Ticor Title Oregon – Blog, Information, & Solutions

Archive for the Mid Willamette Valley Category

You’re Invited – St. Patty’s Client Appreciation Event!

You’re Invited – St. Patty’s Client Appreciation Event!

We are Lucky to have you as clients and want to celebrate with you!

Join us for a Pre-St. Patrick’s Day Customer Appreciation event at our Ticor Office in Salem (located in the South Block Building).

We will be converting our office into the “Ticor Pub” for the night

Stop in for a listen as our Irish Bag Piper plays Irish tunes every half hour. Our Pub will have Shuffleboard, Darts, hors d’ oeuvres, Scotch Bar, Guinness, Wine, and our Dessert Bar and Sipping Lounge. Stop by for a great time so we can say thank you for making 2017 a great year, and celebrate the year to come.

  • St Patty’s hors d’ oeuvres
  • Bar will be stocked with your traditional favorites
  • Shuffle Board
  • Darts & MORE!!!

Street and Garage Parking are available on site.

Let’s Celebrate

Thursday, March 15th
4:30 – 7:00 PM
Ticor Pub @ Ticor Salem
315 Commercial St. SE, Ste 150,
Salem, OR 97301

RSVP HERE

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Title Insurance FAQs for Home Buyers

Title Insurance FAQs for Home Buyers

Did you know that title insurance is the most effective, most accepted and least expensive way to protect property ownership rights? Because most consumers purchase title insurance only a handful of times in a lifetime, questions do arise when the time comes to purchase a property.

What is Title?

Title is your ownership right to your property.

What is Title Insurance?

Title insurance is a policy that protects your investment and property rights. There are two different types of title insurance: owner’s policy and lender’s policy.

OWNER’S POLICY

An owner’s policy protects your property rights for as long as you or your heirs own the home.

LENDER’S POLICY

A lender’s policy is usually required by the lender and protects only the lender’s financial interests. The buyer typically pays for this policy, but this varies depending on geography. For more information, please contact your Ticor Title Representative.

Why Should I Purchase Owners Title Insurance?

Owner’s title insurance is the best way to protect your property from future legal claims. It’s a one-time fee that covers you and your heirs for as long as you own your home. The owner’s policy also covers potential legal fees for settling claims against your property rights.

What Does Owner’s Title Insurance Cost?

The one-time payment for owner’s title insurance is low relative to the value of your home. The typical owner’s title insurance policy costs around 0.5% of the home’s purchase price.

How Long Am I Covered?

Your owner’s insurance policy lasts for as long as you or your heirs own your property. Your life will change over time, but your peace of mind never will.

Where Can I Get More Information?

Ticor Title helps educate homebuyers like you about the value of title insurance so you can protect your property rights. Contact a Ticor Title representative today to learn more about title insurance and the home closing process.

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Real Estate Buyer & Seller Guide for Title and Escrow

Real Estate Buyer & Seller Guide for Title and Escrow

We are pleased to announce the availability of Ticor Title’s comprehensive Buyer/Seller guide in PDF and eBook Formats. This guide is designed to provide meaningful information and answer commonly asked questions that home buyers and sellers have throughout a real estate transaction.

Our goal with the Buyer/Seller Guide is to improve the overall experience of buyers and sellers by providing education and insights that demystify Title Insurance, Escrow, the CFPB, Taxes and more. This guide is a useful tool in setting proper expectations for the complex process of buying and selling a home.

How to Get the Buyer & Seller Guide

For your convenience, there are three ways to access the guide:

Downloadable PDF Download the Buyer & Seller Guide in PDF format for viewing, sharing, and local print. Download here: Buyer and Seller Guide to Title & Escrow
eBooklet eBooklet format presents well on tablets, smart-phones, and desktops and provides a means of linking to and sharing individual pages or sections of the document. Click here to view the Buyer & Seller Guide in eBook format.
Print The Buyer & Seller Guide is available in a high-quality print format upon request. Please contact your Ticor Title Sales Executive to reserve yours today.

The guide provides insights and information on the following:

Click any item below to view.

TITLE

The Title Insurance Value Proposition: 10 Reasons
What is Title? – FAQ
Why You Need Title Insurance – 21 Reasons
Life of a Title Search
Title Policy Comparison Chart
What is the Title Commitment?
Common Ways To Hold Title in Oregon
ID Affidavit – Why is it Needed?

ESCROW & TAXES

Escrow: FAQ
The Escrow Process
The Life of an Escrow
Opening Escrow
Red Flags in the Escrow / Title Process
Other Parties to an Escrow Transaction
The Loan Process
PMI Private Mortgage Insurance – FAQ

Taxes
PATH Act
Loan FAQ
What is Payoff
Property Tax – Annual Calendar
Closing Costs: What Buyers & Sellers Typically Pay For

CONSUMER FINANCIAL PROTECTION BUREAU

Consumer Financial Protection Bureau (CFPB)
What is Consumer Financial Protection Bureau? (CFPB)
Will The New CFPB Rule Delay My Closing?
Purchase Title / Escrow Order Workflow
The New Closing Disclosure Explained

TERMS

Glossary of Terms

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True Story – Escrow Closer Thwarts Last-Minute Wire Fraud Scheme

True Story – Escrow Closer Thwarts Last-Minute Wire Fraud Scheme

Leanne S., AVP Branch Manager of one of our sister offices, had a closing at 10:00 a.m. The buyer was obtaining a new loan to purchase the home. The buyer had not yet wired in the closing funds so she could not disburse the proceeds to the sellers.

Leanne made arrangements with the sellers at the closing to pick up the proceeds check later that day. The sellers indicated they were going to use the funds to pay off the home equity loan on their primary residence with Navy Federal Credit Union®.

A Last-Minute Change Requested via Email

Within 10 minutes after the buyer and sellers left her office she received the following email:

Hi Leanne,

Thank you so much for assisting with the closing. But regarding our disbursement can you assist with changing disbursing to our Sun Trust bank account. Please note that this is very important. Kindly get back to me so I can send you wire instructions.

Thanks
Mr. and Mrs. Marty G.

Wire Instructions via Email are a Red Flag

Leanne was confused. She just spoke to the sellers about the fact they bank at Navy Federal Credit Union. They never mentioned anything about SunTrust℠ being their bank. Plus, Marty was very specific about picking up his check.

Leanne replied to the email explaining she would not be able to accommodate his request unless he came back to her office to complete and sign her wire out instructions, and provide a copy of a voided check from his SunTrust account. She never received a reply to her email and Marty confirmed he never sent that email.

Careful Communication is Key

Leanne was confident she knew the email was a scam. She spoke in detail to the sellers about when their proceeds would be available, she knew their plans for the money and where they banked.

Leanne was particularly unnerved about the fact the hacker seemed to know exactly when the closing was scheduled for and when the sellers had left her office. It is scary how savvy the hackers were.

The proceeds were in excess of $355,000. Had Leanne not paid attention to the details, she could have fallen for the scheme. Instead, she is being rewarded and recognized for thwarting a loss the Company could have suffered.

Be Aware!

Online banking fraud is on the rise. If you receive an email containing WIRE TRANSFER INSTRUCTIONS call your escrow officer immediately to verify the information prior to sending funds.

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2018 Recorder’s Office Holiday Closure Schedules

2018 Recorder’s Office Holiday Closure Schedules

We are pleased to announce the availability of the 2018 Recorder’s Office Holiday Closure schedules for the primary areas that we serve in Oregon. These calendars assist in planning the timing of escrow closings at a glance, and each conveniently shows the following:

  • Days that the recorders offices will be closed
  • The last refinance-signing day for each month (in order to fund & record that month).
  • When Taxes become due

Visit www.TicorNW.com to view or download the calendar for your area

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Pajama Drive 2017

Pajama Drive 2017

We are pleased to announce that Ticor Title is collaborating with the United Way in the Mid-Valley do provide pajamas to children in need this holiday season. If you would like to help, please consider donating at a Ticor Title pajama donation station. Girls & Boys pajamas of all sizes are needed.

Together We Can Help

Many children in our community face the holidays and the winter months without the warmth and security most of us enjoy! For children in the foster care system, that can also mean they are celebrating away from home, and away from family. United Way of the Mid-Willamette Valley is coordinating the 5th annual pajama drive to benefit foster children and others in Marion, Polk, and Yamhill Counties.

Pajama Drive

November 1 – December 15

What’s Needed?

Boys and Girls pajamas in all sizes

Where to donate

Donate at any Ticor Title Location in the Mid-Valley.

Let’s give the gift of warmth and comfort this season!

Donation Locations

105 NE 4th – McMinnville,OR 97128
115 N College St, Ste 2 – Newberg, OR 97128
105 NE 4th – McMinnville, OR 97128
315 Commercial St SE, Ste 150 – Salem, OR 97301
220 6th Ave, Ste 100 – Albany, OR 97321
400 SW 4th St, Ste 100 – Corvallis, OR 97333
289 E Ellendale Ave, Ste 504 – Dallas, OR 97338
52 E Airport Rd – Lebanon, OR 97355
206 N First St – Silverton, OR 97381

Questions?

Please contact your Ticor Title Sales Executive for more information.

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Escrow & Title Insurance 101 [videos]

Escrow & Title Insurance 101 [videos]

A Rare and Exciting Event

For most of us, purchasing a home is an event that happens only a few times in our lifetime. Today’s homeowner stays in their home an average of 11-15 years. So it’s understandable that the typical home buyer may be unfamiliar with how escrow operates, what protection title insurance provides, and how to be ready for the escrow process when the time comes to make a real estate purchase.

Title & Escrow in Plain English

We’ve assembled a series of brief videos here that provide an overview of escrow & title insurance as well as insights into what to look for in a title insurance company and how to be prepared for escrow closing.

The Title & Escrow Experts

At Ticor Title, we’ve been insuring the home ownership dream for over a century. With a rich Pacific Northwest history and industry-leading financial strength, we provide the peace of mind and the personalized service that make the closing experience excellent for our clients and partners. If you have questions about the role of escrow or title insurance in your real estate transaction, our team of experts are here to help.

What is Escrow

What is Title Insurance

What to Look for in a Title Insurance Company

What to Expect at Closing

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Blood Drive – Ticor Title – October 23

Blood Drive – Ticor Title – October 23

We are pleased to announce that we are partnering with the American Red Cross to hold a blood drive at Ticor Title in Salem on October 23 from 11:45 AM to 4:00 PM. Every 2 seconds someone in the U.S. needs blood and every donation can help. Please join us as we roll up our sleeves for a good cause!

In honor of one of our own currently battling cancer and to help raise awareness for the need of blood and platelet donations…

How to Help

To schedule an appointment, call 1-800-RED-CROSS or visit redcrossblood.org and enter sponsor code: TicorTitle

Donation Tip

Streamline your donation experience and save up to 15 minutes by visiting RedCrossBlood.org/RapidPass to complete your pre-donation reading and health history questions on the day of your appointment.

Blood Drive

Ticor Title in Salem
American Red Cross Bus
315 Commercial St. SE, Salem
Monday, October 23
11:45 AM to 4:00 PM

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True Story: A Vacant Lot & Fake Sellers Caught

True Story: A Vacant Lot & Fake Sellers Caught

Teri D., Closing Officer at one of our agencies, was processing a sale of a vacant, waterfront lot. The sales price was $205,000; a cash purchase. The purchaser paid $5,000 as earnest money and was working with a builder on plans to build a home on the lot.

Since the property was a vacant lot Teri realized the seller’s mailing address would be different than the property address; her office has an added precaution in place where the address provided is compared with the address for the tax bill on the tax assessor’s website.

Confirmation & Connecting with the Sellers

Teri discovered the vacant property address was different than the tax bill address. She sent a letter to the seller at the address listed on the tax bill introducing herself, her company and asking the seller to contact her to confirm the sale of the lot. The buyer was not obtaining a new loan so about a week later they were ready to close. Teri prepared the closing documents on Friday, March 31, 2017. She contacted the listing agent to find out where and how she should send the closing documents. The listing agent advised her to email the closing documents to the seller. Once again, in an effort to ensure there was no funny business going on, Teri also sent the documents via overnight delivery to the address on the tax bill. Everything was sent on Monday, April 3, 2017.

We’re Not Selling

On April 5, 2017, the real owners of the vacant lot called the Agency and asked to speak with the President. Brice C. took their call. The owners explained to Brice they received a letter and overnight package from his company. They told him they were not selling their lot and did not have it listed for sale. Further, they stated they already explained this to the listing agent on March 24, 2017. That was twelve days ago. Teri wondered why the listing agent did not tell her that when she called on March 31, 2017?

Questions for the Listing Agent

Brice called Teri into his office to share what he learned. She immediately called the listing agent to notify him the real owners just called her company’s president. She asked him why he did not tell her he spoke to them on March 24, 2017. The listing agent explained after receiving the email about the property, unbeknownst to him, he asked the fake sellers for identification. They showed him their passports. He asked for copies and they gave him copies. It never occurred to him they were false.

The real owners had forwarded their email exchange with the listing agent to Brice, where they confirmed they were the owners of the lot and were not interested in selling. Teri also asked the listing agent why he provided her with a different email address for the seller than the one he received from the real owners who communicated with him. He simply huffed at her. Was he really going to let this deal close knowing all of this? She will never know.

No, Thank You!

Fortunately for Teri this agent does not usually do business with her. It was the selling agent who encouraged the buyers to select her as their closing agent. The company resigned from the transaction.

Teri recognized the risks associated with sales where the property owner is absentee. Simply checking the tax bill and sending a notice to the address listed on the bill saved the agency and the underwriter from a potential claim.

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Eclipse Alert – Mid-Willamette Valley Escrow Offices Closed August 21st

Eclipse Alert – Mid-Willamette Valley Escrow Offices Closed August 21st


ALERT!
For the safety of our clients and employees,
our Mid Willamette Valley offices will be closed August 21

The solar eclipse event on Monday, August 21 will bring countless
visitors from around the world to our area, creating an immense
impact on local businesses, government, and the Real Estate
community.

We anticipate major disruptions in traffic, parking, and county clerk
office hours Friday Aug 18, Monday Aug 21, and Tuesday Aug 22.
Please be aware that this disruption will impact our ability to close
and record transactions!

Solar Eclipse

August 21
Eclipse Info

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