Consumer Education Materials
Benefits of Title Insurance
Pacific Northwest Title examines the history of the property and issues a report which reflects the current status of the title. A title search can disclose:
- Who owns the property
- The correct legal description of the property
- Any taxes or assessments
- Voluntary liens (such as contracts, mortgages, and deeds of trust)
- Involuntary liens (such as judgments and federal tax liens)
- Easements, agreements, covenants and restrictions
- With the resources available in our title plant, we have access to all documents
- recorded which affect real property in Kitsap County. We also maintain an index
- of information gathered from Washington State Superior and Federal Courts, and
- other governmental agencies that would reveal:
- Change of name
- Lawsuits or judgments
The buyer, seller, and lender can proceed with the closing of a transaction after clearing any defects in the title uncovered by the title search. Pacific Northwest Title will then issue a policy showing the condition of the title at the time of closing. This includes the change in ownership, and any new monetary encumbrances affecting the property.
Your owner’s title insurance policy protects you or your heirs for as long as you own your property. Your policy should be for the full purchase price of the property. The Lender’s policy protects the lender’s investment in the property. This policy is issued for the amount financed and decreases as the mortgage is paid off. Traditionally the seller pays for the owner’s policy and the purchaser pays for the lender’s policy. This one-time premium provides years of security! By requesting the owner’s and the lender’s policies at the same time, you will enjoy substantial savings on the premium. In the event of a problem, Pacific Northwest Title Company will, at its own expense, defend the title and pay losses up to the policy amount to satisfy any valid claim.
Our Products and Services
Pacific Northwest Title can meet an array of needs for our many types of customers. Provided is a list of some of our Title, Escrow, and Real Estate Information Products and Services
- Owner’s Title insurance Policy – Standard, Homeowners or Extended
- Lender’s Title Insurance Policy – Standard, Extended or GEM
- Leasehold Title insurance Policy- Standard, Extended or Lender’s
- Trustees Sale Guarantee
- Litigation Guarantee
- Subdivision Guarantee
- Ownership Guarantee
- Escrow Service
- Estimated closing cost sheets
- 1031 Exchange Service
- Tax Information
- Property Profiles
- Comparable Sales
- Last Conveyances
- Copy of Recorded Documents
- Copy of Maps
- Statistical Information and reports
- Real Estate Forms
- Real Estate Definitions
The Escrow Closing Process
Buying a house is an exciting time and the more you know about the process, the more relaxed you’ll be going through it. We’ll walk you through what the closing process really means. To get started, lets define terms:
Escrow – Is a neutral third party who holds and disburses the funds, prepares an accounting of the transaction, prepares certain documents to effect transfer under written instructions; all in accordance with the terms of the purchase and sale agreement.
Title – A search of the general index (county clerk) that discloses bankruptcies, divorce, change of names, judgments, probates or other cases entered into the public records.
Settlement Statement – An itemized spreadsheet detailing all debts and credits associated with a real estate transaction.
Recording – Filing documents for public record (and notice) with the County. This step is required for completion of an escrow transaction and before escrow funds can be disbursed.
- Step 1 Initiation: Real Estate Agents deliver completed and signed around Purchase and Sale Agreement to Pacific Northwest Title
- Step 2 Confirmation: Within 24 hours of receipt of Purchase and sale Agreement, we:
- Open transaction using information provided from the Purchase and Sale Agreement
- Receipt in Earnest Money, if applicable
- Order Title Report
- Step 3 Verification:
- Review Title Report and clear all title issues (liens, judgments, etc.)
- Gather property information including homeowner’s association dues, utilities (water, garbage and sewer), mortgage payoff(s), taxes
- Sales commission or referral fees
- Step 4 Preparation: 2 to 3 days prior to close date:
- Upon receipt of lender’s documents, LPO/Escrow Closer prepares final closing papers
- Send estimated closing settlement statements to lender and agents for review
- Step 5 Signings/Documentation: 1 to 2 days prior to close date:
- Complete buyers(s) and seller(s) signings
- Notarize,review package and return documents to lender for final review and approval
- If applicable, collect funds from buyer and last minute closing conditions for lender
- Step 6 Completion: Day of closing:
- Balance file with Lender and obtain approval to release transaction for recording
- Contact Title Department to release transaction
- Step 7 Upon Receipt of Lender Funds and Recording Numbers:
- Notify Agents of closing
- Notify buyer(s) and seller(s) of closing
- Disburse all funds
- Send copies of final settlement statement to all parties
Pacific Northwest Title has the most knowledgeable, professional, dedicated , and qualified escrow staff in the industry. Your escrow officer works hand in hand with their assistants to over see and coordinate the entire escrow process. Your Pacific Northwest Title escrow team is available to answer the numerous question that may arise during any transaction.
Title Officers act as liaisons between the title company and its clients. They assist customers by answering questions on how to clear a specific defect on a title, and helping explore options available to perfect the title.
Imperfections can arise in legal descriptions and recorded documents. Challenges may include an unclear interest of a party in the record, or satisfactions long after debts that have been paid. Title officers are there to help. They deal with many obstacles every day, and have the knowledge and resources to facilitate solutions. Pacific Northwest Title has earned a reputation as the most responsive and proactive company in aiding customers in a successful closing.
Types of Calls a Title Officer may receive:
- I need to place a title order.
- What does this exception mean?
- How do I clear this exception?
- What is Title Insurance?
- Will this document work?
- Is there a road maintenance agreement?
- Is there a well agreement?
- Has this exception been cleared yet?
- I have a question on a lien or judgment.
- I have a change in the sales price or loan amount.
- I need to order a supplemental report.
- I need a copy of the exception listed in the report.
- What is the difference between standard and extended coverage?
- I have a question regarding the real estate taxes or assessed value.
- I need you to talk to…. and explain ….
- I’m not sure who to call…
Escrow Closers, Lenders, Real Estate Agents, Home Builders, Land Developers, Real Estate Attorneys, Buyers, Borrowers, and Sellers discuss issues regarding title insurance throughout the day with our expert staff.
This is a great place to start with any question or challenge your may have.