WFG Title and Escrow Information Booklet
28
8 FACTS ABOUT POWER OF ATTORNEY 1) If a new loan is being obtained: A) You should contact borrower’s/buyer’s lender to see if they will allow the use of a Power of Attorney to execute their loan documents, and determine the type of Power of Attorney i.e. B) Make sure that the principal’s and attorney-in- fact’s names are consistent with loan documents and escrow instructions, as well as how the principal holds the record title. 2) If a sale is involved: Make sure that the principal’s name is consistent with the way he/she holds the record title and that the attorney in fact executes the conveyance document consistent with his/her name shown on the Power of Attorney. 3) A Power of Attorney must be notarized and - ed in which the subject property is located. 4) Although there are no statues of limitation governing the term of Power of Attorney, the Power of Attorney itself may impose a dead- line for its use. Note 1: All Power of Attorneys expire on the date of death of the principal. Note 2: Please consult your legal or estate planning professional when contemplating use of a California durable statutory Power of Attorney. Note 3: A Power of Attorney that is already of record or is more than 12 months old, may Attorney” (California Probate Code Section 4305) to be recorded at the close of sale or loan transaction. 5) Depending on whether the transaction in- powers are: to “convey”,”Mortgage”,”encum ber”,”executed deed”, and “executed deed of trust.” 6) The person signing for the principal is called an “attorney-in-fact”. 7) Be sure the attorney-in-fact executes the document consistent with the requirements of a county recorders. 8) A title company will not insure an attorney- himself/herself.
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Title and Escrow Informational Flyers
Transcript of WFG Title and Escrow Information Booklet
8 FACTS ABOUT POWER OF ATTORNEY
1) If a new loan is being obtained:A) You should contact borrower’s/buyer’s lender to see if they will allow the use of a Power of Attorney to execute their loan documents, and determine the type of Power of Attorney i.e.
B) Make sure that the principal’s and attorney-in-fact’s names are consistent with loan documents and escrow instructions, as well as how the principal holds the record title.
2) If a sale is involved:Make sure that the principal’s name is consistent with the way he/she holds the record title and that the attorney in fact executes the conveyance document consistent with his/her name shown on the Power of Attorney.
3) A Power of Attorney must be notarized and -
ed in which the subject property is located.
4) Although there are no statues of limitation governing the term of Power of Attorney, the Power of Attorney itself may impose a dead-line for its use.Note 1: All Power of Attorneys expire on the date of death of the principal.Note 2: Please consult your legal or estate planning professional when contemplating use of a California durable statutory Power of Attorney.
Note 3: A Power of Attorney that is already of record or is more than 12 months old, may
Attorney” (California Probate Code Section 4305) to be recorded at the close of sale or loan transaction.
5) Depending on whether the transaction in-
powers are: to “convey”,”Mortgage”,”encumber”,”executed deed”, and “executed deed of trust.”
6) The person signing for the principal is called an “attorney-in-fact”.
7) Be sure the attorney-in-fact executes the document consistent with the requirements of a county recorders.
8) A title company will not insure an attorney-
himself/herself.
CALIFORNIA ENDORSEMENT DEFINITIONS
Endorsements are available to provide insurance against environmental protection liens,
enforcement of covenants, conditions and restrictions and accuracy of boundaries. Below
STANDARD REFI AND RESALE ENDORSEMENTS
100
100.2
100.12 or 100.13
100.18
103.1
103.3
103.5
8.1 or 110.9
111.5 or 111.8
115.1
115.2
116 or 116.2
Comprehensive coverage regarding boundaries, easements and CC&R’s.
Comprehensive - ALTA 9
Right of enforcement under CC&R is ineffective.
Right of reentry ineffective and unmarketability of title because of right of entry.
Unlocatable easement.
Easement - Removal of improvements.
Environmental protection.
Variable rate endorsement.
Condominium
Planned Unit Development
Property Address
No Charge
No Charge
$25.00
$25.00
$25.00
No Charge
$25.00
$25.00
No Charge
No Charge
No Charge
No Charge
ENDORSEMENT DESCRIPTION CHARGE
COMMON WAYS TO HOLD TITLE
1. Someone else owns a recorded interest in your title.
2. A document upon which your title is based is not property signed, sealed, acknowledged, recorded or delivered.
3. Your title is affected by forgery ,fraud, duress, incompetency, incapacity or impersonation.
4. You have no legal right of access to and from your land.
5. restrictive covenants limit your use of the land.
6. There is a lien on your title, which includes: a mortgage or deed of trust. judgement, tax or special assessment or a charge by a home owner’s or condominium association.
7. Your title is unmarketable, which allows someone to refuse to purchase, lease or make a mortgage loan on the land.
8. Other defects, liens or encumbrances.
9. Mechanics liens for labor or material furnished before the policy date.
10. Someone else has rights affecting your title arising out of leases, contract or options.
11. Someone has an unrecorded easement on your land.
12. Cannot use the property as a single family residence (1-4 units) because the use violates an existing zoning law.
13. Forced removal of existing structures (other than boundary walls or fences) because they: extend onto other land or
an easement, violate a restriction shown in Schedule B, violate an existing zoning law.
14. forced removal of existing boundary walls or fences because they: extend onto other land, an easement of a building setback line, violate a restriction shown in Schedule B, or violate an existing zoning law or zoning regulation.
15. No actual vehicular and / or pedestrian access to the land.
16. You are forced to correct or remove an existing violation of any covenant, condition or restriction affecting the land, even if the CC&R is excepted in Schedule B.
17. Your title is lost or taken because of a violation of any covenant, condition of restriction affecting the land, which occurred before you acquired title, even if the CC&R is excepted in Schedule B.
18. Because of an existing violation of a subdivision law: you are unable to obtain a building permit, you are forced to correct or remove the violation, or someone refuses, based on a legal right, to purchase or make a mortgage loan on the land.
19. You are forced to correct or remove your existing structures (other than boundary walls or fences) because they were built without a building permit.
20. Your existing structures are damaged through the exercise of a right to use an easement affecting the land, even if the easement is excepted in Schedule B.
21. Forgery impersonation or other defect affecting your title which occurs after the policy date.
22. Prescriptive easement or adverse possession against your title occurring after the policy date.
23. Your existing improvements (or a replacement or modification of them after the policy date) are damaged because of the future exercise of a right to use the land for extraction or development of water, minerals or other substance, even if those rights are excepted in Schedule B and the damage occurs after the policy date.
24. Your neighbor builds a structure (other than boundary walls or fences) on your property after the policy date.
25. The residence with the address shown in Schedule A is not located on the land at the policy date.
26. The failure of the map, if any, attached to the policy to show the correct location of the land according to the public records.
27. Title can be transferred to a Living Trust after the policy date; extends to heirs and trust beneficiaries.
28. Automatic increase in coverage up to 150% ( at 10% annually for 5 years)
Resi
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ALT
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Hom
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Pol
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Note: This chart is intended for comparison purposes only and is not to be relied on for an explanation of policy coverage. Policy coverages are subject to the terms, exclusions, exceptions and deductibles shown in the policies.
* Certain properties do not qualify for the Homeowners Policy
COMPARISON OF TITLE POLICIES
Stan
dard
CL
TA P
olic
y
Provided by third party with no affiliation to WFG Title Ins Co. and at no cost to WFG Title Inc. Co. WFG Title Ins. Co. makes no representation that any of the information is current or accurate and does not endorse or otherwise accept responsibility for the information.
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6
1 Page Number
Part of the A.P.N. This 3 digit number indicates the Page section of the map.
2 Parcel Number
Part of the A.P.N., this number Indicates the property in question.
3 Lot Number
Indicates the Lot number for the Tract.
4 Assessor’s Book Number
Part of the A.P.N. This Book and Page number represents the Map.
5 Book and Page
Indicates what map page adjoins our map.
7 Abbreviated Miscellaneous Maps
Read “Map recorded in Book 21, Page 25 of Miscellaneous Maps in the office of the county recorder of said county”
8 Updated Map Date
The updated date for the current map.
9 Corner Frame
Shows the exterior corners of subdivision map boundaries.
10 Tract Number
This number indicates the tract for the map or section of the map.
11 North Arrow
Not always facing “up”.The Arrow also indicates the scale of the map.
Acreage Indicator
Provides acreage information for the lot.
12 Original Map Date
The year the map was originated.
6
7
5 11
2
1
6
3
108
12
439-39 4
16
GUIDE TO READING AN ASSESSOR’S PLAT MAP
6
REPRESENTING AN ENTITY...
Provided by third party with no affiliation to WFG Title Ins Co. and at no cost to WFG Title Inc. Co. WFG Title Ins. Co. makes no representation that any of the information is current or accurate and does not endorse or otherwise accept responsibility for the information.
If an agent believes he is going to work with an entity, it is important to get proof of the representa-tive’s authorization before beginning to work with that representative but definitely before entering into an agreement with that representative. If an agent represents an entity such as an LLC and thinks that the representative she has been working with is the authorized manager and they execute a listing agreement, there may be no enforceable agreement if the person is in fact not authorized to blind or sign on behalf of the LLC.
In order to avoid these and other similar problems, the following documents should be requested to confirm the person signing the contract/listing agreement is the person authorized to do so:
1. Limited Liability Company (LLC): Operating Agreement of a Certificate of Members (or Managers) designating the member (of manager) authorized to conduct business on behalf of the LLC.
2. Corporation: Certificate of Directors (or Secretary’s Certificate) designating the officer that authorized to conduct business on behalf of the corporation.
3. Partnership: Partnership Agreement designating either the managing partner of the general partner and certificate of partners authorizing the transaction.
4. Trust: Trustee’s Certificate stating who the current trustee is and listing out the powers of the trustee (which should include the purchase/sale of real property)
5. Estate: Letters Testamentary or Letters of Administration stating who the executor is and is the probate court’s authorization regarding the estate.
The title company will also require an entity’s documents to complete the transaction. The following documents are often set forth on a title report as required by the title company (but check the preliminary title report or with your title officer for your particular transaction):
1. LLC: articles of Organization, Operating Agreement (certified by the appropriate manager or member that is the current copy), and a current list of the members if the company is member-managed.
2. Corporation: Certificate of good standing; Certificate of Directors designating the officer thatis authorized to conduct business on behalf of the corporation; A copy of the corporate resolution authorizing a particular transaction, i.e., sell or borrower, specifying the property involved in that particular transaction.
3. Partnership: Certified copy of the partnership authority, Partnership Agreement (certified by the ppropriate partner(s) that it is the current copy), satisfactory evidence of a consent of majority of interest of limited partners (if a limited partnership).
4. Trust: excerpts from the trust instrument designating the trustee and trustee’s powers, Trustee’s Certificate.
5: Estate: Evidence that final taxes and/or estate taxes have been paid for descendent/estate and an order by the probate court allowing the transaction.
Please keep in mind that this information is used for general purposes. For any further questions regarding an entity, please contact your title rep.
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CLOSING A SHORT SALE ESCROWCLOSING A SHORT SALE ESCROWCLOSING A SHORT SALE ESCROWCLOSING A SHORT SALE ESCROW
California's builders, in an effort to combat the dual problem of an increasing population and a de-
clining availability of prime land, are increasingly turning to common interest developments (CIDs)
as a means to maximize land use and offer homebuyers convenient, affordable housing.
The two most common forms of common interest developments in California are Condominiums
and Planned Developments, often referred to as PUDs. The essential characteristics shared by
these two forms of ownership are:
1.Common ownership of private residential property;2.Mandatory membership of all owners in an association which controls use of the common property;3.Governing documents which establish the procedures for governing the association, the rules which the owners must follow in the use of their individual lots or units as well as the common properties; and4.A means by which owners are assessed to finance the operation of the association and maintenance of the common properties.
Before continuing further, it may be helpful to clarify a common misconception about Condominiums and PUDs. The terms Condominium and PUD refer to types of interests in land, not to physical styles of dwellings. Therefore, when homebuyers say that they are buying a townhouse, that is not the same as saying that they are buying a Condominium. When homebuyers say that they are buying a unit in a PUD, they are not neces-sarily buying a single-family detached home. Though the townhouse is the most common style of structure found in common interest developments in California, a townhouse might legally be a Condominium, a unit or lot in a Planned Development, or a single-family detached residence. The terms Condominium or PUD will say a great deal about the ownership rights the buyer will receive in the unit and the interest they will acquire in the common properties or common areas of the development.
Common interest developments offer many advantages to homebuyers-low maintenance and access to at-tractive amenities-however, there are restrictions and duties which come with ownership of a Condominium or PUD that buyers should be aware of prior to purchase.
To acquaint you with various aspects of ownership in common interest developments, the California Land Title Association has answered some of the questions most commonly asked about Condominiums and PUDs.
What are the basic differences between ownership of a Condominium and ownership of a PUD?
The owner(s) of a unit within a typical Condominium project owns 100% of the unit, as defined by a recorded Condominium Plan. As well, they will own a fractional or percentage interest in all common areas of the Con-dominium project.
The owner(s) of a lot within a PUD own the lot which has been conveyed to them-as shown in the recorded Tract Map or Parcel Map-and the structure and improvements thereon. In addition, they receive rights and easements to use in common areas owned by another-frequently a homeowner’s association-of which the individual lot owners are members.
The above are basic descriptions and should not be considered legal definitions.
Source: http://www.clta.org/for-consumers/consumer-condominium.html
Provided by third party with no affiliation to WFG Title Ins Co. and at no cost to WFG Title Inc. Co. WFG Title Ins. Co. makes no representation that any of the information is current or accurate and does not endorse or otherwise accept responsibility for the information.
UNDERSTANDING CONDOMINIUM & PUD OWNERSHIP
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UNDERSTANDING REQUIRED REPORTING TO THE I.R.S
Provided by third party with no affiliation to WFG Title Ins Co. and at no cost to WFG Title Inc. Co. WFG Title Ins. Co. makes no representation that any of the information is current or accurate and does not endorse or otherwise accept responsibility for the information.
Sellers of real property will have certain information regarding the sale reported to the Internal Revenue Service. This required reporting of information is a consequence of the Tax Reform Act of 1986; it is intended to encourage taxpayer compliance with the Internal Revenue Code and aid in audit and enforce-ment efforts by the I.R.S.
To help you better understand this subject, the California Land Title Association has answered some of the questions most commonly asked about required reporting to the I.R.S.
Who is required to report to the I.R.S?
Sellers of real property, under guidelines established by the I.R.S., are required to have the dollar amount of their gross proceeds from the sale reported on a Form 1099S. When a settlement agent is used, the I.R.S. makes the settlement agent responsible for the delivery of the seller’s gross proceeds information on the Form 1099S.
The settlement agent generally will be the escrow agent or title company; however, it may be an attorney, real estate broker or other person providing settlement services.
What is an I.R.S. Form 1099S; and what will be reported?
The Form 1099S is the reporting form adopted by the I.R.S. for submitting the seller’s gross proceeds information required by law.
The information is transferred onto magnetic media by the settlement agent who will make the required re-port to the I.R.S. The settlement agent is also required to keep a master copy of all transactions reported for a length of four years from the date of transaction.
In general, information required by the I.R.S. falls into the following categories:
1.The name, address and taxpayer ID number (social security or tax identification number, often called the (“TIN”) of the seller(s))2.A general description of the property (in most cases an address)3.The closing date of the transaction4.The gross proceeds of the transaction (even though gross proceeds do not correspond to taxable income)5.Any property involved as part of the transaction other than cash or cash equivalent6.The name, address and taxpayer identification number of the settlement agent7.Real estate tax paid in advance that is allocable to the buyer.
Source: http://www.clta.org/for-consumers/consumer-IRS.html
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UNDERSTANDING THE LANGUAGE OF REAL ESTATE
Acknowledgement: A formal declaration made before a duly authorized officer (usually a notary public)
by a person who has executed an instrument that such execution is his or her act and deed.
Amortization: The process of paying off a debt in installments over a given period of time without a final
balloon payment.
Annual Percentage Rate (APR): An expression of the percentage relationship of the total finance charges to the total amount to be financed, as required under the federal Truth-in-Lending Act.
Beneficiary: The person who is entitled to receive funds or property under the terms and provisions of a will, trust, insurance policy or security instrument. In connection with a mortgage loan the beneficiary is the lender.
CC and Rs (Covenants, Conditions and Restrictions): Limitations placed on the use and enjoy-ment of real property. These are found most often in condominiums and planned unit developments.
Chain of Title: A chronological list of recorded instruments tracing title to land, from the original owner to the present owner.
Clear Title: Title to property which is free from liens, defects of other encumbrances.
Cloud on Title: Any document, claim, unreleased lien or encumbrance, which, if valid, would affect or impair title to a property.
Community Property: Property acquired during a marriage by either a husband or wife, or both, which is not separate property.
Contingency: Action conditioned upon a certain event. Acceptance of the terms of a contract based on something else happening or certain conditions being met.
Conveyance: The transfer of title or an interest in real property by means of a written instrument such as a deed of trust.
Deed of Trust: A security agreement creating a lien by which title to real property is transferred to a third-party trustee as security for an obligation owed by the trustor (borrower) to the beneficiary (lender).
Documentary Transfer Tax: The tax, based on sales price, less loans which are being assumed, which is charged by the city and/or county on the transfer of real property.
Source: http://www.clta.org/for-consumers/consumer-language.html
Provided by third party with no affiliation to WFG Title Ins Co. and at no cost to WFG Title Inc. Co. WFG Title Ins. Co. makes no representation that any of the information is current or accurate and does not endorse or otherwise accept responsibility for the information.
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Easement: A limited right or interest in land of another that entitles the holder of the right to some use, privilege or benefit over the land.
Encumbrance: A claim, right or lien upon real property, held by someone other than the owner.
Endorsement: A rider attached to an insurance policy to expand or limit coverage. Also spelled indorse-ment.
Exception: A provision in a title insurance binder or policy which excludes liability for a specified title defect or an outstanding lien or encumbrance.
Fee Simple: An estate under which the owner owns a complete interest in the property and is entitled to the unrestricted use and enjoyment of the property, including the right to dispose of the property.
Grantee: One to whom a grant is made. The purchaser of real property.
Grantor: One who has made a grant. The seller of real property.
Hidden Defect: An encumbrance on a title that is not apparent in the public records; for example, un-known heirs, secret marriages and forged instruments.
Joint Tenancy: A means of ownership in which two or more persons own equal shares in real property. Upon the death of one tenant, his/her share passes to the remaining tenant(s) until title is vested in the last survivor.
Lien: A recorded document which claims an interest in real property as security for a debt owed. Such liability may be created by contract, such as a deed of trust, or by a court judgement.
Lis Pendens: Legal notice that a lawsuit is pending. Also called a notice of action.
Mechanic’s Lien: A lien on real estate which secures the payment of debts due to persons who perform labor or services or furnish materials incident to the construction of buildings and improvement on real estate.
Private Mortgage Insurance (PMI): Insurance written by a private mortgage insurance company protecting the mortgage lender against loss occasioned by a mortgage default and foreclosure.
Quitclaim Deed: A deed relinquishing all interest, title or claim in a property by a grantor. Accomplished
without representing that such title is valid, nor containing any warranty or covenants of title.
Reconveyance: The conveyance to the landowner of the title, held by a trustee under a deed of trust, when the performance of the debt is satisfied.
Tenancy in Common: Co-ownership in a property by two or more persons, each of whom has an undivided interest in the whole property.
Trustee: A person who holds title in trust for the benefit of another. In a deed of trust, the trustee is the person named to hold title in trust for the benefit of the lender until the loan is paid off.
Trustor: The borrower under a deed of trust. One who deeds their property to a trustee as security for repayment of a loan.
Provided by third party with no affiliation to WFG Title Ins Co. and at no cost to WFG Title Inc. Co. WFG Title Ins. Co. makes no representation that any of the information is current or accurate and does not endorse or otherwise accept responsibility for the information.
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What is A Deed?
What’s a Warranty Deed?A Warranty Deed transfers your ownership and explicitly promises the buyer that you have
good title to the property. It may make other promises as well, to address particular problems
with the transaction.
Does a deed have to be notarized?Yes. The person who signs the deed (the person who is transferring the property) should take
the deed to a notary public, who will sign and stamp it. The Notarization means that a notary
before the deed will be accepted for recording.
What’s a Trust Deed?A Trust Deed (also called Deed of Trust) isn’t like the other types of deeds; it’s not used to
transfer property. It’s really just a version of a mortgage, commonly used in some states (Cali-
fornia, for example).
A Trust Deed transfers title to land to a “Trustee,” usually a trust or title company,
which holds the land as security for a loan. When the loan is paid off, title is transferred to
the borrower. The trustee has no powers unless the borrower defaults on the loan; then the
court.
What is A Uninsured Deed?
An uninsured deed is basically a deed that has not been examined or insured by a title company.
The most common problems that arise due to an uninsured deed are from Quitclaim Deeds between family members, especially husband and wife.
When a person is added to title there is an opportunity for matters recorded against him/her to attached to the property.
Why Should it be of Concern?
In a sale or loan transaction the validity of an uninsured deed may be questioned.
Uninsured deeds may also cause a delay in clearing title.
The following items may indicate that an uninsured deed is present.
number
What is Quiet Title?
-
claim of full ownership of the property or a claim
-
other former owners to claim an interest in the
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-
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WHY DO YOU NEED TITLE INSURANCE?WHY DO YOU NEED TITLE INSURANCE?WHY DO YOU NEED TITLE INSURANCE?WHY DO YOU NEED TITLE INSURANCE?
POR QUE NECESITO SEGURO DE TITULO?
Provided by third party with no affiliation to WFG Title Ins Co. and at no cost to WFG Title Inc. Co. WFG Title Ins. Co. makes no representation that any of the information is current or accurate and does not endorse or otherwise accept responsibility for the information.
El Seguro de Título. Este término se oye y se ve con frecuencia. Se menciona en la sección de bienes raíces los domingos, en las propagandas y en las conversaciones entabladas con los corredores de inmuebles. Si a Usted le ha tocado comprar una casa antes, probablemente tiene conocimiento de los beneficios y de los procedimientos del seguro de título. Por otro lado, si se trata de la primera casa, po-dría preguntarse. ¿Por qué necesito otra póliza de seguro? Es nada más otro recibo a cancelar?
La respuesta es sencilla: La compra de una casa probablemente es una de las más caras e importantes que jamás hará. Tanto Usted como el prestamista de hipoteca querrá asegurarse de que la propiedad realmente sea de Usted – por completo – y que no haya ni persona ni entidad de gobierno que tenga ningún derecho, derecho de retención, reclamación o gravamen contra la propiedad.
Las empresas de seguros de título se dedican a asegurarle que sus derechos e intereses con respecto a una propiedad estén limpios, que la transferencia de título se realice eficiente y debidamente, y que sus intereses como comprador de casa sean protegidos al máximo.
Las empresas de seguros de título proporcionan sus servicios a los compradores, vendedores, urbaniza-dores, constructores, prestamistas de hipoteca y otros que tengan parte en una transferencia de bienes raíces. Las empresas de títulos rutinariamente expiden dos clases de pólizas – la del dueño, la cual le cubre a Usted, comprador de casa, y la del prestamista, la cual le cubre al banco, sociedad de ahorro y préstamo u otra institución de préstamos a lo largo de la duración del préstamo. Las dos pólizas se expiden al momento de la compra a cambio de una sola prima de bajo costo.
Sin embargo, antes de expedir una póliza, la empresa de títulos realiza una búsqueda extensa al revisar los registros públicos pertinentes para averiguar si existe otra persona más allá de Usted que tenga algún interés en la propiedad. El personal de la empresa puede llevar tal revisión a cabo valiéndose de los regis-tros públicos. Lo más probable es que utilicen los datos reunidos, organizados nuevamente o puestos en índice en la planta de título de la empresa.
A través de semejante inspección minucioso de los registros, todo problema de título usualmente se halla y se aclara antes de hacerse la compra de la propiedad. Después de la emisión de una póliza de título, si por algún motivo se presente cualquier reclamación contra la propiedad que está cubierta bajo la póliza de título, la empresa de títulos pagará el honorario legal por la defensa de sus derechos, así como cualquier pérdida cubierta que surja de una reclamación válida. Tal protección está vigente siempre y cuando Usted o sus herederos posean la propiedad y es suya a cambio de una sola prima cancelada en el momento de la compra.
Source: http://www.clta.org/for-consumers/reporter-why-espanol.html
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