner’s association-of which the individual lot owners are members. The above are basic descriptions and should not be considered legal definitions. Source: http://www.clta.org/for-consumers/consumer-condominium.html

Provided byy tthird party with no affiliation to WFG Title Ins Co. and at no cost to WFG Title Inc. Co. WFG Title P rovid vide vide ed db IIns. Ins In ns. C Co. o. m makes ake no representation that any of the information is current or accurate and does not endorse or oth otherwise th herwis issse ea accept cc responsibility for the information.

81'(567$1',1*

352%$7(

3UREDWH LV WKH SURFHVV ZKHUH WKH FRXUW YDOLGDWHV WKH ZLOO RI WKH GHFHDVHG 7HVWDWH RU HVWDEOLVKHV WKDW WKH GHFHDVHG GLHG ZLWKRXW D ZLOO ,QWHVWDWH (YHQ LI \RX DUH LQ SRVVHVVLRQ RI WKH ZLOO WKDW GLVWULEXWHV WKH GHFHGHQW¶V HVWDWH WKH ZLOO VWLOO PXVW EH DGPLWWHG WR SUREDWH DQG WKH HVWDWH RI WKH GHFHGHQW PXVW EH ³SUREDWHG´ 7KLV PHDQV LW JRHV WKURXJK D FRXUW SURFHHGLQJ WKDW ZLOO WKHQ DGPLQLVWHU WKH HVWDWH 7KHUH DUH JHQHUDOO\ ILYH UHDVRQV IRU ³HVWDWH DGPLQLVWUDWLRQ´ x

'HWHUPLQH WKDW WKH GHFHGHQW LV LQ IDFW GHDG

x

'HWHUPLQH WKH YDOLGLW\ RI WKH ZLOO

x

'HWHUPLQH WKH KHLUV DQG GHYLVHHV RI WKH GHFHGHQW

x

6HWWOH DQ\ FODLPV WKDW FUHGLWRUV PD\ KDYH DJDLQVW WKH HVWDWH RI WKH GHFHGHQW

x

'LVWULEXWH WKH SURSHUW\

UNDERSTANDING REQUIRED

REPORTING TO THE I.R.S Sellers of real property will have certain information regarding the sale reported to the Internal Revenue Service. This required reporting of information is a consequence of the Tax Reform Act of 1986; it is intended to encourage taxpayer compliance with the Internal Revenue Code and aid in audit and enforcement efforts by the I.R.S. To help you better understand this subject, the California Land Title Association has answered some of the questions most commonly asked about required reporting to the I.R.S.

Who is required to report to the I.R.S? Sellers of real property, under guidelines established by the I.R.S., are required to have the dollar amount of their gross proceeds from the sale reported on a Form 1099S. When a settlement agent is used, the I.R.S. makes the settlement agent responsible for the delivery of the seller’s gross proceeds information on the Form 1099S. The settlement agent generally will be the escrow agent or title company; however, it may be an attorney, real estate broker or other person providing settlement services.

What is an I.R.S. Form 1099S; and what will be reported? The Form 1099S is the reporting form adopted by the I.R.S. for submitting the seller’s gross proceeds information required by law. The information is transferred onto magnetic media by the settlement agent who will make the required report to the I.R.S. The settlement agent is also required to keep a master copy of all transactions reported for a length of four years from the date of transaction.

In general, information required by the I.R.S. falls into the following categories: 1.The name, address and taxpayer ID number (social security or tax identification number, often called the (“TIN”) of the seller(s)) 2.A general description of the property (in most cases an address) 3.The closing date of the transaction 4.The gross proceeds of the transaction (even though gross proceeds do not correspond to taxable income) 5.Any property involved as part of the transaction other than cash or cash equivalent 6.The name, address and taxpayer identification number of the settlement agent 7.Real estate tax paid in advance that is allocable to the buyer.

Source: http://www.clta.org/for-consumers/consumer-IRS.html

Pro Provided Pr r vid ded ed by by third th h party with no affiliation to WFG Title Ins Co. and at no cost to WFG Title Inc. Co. WFG Title Ins. Ins ns. Co. Co. makes ma m ake es no representation that any of the information is current or accurate and does not endorse or otherwise o oth therw wis iise sse e accept acc ce responsibility for the information.

UNDERSTANDING THE LANGUAGE OF REAL ESTATE Acknowledgement: A formal declaration made before a duly authorized officer (usually a notary public) by a person who has executed an instrument that such execution is his or her act and deed.

Amortization: The process of paying off a debt in installments over a given period of time without a final balloon payment.

Annual Percentage Rate (APR): An expression of the percentage relationship of the total finance charges to the total amount to be financed, as required under the federal Truth-in-Lending Act.

Beneficiary: The person who is entitled to receive funds or property under the terms and provisions of a will, trust, insurance policy or security instrument. In connection with a mortgage loan the beneficiary is the lender.

CC and Rs (Covenants, Conditions and Restrictions): Limitations placed on the use and enjoyment of real property. These are found most often in condominiums and planned unit developments.

Chain of Title: A chronological list of recorded instruments tracing title to land, from the original owner to the present owner. Clear Title: Title to property which is free from liens, defects of other encumbrances. Cloud on Title: Any document, claim, unreleased lien or encumbrance, which, if valid, would affect or impair title to a property. Community Property: Property acquired during a marriage by either a husband or wife, or both, which is not separate property.

Contingency: Action conditioned upon a certain event. Acceptance of the terms of a contract based on something else happening or certain conditions being met.

Conveyance: The transfer of title or an interest in real property by means of a written instrument such as a deed of trust.

Deed of Trust: A security agreement creating a lien by which title to real property is transferred to a thirdparty trustee as security for an obligation owed by the trustor (borrower) to the beneficiary (lender).

Documentary Transfer Tax: The tax, based on sales price, less loans which are being assumed, which is charged by the city and/or county on the transfer of real property.

Source: http://www.clta.org/for-consumers/consumer-language.html

Provided byy tthird party with no affiliation to WFG Title Ins Co. and at no cost to WFG Title Inc. Co. WFG Title P rovid vid ded b Co. makes IIns. In Ins ns n .C o.. m akk no representation that any of the information is current or accurate and does not endorse or otherw oth otherwise erw er rrw wis isse e ac accept responsibility for the information.

Easement: A limited right or interest in land of another that entitles the holder of the right to some use, privilege or benefit over the land.

Encumbrance: A claim, right or lien upon real property, held by someone other than the owner. Endorsement: A rider attached to an insurance policy to expand or limit coverage. Also spelled indorsement.

Exception: A provision in a title insurance binder or policy which excludes liability for a specified title defect or an outstanding lien or encumbrance.

Fee Simple: An estate under which the owner owns a complete interest in the property and is entitled to the unrestricted use and enjoyment of the property, including the right to dispose of the property.

Grantee: One to whom a grant is made. The purchaser of real property. Grantor: One who has made a grant. The seller of real property. Hidden Defect: An encumbrance on a title that is not apparent in the public records; for example, unknown heirs, secret marriages and forged instruments.

Joint Tenancy: A means of ownership in which two or more persons own equal shares in real property. Upon the death of one tenant, his/her share passes to the remaining tenant(s) until title is vested in the last survivor. Lien: A recorded document which claims an interest in real property as security for a debt owed. Such liability may be created by contract, such as a deed of trust, or by a court judgement. Lis Pendens: Legal notice that a lawsuit is pending. Also called a notice of action. Mechanic’s Lien: A lien on real estate which secures the payment of debts due to persons who perform labor or services or furnish materials incident to the construction of buildings and improvement on real estate.

Private Mortgage Insurance (PMI): Insurance written by a private mortgage insurance company protecting the mortgage lender against loss occasioned by a mortgage default and foreclosure.

Quitclaim Deed: A deed relinquishing all interest, title or claim in a property by a grantor. Accomplished without representing that such title is valid, nor containing any warranty or covenants of title.

Reconveyance: The conveyance to the landowner of the title, held by a trustee under a deed of trust, when the performance of the debt is satisfied.

Tenancy in Common: Co-ownership in a property by two or more persons, each of whom has an undivided interest in the whole property.

Trustee: A person who holds title in trust for the benefit of another. In a deed of trust, the trustee is the person named to hold title in trust for the benefit of the lender until the loan is paid off. Trustor: The borrower under a deed of trust. One who deeds their property to a trustee as security for repayment of a loan.

Provided Pro Pr r vid ded ed by by third th h party with no affiliation to WFG Title Ins Co. and at no cost to WFG Title Inc. Co. WFG Title Ins. Ins nss. Co. Co. makes makes no representation that any of the information is current or accurate and does not endorse or otherwise oth o therw wiis ise sse e accept acc ce responsibility for the information.

WFG ON THE GO!

60$57 3+21( $33

)25 3523(57< ,1)250$7,21

'RZQORDG LW WRGD\ WR JHW VWDUWHG ZZZ :)*RQWKHJR FRP %DVLF ,QIRUPDWLRQ

3URSHUW\ &KDUDFWHULVWLFV

3ULPDU\ 6HFRQGDU\ RZQHUVKLS

7RWDO 5RRPV %HGURRPV %DWKURRPV 1R RI 6WRULHV <HDU %XLOW *DUDJH )HDWXUHV )LUHSODFH 3RRO 6TXDUH )RRWDJH =RQLQJ %XLOGLQJ 6W\OH /RW 6L]H 1XPEHU RI 8QLWV

$31 $VVHVVRU 3DUFHO 1XPEHU &RXQW\ /HJDO 'HVFULSWLRQ &LW\ 6WDWH /RFDWLRQ

5HFHQW 6DOH ,QIRUPDWLRQ

&RPSDUDEOH 6DOHV 'DWD

/DVW 7UDQVIHU 'DWH 7UDQVIHU 9DOXH 'RFXPHQW 7\SH 7LWOH &RPSDQ\ 6HOOHU )RUHFORVXUH ,QIRUPDWLRQ LI DSSOLFDEOH 5HFRUGLQJ 'DWH /HQGHU 1DPH $XFWLRQ /RFDWLRQ 'DWH 7LPH 0LQ %LG $PRXQW

6DOHV 3ULFH 6TXDUH )RRWDJH 3ULFH 3HU 6TXDUH IRRW 1XPEHU RI EHGURRPV DQG EDWK URRPV 5HFRUGLQJ 'DWH <HDU EXLOW /RW 6L]H :LWK RU ZLWKRXW VZLPPLQJ SRRO

5HTXLUHPHQWV L3KRQHV L3DG :RUNV ZLWK DOO L3KRQHV DQG L3RG 7RXFKHV UXQQLQJ YHUVLRQ VRIW ZDUH RU ODWHU $QGURLG 5HTXLUHPHQWV FRPLQJ VRRQ

What is

A Deed? What’s a Warranty Deed? A Warranty Deed transfers your ownership and explicitly promises the buyer that you have good title to the property. It may make other promises as well, to address particular problems with the transaction.

Does a deed have to be notarized? Yes. The person who signs the deed (the person who is transferring the property) should take the deed to a notary public, who will sign and stamp it. The Notarization means that a notary SXEOLF KDV YHULÂżHG WKDW WKH VLJQDWXUH RQ WKH GHHG LV JHQXLQH 7KH VLJQDWXUH PXVW EH QRWDUL]HG before the deed will be accepted for recording.

What’s a Trust Deed? A Trust Deed (also called Deed of Trust) isn’t like the other types of deeds; it’s not used to transfer property. It’s really just a version of a mortgage, commonly used in some states (California, for example). A Trust Deed transfers title to land to a “Trustee,â€? usually a trust or title company, which holds the land as security for a loan. When the loan is paid off, title is transferred to the borrower. The trustee has no powers unless the borrower defaults on the loan; then the WUXVWHH FDQ VHOO WKH SURSHUW\ DQG SD\ WKH OHQGHU EDFN IURP WKH SURFHHGV ZLWKRXW ÂżUVW JRLQJ WR court.

What is

A Uninsured Deed? An uninsured deed is basically a deed that has not been examined or insured by a title company. The most common problems that arise due to an uninsured deed are from Quitclaim Deeds between family members, especially husband and wife. When a person is added to title there is an opportunity for matters recorded against him/her to attached to the property. Why Should it be of Concern? In a sale or loan transaction the validity of an uninsured deed may be questioned. ‡ :DV LW VLJQHG XQGHU GXUHVV" ‡ ,V LW D IRUJHU\" ‡ :DV WKHUH DGHTXDWH FRQVLGHUDWLRQ JLYHQ WR WKH JUDQWRU DQG LI QRW ZK\" Uninsured deeds may also cause a delay in clearing title.

The following items may indicate that an uninsured deed is present. ‡ 7KH DFFRPPRGDWLRQ VWDPS ‡ 1R WLWOH FRPSDQ\ QDPH RU WLWOH RUGHU number ‡ 1R HVFURZ QXPEHU ‡ $ KDQGZULWWHQ GRFXPHQW ‡ 5HFRUGHG WLPH LV QRW D P

:+$7 ,6 (6&52:"

81'(567$1',1* 7+( (6&52: 352&(66

7KH /HQGHU

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

‡ 'HSRVLWV ORDQ GRFXPHQWV WR EH SURYLGHG E\ WKH EX\HU

7<3,&$/ 52/(6 ,1 7+( &/26,1* 352&(66 7KH 6HOOHU $JHQW ‡ 'HOLYHUV 3XUFKDVH 6DOH $JUHHPHQW WR WKH HVFURZ DJHQW ‡ 3UHSDUHV WKH SDSHUZRUN QHFHVVDU\ WR FORVH WKH WUDQVDFWLRQ 7KH %X\HU $JHQW ‡ 'HSRVLWV IXQGV UHTXLUHG WR FORVH LQ ZLWK WKH HVFURZ DJHQW ‡ $SSURYHV WKH FRPPLWPHQW IRU WLWOH LQVXUDQFH RU RWKHU LWHPV DV FDOOHG IRU E\ WKH 3XUFKDVH 6DOH $JUHHPHQW ‡ ([HFXWHV WKH SDSHUZRUN DQG ORDQ GRFXPHQWV QHFHVVDU\ WR FORVH WKH WUDQVDFWLRQ

‡ 'HSRVLWV WKH ORDQ IXQGV ‡ ,QIRUPV WKH HVFURZ DJHQW RI WKH FRQGLWLRQV XQGHU ZKLFK WKH ORDQ IXQGV PD\ EH XVHG 7KH (VFURZ $JHQW ‡ &OHDUV 7LWOH ‡ 2EWDLQV WLWOH LQVXUDQFH ‡ 2EWDLQV SD\RIIV DQG UHOHDVH GRFXPHQWV IRU XQGHUO\LQJ ORDQV RQ WKH SURSHUW\ ‡ 5HFHLYHV IXQGV IURP WKH EX\HU DQG RU OHQGHU ‡ 3UHSDUHV YHVWLQJ GRFXPHQW DIILGDYLW RQ VHOOHU¶V EHKDOI ‡ 3URUDWHV LQVXUDQFH WD[HV UHQWV HWF ‡ 3UHSDUHV D ILQDO VWDWHPHQW RIWHQ UHIHUUHG WR DV WKH ³+8' 6WDWHPHQW´ RU ´6HWWOHPHQW 6WDWHPHQW´ IRU HDFK SDUW\ LQGLFDWLQJ DPRXQWV SDLG LQ FRQMXQFWLRQ ZLWK WKH FORVLQJ RI \RXU WUDQVDFWLRQ ‡ )RUZDUGV GHHG WR WKH FRXQW\ IRU UHFRUGLQJ ‡ 2QFH WKH SURSHU GRFXPHQWV KDYH EHHQ UHFRUGHG WKH HVFURZ DJHQW ZLOO GLVWULEXWH IXQGV WR WKH SURSHU SDUWLHV

,1 6800$5< (VFURZ LV WKH SURFHVV WKDW JDWKHUV DQG SURFHVVHV PDQ\ RI WKH FRPSRQHQWV RI D UHDO HVWDWH WUDQVDFWLRQ 7KH VDOH LV RIILFLDOO\ FORVHG ZKHQ WKH QHZ GHHG LV UHFRUGHG DQG IXQGV DUH DYDLODEOH WR WKH VHOOHU LQ WXUQ WUDQVIHUULQJ RZQHUVKLS IURP WKH VHOOHU WR WKH EX\HU 7KH HVFURZ DJHQW LV D QHXWUDO WKLUG SDUW\ DFWLQJ RQ EHKDOI RI WKH EX\HU DQG VHOOHU XQGHU WKH (VFURZ /DZ DV VHW IRUWK E\ WKH 6WDWH RI 2UHJRQ 5HDO (VWDWH $JHQF\

3URYLGHG E\ WKLUG SDUW\ ZLWK QR DIILOLDWLRQ WR :)* 7LWOH ,QV &R DQG DW QR FRVW WR :)* 7LWOH ,QF &R 3 3UR UR RYLGH :)* :) : )* 7LW :)* 7LWOH ,QV &R PDNHV QR UHSUHVHQWDWLRQ WKDW DQ\ RI WKH LQIRUPDWLRQ LV FXUUHQW RU DFFXUDWH DQG GRH GR G RH R HV V Q QR GRHV QRW HQGRUVH RU RWKHUZLVH DFFHSW UHVSRQVLELOLW\ IRU WKH LQIRUPDWLRQ

What is

Quiet Title? $Q DFWLRQ WR TXLHW WLWOH LV D ODZVXLW ¿OHG WR HVWDEOLVK

SURSHUW\ WKDW LV ZKHUH WKH TXLW WLWOH FRPHV LQ

RZQHUVKLS RI UHDO SURSHUW\ ODQG DQG EXLOGLQJV

7KH ODZ RQ TXLW WLWOH DFWLRQV YDULHV IURP VWDWH WR

DI¿[HG WR ODQG 7KH SODLQWLII LQ D TXLW WLWOH DFWLRQ

VWDWH 6RPH VWDWHV KDYH TXLHW WLWOH VWDWXHV *HQHU-

VHHNV D FRXUW RUGHU WKDW SUHYHQWV WKH UHVSRQGHQW

DOO\ D SHUVRQ ZKR KDV VROG WKH SURSHUW\ GRHV QRW

IURP PDNLQJ DQ\ VXEVHTXHQW FODLP WR WKH SURS-

KDYH VXI¿FLHQW LQWHUHVW :KHQ D ODQGRZQHU RZQV

HUW\ 4XLHW WLWOH DFWLRQV DUH QHFHVVDU\ EHFDXVH

SURSHUW\ VXEMHFW WR D PRUWJDJH WKH ODQGRZQHU

UHDO HVWDWH PD\ FKDQJH KDQGV RIWHQ DQG LW LV

PD\ EULQJ D TXLW WLWOH DFWLRQ LQ VWDWHV ZKHUH WKH

QRW DOZD\V HDV\ WR GHWHUPLQH ZKR KDV WLWOH WR WKH

PRUWJDJRU UHWDLQV WLWOH WR WKH SURSHUW\ ,I WKH PRUW-

SURSHUW\

JDJHH NHHSV WKH WLWOH XQWLO WKH PRUWJDJH LV SDLG WKH PRUWJDJHH QRW WKH ODQGRZQHU ZRXOG KDYH WR

$ TXLHW WLWOH VXLW LV DOVR FDOOHG D VXLW WR

EULQJ WKH DFWLRQ

UHPRYH D FORXG $ FORXG LV DQ\ RU SRWHQWLDO FODLP WR RZQHUVKLS RI WKH SURSHUW\ 7KH FORXG FDQ EH D

claim of full ownership of the property or a claim

WKH SODLQWLII PD\ VXFFHHG RQO\ RQ WKH VWUHQJWK RI

RI SDUWLDO RZQHUVKLS VXFK DV D OLHQ LQ DQ DPRXQW

KLV RZQ FODLP WR WKH UHDO HVWDWH DQG QRW RQ WKH

WKDW GRHV QRW H[FHHG WKH YDOXH RI WKH SURSHUW\ $

ZHDNQHVV RI WKH UHVSRQGHQW¶V FODLP 7KH SODLQWLII

WLWOH WR UHDO SURSHUW\ LV FORXGHG LI WKH SODLQWLII DV

EHDUV WKH EXUGHQ RI SURYLQJ WKDW KH RZQV WKH

WKH EX\HU RU UHFLSLHQW RI UHDO HVWDWH PLJKW KDYH

WLWOH WR WKH SURSHUW\ $ SODLQWLII PD\ KDYH OHVV WKDQ

WR GHIHQG KLV KHU IXOO RZQHUVKLS RI WKH SURSHUW\ LQ

D IHH VLPSOH RU OHVV WKDQ IXOO RZQHUVKLS DQG

FRXUW DJDLQVW VRPH SDUW\ LQ WKH IXWXUH $ ODQG-

PDLQWDLQ DQ DFWLRQ WR TXLHW WLWOH 6R ORQJ DV WKH

RZQHU PD\ EULQJ D TXLHW WLWOH DFWLRQ UHJDUGOHVV

SODLQWLII¶V LQWHUHVW LV YDOLG DQG WKH UHVSRQGHQW¶V LQ-

RI ZKHWKHU WKH UHVSRQGHQW LV DVVHUWLQJ D SUHVHQW

WHUHVW LV QRW WKH SODLQWLII ZLOO VXFFHHG LQ UHPRYLQJ

ULJKW WR JDLQ SRVVHVVLRQ RI WKH SUHPLVHV

WKH FORXG WKH UHVSRQGHQW¶V FODLP IURP WKH WLWOH WR

7KH JHQHUDO UXOH LQ TXLW WLWOH DFWLRQ LV WKDW

WKH SURSHUW\

2QH FRPPRQ UHDVRQ IRU VHHNLQJ D TXLHW

WLWOH LV WR FOHDU XS DQ\ SRVVLEOH OLQJHULQJ SUREOHPV DVVRFLDWHG ZLWK SURSHUW\ FRQYH\HG ZLWK WKH XVH RI D TXLWFODLP GHHG $ TXLWFODLP GHHG EDVLFDOO\ HQVXUHV WKDW WKH SUHYLRXV RZQHU UHOLQTXLVKHV DOO FODLPV WR WKH SURSHUW\ EXW GRHV QRW QHFHVVDULO\ SOHGJH WKDW WKH WLWOH LV FRPSOHWHO\ FOHDU 6LQFH WKH TXLWFODLP GHHG GRHV OHDYH WKH GRRU RSHQ IRU WKH other former owners to claim an interest in the

3OHDVH FRQWDFW \RXU ORFDO WLWOH UHSUHVHQWDWLYH IRU IXUWKHU TXHVWLRQV

:+$7 ,6 7,7/( ,1685$1&("

$%287 7,7/( ,1685$1&(

:KDW¶V LQYROYHG LQ D WLWOH VHDUFK"

7LWOH LQVXUDQFH LQVXUHV DJDLQVW ILQDQFLDO ORVV IURP GHIHFWV LQ WLWOH OLHQV RU RWKHU PDWWHUV ,W SURWHFWV ERWK SXUFKDVHUV DQG OHQGHUV DJDLQVW ORVV E\ WKH LVVXDQFH RI D WLWOH LQVXUDQFH SROLF\ 8VXDOO\ GXULQJ D SXUFKDVH WUDQVDFWLRQ WKH OHQGHU UHTXHVWV D SROLF\ FRPPRQO\ UHIHUUHG WR DV WKH /HQGHU¶V 3ROLF\ ZKLOH WKH EX\HUV UHFHLYH WKHLU RZQ SROLF\ FRPPRQO\ UHIHUUHG WR DV DQ 2ZQHU V 3ROLF\

$ WLWOH VHDUFK LV PDGH XS RI WKUHH VHSDUDWH VHDUFKHV ‡ &KDLQ RI 7LWOH ± +LVWRU\ RI WKH RZQHUVKLS RI WKH VXEMHFW SURSHUW\ ‡ 7D[ 6HDUFK ± 7KH WD[ VHDUFK VKRZV WKH VWDWXV RI WKH WD[HV DQG DVVHVVPHQWV ‡ -XGJPHQW DQG 1DPH 6HDUFK ± 6HDUFKHV IRU MXGJPHQW DQG OLHQV DJDLQVW WKH RZQHUV¶ DQG SXUFKDVHUV¶ QDPH

,W ZLOO SURWHFW DJDLQVW ODZVXLWV LI WKH VWDWXV RI WKH WLWOH WR D SDUFHO RU UHDO SURSHUW\ LV RWKHU WKDQ DV UHSUHVHQWHG DQG LI WKH LQVXUHG HLWKHU WKH RZQHU RU OHQGHU VXIIHUV D ORVV DV D UHVXOW RI D WLWOH GHIHFW 7KH LQVXUHU ZLOO UHLPEXUVH WKH LQVXUHG IRU WKDW ORVV DQG DQ\ UHODWHG OHJDO H[SHQVHV

$IWHU WKH WKUHH VHDUFKHV KDYH EHHQ FRPSOHWHG WKH ILOH LV UHYLHZHG E\ DQ H[DPLQHU ZKR GHWHUPLQHV ‡ ,I WKH &KDLQ RI 7LWOH VKRZV WKDW WKH SDUW\ VHOOLQJ WKH SURSHUW\ KDV WKH ULJKWV WR GR VR ‡ ,I WKH WD[HV IRU WKH VXEMHFW SURSHUW\ VKRZ WKH H[LVWHQFH RI DQ\ VSHFLDO DVVHVVPHQWV DJDLQVW WKH ODQG DQG ZKHWKHU RU QRW WKHVH DVVHVVPHQWV DUH FXUUHQW RU SDVW GXH ‡ :KHWKHU WKHUH DUH DQ\ XQVDWLVILHG MXGJPHQWV RQ WKH -XGJPHQW DQG 1DPH 6HDUFK DJDLQVW WKH SUHYLRXV RZQHUV VHOOHUV RU DQG SXUFKDVHUV

*HQHUDOO\ WKHUH DUH WZR SROLFLHV LVVXHG WKH /HQGHU¶V 3ROLF\ ZKLFK LQVXUHV WKH OHQGHU IRU WKH DPRXQW RI WKH ORDQ DQG WKH 2ZQHU¶V 3ROLF\ ZKLFK LQVXUHV WKH SXUFKDVHU IRU WKH SXUFKDVH SULFH +RZ LV WLWOH LQVXUDQFH GLIIHUHQW WKDQ RWKHU W\SHV RI LQVXUDQFH" :KLOH WKH SXUSRVH RI PRVW RWKHU W\SHV RI LQVXUDQFH LV WR DVVXPH ULVN WKURXJK WKH SRROLQJ RI PRQLHV IRU ORVVHV KDSSHQLQJ EHFDXVH RI XQIRUHVHHQ IXWXUH HYHQWV OLNH VLFNQHVV RU DFFLGHQWV WKH SULPDU\ SXUSRVH RI WLWOH LQVXUDQFH LV WR HOLPLQDWH ULVNV DQG SUHYHQW ORVVHV FDXVHG E\ GHIHFWV LQ WLWOH DULVLQJ RXW RI HYHQWV WKDW KDYH KDSSHQHG LQ WKH SDVW 7R DFKLHYH WKLV WLWOH LQVXUHUV SHUIRUP D WKRURXJK VHDUFK DQG H[DPLQDWLRQ RI WKH SXEOLF UHFRUGV WR GHWHUPLQH ZKHWKHU WKHUH DUH DQ\ DGYHUVH FODLPV WLWOH GHIHFWV DWWDFKHG WR WKH VXEMHFW SURSHUW\ 7KHVH GHIHFWV FODLPV DUH HLWKHU HOLPLQDWHG SULRU WR WKH LVVXDQFH RI D WLWOH SROLF\ RU WKHLU H[LVWHQFH LV H[FHSWHG IURP FRYHUDJH 7KH SROLF\ LV LVVXHG DIWHU WKH FORVLQJ RI \RXU QHZ KRPH IRU D RQH WLPH QRPLQDO IHH DQG LV JRRG IRU DV ORQJ DV \RX RZQ WKH SURSHUW\

5LJKWV HVWDEOLVKHG E\ MXGJPHQW GHFUHHV XQSDLG IHGHUDO LQFRPH WD[HV DQG PHFKDQLF OLHQV DOO PD\ EH SULRU FODLPV RQ WKH SURSHUW\ DKHDG RI WKH EX\HU¶V RU OHQGHU¶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

3URYLGHG E\ WKLUG SDUW\ ZLWK QR DIILOLDWLRQ WR :)* 7LWOH ,QV &R DQG DW QR FRVW WR :)* 7LWOH ,QF &R 3 3UR UR RYLGH :) : )* ) * 7L :)* 7LWOH ,QV &R PDNHV QR UHSUHVHQWDWLRQ WKDW DQ\ RI WKH LQIRUPDWLRQ LV FXUUHQW RU DFFXUDWH DQG GR G GRH RH R HV V Q QR GRHV QRW HQGRUVH RU RWKHUZLVH DFFHSW UHVSRQVLELOLW\ IRU WKH LQIRUPDWLRQ

WHY DO YOU NEED TITLE INSURANCE?

7LWOH LQVXUDQFH LQVXUHV DJDLQVW ILQDQFLDO ORVV IURP GHIHFWV LQ WLWOH OLHQV RU RWKHU PDWWHUV ,W SURWHFWV ERWK SXUFKDVHU DQG OHQGHU DJDLQVW ORVV 8VXDOO\ GXULQJ D SXUFKDVH WUDQVDFWLRQ WKH OHQGHU UHTXHVWV D SROLF\ FRPPRQO\ UHIHUUHG WR DV WKH /HQGHU¶V 3ROLF\ ZKLOH WKH EX\HU UHFHLYH WKHLU RZQ SROLF\ FRPPRQO\ UHIHUUHG WR DV 2ZQHU¶V 3ROLF\ %XW LI WKLV LV \RXU ILUVW KRPH \RX PD\ ZRQGHU ³:K\ GR , QHHG DQRWKHU LQVXUDQFH SROLF\"´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²´2ZQHUV 3ROLF\´ ZKLFK FRYHUV WKH KRPHEX\HU DQG ³/HQGHUV 3ROLF\´ ZKLFK FRYHUV WKH EDQN VDYLQJV DQG ORDQ RU RWKHU OHQGLQJ LQVWLWXWLRQ RYHU WKH OLIH RI D ORDQ %RWK DUH LVVXHG DW WKH WLPH RI SXUFKDVH IRU D RQH WLPH SUHPLXP

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

7KH WLWOH FRPSDQ\ FRQGXFWV DQ H[WHQVLYH VHDUFK RI SXEOLF UHFRUGV WR GHWHUPLQH LI DQ\RQH RWKHU WKDQ \RX KDV DQ LQWHUHVW LQ WKH SURSHUW\ EHIRUH LVVXLQJ D SROLF\ 7KH VHDUFK PD\ EH SHUIRUPHG E\ WLWOH FRPSDQ\ SHUVRQQHO XVLQJ HLWKHU SXEOLF UHFRUGV RU PRUH OLNHO\ LQIRUPDWLRQ JDWKHUHG UHRUJDQL]HG DQG LQGH[HG LQ WKH FRPSDQ\¶V WLWOH ³SODQW´

3URYLGHG E\ WKLUG SDUW\ ZLWK QR DIILOLDWLRQ WR :)* 7LWOH ,QV &R DQG DW QR FRVW WR :)* 7LWOH ,QF &R 3 3UR UR RYLGH :) : )* 7LW :)* 7LWOH ,QV &R PDNHV QR UHSUHVHQWDWLRQ WKDW DQ\ RI WKH LQIRUPDWLRQ LV FXUUHQW RU DFFXUDWH DQG GRH G RH R HV V Q QR GRHV QRW HQGRUVH RU RWKHUZLVH DFFHSW UHVSRQVLELOLW\ IRU WKH LQIRUPDWLRQ

POR QUE NECESITO

SEGURO DE TITULO? El Seguro de Título. Este término se oye y se ve con frecuencia. Se menciona en la sección de bienes raíces los domingos, en las propagandas y en las conversaciones entabladas con los corredores de inmuebles. Si a Usted le ha tocado comprar una casa antes, probablemente tiene conocimiento de los beneficios y de los procedimientos del seguro de título. Por otro lado, si se trata de la primera casa, podría preguntarse. ¿Por qué necesito otra póliza de seguro? Es nada más otro recibo a cancelar? La respuesta es sencilla: La compra de una casa probablemente es una de las más caras e importantes que jamás hará. Tanto Usted como el prestamista de hipoteca querrá asegurarse de que la propiedad realmente sea de Usted – por completo – y que no haya ni persona ni entidad de gobierno que tenga ningún derecho, derecho de retención, reclamación o gravamen contra la propiedad. Las empresas de seguros de título se dedican a asegurarle que sus derechos e intereses con respecto a una propiedad estén limpios, que la transferencia de título se realice eficiente y debidamente, y que sus intereses como comprador de casa sean protegidos al máximo. Las empresas de seguros de título proporcionan sus servicios a los compradores, vendedores, urbanizadores, constructores, prestamistas de hipoteca y otros que tengan parte en una transferencia de bienes raíces. Las empresas de títulos rutinariamente expiden dos clases de pólizas – la del dueño, la cual le cubre a Usted, comprador de casa, y la del prestamista, la cual le cubre al banco, sociedad de ahorro y préstamo u otra institución de préstamos a lo largo de la duración del préstamo. Las dos pólizas se expiden al momento de la compra a cambio de una sola prima de bajo costo. Sin embargo, antes de expedir una póliza, la empresa de títulos realiza una búsqueda extensa al revisar los registros públicos pertinentes para averiguar si existe otra persona más allá de Usted que tenga algún interés en la propiedad. El personal de la empresa puede llevar tal revisión a cabo valiéndose de los registros públicos. Lo más probable es que utilicen los datos reunidos, organizados nuevamente o puestos en índice en la planta de título de la empresa. A través de semejante inspección minucioso de los registros, todo problema de título usualmente se halla y se aclara antes de hacerse la compra de la propiedad. Después de la emisión de una póliza de título, si por algún motivo se presente cualquier reclamación contra la propiedad que está cubierta bajo la póliza de título, la empresa de títulos pagará el honorario legal por la defensa de sus derechos, así como cualquier pérdida cubierta que surja de una reclamación válida. Tal protección está vigente siempre y cuando Usted o sus herederos posean la propiedad y es suya a cambio de una sola prima cancelada en el momento de la compra.

Source: http://www.clta.org/for-consumers/reporter-why-espanol.html

Provided Pro Pr r vid ded ed by by third th h party with no affiliation to WFG Title Ins Co. and at no cost to WFG Title Inc. Co. WFG Title Ins. Ins nss. Co. Co. makes make es no representation that any of the information is current or accurate and does not endorse or otherwise o oth otherw therw wis iise sse e accept acc ce responsibility for the information.

Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.