Kevin Pedersen, Senior Account Manager
First American Title Insurance Company
10 Reasons Why You Need Title Insurance: 1. Title defects are discovered by our search and examination professionals in more than 36% of all real estate transactions. 2. Title insurance covers attorneys’ fees and court costs for defending your title. 3. Title insurance helps speed negotiations when you’re ready to sell or obtain a loan. 4. Title insurance reimburses you for the amount of your covered losses. 5. Each title insurance policy we write is paid in full by the one-time premium at closing for as long as you and your heirs own the property. 6. A deed or mortgage in the chain of title may be a forgery or signed by a person under age. 7. A deed or mortgage may have been made by a person other than the owner, but with the same name as the owner. 8. A deed or mortgage may have been procured by fraud or duress. 9. Title transferred by an heir may be subject to a federal estate tax lien, or an heir or other person presumed dead may appear and recover the property or an interest 10. Claims constantly arise due to marital security interest in your property. status and validity of divorces. Only a title insurance policy protects against claims made by non-existent or divorced “spouses.” Steps For A Successful Escrow: 1. When you open escrow, specify “Fidelity” for your title insurance. Ask for your escrow number to use for all future communications. 2. Read and understand the Preliminary Title Report. If an item is not understood, phone your escrow or title officer. 3. COMMUNICATE with your escrow officer. He/She must be instructed when to order payoffs, releases, etc. It is important that you keep him/her informed as to loan approval and related issues. 4. Inform your escrow officer if any changes occur. All changes should be in writing. Remember, with rare exceptions, escrow acts only on MUTUAL instructions. 5. It is important to understand the fiscal year, debits, credits, prepaid interest, impounds and due and delinquent dates in order that this information will be easily understood by your client. Familiarize yourself with “normal” buyer’s and seller’s closing costs. 6. Check each signature for accuracy as to middle initials and spelling. Have your client sign exactly as shown on the document. Make sure all required documents are signed and notarized when applicable. 7. Double check all papers and documents before returning them to your escrow officer to verify the following: a. They are signed properly. Any and all changes are initialed. b. The vesting shows as the clients had requested. c. Addresses are supplied for all future correspondence. d. Any changes in phone numbers are provided. e. Any and all addendum’s are executed. f. All funds held by the broker are deposited into escrow. g. The client has noted if their closing statements/funds are to be mailed or picked up. h. The notary completes the acknowledgment, signs it and places the seal clearly. i. Closing fund are sent by certified/cashiers check or wire.
11400 SE 8th Street, Ste 250 Bellevue, WA 98004
p: (206) 940-1544