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
Contract
WFGreceivesandReviewsthe
Purchase&SaleAgreementand pertinentinformation
WFGopensthetitlereportand distributesittoallparties
3
5
7
2
Contacts
WFGobtainsnewlender information.
WFGreceivesandreviewsthe titlereport anddistribute
Finances Payoffs
WFGrequeststhepayoff informationandrequest clarificationofothertitle exceptions(ifany)
WFGrequestsfinancing information fromthebuyer.
4
WFGreceivestheloan documents
WFGfinalizesstatements, escrow instructions,and pertinentdocuments.
WFGobtainssignaturesand closingfundsfrombuyer/seller
6
WFGordersthepayoffs andHOA(ifapplicable) andanyother title exemptions
LoanDocuments Recording Funds
8
WFGforwards documentsfor recordingandrecheck Loandocumentsare returnedand theloan fundsarerequested.
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:I y pp g p 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
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 YourPersonal
Takethestressoutofmovingwitha singlepointofinformationforutility andhomeserviceneeds
WFG’sMyHomehaspartneredwith Connecttoprovidebuyerswitha personalconciergethatwillget themconnectedwiththetop-rated utilitiesandservices.
Apersonalizedinvitationwillcome fromWFG’sMtHomeafterthetitle reportiscompleted This complimentaryserviceistotally optional.
Gethelpconnecting:
Howitworks
Signupforthe MyHomeMove concierge service.
Concierge
Receivetextmessage frompersonalconcierge withtop-ratedutilities andservicesforspecific location.
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 ndwhotypicallypaysthem:
ialConsideration
thefinalpurchasepriceandanyagreed Alsoincludestheearnestmoney tandnewloanamount,ifapplicable.
ons/Adjustments
sharedcostslikepropertytaxesorHOA hataresplitbetweenbuyerandseller ontheclosingdate.
harges
feesduetotheHomeowners ation,likemove-in/move-outfees, rfees,orprepaiddues
issions
ntsmadetorealestateagentsas dinthelistingorpurchaseagreements.
EscrowCharges
lerusuallypaysfortheowner'stitle nce.Ifthere’saloan,thebuyerpaysfor der’stitlepolicy.Escrowfeesaresplit onthesaleprice.
mentCharges
estaxesandfeeslikerealestateexcise picallypaidbytheseller)anddocument ngfees(oftenpaidbythebuyer).
oanCharges
edtothebuyer'sloan,suchasappraisal, check,originationfee,insurance,and s Thesevarybyloantype
s ellerhasexistingloansorliens,theywill doffthroughclosing.
aneous
anyextracostsnotlistedabove like stimates,mobilenotaryfees,orother charges.
WhoTypicallyPays For
What?
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
Thisisforinformationalpurposesonlyandshouldnotbeconsideredlegaladvice
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 RON,however,allows signerstoappearremotely usingasecurevirtualplatform It’simportanttonote:All elementsofatraditional notarizationstillapplyduring RON
Note:Notalllendersaccept RON Pleaseconfirmwith yourlenderbeforeproceeding.
RequirementsforaR.O.N.CertifiedNotary
Thenotarymust:
BeinastatewhereRON 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
8
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
4
4WeeksBefore YouMove
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@snocoorg www.snohomishcountywa.gov
KingCounty 919SWGradyWay Suite100 Renton,WA98057
Phone:206.296.8683
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 easternwa
wfgtitle.com/eastern-washington Cataldo
25 West Cataldo Ave #B
Spokane, WA, 99201
Phone: 509-532-5000
Fax: 509-532-9009
North Spokane
7307 N Division St #302
Spokane, WA, 99208
Phone: 509-789-8565
1420 North Mullan Rd #108
Spokane, WA, 99206
Phone: 509-227-6474
Fax: 509-928-9801
315 2nd Ave. N.
Okanogan, WA, 98840
Phone: 509-422-3490
Fax: 509-215-1387
Mullan
Okanogan
