

The information contained is provided by WFG’s Customer Service Department to our customers, and while deemed reliable, is not guaranteed.
1953 NW 14TH DR GRESHAM, OR 97030
OWNER INFORMATION
OWNER NAME: Stockwell, Caleb
VESTING: Tenants in Entirety
MAILING ADDRESS: 1953 NW 14th Dr Gresham OR 97030
OWNER STATUS: Owner occupied
LOCATION DESCRIPTION
COUNTY: Multnomah
CENSUS / BLOCK: 010002 / 2016
TSP - RNG - SEC: 01S - 03E - 04
LOT / BLOCK: 3 / 8
HOUSING TRACT: Camelot
ALT PARCEL #: R129604040
SCHOOL DISTRICT: Gresham-Barlow
MUNICIPALITY: Gresham
PARCEL #: R125976
LAST MARKET SALE PRIOR SALE
DATE: 06/23/2017
SALE PRICE: $280,700
DOCUMENT #: 76302
DOC TYPE: Deed
SQUARE FOOT $: $113.55
DATE: 10/16/1998
SALE PRICE:
DOCUMENT #: 186757
DOC TYPE: Deed
LENDER:
LENDER: ONPOINT CMNTY CU LOAN: $90,500
LOAN: $280,700
LOAN TYPE: Conventional
LOAN TERM: 30 Y
LOAN TYPE:
GROSS AREA: 2,472
LIVING AREA:
ABOVE GRADE:
BEDROOMS: 3
BATHROOMS (F/H): 2 / 1
FIREPLACE: 2
YEAR BUILT: 1978
PARKING TYPE: Att
UNITS:
BASEMENT: 1,236
GARAGE AREA: 374
ROOF SHAPE:
FOUNDATION: Concrete
ROOF MATERIAL: Composition
CONSTRUCTIONS:
HEAT TYPE: Forced Air
COOLING TYPE:
EXTERIOR WALL: Wood
ROOMS:
QUALITY:
INTERIOR WALL:
PORCH TYPE:
PATIO TYPE:
AIR COND: Y
FIXTURES:
FLOOR:
EQUIPMENT:
STORIES: 1
POOL:
CONDITION:
LAND USE: Single-Family, Residential, Imp
ZONING: Low Density Residential
COUNTY USE: Residential Improved
LOT ACRES: 0.21
STATE USE:
LOT SQ FT: 9,298
LEN / WID:
ASSD YEAR: 2022
ASSD VALUE: $238,550
TAXABLE VAL:
TAX YEAR: 2022
LAND VALUE: $207,500
MKT VALUE: $481,470
TAX AREA: 026
IMP VALUE: $273,970
EXEMPTIONS:
PROPERTY TAX: $4,496.70
IMPROVED %: 57
DISTRICT:
STATE, ZIP: Portland, OR 97236
(503)762-3206
GRADES: 7th Grade - 8th Grade
DESCRIPTION: 21-Suburb: Large
1.40 mile(s)
ONE: 2-No
NAME: Center For Advanced Learning CHARTER SCHOOL: Yes
ADDRESS: 1484 Nw Civic Dr MAGNET SCHOOL: CITY, STATE, ZIP: Gresham, OR 97030 AREA DESCRIPTION: 21-Suburb: Large PHONE: (503)667-4978 DISTANCE: 0 55 mile(s)
GRADES: 11th Grade - 12th Grade TITLE ONE: 2-No
NAME: Gresham High School CHARTER SCHOOL: No
ADDRESS: 1200 N Main Ave MAGNET SCHOOL: CITY, STATE, ZIP: Gresham, OR 97030
AREA DESCRIPTION: 21-Suburb: Large PHONE: (503)674-5500
DISTANCE: 1.06 mile(s)
GRADES: 9th Grade - 12th Grade TITLE ONE: 2-No
C O M M U N I T Y
105,594 $43,442 33.6 49% 51%
Centennial
Gresham Barlow
Reynolds
HOUSING
52.36% of homes owner occupied
47.64% of homes rented
POPULATION DENSITY
4,551.5 inhabitants per sq. mile
14,015 housing units at an average density of 1,767.9 per square mile
AGE DEMOGRAPHIC
21.1% under age 18
10.3% between ages 18 to 24
34.7% between ages 25 to 44
22.4% between ages 45 to 64
11.6% above age 65
CITY QUICK FACTS
4th largest city in Oregon
23.43 square miles
12 miles from downtown Portland
325 feet elevation
Highest Average Temperature 82
Lowest Average Temperature 34
is totally optional!
Use Updater to:
Forward USPS mail
Reserve a mover online
Update your accounts
Connect utilities
Hook up home services
Search move-in special offers
Share moving announcements with friends & family
For more information on Updater, visit; https://wfgoregon.updater.com/sign-up
Emergency Police/Medical/Fire
911 Poison Control
(800) 222-1222
www.aapcc.org
United States Postal Service
(800) 275-8777
www.usps.com
Xfinity
(800) 266-2278
www.xfinity.com
Ziply Fiber
(866) 699-4759
www.ziplyfiber.com
Verizon
(800) 483-4100
www.verizon.com
AT&T
(800) 288-2020
www.att.com
CenturyLink
(866) 963-6665
www.centurylinkcom
Dish Network
(800) 318-0572
www.dish.com
DIRECT TV
(800) 531-5000
www.directtv.com
The Oregonian
(503) 221-8240
www.oregonlive.com
TRI-MET
(503) 238-7433
www.trimet.org
Northwest Natural Gas
(800) 422-4012
www.nwnatural.com
Portland General Electric
(503) 228-6322
www.portlandgeneral.com
City of Gresham Sewer Provider
(503) 618-2373
www.greshamoregon.gov/utilities
City of Gresham Water Provider
(503) 618-2373
www.greshamoregon.gov/utilities
Gresham Sanitary
(503) 665-2424
www.greshamsanitary.com
Gresham/Barlow School District
(503) 261-4550
www.gresham.k12.or.us
USPS
Below is the website if you would like to change your address online or you can visit your local post office, they will provide you with the change of address packet. https://moversguide.usps.com
Benefits you will receive when you change your address online are:
Exclusive mover savings coupons
Safe and secure with identity verification by a simple $100 charge to your credit or debit card
Email confirmation at the end of registration of your change of address
* Must have valid email address and credit card to register online
Below is the website if you would like to change your address online or you can visit your local DMV office.
Oregon Department of Transportation
DMV Services
1905 Lana Avenue NE Salem, OR 97314-0100
wwworegondmvcom/oregon/indexhtm
General DMV Information Contact: 503-299-9999
A citizen of the USA
A resident of Oregon
A Legal Resident of Oregon State at least 18 years of age on or before the next election
To register to vote online you will need an Oregon driver's license, permit or ID card number issued by the Oregon Driver and Motor Vehicle Services Division (DMV)
If you do not have an Oregon driver's license, permit or ID card, you can still use the online voter registration application. The information you enter will display on a voter registration card (PDF document) that you will need to print, sign and deliver to your county elections office to complete your registration.
A new registrant must submit their online registration by 11:59:59 p.m. Pacific Time on the 21st calendar day before an election to be eligible to vote in that election.
If you move to a new county, you must complete a new voter registration, otherwise you must request a transfer of your registration
Clackamas County Voter Registration: 503-655-8510
Multnomah County Voter Registration: 503-988-3720
Washington County Voter Registration: 503-846-5800
UTILITIES
Electric
NWNaturalGas
WaterDistrict
SewerDistrict
GarbageProvider
Cable/Satellite
Fuel(Propane)
PhoneServices
Internet
BanksandCreditUnions
CreditCardCompanies (includingdepartmentstorecreditcards)
Lenders
(Mortgage,HomeEquity,Auto,StudentLoans)
InsuranceCompanies
(Health,Renters,Auto,Home,Medical,Dental,Disability,Life)
Retirement
(Pensionplans,401K,SocialSecurity,VeteransAffairs)
Investments(InvestmentAgenciesandBrokers)
OnlineBillPayer
Paypal
USPostOffice
DepartmentofMotorVehicles
(Obtainyourdriver’slicenseandchangevehicleregistration)
IRS
PassportOffice
VeteranAffairs
UnemploymentOffice
(Ifyouarecurrentlyreceivingunemploymentbenefits)
HEALTH
Physician Pharmacies
SERVICE PROVIDER
Childcare
Housecleaning Services
Delivery Services
Lawn Care Services
Veterinarian Pool Service
Health Clubs
Membership Clubs(AAA or similar)
Community Groups (PTA, Neighborhood Associations, Civic Clubs)
Children’s Extracurricular Activities(Dance Classes, Music Lesson, Sports Clubs)
SUBSCRIPTIONS
Newspapers
Magazine(USPS will only forward 2 months)
Movie Subscriptions
Book or Music Clubs
OTHER
Friends and Family
Employers(typically notify the HR Department)
InventorySheets:Createaninventorysheetofallyour belongingswhichneedtobemoved
ResearchMovingOptions:You’llneedtodecideifyoursisa do-it-yourselfmoveorifyou’llbeusingamovingcompany
RequestMovingQuote:Solicitmovingquotesfromasmany movingcompaniesandmoversaspossible Therecanbea largedifferencebetweenratesandserviceswithinmoving companies
DiscardUnnecessaryItems:Movingisagreattimefor riddingyourselfofunnecessaryitems Haveayardsaleor donateunnecessaryitemstocharity
PackingMaterial:Gathermovingboxesandpacking materialforyourmove
ContactInsuranceCompanies:You’llneedtocontactyour insuranceagenttocancel/transferyourinsurancepolicy
YourChangeofAddress:Changeyouraddresswiththe USPS,DMV,FinancialInstitutions,Utilities,Government Offices,HealthCareServiceProviders,Memberships, SubscriptionsandInsuranceProvisions
BankAccounts:Transferorclosebankaccountsifchanging banks Makesuretohaveamoneyorderforpayingthe movingcompany
ServiceAutomobiles:Ifautomobilesaretobedrivenlong distance,you’llwanttohavethemservicedsoyouhavea trouble-freedrive
CancelServices:Notifyanyremainingserviceproviders (newspapers,lawnservices,etc)ofyourmove
TravelItems:Setasideallitemsyou’llneedwhiletraveling
Makesurethesearenotpackedonthemovingtruck
ContactUtilityCompanies:Setutilityturnoffdate,seek refundsanddepositsandnotifythemofyournewaddress
StartPacking:Beginpackingallthingsdestinedforyournew location
ObtainYourMedicalRecords:Contactyourdoctor,physician, dentistandothermedicalspecialistswhomaycurrentlybe retaininganyofyourfamily’smedicalrecords Obtainthese recordsormakeplansforthemtobedeliveredtoyournew medicalfacilitiesifchanging Securityiscriticalofpersonal records
NoteFoodInventoryLevels:Checkyourcupboards, refrigeratorandfreezer Useupasmuchofyourperishable foodaspossible
SmallEngines:Servicesmallenginesforyourmoveby extractinggasandoilfromthemachines Thiswillreduce thatchancetocatchfireduringyourmove
ProtectJewelryandValuables:Transferyourjewelryand valuablestoasafetydepositbox;youdon’twantthemtobe lostorstolenduringyourmove
BorrowedandRentedItems:Returnitemsthatyoumay haveborrowedorrented Collectitemsborrowedtoothers
PlanYourItinerary:Makeplanstospendtheentiredayat thehouseoratleastuntilthemoversareontheirway Someonewillneedtobearoundtomakedecisions Make plansforkidsandpetstobeatasittersfortheday ReviewtheHouse:Oncethehouseisempty,checkthe entirehouse(closets,attic,basement,etc)toensureno itemsareleftornohomeissuesexist
DoubleCheckWithYourMover:Ensurethemoverhasthe newpropertyaddressandallofyourmostrecentcontact information,shouldtheyhaveanyquestionsduringyour move
VacateYourHome:Makesureutilitiesareoff,doorsand windowsarelockedandnotifyyourrealestateagentyou’ve vacatedtheproperty
QuestionsToAsk:Whereisthegaragedooropener?Where arethekeystothehouse,mailboxandotherlockablearea? Didyouretrieveallkeysfromneighborsandfriends?
THE HOME DEPOT (800) 466-3337
wwwhomedepotcom
Beaverton
(503) 469-4242
4401 SW 110th Ave
Beaverton, OR 97005
S Beaverton
(503) 646-1525
13700 NW Science Pk Dr
Portland 97229
Clackamas
(503) 774-6372
9300 SE 82nd Ave
Happy Valley, OR 97086
Hillsboro
(503) 693-9090
1950 SE Minter Bridge Rd
Hillsboro 97123
Jantzen Beach
(503) 289-9200
1728 N Tomahawk Island Dr Portland 97217
Oregon City
(503) 723-3181
2002 Washington St
Oregon City, OR 97045
E Portland
(503) 261-8543
10120 SE Washington St Portland 97216
NE Portland
(503) 252-0188
11633 NE Glen Widing Dr
Portland 97220
Sherwood
(503) 925-8447
20260 SW Pacific Hwy
Sherwood, OR 97140
Tigard
(503) 639-3500
14800 SW Sequoia Parkway
Tigard 97224
THE HOME DEPOT CONTINUED
Troutdale
(503) 674-3944
25101 SE Stark St
Troutdale, OR 97060
LOWES (800) 466-3337
wwwlowescom
Hillsboro
(503) 844-6200
1951 SE 24th Ave
Hillsboro, OR 97123
Milwaukie
(503) 794-2500
13631 SE Johnson Rd.
Milwaukie 97222
Portland
(503) 737-3000
1160 N Hayden Meadows Dr Portland 97217
Tigard
(503) 624-2644
12615 SW 72nd Ave
Tigard, OR 97223
Wood Village (503) 667-1005
1000 NE Wood Village Blvd Wood Village, OR 97060
DONATION FACILITIES
Goodwill (800) 741-0186
locatorgoodwillorg
The Salvation Army
(800) 958-7825
wwwsalvationarmyusaorg
Value Village (800) 958-7825
wwwvaluevillagecom
MOVING TRUCK RENTALS
Budget (800) 462-8343
wwwbudgettruckcom
Penske (888) 996-5415
wwwpensketruckrentalcom
Ryder (800) 297-9337
wwwrydercom
U-Haul (800) 468-4285
wwwuhaulcom
STORAGE COMPANIES
NW Self Storage
wwwnwselfstorage
Public Storage (800) 906-0879
wwwpublicstoragecom
Pods (888) 309-8967
wwwpodscom
TRANSFER STATIONS
Garbage/Recycling
Metro Center (503) 234-3000
wwworegonmetrogov
6161 NW 61st Ave
Portland, OR 97210
Metro South (503) 234-3000
wwworegonmetrogov
2001 Washington St
Oregon City, OR 97045
AIRPORT
Portland International Airport (877) 793-4690
www.flypdx.com
AUTO & DRIVER REGISTRATION
DMV (503) 945-5000
wwwodotstateorus/dmv/
BUS SERVICE
C-Tran (360) 695-0123
wwwc-trancom
Greyhound (800) 231-2222
wwwgreyhoundcom
Tri-Met (503) 238-7433
wwwtri-metorg
CABLE TV & INTERNET
Verizon (888) 881-8161
wwwverizoncom
XFINITY (Comcast) (800) 934-6489
wwwcomcastcom
CITY CONTACT
Banks (503) 324-5112
www.cityofbanks.org
Beaverton
(503) 526-2222
wwwcibeavertonorus
Canby (503) 266-4021
wwwcicanbyorus
CITY CONTACT CONTINUED
Cornelius (503) 357-9112
www.ci.cornelius.or.us
Damascus (503) 658-8545
wwwcidamascusorus
Estacada (503) 630-8270
wwwcityofestacadaorg
Fairview (503) 665-7929
wwwcifairvieworus
Forest Grove (503) 359-3200
wwwciforest-groveorus
Gaston
(503) 985-3340
Gladstone (503) 656-5225
wwwcigladstoneorus
Gresham (503) 661-3000
wwwcigreshamorus
Happy Valley (503) 760-3325
wwwcihappy-valleyorus
Hillsboro (503) 681-6100
wwwhillsboro-oregongov
King City (503) 639-4082
www.ci.king-city.or.us
Lake Oswego (503) 635-0270
wwwcioswegoorus
Milwaukie (503) 786-7525
wwwcicityofmilwaukieorg
CITY CONTACT CONTINUED
Molalla (503) 829-6855
wwwcityofmolallacom
North Plains (503) 647-5555
wwwnorthplainsorg
Oregon City (503) 657-0891
wwwciorcityorus
Portland (503) 823-4000
wwwportlandonlinecom
River Grove (503) 639-6919
Sandy (503) 668-5533
wwwcisandyorus
Sherwood (503) 625-5522
wwwcisherwoodorus
Tigard (503) 639-4171
wwwcitigardorus
Troutdale (503) 665-5175
wwwcitroutdaleorus
Tualatin (503) 692-2000
www.tualatinoregon.gov
West Linn (503) 657-0331
wwwwestlinnoregongov
Wilsonville (503) 682-1011
wwwciwilsonvilleorus
Wood Village (503) 667-6211
wwwciwood-village-orus
COUNTY CONTACTS
Clackamas (503) 655-8011
www.co.clackamas.or.us
Taxation (503) 655-8671
Multnomah
(503) 248-3511
wwwcoclackamasorus
Taxation (503) 988-3326
Washington (503) 846-8611
wwwcoclackamasorus
Taxation (503) 846-8741
ELECTRICITY
Pacific Power (888) 221 7070
wwwpacificpowernet
Portland General (800) 542-8818
wwwportlandgeneralcom
HOSPITALS
Adventist Medical (503) 257-2500
wwwadventisthealthnwcom
Doernbecher Children’s Hospital
(503) 494-8311
wwwohsuedu
Legacy Good Samaritan (503) 413-4683
wwwlegacyhealthorg
Legacy Emanuel (503) 413-2200
www.legacyhealth.org
HOSPITALS CONTINUED
Legacy Meridian Park (503) 692-1212
www.legacyhealth.org
Legacy Mt Hood (503) 674-1122
wwwlegacyhealthorg
Kaiser Permanente Sunnyside (503) 813-2000
wwwkaiserpermanenteorg
Kaiser Permanente Westside (503) 813-2000
wwwkaiserpermanenteorg
OHSU (503) 494-8311
wwwohsuedu
Providence Milwaukie (503) 513-8300
wwwprovidenceorg
Providence Portland (503) 215-1111
www.providence.org
Providence St Vincent (503) 216-1234
wwwprovidenceorg
Providence Willamette Falls (503) 656-1631
wwwprovidenceorg
Shriner’s Hospital (503) 241-5090
wwwshrinershqorg
Tuality Community (503) 681-1111
wwwtualityorg
Tuality Forest Grove (503) 357-2173
www.tuality.org
NATURAL GAS
NW Natural (800) 422-4012
www.nwnatural.com
NEWSPAPERS
The Columbian (360) 694-3391
wwwcolumbiancom
The Oregonian (503) 221-8240
wwworegonlivecom
Willamette Weekly (503) 243-2122
wwwwweekcom
RECREATION
Convention Center (503) 235-7575
wwworegonccorg
Expo Center (503) 736-5200
wwwexpocenterorg
Mt Hood Meadows (503) 337-2222
wwwmthoodmeadowscom
OMSI (503) 797-4000
www.omsi.edu
Oregon Zoo (503) 266-1561
wwworegonzoocom
Portland International Raceway (503) 823-7223
wwwportlandracewaycom
Portland Art Museum (503) 266-2811
wwwpamorg
RECREATION CONTINUED
Providence Park (503) 553-5400
www.providenceparkpdx.com
Regal Cinemas (800) FANDANGO
wwwregalcinemascom
Moda Center (503) 797-9619
wwwrosequartercom
Willamette Jetboat (503) 231-1532
wwwwillamettejetcom
SHOPPING
Bridgeport Village (503) 968-1704
www.bridgeport-village.com
Cedar Hills Crossing (503) 643-6563
wwwcedarhillscrossingcom
Clackamas Town Center (503) 653-6913
wwwclackamastowncentercom
Columbia Gorge Outlets (503) 669-8060
wwwpremiumoutletscom/ columbiagorge
Lloyd Center (503) 282-2511
wwwlloydcentercom
Mall 205 (503) 255-5805
Pioneer Place (503) 228-5800
wwwpioneerplacecom
SHOPPING CONTINUED
Streets of Tanasbourne (503) 533-0561
www.streetsoftanasbourne.com
Washington Square (503) 369-8860
wwwshopwashingtonsquarecom
Woodburn Outlets (888) 664-SHOP
wwwwoodburncompanystorescom
TELEPHONE SERVICE
Verizon (800) 483-4100
wwwverizoncom
AT&T (800) 288-2020
www.att.com
TRANSFER STATIONS
Metro Center (503) 234-3000
wwworegonmetrogov
6161 NW 61st Ave
Portland, OR
Metro South
(503) 234-3000
wwworegonmetrogov
2001 Washington St Oregon City, OR
Clackamas County
(503) 668-8885
wwwwmnorthwestcom
19600 SE Canyon Valley Rd. Sandy, OR
VOTER REGISTRATION
Clackamas (503) 655-8510
Multnomah (503) 248-3720
Washington
(503) 846-5800
WATER BUREAU
Beaverton (503) 526-2257
Clackamas
(503) 722-9220
Gladstone (503) 656-5223
Gresham (503) 618-2373
Hillsboro (503) 681-6228
Lake Oswego (503) 635-0265
Milwaukie (503) 786-7525
Oregon City (503) 657-8151
Portland (503) 823-7770
Tigard (503) 639-1554
Tualatin (503) 692-2000
West Linn (503) 656-4261
Wilsonville (503) 682-1011
g p , g being sent to an outside account and never credited to the intended party
To protect and reduce your risk, WFG has implemented the following procedures for outgoing and incoming wires:
In the escrow paperwork provided you will be asked to provide written instructions on how you want funds due you sent to you at the close of escrow If you choose to have the funds sent via wire transfer, WFG will contact you by phone to confirm the wire information provided.
For funds that are to be wired to WFG for your transaction, we will send specific wire instructions to the remitting person via an encrypted email. We recommend you reach out to your WFG contact to confirm the wire instructions prior to remittance.
We look forward to processing your escrow transaction for you. We know that this can be a stressful time and we are here to assist you in any way we can to make this a good experience
http://nationalwfgnationaltitlecom/2016/04/05/obsess-cyber-security/
claims, or restrictions on the buyers property, other than the mortgage the buyer agrees to pay.
If the preliminary title search uncovers potential problems, a buyer can require that those problems be satisfactorily dealt with before closing on the home.
In addition, owner’s title insurance protects buyers against a myriad of risks that not even the most careful title search can uncover, including things such forged documents, undisclosed or missing heirs of a previous owner, fraud, will disputes, and unrecorded claims of many types.
Without owner’s title insurance, the legal costs to resolve such title claims could easily be in the tens of thousands of dollars and would have to be paid out of pocket by the buyer - not to mention the stress that such situations would cause to the buyer
Owner’s title insurance is one of the most affordable insurance policies a person can ever buy Unlike other forms of insurance, there is only a one-time fee at closing for the policy, which financially protects the buyer’s investment for as long as the buyer or the buyer’s heirs own the home.
So, if someone tells the buyer that owner’s title insurance is “optional”, that certainly does not mean that the buyer should not get it. Virtually every lender requires lender’s title insurance, but that insurance does not protect the buyer.
In order to safeguard the buyer’s investment in the property, which is possibly the most important investment the buyer will ever make, owner’s title insurance is absolutely critical.
Why it's important
Both the buyer and seller rely on the escrow agent to carry out their written instructions relating to the transaction and to advise them if any of their instructions are not mutually consistent or cannot be carried out. If the instructions from all parties to an escrow are clearly drafted, the escrow officer can proceed on behalf of the buyer and seller without further consultation. This saves much time and facilitates the closing of the transaction.
The Seller/Agent
Delivers a fully executed Purchase Sale Agreement to the escrow agent. Executes the paperwork necessary to close the transaction
The Buyer/Agent
Deposits collected funds required to close (in with the escrow agent
Approves the commitment for title insurance, or other items as called for by the Purchase Sale Agreement
Executes the paperwork and loan documents necessary to close the transaction
The Lender
Deposits loan documents to be executed by the buyer
Deposits the loan proceeds
Directs the escrow agent of the conditions under which the loan funds may be used
The Escrow Agent
Clears Title Obtains title insurance
Obtains payoffs and release documents for underlying loans on the property
Receives funds from the buyer and/or lender. Prepares vesting document affidavit on seller’s behalf
Prorates insurance, taxes, rents, etc
Prepares a final statement (often referred to as the “HUD Statement” or ”Settlement Statement”) for each party, indicating amounts paid in conjunction with the closing of your transaction
Forwards deed to the county for recording
Once the proper documents have been recorded, the escrow agent will distribute funds to the proper parties
In Summary
Escrow is the process that assembles and processes many of the components of a real estate transaction. The sale is officially closed when the new deed is recorded and funds are available to the seller, thus transferring ownership from the seller to the buyer
The escrow agent is a neutral third party acting on behalf of the buyer and seller.
Title is a bundle of rights in real property. Protecting purchasers and lenders against loss is accomplished by the issuance of a title insurance policy Usually, during a purchase transaction, the lender requests a policy (commonly referred to as the Lender’s Policy) while the buyers receive their own policy (commonly referred to as an Owner's Policy)
In short, the policy states that if the status of the title to a parcel of real property is other than as represented, and if the insured (either the owner or lender) suffers a loss as a result of a title defect, the insurer will reimburse the insured for that loss and any related legal expenses, up to the face amount of the policy, subject to exceptions and exclusions contained in the policy
Typically there are two policies issued. The Mortgagee’s Policy insures the lender for the amount of the loan. The Owner’s Policy insures the purchaser of the purchase price.
How is title insurance different from other types of insurance?
While the function of most other forms of insurance is risk assumption through the pooling of risks for losses arising out of unforeseen future events (such as sickness or accidents), the primary purpose of title insurance is to eliminate risks and prevent losses caused by defects in title arising out of events that have happened in the past To achieve this goal, title insurers perform an extensive search and examination of the public records to determine whether there are any adverse claims (title defects) attached to the subject property Said defects/claims are either eliminated prior to the issuance of a title policy
or their existence is excepted from coverage. Your policy is issued after the closing of your new home, for a one-time nominal fee, and is good for as long as you own the property
What’s involved in a title search? A title search is actually made up of three separate searches:
Chain of Title – History of the ownership of the subject property
Tax Search – The tax search reveals the status of the taxes and assessments
Judgment and Name Search – Searches for judgment and liens against the owners’ and purchasers’ names
Once the three searches have been completed, the file is reviewed by an examiner who determines:
Whether or not the Chain of Title shows that the party selling the property has the right to do so
The status of taxes for the subject property The Tax Search will also indicate the existence of any special assessments against the land and whether or not these assessments are current or past due
Whether there are any unsatisfied judgments on the Judgment and Name Search against the previous owners, sellers, or and purchasers.
Rights established by judgment decrees, unpaid federal income taxes and mechanic liens all may be prior claims on the property, ahead of the buyer’s or lender’s rights The title search will only uncover defects in title that are of public record, thus allowing the title company to work with the seller to clear up these issues and provide the new buyer with title insurance
After the searches have been examined, the title company will issue a commitment, stating the conditions under which it will insure title The buyer, seller and the mortgage lender will proceed with the closing of the transaction after clearing up any defects in the title that have been uncovered by the search and examination
TYPICAL COSTS
The following costs generally affect all transactions:
Escrow Fee - one-half of the fee, based on title company’s fee schedule
Recording Fees - based on county fee schedule
Title Premium - based on fixed statewide fee schedule
Real Estate Commission - based on agreement with Broker
Tax Prorate - to apportion taxes between parties as of date of closing
General Costs - as listed for each specific transaction, as requested by principals
Release fees for loan payoff(s)
LAND SALE CONTRACT TRANSACTION
Attorney Fee - optional, and is sometimes shared with purchaser
Collection Escrow Setup Fee - optional, and is often shared with purchaser
ASSIGNMENT OF CONTRACT FOR ASSUMPTION OF LOAN TRANSACTION
Any delinquent payments to bring contract or loan current
Prorate share of current month’s interest based on current rate
CONVENTIONAL, FHA, VA LOAN TRANSACTIONS
Any closing cost (not expenses of property or loan interest) negotiated on behalf of the purchaser, subject to lender’s approval
FHA, VA Loans - check with lender for any applicable seller costs
TYPICAL COSTS
The following costs generally affect all transactions:
Escrow Fee - one-half of the fee, based on title company’s fee schedule
Recording Fees - based on county fee schedule
Fire Insurance Premium - mandatory when any lender is involved, including the seller’s lender
Tax Prorate - to apportion taxes between parties as of date of closing
General Costs - as listed for each specific transaction, as requested by the principals
LAND SALE CONTRACT TRANSACTION
Attorney Fee - optional, and is sometimes shared with seller
Collection Escrow Setup Fee - optional, and is sometimes shared with seller
Recording Fee - for contract or memorandum thereof
ASSIGNMENT OF CONTRACT FOR ASSUMPTION OF LOAN TRANSACTION
Assumption or Assignment
Next monthly payment due, if required by lender
Recording Fee - for Assumption/Assignment of Agreement, if required by lender
CONVENTIONAL, FHA, VA LOAN TRANSACTIONS
Lenders title insurance policy & endorsements, as required by lender
Loan Fee - as required by lender
Credit Report Fee - as required by lender
Appraisal Fee - as required by lender
Mortgage Insurance Premium - based on fee schedule and endorsements of lender
Prepaid Interest - if required by lender
VA Loans only - funding fee, if required by lender
FHA, VA, and some Conventional Loans - reserves for real property taxes, fire insurance and mortgage insurance
DISCLAIMER:Thisflyerisnotintendedtobeanall-inclusivelistoffeesandchargesoneverytransaction,butratheraguidetothemajorcostsofbuyingorselling realproperty WFGwouldbehappytoreviewandexplainyourclosingcostpriortofinalizingthetransactions
Anindividualmayholdtitleinhisorhernameonly,regardlessofwhetherornotmarried–eg “JaneSmith,an individual” Thatindividualthenownsallrightstotheproperty,whichcanbesoldortransferredtoothersviawill ortrust Whileadivorceispending,however,ifthepropertywasacquiredduringthemarriageitwilllikelybe treatedaspartofthemaritalestateandthusbesubjecttocourtauthority.
Aconveyancetoahusbandandwifecreatesatenancybytheentirety–eg “JohnSmithandJaneSmith, husbandandwife,astenantsbytheentirety” Thiscreatesasurvivorshipestate,whichmeansthatifonespouse dies,his/herinterestwillautomaticallygotothesurvivingspouse.Ahusbandandwifemayalsotaketitleas tenantsincommon(discussedbelow)iftheintentiontoholdtitleinthatmannerisexpresslystated
Unlessaconveyanceexpresslyprovidesthatthepartiesintendtocreateasurvivorshipestate(discussedbelow), aconveyancetotwoormorepersonswhoarenotmarriedcreatesatenancyincommoninwhicheachhas (unlessotherwisestated)anequalundividedinterestintheproperty–eg “JohnSmithandRobertJones,as tenantsincommon,eachastoanundivided50%interest” Eachtenantincommonthenownsanundivided interestintheentireproperty,whichcanbesoldortransferredtoothersviawillortrust
Twoormorepersonswhoarenotmarriedmayalsoholdtitleastenantsincommonwitharightofsurvivorship, aslongasthesurvivorshipdeclarationisexpresslycontainedinthedeed–eg “JohnSmithandRobertJones, notastenantsincommon,butwiththerightofsurvivorship” Thiscreatesasurvivorshipestate,whichmeans thatifonepartydies,his/herinterestwillautomaticallygotothesurvivorandcannotbesoldduringthelifetime ofortransferredviawillortrustbythepartywhodiesfirst
Registereddomesticpartnersmaytaketitleas(i)tenantsincommon–e.g.“JaneSmithandMaryJones, registereddomesticpartners,astenantsincommon,eachastoanundivided50%interest”,or(ii)ina survivorshipestatesimilartothatofatenancybytheentirety–eg “JaneSmithandMaryJones,asregistered domesticpartnerswithrightofsurvivorship”
Samesexmarriedcouplesmaytaketitleas(i)tenantsincommon–eg “JohnSmithandRobertSmith,a marriedcouple,astenantsincommon,eachastoanundivided50%interest”,or(ii)inasurvivorshipestate similartothatofatenancybytheentirety–eg JohnSmithandRobertSmith,amarriedcouplewithrightof survivorship,or(iii)astenantsbytheentirety–eg “JohnSmithandRobertSmith,amarriedcouple,astenants bytheentirety”.
Aregisteredentity,suchasacorporation,limitedliabilitycompanyorpartnership,mayholdtitle Titleshouldbe heldexactlyasthenameisregisteredwiththeOregonSecretaryofState–e.g.“Smith&Jones,LLC,anOregon limitedliabilitycompany”
DISCLAIMER–Theforegoingcontainsinformationalexamplesonlyandisnottobeconstruedaslegaladvice Giventhecomplexitiesinvolvedinacquiringandholding legaltitletorealproperty,WFGstronglyrecommendsthatyouseeklegaladvicefromanattorneypriortodoingso
ADMINISTRATIVE 12909 SW 68th Pkwy Ste. 350 Portland, OR 97223 503-431-8500
CLACKAMAS 9200 SE Sunnybrook Blvd Ste. 350 Clackamas, OR 97015 503-353-9975
LAKE OSWEGO 5885 Meadows Rd. Ste 150 Lake Oswego, OR 97035 503-624-4900
LLOYD/COMMERCIAL 700 NE Multnomah St. Ste 190 Portland, OR 97232 503-230-8488
NW PORTLAND 25 NW 23rd Pl Ste. 1 Portland, OR 97210 503-219-9088
GRESHAM 1304 NW Civic Drive Gresham, OR 97030 503-512-4910
SUNSET 2430 NW 206th Ave. Ste 125 Beaverton, OR 97006 503-533-9510
BETHANY 1500 NW Bethany Blvd. Ste 155 Beaverton, OR 97006 503-850-3990
9 10 11
DOWNTOWN VANCOUVER 101 E 6th St Ste 125 Vancouver, WA 98660 360-314-0300
SALMON CREEK 2105 NE 129th St Ste. 107 Vancouver, WA 98686 360-314-1818
VANCOUVER MALL 5101 NE 82nd Ave. Ste 102 Vancouver, WA 98662 360-891-5454
EAST VANCOUVER 2004 SE 192nd Ave. Ste 100 Vancouver, WA 98683 360-356-9990
Altos Market Report
WFG's My Home
Talking House Tent Cards
CC&R's (if applicable)
The information contained is provided by WFG’s Customer Service Department to our customers, and while deemed reliable, is not guaranteed.
This week the median list price for Gresham, OR 97030 is $493,000 with the market action index hovering around 75. This is an increase over last month's market action index of 72 Inventory has increased to 17.
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Home sales continue to outstrip supply and the Market Action Index has been moving higher for several weeks. This is a Seller’s market so watch for upward pricing pressure in the near future if the trend continues
Each segment below represents approximately 25% of the market ordered by price.
Again this week we see prices in this zip code remain roughly at the level they’ve been for several weeks. Since we’re significantly below the top of the market, look for a persistent up-shift in the Market Action Index before we see prices move from these levels.
In the quartile market segments, we see the upper end of the market in this zip code showing signs of strength. While this strength hasn't percolated through to Quartiles 3 and 4 yet, expect the low end of the market to follow up, should the upper-end strength continue.
The market plateau is seen across the price and value. The price per square foot and median list price have both been reasonably stagnant. Watch the Market Action Index for persistent changes as a leading indicator before the market moves from these levels.
Inventory has been falling in recent weeks. Note that declining inventory alone does not signal a strengthening market. Look to the Market Action Index and Days on Market trends to gauge whether buyer interest is changing with the available supply.
Home sales continue to outstrip supply and the Market Action Index has been moving higher for several weeks. This is a Seller’s market so watch for upward pricing pressure in the near future if the trend continues.
Not surprisingly, all segments in this zip code are showing high levels of demand. Watch the quartiles for changes before the whole market changes. Often one end of the market (e.g. the high-end) will weaken before the rest of the market and signal a slowdown for the whole group.
The properties have been on the market for an average of 85 days. Half of the listings have come newly on the market in the past 58 or so days. Watch the 90-day DOM trend for signals of a changing market.
It is not uncommon for the higher priced homes in an area to take longer to sell than those in the lower quartiles.
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