Archive for the Uncategorized Category

This month’s tip comes from Stephanie McCleery, Escrow Officer in our Amberglen branch in Hillsboro.

What are red flags on title? When the title report is published it provides a story of the property. The title report determines if there are any rights or claims that may have an impact upon the title such as taxes, unsatisfied mortgage, judgments tax liens against the current or past owners. The matters can either be accepted, resolved, or extinguished through the transaction. Some of these red flags can cause delays if not addressed early in the transaction. There are ways to prevent delays from happening; providing contact information for all parties so escrow can get the necessary information to clear the red flags. Here are a few of the most common red flags:

• State Warrants
• Federal /state tax liens
• Mechanics’ liens
• Seller not vested in title
• Probate
• Judgments against buyer and seller
• Child support/spousal support
• Pending lawsuits 
• Paid in full, unreleased loans
• Foreclosure

When these red flags appear on title the escrow officer will need to contact the party the lien/judgment is against. Ways to clear these liens/judgments vary. The more information provided to the escrow officer, the more efficient the process will be to clear the red flags.

When in doubt call your escrow officer ahead of a listing and ask the questions; we can always start clearing known red flags ahead of time, so you and your clients are ready to move forward smoothly.

Join us for our next Ticor Thursday Webinar on August 15th from 10am-11am. This months class we will hear from Katie Ullrich with Proud Ground about Permanent Affordable Housing through Community Land Trust. We hope you can join us!

Use the QR Code below or the following link to register: https://us02web.zoom.us/webinar/register/WN_TDMsG5jWQ8mA7141pEGqdg

Join us for this class from Huzi.ai on Wednesday, July 10th at 10am at Happy Valley City Hall. Danielle Bade will be teaching “Reimagining Real Estate with AI”.

Register with this link or use the QR code on the flyer below: http://pulse.fnf.com/RealEstate#/TTPortland/Details/40412aec-29d9-4e29-916f-6f12b93fc009

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Questions? Reach out to your Sales Executive today!

This months tip comes from Ashley Melton in our Lake Oswego Office.

Why is it important to review a closing statement? 

A closing statement or settlement statement is a document that provides a breakdown of the costs and credits to both the buyer and seller. 

This document is to insure that both parties are aware of all financial aspects and that all payments are accurately recorded and disbursed. 

There are several reasons reviewing a closing statement is important. Here are a few reasons: 

1. Accuracy and Error Detection: It’s helpful to review and ensure all figures are correct, such as; sales price, loan amount, closing costs, credits and client’s names. This can all be corrected before the transaction is recorded as we are all human and can make errors. 
2. Transparency: Ensuring all parties are fully informed about the financial details of the transaction and understand the cost showing on the statement. If the clients have any questions we are able to address them before we record. 

Please help us by reviewing your closing/settlement statement and reach out to your Escrow Officer with any questions.

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This month’s webinar will be on June 20th, 2024 from 9am – Noon. Our topic this month is Law and Rules Required Course (LARRC) 2024-2025 from Richard Mario, Attorney with Buckley Law. We hope you can join us!

CLICK HERE TO REGISTER or Scan the QR Code Below.

Tips for Transactions with Power of Attorneys – Dodie Schmaltz

In real estate transactions, there may be instances where sellers are unable to personally sign important documents. Whether it’s due to being abroad or having limited physical abilities, appointing a power of attorney can provide a solution.

When utilizing a power of attorney, it is crucial to verify that the seller fully comprehends and consents to its use. This can be achieved through direct communication with the seller, confirming their understanding of the situation. In cases where the seller is incapacitated, obtaining a medical note from a doctor certifying their condition becomes necessary.

The use of power of attorney grants flexibility for sellers facing unique circumstances. For example, elderly parents who require assistance with property sales or individuals traveling abroad may find this option beneficial. By appointing an agent through a power of attorney, sellers can ensure that their interests are represented even when they are physically unavailable.

If you think this is a viable option for your transaction or there is already a power of attorney in place, make sure to communicate with your Escrow Officer to see if any additional documentation is needed.

Questions? Our customer service team is here to help. Reach them via email at ticor.resource@ticortitle.com or by phone at 503.219.1000

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This month’s webinar will be on May 16th, 2024 at 10am. Our topic this month is Mobile Apps for Agents from Ryan Jacobsen, our Technology Marketing Specialist. Learn about the newest apps to help you help your clients. We hope you can join us!

CLICK HERE TO REGISTER or Scan the QR Code Below.