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The Title Process.
The title insurance industry works hard to protect the American dream of home ownership by insuring title for America’s home buyers and lenders. To help you gain a better understanding of our role in protecting your interests, here are brief descriptions of the four essential services performed during the title process: Click Here for PDF
As seen on CLTA.org
Legislation creating a non-probate method for conveying interest in real property upon death, Assembly Bill 139, has been signed into law by Governor Brown. The new law, which accomplishes the transfer by means of a revocable transfer upon death deed (RTDD), becomes effective January 1, 2016. The RTDD automatically transfers ownership of the property – defined to include 1-4 residential units, a condominium, or agricultural land of 40 acres or less – upon the death of the owner, and must contain a legal description. A RTDD may only be revoked by a recorded document.
On October 3, 2015, the Know Before You Owe mortgage rule goes into effect. One of the important requirements of the rule means that you’ll receive your new, easier-to-use closing document, the Closing Disclosure, three business days before closing. This will give you more time to understand your mortgage terms and costs, so that you know before you owe.
For more information on the 3 day review rule click here.
Forgery is the crime of falsely and fraudulently creating or altering a legal document. It is a felony punishable by imprisonment. It is also an act which may cloud title to a property and may result in protracted legal proceedings.
Sadly, the incidence of forgery is escalating, and the victims are innocent property owners. Title industry figures reveal that over the last decade forgery losses tripled, accounting now for over 20% of the losses paid by title insurers.
The attached piece provides a list of Red Flags that may help with detection and prevention and at the very least, encourage further investigation to ensure the validity of the transaction.
As always, we remind you to request a property profile from our Resource Center at the very beginning of your listing appointment and/or presenting an offer to provide you with a clear picture of all issues and potential problems that can stand in the way of a successful closing.
There has been much discussion in the title industry lately with regard to certain companies issuing title policies with Western Regional Exceptions. Your clients may not know that all title policies are not the same and that policies with such ‘exceptions’ can limit their coverage and expose them to the following potential title problems in the future:
- Building Permit Violations
- Taxes or Assessments that are not yet recorded or levied
- Any liens, encumbrances or claims not show by public record
- POST Policy forgery, adverse possession, prescriptive easement, inflation coverage, living trust coverage
WRT’s Eagle (ALTA/CTLA) Homeowner’s Policy, our standard policy for residential purchases, provides your clients with the broadest homeowner’s coverage and WITHOUT Western Regional Exceptions. Your clients count on you to guide them through the real estate process. So count on Western Resources Title to be your title partner.
Click here to see our comparison of coverage.
Have you ever wondered why you need title insurance? Your home may be new to you, but every property has a history. A thorough title search can help uncover any title defects tied to your property. And, subject to the terms of the policy, your title insurance provides protection for you from title problems that may become known after you close your transaction.
Follow this link to review 10 Common Title Problems.
When you buy a home, make sure you’re protecting that investment with title insurance.
All of our property profiles include an easy-to-read summary of critical items that may affect the sale of a property. No more need to decipher confusing documents! This straight forward, easy-to-read format puts everything you need to know at your fingertips.
- Current Deeds of Trust
- Property Taxes
- HOA and Mechanics Liens
- Lis Pendens
- Foreclosure Activity
Make it easy on yourself and order your next property profile from Western Resources Title today!
Probate, which stems from the classic Latin term meaning “to prove” or “proven”, is the legal process of administering the estate of a deceased person by resolving all claims and distributing the deceased person’s property either under a valid will or when the decedent has died intestate (without a will) to their heirs and beneficiaries.
Probate is also the process by which the property of a decedent is re-titled. As with any legal proceeding, there are technical aspects to probate and trust administration.
Here are just a few:
- Creditors need to be notified and legal notices published.
- Trustees need to be guided in how and when to distribute assets and how to take creditors’ rights into account.
- A Petition to appoint a personal representative (executor/administrator) may need to be filed and Letters of Administration obtained.
- If the estate is not automatically devised to a surviving spouse through joint tenancy or is not held within a trust, the estate will need to be probated whether or not the decedent had a valid will.
Please note that this is just a brief and informative overview of what can be a very lengthy and involved probate process. Click Here for detailed information.
Most important to remember is that probate and trust administration laws vary from state to state. For answers to your technical probate questions, please consult the proper professional.