Effective January 1st 2020 the new Graduated Real Estate Tax will go in effect. Our brand new simple and easy to use online REET Calculator will save you time and give you a clear understanding of what to expect in the coming year.
What is REET?
Real estate excise tax (REET) is a tax on the sale of real estate. The real estate excise tax is typically paid by the seller of the property, although the buyer is liable for the tax if it is not paid. The tax applies to the seller. The tax also applies to transfers of controlling interests (50% or more) in entities that own property in the state.
We are proud to say we have partnered with long time local area consumer protection advocate Herb Weisbaum of KOMO to bring you Technology and Title Tips.
Making a simple financial transaction is pretty straightforward, right? You get the goods, he/she gets the money, and a receipt is your proof of ownership. But how do you make a financial transaction as large and as complicated as a home purchase or refinance?
We answer this question and more including…
• Escrow Workflow – 12 Steps to Closing • Funds and Proceeds – Tips for a Successful Escrow Closing • Deed Types – What are the Differences
Follow the link below to Watch our “What is Escrow” Video and Download the Guide!
We are proud to say we have partnered with long time local area consumer protection advocate Herb Weisbaum of KOMO to bring you Technology and Title Tips.
We know that getting information quickly and accurately can sometimes make or break a deal. One forward thinking approach we take
at Ticor Title is how we offer our Title & Escrow Rates and Closing Protection Letters (CPLs).
Here are two ways to eliminate delays and streamline the transaction workflow
• Closing Protection Letters Delivered in 1-Minute or Less
• Title & Escrow Rates Provided Instantly and Accurately
Follow the link below to read more about how these two processes can help to save you time in your business!
Effective January 1st 2020 the new Graduated Real Estate Tax went into effect. To accommodate this update, we recently unveiled our online REET Calculator designed to save you time and give you a clear understanding of what to expect in the coming year. We have taken this a step further with the development of a interactive REET widget that loads automatically on MyTicor.com!
To try the Widget simply visit MyTicor.com and it will load automatically!
What is REET? Real estate excise tax (REET) is a tax on the sale of real estate. The real estate excise tax is typically paid by the seller of the property, although the buyer is liable for the tax if it is not paid. The tax applies to the seller. The tax also applies to transfers of controlling interests (50% or more) in entities that own property in the state.
Ticor Title was Title Insurance and Trust Company, often called “TI” , opened for business on January 15, 1894. Ticor Title is a member of the Fidelity National Financial, Inc. family of companies. FNF is a leading provider of title insurance, mortgage services, and diversified services. In financial strength and claims-paying ability, Ticor Title and FNF consistently receive high marks. FNF is ranked #402 in the 2019 Fortune 500 list.
Our management team recently sat down with Dave Ross with KIRO FM and answered these two important questions.
• What Makes Ticor Title Different? • Can You Choose Your Title Insurance Company?
We are excited to announce that Samantha Love has joined our Bellevue Escrow Management Team! She brings over 25 years of industry experience with her and will be an invaluable resource for you and your clients.
Please join us in welcoming Samantha to the Ticor Title family!
About Samantha:
I’ve been in the real estate/mortgage industry for over
25 years. I started as a Loan Processor/Loan Assistant for a small
mortgage company after graduating high school then moved into loan
servicing. After having my first child, I enrolled in college for an
Early Childhood Education/Development degree working 3 years for the Edmonds
School District as a Pre-Kindergarten teacher. I went back into the
mortgage/real estate as an Escrow Assistant/Executive Loan Assistant
specializing in hard money jumbo commercial loans nationwide. Then I
began as an Escrow Closer moving my way up into a Senior Escrow Closer position
closing residential transactions nationwide. Deciding to focus primarily
on WA State residential transactions, I continued as a Senior Escrow Closer
until my successful completion and passing of the WA State Bar Exam for
contract and real estate law in 2005. Which I then obtained my Limited Practice
Officer (LPO) license. In 2016, I began working in the Bellevue area focusing
on resale transactions in tri-county area of King, Snohomish and Pierce
Counties. Currently, I work for Ticor Title as the Escrow Branch
Manager/LPO in their Bellevue office.
I strive to make a difference in the real estate industry
by surpassing my competitors in customer service and knowledge standards.
Constantly going above and beyond my requirements as an escrow closer, I take
pride in being one of the best. I will continue to meet my own expectations
and sharpen my skills to take me to the next level. I am always
available, honest, respectful and committed to my loyal clients.
Dave Watson is Back! We’re so excited to welcome back our former chief title officer, Dave has over 40 years of professional success in our industry. Clients throughout our region are elated to have him back!
Dave has made a career out of finding solutions and being the resource clients need.
Dave’s experience in the
industry began while he was still in high school, preparing tax profiles for a
local attorney.
In 1987, he started as an
Escrow Assistant in Enumclaw WA, advancing to LPO then designated an Escrow
Officer and Branch Manager.
He moved to Tennessee in 1993
and began work as a Title Officer and Title Examiner for 6 years, this position
had him covering 3 states.
From 1999 to 2008 Dave held
numerous positions back in the Pac-NW including managing a Builder Unit for the
Seattle market and a Title Officer for a commercial division specializing in
high value commercial properties nationally.
For the next 10 amazing years
Ticor was honored to have Dave as our Chief Title Officer/Title Manager.
Dave relocated to Tennessee
in August of 2018 to help care for his mother where he worked as a Title
Insurance Underwriter.
And now in 2020 we are ecstatic to have Dave join the Ticor family once again as our Senior Title Officer to continue to offer his vast experience and knowledge spanning decades in the Title Insurance industry.
Please join us in welcoming Dave back to the Ticor Title family!
Contact Dave Watson Senior Title Officer 253.765.7258 Dave.Watson@TicorTitle.com
A Title Commitment (also known as a Preliminary Report in some areas) is a dated formal report that sets out in detail the conditions under which a policy of title insurance would be issued on a particular parcel of land. The report reflects the matters which would be shown as exceptions in a policy of the title insurance so that the parties to the transaction will be aware of any of those matters of record that may need to be cleared prior to the closing of the transaction. This report is issued before the title policy—hence the name Title Commitment.
We have created a guide to assist in how to identify and understand the following…
The estate or interest covered. The record owner of the estate or interest. A legal description of the parcel of land covered. Requirements and Notes. The easements, liens, encumbrances and other matters which affect the title to the land at the date and time of the report.
Follow the link below to download this informational guide!
We at Ticor Title want you to know our biggest priority is the health and well-being of our clients and employees. As the severity of COVID-19 continues to develop, we are working diligently to make sure your transactions remain uninterrupted. Please be assured Ticor has the systems and resources in place to continue to support you and your clients during the closing process. In addition our heightened health and sanitary procedures are now in effect at every Ticor Title branch location.
Here are just a few ways we are able to assist during this time…
startSecure is a complete Digital Opening Package, including support for digital signatures
Remote video conferencing options are available
TicorExpress is available for 24/7 Property Profiles
A Mobile Notary is standard and included with our Escrow Fee
Please contact your Sales Executive for any questions or specific requests so we can help accommodate.
At Ticor Title, our people and clients are our top priority and we are committed to doing what we need to do to protect them while helping stop the spread of COVID-19. As a result, we continue to closely follow guidance issued by the CDC, WHO, and other state agencies as it relates to safety protocols and virus protection. With this in mind, we have implemented alternative work arrangements across all of our offices and have approved as many of our people as possible in each office to work remotely.
We have spent time both testing and expanding our remote working capabilities to minimize any disruption of the service levels you have come to expect. However, in this unprecedented time, we ask for your patience as we diligently work to meet these new challenges and the needs of our people, our clients, and our communities.
During these alternative work arrangements, we also wanted to make sure that you are aware of the following practices that are in place in our title operations to help continue closing real estate transactions.
Earnest Money Deposits: You can send Earnest Money Deposits via wire transfers. As with all wires, remember that wire fraud is real and home buyers and sellers are the biggest targets. As a best practice, confirm all wiring instructions, including specific banking information, by phone before transferring funds. Use the phone number for your closing agent/escrow officer provided on their website or from a business card. Never rely on phone numbers in email communications.
Virtual Signings and eSign Tools: To eliminate or significantly reduce reliance on in-person closing and signings, Remote Online Notary and eSign tools are available for customers to sign eligible documents from their homes.
Video Consultations: Our operations have access to video conference technology to facilitate consultations with customers to review documents and answer questions prior to or as part of the closing process.
Efficient Closings: Our goal is to streamline the amount of time you are in our offices or required for closings. We are customizing solutions for each office to accommodate customer needs.
eRecording: At this time, the majority of county recorder offices appear to be functioning, or are only closed to the public, so that documents continue to be recorded, and online records remain searchable and up-to-date. However, that is not true in all cases. As a result, we are providing local managers with authority, where appropriate, to issue policies providing coverage during the gap created by recording or posting delays created by government office closures.
We are in a rapidly changing environment as a result of COVID-19, and the impacts on our national and local communities are changing hourly, including the closing of some local government recording offices. At this time, the majority of these offices appear to be functioning, or are only closed to the public, so that documents continue to be recorded, and online records remain searchable and up-to-date. We are closely monitoring this pandemic situation, and you are encouraged to contact our office with any concerns or questions related to your transactions.
Safeguarding the health and safety of our customers and employees is our top priority.
Ticor Title is open for business and staff are here to help our clients/customers but by appointment only. With the current health concerns regarding COVID-19, we ask that you call to set appointment if you are coming into our office.
Thank you,
John Bloomquist Senior Vice President | County Manager
We at Ticor Title want you to know our biggest priority is the health and well-being of our clients and employees. As the severity of COVID-19 continues to develop, we are working diligently to make sure your transactions remain uninterrupted. Please be assured Ticor has the systems and resources in place to continue to support you and your clients during the closing process.
A third-party
service offered free of charge. This method requires buyer/borrowers lender
approval and may not be a fit for all transactions.
You will connect with the notary using a tablet or computer which must have a webcam and microphone.
The online notary will verify your identity (signor must have a social security number and valid identification card)
Your notary will review your documents with you and all will be signed electronically.
Your final closing documents will be sent to you electronically.
Sign documents in the comfort of your home (or in driveway if preferred) eliminating the need to come into our office.
Your final signed copies will be emailed.
Been sick or exposed? Please call us.
All offices are open and conducting business by appointment only.
When possible, we ask that everyone remain in compliance with social distancing during the signing appointment.
Before and after each appointment, the chair(s), table(s), and door handle(s) will be wiped down with disinfecting wipes or alternate disinfecting solution(s).
New pens will be distributed to each closing participant and will not be reused.
Please ensure that only those deemed “essential” to the signing appointments are attending. Please leave children at home.
Been sick or exposed? Please call us.
Available for sellers, cash buyers and buyers/borrowers with lender approval.
Sign majority of your closing documents via Docusign, an electronic platform, from the security of your home.
All documents requiring notarization will be signed with a mobile notary limiting the amount of time for the in-person signing to approx 5-10 minutes.
Your final signed copies will be emailed.
Been sick or exposed? Please call us
Please contact your Sales Executive for any questions or specific requests so we can help accommodate.
COVID-19 (Coronavirus) E-Mail Scams Can Be Difficult to Spot
Fraudsters hope to exploit your fears with phishing e-mails designed to steal money, snag personal information and infect computers. With this in mind we are proud to say we have partnered with long time local area consumer protection advocate Herb Weisbaum of KOMO to bring you Technology and Title Tips. With this current phishing attack, the fraudsters are designing their e-mails to look like they’re coming from the CDC or the WHO. They typically have an attention-grabbing subject line, such as “Coronavirus outbreak in your city (Emergency)” and often include the agency’s logo — cut and pasted from the real website — to add credibility.
COVID-19 (Coronavirus) Emails Scams can be difficult to spot – What to look out for?
Many of us will be getting a stimulus payment from the federal government, and phone fraudsters are using this to attempt to get our bank information.
Fraudsters are now using the the pending stimulus payments to take advantage of unsuspecting victims. If you receive any phone calls, texts or emails saying they are with the federal government to assist with the stimulus payment, hang up or ignore them. If engaged they will go on to ask for additional information to process your stimulus payment, and in some cases will send you an email that contains a phishing link to steal your banking information.
What to look out for?
The government is not contacting anyone via email, text or phone call about this.
Many payments will be automatically processed without the need to do anything.
Use these tips to stay on track and find your balance…
CONTINUE YOUR ROUTINE – Wake up at your usual time, get dressed, wash your face and get ready for the day. You’ll feel better and be ready for those impromptu video calls.
DESIGNATE A WORKSPACE FOR YOUR HOME OFFICE – Create an “office area” within your home. Having a spot that you treat as your “workplace” will help ease you into the same work mindset you have when you’re at the office.
COMMUNICATE OFTEN AND SET GOALS – Establish an accountability group with your co-workers or team. Check in with each other about what you’re working on, and hold each other accountable.
KEEP CLEARLY DEFINED WORKING HOURS – Honor your office hours. If you typically work 8-5 when you have to go to the office, try to keep those hours the same while working from home. Don’t forget to take time to enjoy some lunch!
REMEMBER YOU’RE AT WORK – Avoid the distraction of multi-tasking. Do what you can to minimize distractions. If you don’t have a television playing in your office at work, don’t have one playing at home.
DON’T GET CONSUMED BY THE NEWS – While it’s good to stay informed, it’s also easy to scroll your way into an anxious mess. Try setting timers for any breaks you take. You don’t want to get too immersed and forget you’re at work altogether.
Reid has been a valued teammate and asset to our clients for 25 years. We are so privileged to have his knowledge, generosity, and leadership. Please reach out to our Chief Title Officer Reid Vance as we celebrate his 25th anniversary with Ticor Title!
ID Thieves Are Now Targeting Unemployment Benefits
As the COVID-19 pandemic continues to grow across the country, so do the number of COVID-19 scams that have been appearing trying to get access to personal and financial information. With this in mind we are proud to say we have partnered with long time local area consumer protection advocate Herb Weisbaum of KOMO to bring you Technology and Title Tips.
Fraudsters will always try to take advantage of new opportunities in a time of crisis like evictions, foreclosures assistance, stimulus payments, and unemployment benefits.
The Coronavirus (COVID19) pandemic is a dream come true for con artists across the globe.
“There is something for every scammer,” said Eva Velasquez, president and CEO of the non-profit Identity Theft Resource Center, who has been fighting fraud for more than 30 years now. “The scope and the scale of all the different types of scams stemming from the pandemic is something I’ve actually never seen before.”
“So we are getting calls from many people who are trying to apply for unemployment and they finally get through, which is an arduous task in itself, and they find that they’re not eligible, that they’ve already applied for it – when in fact, they know they haven’t,” Velasquez told me. “They’re crime victims and they are out that money at a time when they need it to live.”
“It can be difficult to decipher which emails, phone calls, social media posts or text messages are scams versus legitimate ones. People are scared, people are out of work, and government relief programs are distributing money in unprecedented amounts. Identity thieves are now targeting people who are out of work, trying to steal their unemployment benefits,” she said.
Unsure if something is legitimate? Go to the source of the potential assistance. That means if the offer of unemployment benefits seems to be uncharacteristic, go directly to the employment development department and check their website. If it has to do with housing – whether that’s eviction or foreclosure assistance – head to that source (local housing commission, banking institution, etc.). Don’t trust an inbound message that isn’t verifiable.
If you’ve been the victim of a scam or want to check on something before you click a link or provide personal information, contact the Identity Theft Resource Center (or call 888-400-5530) and talk or chat with one of their expert advisors.
