GUIDE
Welcome
TO WFG NATIONAL TITLE
Whetheryou’rebuying,selling,orrefinancing,wewanttobethefirstto welcomeyouandthankyoufortrustingWFGNationalTitletoguideyou throughoneoflife’smostimportantmilestones.Weknowthiscanfeel exciting,life-changing,andattimesoverwhelming-butyouarenotalone
AtWFG,ourmissionistomaketheprocessassmooth,simple,andstress-free aspossiblesothatyoucanfocusonwhatmattersmost-yournextchapter Backedbyateamofexpertswhoarepassionateaboutwhattheydo,weare heretoserveyouwithcare,confidence,andclarityeverystepoftheway
Thisguideispackedwithhelpfultips,keysteps,andinsightstohelpyou navigateyourtransactionwithease.Youcanrestassuredknowingyouare workingwithateamthatiscommittedtoexcellenceandtakespridein deliveringpersonalizedserviceandexceptionalresults.
Ifyouhaveanyquestionsthroughouttheprocess,pleasedon’thesitateto reachout Itistrulyourpleasuretoserveyou
Withgratitude, YourWFGTeam
Who IsWFG?
WFGisoneofonlysixtrulynationaltitle underwritersandachievedthatfasterthan anyothertitleunderwriterinhistory.Why? Becausewe’redoingsomethingdifferent We takeapeople-centeredapproachtoa transaction-centeredbusiness We’rehereto makethatprocessassimple,cost-effective, andsecureaspossible.
(aprime),unsurpassed,fromdemotech,inc
ContractTo Close
1
3
WFGreceivesandReviewsthe Purchase&SaleAgreementand pertinentinformation
WFGopensthetitlereportand distributesittoallparties
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WFGrequeststhepayoff informationandrequest clarificationofothertitle exceptions(ifany)
WFGrequestsfinancing information fromthebuyer.
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WFGreceivestheloan documents
WFGfinalizesstatements, escrow instructions,and pertinentdocuments.
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WFGforwards documentsfor recordingandrecheck Loandocumentsare returnedand theloan fundsarerequested. Contract
WFGobtainssignaturesand closingfundsfrombuyer/seller
WFGobtainsnewlender information.
WFGreceivesandreviewsthe titlereport anddistribute
WFGordersthepayoffs andHOA(ifapplicable) andanyother title exemptions.
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WFGreceivesloanfunds onnewloan(s). Thedocumentsare recordedwiththecounty WFGdisbursesthefunds WFGforwardsthefinal documentstoallinterested parties(seller,buyer, lender,realtors,etc)
Whatis Title Insurance?
Thepolicyguaranteesthatif thetitlediffersfromwhatis representedandtheinsured eithertheownerorlender suffersalossduetoadefect, theinsurerwillcovertheloss andrelatedlegalexpenses,up tothepolicyamount,subjectto itsexceptionsandexclusions
What’sInvolvedInATitleSearch?
Atitlesearchismadeupof3separatesearches:
ChainofTitle-Historyoftheownershipofthe subjectproperty
LienandEncumbranceSearch-Thesearch identifiesanyexistingmortgagesordeedsof trustthatcouldaffecttheproperty Thesearch alsoidentifiesanyeasements(rightstousethe propertyforaspecificpurpose)orrestrictive covenantsthatmayaffecthowthepropertycan beused.
Generallythereare 2policiesissued:
theLender’sPolicywhich insuresthelenderorthe amountoftheloanandthe Owner’sPolicywhichinsures thepurchasersforthe purchaseprice
HowIsTitleInsuranceDifferent ThanOtherTypesOfInsurance?
Unlikeothertypesofinsurance thatcoverfuturerisks,title insuranceprotectsagainstpast issuesaffectingproperty ownership Beforeissuingapolicy, titleinsurersconductathorough searchofpublicrecordstoidentify andresolveanytitledefectsor claims Yourpolicyisissuedafter closing,requiresaone-timefee, andremainsineffectforaslongas youowntheproperty
Judgment+NameSearch-Searchesfor judgmentandliensagainsttheowners’and purchasers’name TaxSearch-Thetaxsearchrevealsthestatusof thetaxes&assessment.status
Afterthe3searcheshavebeencompleted,thefile isreviewedbyanexaminerwhodetermines:
IftheChainofTitleconfirmstheseller'slegal righttotransfertheproperty.
Thestatusofpropertytaxesandanyspecial assessments,includingwhethertheyare currentorpastdue.
Ifthereareunsatisfiedjudgments,liens,or claims suchascourtjudgments,unpaidtaxes, ormechanicsliens thatmayaffectthe property
Thetitlesearchrevealsonlyissuesthatarepartof thepublicrecord,enablingthetitlecompanyto workwiththesellertoresolvethembeforeissuing atitleinsurancepolicy Onceanydefectsare addressed,thetitlecompanyissuesatitle commitmentoutliningthetermsofcoverage After this,thebuyer,seller,andlendercanmoveforward withclosing
WhydoIneed Title Insurance?
Thepurchaseofahomeislikelygoingtobeoneofthe mostexpensiveandimportantpurchasesyouwillever make.Youandyourmortgagelenderwanttomake surethepropertyisindeedyoursandthatnoindividual orgovernmententityhasanyright,lien,claim,or encumbrancetoyourproperty
GetClarity,Control,andProtectionFast
Thetitleinsurancecompany’sjobissimple:ensurethepropertyyou'rebuying hasacleantitle,thetransferisdoneright,andyourinterestsareprotected withoutdelays.Titlecompaniesworkwithallkeyplayers buyers,sellers,lenders, developers toeliminateriskandclosetransactionsefficiently. Therearetwopolicies:anOwner’sPolicy(protectsyou)andaLender’sPolicy (protectsthelender) Bothareissuedatclosingforaone-timefee Oncedone, you’recoveredaslongasyouoryourheirsowntheproperty. Beforeissuingapolicy,thetitlecompanyconductsadeepdiveintopublic recordstoensurenooneelsehasaclaimontheproperty Theyuseinternal databasesandtitle“plants”touncoverandresolveissuesearly beforethey becomeyourproblem.
Ifacoveredclaimdoescomeuplater,thetitlecompanypayslegalfeesand coveredlosses.Butthankstothisup-frontduediligence,claimsarerare.That’s howyourcostsstaylow andyourinvestmentstaysprotected
Unlikeothertypesofinsurancethatreacttofuturerisks,titleinsurance eliminatesriskbeforeyouclose.Thisproactiveapproachprotectsbothyouand theinsurer It’ssmart,strategic,andgivesyoutheconfidencetomoveforward, knowingyourpropertyrightsaresecure.
TheTitle
Commitment
ThePreliminaryTitleCommitmentcontainsvital informationwhichmayaffectthewillingnessand abilityofthepartiestocloseescrow.
TheInformationInTheTitleCommitmentIncludes
Theownershipofthesubjectproperty
Themannerinwhichthecurrentownershold title
Matterofrecordwhichspecificallyaffectthe subjectpropertyoritsowners
Alegaldescriptionoftheproperty Aninformationalplatmap
Thetypeoftitleinsuranceofferedbythetitle company
ExclusionandexceptionsintheTitleInsurance coverage
Recordeddeedsoftrust
Easements
Agreements
Covenants,Conditions,andRestrictions (CC &R’s)
Taxes
YourrealestateagentshouldreviewtheTitle Commitmentassoonasitarrives,withparticular attentiontocertainareas:
VerifytheOwnershipVesting
Thename(s)ontheTitleCommitment shouldmatchthename(s)onthepurchase contractSometimesthenameofan unexpectedownerwillappearand correctivedocumentsmayberequired
VerifythePropertyAddress
Theplatmapandlegaldescriptionshould matchtheaddress Anownercouldowntwo propertiesadjacenttooracrossthestreet fromeachother,causingconfusionin identifyingthecorrectproperty.
Q +ATitle
AmIrequiredtohaveTitle Insurance?
Whileitisnotlegallymandated,the PurchaseandSaleAgreement(PSA) includesverbiagethattheSellerwill provideTitleInsurancetotheBuyerto ensurethecleartransferoftitleand defaultstoALTAHomeOwnersPolicy
Whatistitleinsurancefor?
TitleinsuranceisaprotectionforHome Buyersandunlikeanyothertypeof insurance,itprotectsagainstthings thatmaycomeupfromthepastrather thanfromthefutureforthingslikean heirwhopopsupclaiminginterestin thepropertyaftertheirpurchaseand somuchmore.Pleaseseepage4fora breakdownofcoverage
DoIpaytitleinsurancemonthly?
No Typically,theSellerpurchasesa one-timepremiumpaymentofTitle InsurancefortheBuyerwhichisbased offofthepurchaseprice TheBuyer purchasesatitleinsurancepolicyon theirloan,whichisaone-time premium(asrequiredbytheirlender) payment,whichispaidatclosingand basedoffoftheloanamount.
HowlongamIcovered?
Thetitlepolicyonyourhomewillbein effectfortheentiretyofyourownership
TheLender’stitlepolicy,shouldtheloan bepaidoffinfull,willgoawaybutthe policyonyourhomewillremainin affect.
Commonly asked questions from Buyers and Sellers on Title Insurance
Whatisa‘RedFlag’ontitle?
A‘redflag’ontitleisanytypeof cloudthathasbeenrecordedona specificpropertyandincludes Easements,Judgements,Liensetc andthatcouldaffectone’sfutureuse ofapropertyorpotentially delayor haltaclosing.Certainitemsofrecord canbeattachedtothepropertyfor therestoftime Pleaseconsultwith oneofourTitleOfficerstogoover anyspecificquestionsonredflags seenononeofourreports.
Willtitleeveraskmeforpersonal information?
Possibly.Insomeinstances,thetitle departmentwillrequirepersonal informationinadditiontoyour PurchaseandSale,inordertoconfirm orremoveitemsoffoftitle,asseenfrom thecommonlyrequested,Statementof Identity.Peoplewhohavecommon nameslikeAdamSmithforexample, mayberequiredtofilloutandreturna StatementofIdentitywhichincludes providingaSSN#.
WhenandwheredoIgetmyfinal saleproceeds?
Theproceedsofyoursalearedisbursed uponcloseofescrowoncetheescrow holderhasrecievedconfirmationfrom thecountyrecorderspfficethatthe WarrantyDeedandotherrequired documentshavebeenrecordedand legaltransfershasoccured The proceedswillbedeliveredasperyour instructionstotheescrowholderand /orofficeratWFG.
Whatis Escrow?
Escrowisaneutralthirdpartythattakesinallmoniesanddocumentsinareal estatetransaction,createsspecificlegaldocuments(butnevergiveslegaladvice), clearsallnecessaryitemsoffoftitleinordertotransfercleartitlefromtheSellerto theBuyer,isthe‘agent’whoactuallyclosesthetransaction,thendistributesallfinal documentsandmoniesasinstructedbythePurchaseandSale(PSA). Escrow’s mainfunctionistoexecutetheinstructionsgivenwithinthePSAcontract
Thewho’swhoofTitle+Escrow
TheEscrowOfficer“ClosingAgent|ClosingTeam”| LimitedPracticingOfficer(LPO)
ClearsTitle
Obtainspayoffsandreleasedocumentsforunderlyingloansontheproperty Receivesfundsfromthebuyerand/orlender
Preparescertainlegaldocumentsvestingdocumentaffidavitonseller’sbehalf Proratesinsurance,taxes,rents,etc
Preparesafinalstatement
”SettlementStatement”foreachparty,indicatingamountspaidinconjunction withtheclosingofyourtransaction
Forwardsdeedtothecountyforrecording Schedulessignings
Oncetheproperdocumentshavebeenrecorded,theescrowagentwill distributefundstotheproperparties
TitleOfficer,Examiner,TitleTeam
Conductsin-depthpropertyresearch
Locatesanddocumentsallpertinentrecordeddocumentsthatareattachedto aspecificproperty
Reviewsrecordeddocumentssuchasmortgages,liensandeasements ConfirmsownershipandverifiesaSeller’slegalauthoritytocoveyrealproperty
TitleUnderwriter
Assesrisk
Define‘exceptions’tocoverage Preparespreliminarytitlereports CreatesFinalPolicies
Q +AEscrow
HowdoIopenanescrow?
Generally,therealestateagentwill opentheescrow Assoonasyou executetherealestatepurchase& saleagreement,theagentwillplace thebuyer’sintialdeposit,ifany,in theescrowaccountwithWFG
WhatinformationwillIhaveto provide?
YoumaybeaskedtocompleteSeller InformationForm(s)andaStatement ofIdentityaspartofthenecessary paperwork Becausemanypeople havethesamename,thestatement ofIdentityisusedtoidentifythe specificpersoninthetransaction. Thisinformationiskeptconfidential byWFG.
WhatdoIneedtodobeforemy appointmenttosignescrow documents?
Allpartiessigningthedocuments mustbringproperidentificationto thesigningappointment,suchasa currentdriver’slicense, identificationcard,orcurrent passport.Theseitemsareneeded toverifyyouridentitybyaNotary Public;thisisaroutinebut necessarystepforyourprotection
WhatdoIsignescrowinstructions, andwheredoIdothis?
Yourescrowofficerwillcontactyouto maketheappointmentforyoutosign yourescrowinstructions,Warranty Deed,andfinalclosingpapers.Atthis time,theescrowofficerwillalsotell youtheapproximateamountofsales proceedsyouwillrecieveatclosing
Commonly asked questions from Buyers and Sellers on the escrow process
Howlongisanescrow?
Thelengthofanescrowisdeterminedbythe termssetforthintherealestatepurchase agreementandcanrangefromafewdaysto severalmonths Theaveragetimeframe, however,isabout30-60days.
WhatisthenextstepafterI/wehave signedtheclosingescrowpapers?
Afterthebuyerandsellerhavesignedall thenecessarydocuments,theescrow officerwillreturnthebuyer’sloan documentstothelenderforfinalreview. Thisusuallyoccursanywherefrom24hours toacoupleofdaysaftertheexecutionof saiddocuments Afterthereviewis completedthelenderisreadytofundthe buyer’sloan,theywillnotifytheescrow officer,whointurn,willnotifyallparties. Whatisan“escrowclosing”?
Anescrowclosingmarkstheofficial transferoftitlefromsellertobuyer Once allescrowconditionsaremetandfunds arereceived,keydocumentslikethe WarrantyDeedandDeedofTrustare recordedusuallywithinonebusinessday signifyingthe“closeofescrow”The escrowofficerthenfinalizesthe transactionbydisbursingallfundsand notifyingthepartiesoftheclosingdate.
WhenandwheredoIgetmyfinalsale proceeds?
Theproceedsofyoursalearedisbursed uponcloseofescrowoncetheescrow holderhasrecievedconfirmationfromthe countyrecorderspfficethattheWarranty Deedandotherrequireddocumentshave beenrecordedandlegaltransfershas occured.Theproceedswillbedeliveredas peryourinstructionstotheescrowholder and/orofficeratWFG.
EarnestMo
Deposit Options
WFGwillbetheneutralthird partyassistingyou,your lender,andyourrealestate agentthroughclosing. Pleasereviewyourearnest moneydepositoptionsbelow.
Check
Yourcheckcanbedro Titlelocations FedEx:Ifyouneedashippinglabel,please contactyourescrowclosingteam
*PleaseNote:Personalchecksareonlyacceptedupto11businessdayspriorto theclosingdate Checksshouldbemadepayableto“WFGNationalTitle”and pleasenoteescrowordernumberwhenavailable
WireTransfer
Shouldyouchoosetowireyourearnestmoney,yourescrow closingteamwillemailyouasecurelinkandcallyouto provideyouwiththePINcodetoaccessthewireinstructions
ZOCCAM
DownloadtheZOCCAMapp,whichallowsyouto depositearnestmoneyfromyourmobiledevice. AvailableonAppleiOS&Android
WARNING! FRAUDALERT: BORROWERS,BUYERSANDSELLERSARETARGETSFORWIREFRAUD. TOAVOID BECOMINGAVICTIM,NEVERTRUSTWIRINGINSTRUCTIONSORCHANGESTOWIRING INSTRUCTIONSSENTVIAEMAIL.ALWAYSCALLYOURWFGESCROWOFFICERATAKNOWN PHONENUMBERTOCONFIRMWIRINGINSTRUCTIONSPRIORTOWIRINGANYFUNDS.
MyHome
Successful Closing Simplifyingyour journeytoa
PERSONALIZED | SECURE | TRANSPARENT
WFG’sMyHome®providesfulltransparency,real-timeupdates,andpostclosinghomeinformationinasecurewebenvironment.Itisfullyresponsive, mobile-firstandbuiltwithYOUinmind
Signupforanaccountat https://myhome.wfgtitle.comtoday!
ClickRegisterfor MyHome®account onaMyHomeemail notificationorgo directlyto: https://myhome. wfgtitle.com
Completeabrief registrationform Useyouremail addressonfile withWFG,and haveyourescrow numberhandy.
Confirmemailfor immediateaccess
Instantaccessto essentialfiledetails
Contactinformation forallparties involved
In-depthKnowledge Center
Timelineviewofthe entireescrow process
Real-timeupdates viatext,email,or personalized dashboard
Completeforms neededforyour transaction
Uploaddocuments toyourescrowteam
Explainer videos for each milestone
Accessondesktop, tabletormobile
MyHome Move
Takethestressoutofmovingwitha singlepointofinformationforutility andhomeserviceneeds
WFG’sMyHomehaspartneredwith Connecttoprovidebuyerswitha personalconciergethatwillget themconnectedwiththetop-rated utilitiesandservices.
Apersonalizedinvitationwillcome fromWFG’sMtHomeafterthetitle reportiscompleted This complimentaryserviceistotally optional.
Gethelpconnecting:
YourPersonal HomeServices Concierge
Receivetextmessage frompersonalconcierge withtop-ratedutilities andservicesforspecific location.
Signupforthe MyHomeMove concierge service. Reviewand confirmchosen providersand getconnected.
Understan
Settlement Statement
AtWFGNationalTitle, we’recommittedto makingyourclosing processasseamlessand transparentaspossible. Yoursettlement statementprovidesa detailedbreakdownofall debitsandcreditsforboth thebuyerandseller, basedontheterms outlinedinthePurchase andSaleAgreementand yourlender’sinstructions (ifapplicable) YourWFG escrowofficerensures thesefiguresareaccurate andinbalancefora successfulclosing
Whenaloanisinvolved, bothpartieswillreceivea settlementstatementand afederallyrequired ClosingDisclosure,as outlinedbytheConsumer FinancialProtection Bureau(CFPB).
AtWFG,we’rehereto guideyoueverystepof theway.Fromstartto finish,ourteamis committedtoproviding clarity,communication, andconfidenceinyour transaction
ClosingDisclosure
TheClosingDisclosureoutlinesall finalfeesandcostsrelatedtoyour homepurchaseorsale Buyers receiveitfromtheirlenderatleast threebusinessdaysbeforesigning
Sellersreceiveaversionfromtheir escrowofficerthatoutlinesthefinal proceedsandexpenses. Thisisoneofthemostimportant documentsinyourtransaction.Take timetocarefullyreviewthedetails andreachouttoyourWFGEscrow Officerwithanyquestions.
NetProceeds
Thisistheamountthesellerreceives afterallclosingcosts,mortgage payoffs,commissions,andotherfees arededucted It’sdifferentfromthe totalequityinthehomeandreflects thefinalamountdisbursedatclosing
RightofRescission
Inrefinancetransactions(onaprimary residenceonly),federallawallowsthe borrowertocancelthetransaction withinthreebusinessdaysafter signing ThisisknownastheRightof Rescission
ClosingCosts
Thesearefeespaidbyboththe buyer&sellerinarealestate transaction.Commonclosingcosts include: Loan-relatedfees
Escrowandtitleservices Governmenttaxes&recordingfees Homeowner’sinsurance&HOA dues
Realestateagentcommissions
abreakdownofcommonsettlement andwhotypicallypaysthem:
cialConsideration
sthefinalpurchasepriceandanyagreed s.Alsoincludestheearnestmoney itandnewloanamount,ifapplicable.
tions/Adjustments
ssharedcostslikepropertytaxesorHOA hataresplitbetweenbuyerandseller ontheclosingdate.
Charges
sfeesduetotheHomeowners ation,likemove-in/move-outfees, erfees,orprepaiddues
missions
entsmadetorealestateagentsas edinthelistingorpurchaseagreements
&EscrowCharges
ellerusuallypaysfortheowner'stitle nce.Ifthere’saloan,thebuyerpaysfor nder’stitlepolicy.Escrowfeesaresplit onthesaleprice.
nmentCharges
estaxesandfeeslikerealestateexcise picallypaidbytheseller)anddocument dingfees(oftenpaidbythebuyer).
LoanCharges
iedtothebuyer'sloan,suchasappraisal, check,originationfee,insurance,and es.Thesevarybyloantype.
fs
sellerhasexistingloansorliens,theywill doffthroughclosing
llaneous sanyextracostsnotlistedabove like estimates,mobilenotaryfees,orother echarges.
WhoTypicallyPays For
Escrowfee,onehalf Workorders,suchastermiteinspectionor homerepairs
Homewarranty
Realestateexcisetax
LoancostsrequiredundertheFHA/VA provisionsofcontract
ListingAgent’sCommissions
SellingAgent’sCommissions
Ifagreeduponwithinthelistingagreement orwithinabuyer’sagencyagreement
Owner’stitleinsurancepremium
PayoffofallloansinSeller’sname(orexisting loanbalanceifbeingassumedbybuyer)
Statementfees,reconveyancefees (includingassociatedrecordingcharges), andanyloanprepaymentpenalties
Encumbrances(suchasjudgmentsandtax liens)againsttheseller
Taxpro-ration(foranyunpaidtaxesupto timeoftransferoftitle)
Delinquenttaxes
Unpaidhomeowner’sdues
Assessmentsorbonds
Notary&Courierfees(ifapplicable)
Lender’stitleinsurancepremium (ifapplicable)
Escrowfee,onehalf Inspectionfees
Homewarranty
Notaryfees(ifapplicable)
Courierfees(ifapplicable)
SellingAgent’sCommissions ifagreeduponwithinthelisting agreementorwithinabuyer’sagency agreement
Recordingchargesforalldocuments inbuyer’sname.
Taxpro-ration(foranytaxesfromtime oftransferoftitletoendofthetax paymentperiod)
Allnewloancharges(exceptforthose requiredbylenderforsellertopay)
Hazardinsurancepremiumforfirst year
Interestonnewloanfromdateof fundingto30dayspriortofirst payment
Documentpreparation(ifapplicable)
Preparingfor
AvoidDelaysInClosingChecklist: ReturnformsasrequestedbyTitle& Escrowquickly
Commonformtypesrequested: StatementofIdentity FormationDocuments Trust PropertySettlementAgreement (ifapplicable) Communitypropertyagreement (ifapplicable) Will
Completeopeningdisclosureforms throughoursecure, MyHomeportal, quickly
NotifyyourEscrowteamofanytravel plansduringyourtransaction
Preparetokeepyouravailabilityflexible approximately10daysbeforeclosingfor yourupcomingsigning
NotifyyourEscrowteamifyouwillbeout ofthecountryduringyourtransaction. Dependingonthecircumstances,its possiblethataclientmayneedto scheduletheirsigninginanEmbassy whichcanleadtodelays
ChecktoseeifyouqualifytouseourinhouseRemoteOnlineNotary(RON) signingoptionwhileoverseas!
Opentitleforlistingsatleasttwoweeks beforegoingonmarkettoensure:
You’reincontactwithallofthecorrect sellersthatwillneedtosign Thereisnothingontitlethatwillkeep youfromclosingthetransaction
ClosingDay!
RequiredAtClosing: Validdriverslicenseorotherstateor governmentphotoidentification.
ForFundstoClose,pleasecontactyour escrowteamfortheamount&howyou cansubmitthefunds.
DoesEscrow... CloseutilityAccountsortransfer serviceslike,water,sewer/garbage, cableorelectricity?
No!Escrowwillpayofflienable, proratedutilities,asinstructedbythe utilitycompanyonbehalfoftheSellers throughclosing(generallywithfunds fromNetProceedshowever,itisthe Seller’sresponsibilitytomakesurethat theaccountitselfisclosedandthe Buyer’sresponsibilitytoopentheirown accountwiththeUtilityCompanies.
WireFraud
Everyday,hackerstrytostealmoneybyemailingfakewireinstructions.Criminalswill useasimilaremailaddressandstealalogoandotherinformationtomakeitlooklike theemailcamefromyourrealestateagentortitlecompany.Youcanprotectyourself andyourmoneybyfollowingthestepsbelow.
WFGwillneverchange escrowinstructionsthrougha transactionoremailwiring instructionstoyounorchange WFGaccountinformation afterit’sbeenprovidedtoyou byourstaff.
Call,don’temail.Confirmyour wiringinstructionsbyphone usingaknownnumberbefore transferringfunds
Don’tsendsensitive financialinformation viaemail.
Keepyouremailaccount clean,removeanystale messages Hackerscan watchyourbusiness patternsandusethis informationagainstyou
Callyourtitlecompanyorreal estateagentwithinfourtoeight hourstoconfirmtheyhave receivedyourmoney
Askyourbanktoconfirmthe nameontheaccountbefore sendingawire
Escrow
Funds
Apayoffisthereceiptoffundsfromthebuyer andthepaymentoftheseller’sobligationsin conjunctionwitharealestatetransaction The payofffunctionisperformedbythetitle company.
WFGmustbeinreceiptof“GoodFunds”priortothe disbursementonapayoff.Typesof“GoodFunds”include:
FundswiredtoaWFGescrow/sub-escrowaccount
Acashier’s,teller’sorcertifiedcheck(next-dayavailabilityafterdeposit) Localcheck(fundavailability2daysafterdeposit) Out-of-area(checkavailability5daysafterthedeposit)
PayoffFees
Feesforhandlingapayoffvary slightlyfromcountytocounty. Thefeeisstrictlyaprocessing chargeanddoesnotcovera specialhandlingchargesor potentialshortages.
Demands
Demandsmustincludespecific payoffinformationconcerning theparticularpropertyand mustbesigned.Itisthe responsibilityoftheescrow companytoorderandprovide allnecessarydemands, includinganyupdatesor changes,inatimelymanner.
Shortages
WFGwillrequirefromthe escrowaccountthenecessary fundstocovertheoutstanding obligations.Anyshortagesmust bereceivedpriortopayoff
Prefigures
Estimatedpayofffiguresare calculatedandgivenpriorto closinguponrequest.These figuresareonlyvalidthroughthe dategivenandarebasedonthe informationprovidedatthetime
Refunds
WireTransfers
DisbursementChecks
Fundscanbewiredintooroutof EscroworTitletrustaccount(s). Checksaredeliveredlocallyto lendinginstitutionsbyacontracted messengerservice.Checksto individualsandout-of-arealenders aretypicallysentviaanovernight deliverycompany Anyoverpaymentsofdemandswill berefundedtotheescrowaccount uponreceiptfromthelender. Refundstypicallytaketwotosix weekstoprocess
Signing+ More
Traveling
Ifyou’reanout-of-statebuyeror seller,ortravelingoutofthearea, pleasenotifyyourescrowofficeras soonaspossibletoensurethereis adequatetimetoprepareand deliverthenecessarydocuments
Identification
Thebuyerneedstobring2forms ofcurrentphotoIDtosignnotarized closingdocuments
Disclosures&Contingencies
Aspartofthehomesellingprocess, sellersarelegallyrequiredto completeaPropertyDisclosure Statement Thisinformsthebuyer ofanyknownconditionsor materialfactsabouttheproperty.
Yourrealestateagentorescrow officercanhelpguideyouthrough thisprocess.
Keepinmind:Mostrealestate contractsincludeseveral contingencydatesthatmustbe metinatimelymanner,suchas:
Buyer’sloanapproval
PreliminaryTitleReportapproval
Structuralinspections
Pestcontrolclearances
AftertheBuyer’sLoanIsApproved Oncethebuyer’sloanisofficially approvedandloandocumentsaresent toescrow,theprocessmovesquickly Yourescrowofficerwill:
Contactthebuyertoschedulea signingappointment
Collectfinalclosingfunds Coordinatewiththesellertogather allrequireddocumentation, includingtheexecutedGrantDeed
IftheGrantDeedhasn’tbeensubmitted yet,theescrowofficerwillensureitis includedbeforemovingforward.
WhatDoes“CloseofEscrow”Mean? CloseofEscrowisthelegaltransferof ownershipfromthesellertothebuyer, officiallycompletingthetransaction.
Here’swhathappensnext:
TheWarrantyDeedandDeedof Trustaretypicallyrecordedwithin onebusinessdayofreceivingloan funds
AFinalSettlementStatementis provided
Theseller’snetproceedsbecome availablethesamedaythesaleis finalized
Sellerscanchoosetoreceivetheir proceedsviacompanycheckorwire transfer
Stayingcloselyconnectedwithyour realestateagenthelpsensurethese importantdeadlinesaremet.
ConfidenceThroughEveryStep
AtWFG,we’recommittedto transparency,clarity,andexceptional serviceateverystageofyour transaction.Whetheryou’rebuyingor selling,youcanrelyonusforasmooth closingexperience
Remote Online
Notarization
(R.O.N.)
WhatisR.O.N.?
RemoteOnlineNotarization allowssignerstocompletethe notarizationprocessusing secureaudio-visualtechnology overtheinternet without needingtobephysically presentinthesameroomas thenotary.
ToperformR.O.N.,thenotary mustholdbothastandard electronicnotaryendorsement andaspecificR.O.N. endorsement
IsR.O.N.thesameas electronicnotarization?
Notquite Whileelectronic notarizationinvolvesdigital documents,itstillrequiresinpersoninteractionwiththe notary.R.O.N.,however,allows signerstoappearremotely usingasecurevirtualplatform It’simportanttonote:All elementsofatraditional notarizationstillapplyduring RON
Note:Notalllendersaccept RON Pleaseconfirmwith yourlenderbeforeproceeding.
RequirementsforaR.O.N.CertifiedNotary
Thenotarymust: BeinastatewhereR.O.N.islegally permitted
Holdanactivenotarialcommission
Carrybothanelectronicnotary endorsementandaR.O.N.endorsement (InWashingtonState,botharerequired)
HowSignersCanPreparefora R.O.N.Appointment
Toparticipate,signerswillneed: Adesktop,laptop,tablet,orcomputer ThelatestversionofGoogleChrome Awebcam Aheadset(recommended)
Avalidgovernment-issuedID(driver’slicense orpassport)
Asmartphonewithcameraandemailortext access
WhatHappensNext?
SignerswillcompleteKnowledge-Based Authentication(KBA)beforetheirsession begins.They’llbeasked5personalized questionsandmustansweratleast4correctly within2minutes(withtwoattemptsallowed) Ifauthenticationfails,RON cannotproceed
We’recommittedtoprovidingsafe, convenient,andcompliantoptionsforallyour closingneeds,nomatterwherelifetakesyou.
MovingChecklist
8WeeksBefore YouMove
InventorySheets:Createaninventorysheetofallyourbelongingswhich needtobemoved
ResearchMovingOptions:You’llneedtodecideifyoursisado-it-yourself moveorifyou’llbeusingamovingcompany
RequestMovingQuote:Solicitmovingquotesfromasmanymoving companiesandmoversaspossible Therecanbealargedifferencebetween ratesandserviceswithinmovingcompanies
DiscardUnnecessaryItems:Movingisagreattimeforriddingyourselfof unnecessaryitems Haveayardsaleordonateunnecessaryitemstocharity
PackingMaterial:Gathermovingboxesandpackingmaterialforyourmove
ContactInsuranceCompanies:You’llneedtocontactyourinsuranceagent tocancel/transferyourinsurancepolicy
4WeeksBefore YouMove 4
StartPacking:Beginpackingallthingsdestinedforyournewlocation. ObtainYourMedicalRecords:Contactyourdoctor,physician,dentistandother medicalspecialistswhomaycurrentlyberetaininganyofyourfamily’smedical records.Obtaintheserecordsormakeplansforthemtobedeliveredtoyournew. Medicalfacilitiesifchanging:Securityiscriticalofpersonalrecords
NoteFoodInventoryLevels:Checkyourcupboards,refrigeratorandfreezer Useupasmuchofyourperishablefoodaspossible
SmallEngines:Servicesmallenginesforyourmovebyextractinggasandoil fromthemachines Thiswillreducethatchancetocatchfireduringyourmove
ProtectJewelryandValuables:Transferyourjewelryandvaluablestoasafety depositbox;youdon’twantthemtobelostorstolenduringyourmove
BorrowedandRentedItems:Returnitemsthatyoumayhaveborrowedor rented Collectitemsborrowedtoothers
YourChangeofAddress:ChangeyouraddresswiththeUSPS,DMV, FinancialInstitutions,Utilities,GovernmentOffices,HealthCareService Providers,Memberships,SubscriptionsandInsuranceProvisions.
BankAccounts:Transferorclosebankaccountsifchangingbanks.Make suretohaveamoneyorderforpayingthemovingcompany
ServiceAutomobiles:Ifautomobilesaretobedrivenlongdistance,you’ll wanttohavethemservicedsoyouhaveatrouble-freedrive.
CancelServices:Notifyanyremainingserviceproviders(newspapers, lawnservices,etc.)ofyourmove.
TravelItems:Setasideallitemsyou’llneedwhiletraveling Makesure thesearenotpackedonthemovingtruck ContactUtilityCompanies:Setutilityturnoffdate,seekrefundsand depositsandnotifythemofyournewaddress.
Moving Day 1 WeeksBefore YouMove
PlanYourItinerary:Makeplanstospendtheentiredayatthehouseorat leastuntilthemoversareontheirway Someonewillneedtobearoundto makedecisions.Makeplansforkidsandpetstobeatasittersfortheday. ReviewtheHouse:Oncethehouseisempty,checktheentirehouse(closets, attic,basement,etc)toensurenoitemsareleftornohomeissuesexist DoubleCheckWithYourMover:Ensurethemoverhasthenewproperty addressandallofyourmostrecentcontactinformation,shouldtheyhave anyquestionsduringyourmove.
VacateYourHome:Makesureutilitiesareoff,doorsandwindowsarelocked andnotifyyourrealestateagentyou’vevacatedtheproperty
QuestionsToAsk:Whereisthegaragedooropener?Wherearethekeysto thehouse,mailboxandotherlockablearea?Didyouretrieveallkeysfrom neighborsandfriends?
ChangeOf Address Checklist
Government
USPostOffice
DepartmentofMotorVehicles
IRS
PassportOffice
VeteranAffairs
UnemploymentOffice
(Ifyouarecurrentlyreceiving unemploymentbenefits)
Financials
BanksandCreditUnions
CreditCardCompanies
StoreCreditCards
Lenders
InsuranceCompanies
Retirement
Investments
OnlineBillPayer
Paypal
Health
Physician
Pharmacies
Other
FriendsandFamily
Employers
ServiceProvider
Childcare
HousecleaningServices
DeliveryServices
LawnCareServices
Veterinarian
PoolService
Subscriptions
Newspapers
Magazine
MovieSubscriptions
BookorMusicClubs
Memberships
HealthClubs
MembershipClubs (AAAorsimilar)
CommunityGroups (PTA,Neighborhood Associations,CivicClubs)
Children’sExtracurricular Activities
(DanceClasses,Music Lesson,SportsClubs)
Utilities
Electric
NWNaturalGas
WaterDistrict
SewerDistrict
GarbageProvider
Cable/Satellite
Fuel(Propane)
PhoneServices
Internet
HelpfulOnline Resources ForYour Move
MailForwarding
USPSOnline–wwwuspscom Quicklyandsecurelyupdateyouraddress throughtheUnitedStatesPostalService Secure–IDverificationrequired;$1fee Convenient–Avoidatriptothepostoffice InstantConfirmationemailed
Acreditordebitcardisrequiredtocomplete theformonline Preferpaper?Visitanypost officeandrequestaMover’sGuidepacketto completeandreturnmanually
Driver’sLicense+VehicleRegistration
WADepartmentofLicensing www.dol.wa.gov
Youhave10daystoupdateyour driver’slicenseaftermoving Nofeetoupdateyouraddress (feeappliesforareissuedlicense) Updatingyourlicensedoesnot updateyourvehicleregistration
VoterRegistration+ ElectionInformation
SnohomishCounty 3000RockefellerAve, 1stFloor,AdminBldgW Everett,WA98201
Phone:425.388.3444
Fax:4252592777
Email: elections@snoco.org wwwsnohomishcountywagov
KingCounty 919SWGradyWay Suite100
Renton,WA98057
Phone:2062968683
Fax:2062960108
Email:elections@kingcounty.gov wwwkingcountygov
PierceCounty 2501S.35thSt.,SuiteC Tacoma,WA98409
Phone:253.798.8683
Email:pcelections@copiercewaus www.piercecountywa.gov
RealEstate Terminology
Addendum:Alistorothermaterialaddedtoa document,letter,contractualagreement,escrow instructions,etc
Agency:Agencyistherelationshipthatoccurs whenaBrokerrepresentsaBuyerorSellerina realestatetransaction AnAgenthasfiduciary dutiestotheClient,suchasconfidentiality, accounting,reasonablecare,loyalty,obedience, advocacy,anddisclosure
AnnualPercentageRate:Theyearlyinterest percentageofaloan,asexpressedbytheactual rateofinterestpaid.TheA.P.R.isdisclosedasa requirementoffederaltruth-in-lendingstatutes
Appraisal:Avaluationofpropertybytheestimate ofanappraiser Theappraisercanuseany numberofvaluationmethodstodeterminethe appropriatevalue,includingthecurrentmarket valueofsimilarproperties,qualityofproperty,and valuationmodels
AsIs:Inan“ASIS”contract,theSellerissayingthe propertywillbesoldinitsexistingphysical conditionandtheBuyeristakingtheproperty’s conditionintoaccountwhenmakinganoffer.The clausedoesnotnegateaSeller’scommonlaw dutytodiscloseknownlatentmaterialdefects
Assumption:AgreementbyaBuyertoassume theliabilityunderanexistingnotesecuredbya mortgageordeedoftrust TheLenderusually mustapprovethenewdebtorinordertorelease theexistingdebtor(usuallytheSeller)from liability
Beneficiary:Asusedinatrustdeed,theLenderis designatedasthebeneficiary,ie,obtainsthe benefitofthesecurity.
Buyer-BrokerAgreement:Anemployment agreementbetweenaBuyerandaBrokerthat employstheBrokertolocatepropertyand negotiatetermsandconditionsacceptabletothe Buyerforthepurchaseofahome TheBuyer usuallyagreestoworkexclusivelywiththeBroker andthecompensationtheBuyerisobligatedto payisoftenoffsetbyanycompensationthe BrokerreceivesfromtheListingAgent.
CloseofEscrow:Thedatethattitlepassesfrom SellertoBuyeranddocumentsarerecorded
ChainofTitle:Thechronologicalorderof conveyanceofaparceloflandfromtheoriginal Owner(usuallythegovernment)tothepresent Owner
ClosingDisclosure:Providedtotheborrower atleastthreebusinessdaysbeforeheorshe becomescontractuallyobligatedfortheloan (generallywhenfinalloandocumentsaresigned) LiketheLoanEstimate,theClosingDisclosurelists informationabouttheloanterms,monthly paymentsandclosingcosts However,theseare notestimates,buttheactualandfinaltermsof theloan Thetwoformsworktogetherso borrowerscaneasilycomparethemandensure theyaregettingthetermspromisedtothem The ClosingDisclosureisrequiredtobeusedifthe loanissubjecttotherequirementsoftheFinal RuleoftheCFPB,effectiveOct 3,2015
ClosingStatement:Anall-inclusivesummary itemizingdebitsandcreditstoeachparty,Seller andBuyer,andpresentedintheformofabalance sheet
CloudonTitle:Aninvalidencumbranceonreal property,whichifvalid,wouldaffecttherights oftheOwner.Thecloudmayberemovedby quitclaimdeed,or,ifnecessary,bycourtaction
ComparableSales:Salesofpropertiesusedas comparisonstodeterminethevalueofaspecific property
Conditions,Covenants&Restrictions(CC&Rs): CC&Rsarerecordedagainstthehomeandare anenforceablecontract TheCC&Rsempowerthe homeowner’sassociation,ifthereisone,tocontrol certainaspectsofthehome AHomebuyershould alwayscarefullyreadtheCC&Rs(andanyother associationdocuments)becausetheBuyerwillbe obligatedtocomplywithalltherulesand restrictions
Contract:Acontractforthesaleofahomemust besignedandinwritingtobeenforceable
RealEstate Terminology
Contingency:Acontingencyisaclauseina contractthatrequiresthecompletionofacertain actbeforethepartiesareobligedtoperformtheir contractualobligations.Themostcommon contingenciesarefinancing,acceptableproperty condition,andconditionoftitle
Conveyance:Transferoftitletoaproperty Includesmostinstrumentsbywhichaninterest inrealestateiscreated,mortgaged,orassigned
Counteroffer:Anoffer(insteadofacceptance) inresponsetoanoffer Forexample:Aoffersto buyB’shouseforXdollars;B,inresponse,offersto selltoAatahigherprice B’soffertoAisa counteroffer.
Deed:Writteninstrumentbywhichthe ownershipoflandistransferredfromoneperson toanother
DeedofTrust:Aninstrumentusedinmany statesinplaceofamortgage Propertyis transferredtoatrusteebytheBorrower(Trustor), infavoroftheLender(Beneficiary)and reconveyeduponpaymentinfull.
Deposit:MoneygivenbytheBuyerwithanoffer topurchase Showsgoodfaith
Disclosure:Tomakesomethingknown.All disclosuresshouldbeinwritingwhendealing withrealestateinterestsandrealproperty
DueonSaleClause:Anaccelerationclausethat requiresfullpaymentofamortgageordeedof trustbalancewhenthesecuredpropertychanges ownership.
Easement:Therighttouseanotherperson’sland foraspecifiedpurpose,suchasforpublicutilities, ingressandegress,etc
Escrow:Aprocedureinwhichathirdpartyacts asastakeholderforboththeBuyerandtheSeller, carryingoutbothparties’instructionsand assumingresponsibilityforhandlingallthe paperworkanddistributionoffunds.
EscrowAccount:AccountheldbyLenderfor paymentoftaxes,homeowner’sinsurance,and otherperiodicdebtsagainstrealproperty requiredtoprotecttheirsecurityinterest.
FairMarketValue:Pricethatprobablywouldbe negotiatedbetweenawillingSellerandawilling Buyerinareasonabletime
FixturesandPersonalProperty:Afixtureisan itemthatwasoncepersonalproperty, butisaffixedtothehomeinsuchamanner astobecomepartofthehomeitself ABuyer purchasesthefixturesaffixedtothehome,but personalpropertyisnotpartofthetransaction unlessitislistedinthecontract.Thecontract shouldspecificallyidentifyallitemsthataretobe conveyedinthetransaction
Homeowners’Association(HOA):Anassociation ofpeoplewhoownrealproperty inagivenarea,formedforthepurposeof improvingormaintainingthequalityofthe area Alsoanassociationformedbythebuilder ofcondominiumsorplanneddevelopments, andrequiredbystatuteinsomestates.The builder’sparticipationaswellasthedutiesofthe associationiscontrolledbystatute
Homeowner’sInsurance:Propertyinsurance protectingagainstlosscausedbyfire,some naturalcauses,vandalism,etc,dependingupon thetermsofthepolicy
HomesteadExemption:Ahomesteadexemption protectsequityinahomeincaseofbankruptcy. Thehomesteadexemptionisusuallyautomatic, meaningyoudonothavetofileahomestead declarationtoclaimitinbankruptcy
Lien:Anencumbranceagainstapropertyforthe repaymentofadebt Examplesinclude judgments,taxes,mortgages,anddeedsoftrust.
ListingAgreement:Anemploymentcontract betweenaSellerandaListingBroker,that establishesthedutiesoftheBrokerandtheterms underwhichtheBrokerwillearnacommission.
RealEstate Terminology
LoanEstimate:Usuallyprovidedtotheborrower withinthreebusinessdaysofapplyingfora mortgageloan Itincludesthetermsoftheloan, theprojectedpayments,andanestimateofthe closingcosts.SincetheLoanEstimateisuniform fromLendertoLender,itcanbeusedtocompare andshopforthebestmortgagetofita borrower’ssituation.Theformisrequiredtobe usediftheloanissubjecttotherequirementsof theFinalRuleoftheCFPB,effectiveOct 3,2015
Mortgage:Theinstrumentbywhichrealestateis pledgedassecurityfortherepaymentofaloan MortgageInsurance:Insurancewrittenbyan independentmortgageinsurancecompany protectingtheLenderagainstlossincurredbya mortgagedefault,thusenablingtheLenderto lendahigherpercentageofthesalesprice
MultipleListingService(MLS):TheMLSisa repositoryofinformationonhomesforsale The MLSisalsoameansbywhichBrokerparticipants makeoffersofcompensationtootherBroker participantsforbringingaready,willing,andable Buyerfortheproperty
PITI:PaymentthatcombinesthePrincipal, Interest,Taxes,andInsurance
Points:Anamountequalto1percentofthe mortgageloan Lenderscanchargeapointasan originationfeetocoverthecostofmakingthe loan Adiscountpointcanbepaidbythe Borrowertolowertheinterestrateontheloan
PowerofAttorney:Anauthoritybywhichone person(principal)enablesanother(attorney)to actforhimorher
PurchaseAgreement:Anagreementbetweena BuyerandSellerofrealproperty,settingforththe priceandtermsofthesale
QuitclaimDeed:ADeedoperatingarelease; intendedtopassanytitle,interest,orclaimthat theGrantormayhaveintheproperty,butnot containinganywarrantyofavalidinterestortitle bytheGrantor
Recording:Filingdocumentsaffectingreal propertywiththeCountyRecorderasamatterof publicrecord
RightofFirstRefusal:Afirstrightofrefusalisa provisioninacontractthatrequirestheOwnerof ahometogiveanotherparty(usuallyatenant) thefirstopportunitytopurchaseorleasethe propertybeforeitisofferedforsaletoanother
Subdivision:Thedivisionofoneparceloflandinto smallerparcels(lots)createdbyfilingasubdivision platwiththegovernmentalauthority(cityor county)andreceivingapprovalfromthe governmentalauthority
Title:Theevidenceonehasofrighttopossession ofland
TitleCommitment:Thetitlecommitmentreflects theconditionofthetitletotheproperty The commitmenttellstheBuyerwhetherthetaxes andassessmentsarepaid,whethertherearedeed restrictions,liens,andeasementsontheproperty, andwhattherequirementsaretotheissuanceof titleinsuranceontheproperty.
TitleInsurance:Therearegenerallytwotitle insurancepoliciesissuedatcloseofescrow, Owner’sTitleInsuranceandtheLender’sTitle Insurance TheOwner’spolicyisaninsurance policythatprotectsthehomeownerfromdefects inthetitletothehome,suchasaforgeddeed The Lender’spolicyprotectstheLenderagainstthe samesortoftitledefectsuntiltheloanispaid
WarrantyDeed:Adeedthatconveysfeetitleto realpropertyfromtheGrantor(usuallytheSeller) totheGrantee(usuallytheBuyer)
1031Exchange:Atax-deferredor1031exchangeis atransactioninvolvingthetransferofinvestment orincomepropertyandthereceiptoflike-kind propertythatwillbeusedasincomeor investmentproperty Whencertaincriteriaare met,assetforthinsection1031oftheInternal RevenueCode,theincometaxesonanygain realizedfromthesaleoftherelinquishedproperty aredeferred.
wfgtitle.com/vancouver-washington
Riverfront
2001 SE Columbia River Dr. Suite 100
Vancouver WA 98661
Phone: 360 314 0300
East Vancouver
2004 SE 192nd Ave. Suite 100
Vancouver, WA 98683
Phone: 360 356 9990
Vancouver Mall
4400 NE 77th Ave Suite 250
Vancouver, WA 98662
Phone: 360 891 5454
Salmon Creek
2105 NE 129th St Suite 107
Vancouver, WA 98686
Phone: 360 314 1818