TITLE, ESCROW, & REO SERVICES

Title SERVICEs

A home is usually the largest single investment any of us will ever make. When you purchase a home, you will purchase several types of insurance coverage to protect your home and personal property. Homeowner’s insurance protects against loss from fire, theft, or wind damage. Flood insurance protects against rising water, and a unique coverage known as title insurance protects against hidden title hazards that may threaten your financial investment in your home.

Protecting your largest single investment

Title insurance is not as well understood as other types of home insurance, but it is just as important. You see, when purchasing a home, instead of purchasing the actual building or land, you are really purchasing the title to the property – the right to occupy and use the space. That title may be limited by rights and claims asserted by others, which may limit your use and enjoyment of the property and even bring financial loss. Title insurance protects against these types of title hazards.

Other types of insurance that protect your home focus on possible future events and charge an annual premium. On the other hand, title insurance protects against loss from hazards and defects that already exist in the title and is purchased with a one-time premium.

Two kinds of title insurance benefit you in two ways
There are two basic kinds of title insurance:

  • Owner’s coverage.
  • Lender or mortgagee protection,
Most lenders require mortgagee title insurance as security for their investment in real estate, just as they may call for fire insurance and other types of coverage as investor protection. When title insurance is provided, lenders are willing to make mortgage money available in distant locales where they know little about the market.

Owner’s title insurance lasts as long as you, the policyholder – or your heirs – has an interest in the insured property. This may even be after you have sold the property.

Depending on local practices and state law where the property is located, you may pay an additional premium for an owner’s policy or you may pay a simultaneous issue charge – usually a smaller amount – for the separate lender coverage. You may even split settlement costs with the seller for the lender or owner’s policy.

What does your premium really pay for?

An important part of title insurance is its emphasis on risk elimination before insuring. This gives you, the policyholder, the best possible chance for avoiding title claims and loss.

Title insuring begins with a search of public land records affecting the real estate concerned. An examination is conducted by a title agent or attorney on behalf of its underwriter to determine whether the property is insurable. The examination of evidence from a search is intended to fully report all “material objections” to the title. Frequently, documents that don’t clearly transfer title are found in the “title chain,” or history, that is assembled from the records in a search. Here are some examples of documents that can present concerns:

  • Deeds, wills and trusts that contain improper wording or incorrect names;
  • Outstanding mortgages and judgments, or a lien against the property because the seller has not paid his taxes;
  • Easements that allow construction of a road or utility line;
  • Pending legal action against the property that could affect a purchaser; or
  • Incorrect notary acknowledgements.

Through the search and the examination, title problems are disclosed so they can be corrected whenever possible. However, even the most careful preventive work cannot locate all hidden title hazards.

  • A forged signature on the deed, which would mean no transfer of ownership to you;
  • An unknown heir of a previous owner who is claiming ownership of the property;
  • Instruments executed under an expired or a fabricated power of attorney; or
  • Mistakes in the public records.

Title insurance offers financial protection against these and other covered title hazards. The title insurer will pay for defending against an attack on title as insured, and will either perfect the title or pay valid claims. All for a one-time charge at closing.

Your home is your most important investment. Before you go to closing, ask about your title insurance protection, and be sure to protect your home with an owner’s title insurance policy.

Escrow SERVICEs

The duties of the agent may include the following: order title orders; obtaining information to provide clear title to property; act as a depository for funds and documents for the given closing to complete the closing.

Escrow closing services provided by Evergreen Land Title Co. involve property located in Lane County or elsewhere. We have experienced personnel to handle a wide range of transactions such as residential or commercial sales, personal property, refinances, sale by owners, and IRC Section 1031 exchanges. For rendering these services, the rate fees are based on a published schedule, which are extremely competitive. The fees vary according to the size of the transaction.

An escrow officer acts as a neutral third party between the buyer and seller of the property and is limited in its agency powers to the specific written escrow instructions received.

What are the fees for closing and who pays them?

The escrow fee is generally divided between the buyer and seller in the transaction, although the parties can agree to other arrangements and instruct the escrow agent to the terms of the agreement. The escrow fee is based upon the sale price of the property or the amount of a new loan. Discounted fees are provided for approved builders.

1031 Tax Deferred Exchange

Evergreen Land Title Co. has the personnel to handle the closing relating to an IRC Section 1031 exchange. Evergreen Land Title Co. handles 1031 exchanges with the help of Asset Preservation, Inc. A Stewart Title Associated company

Please contact our escrow department for clarification on the fees for the given transaction.

What can I expect to pay?

Buying or selling real estate can sometimes be confusing. The following information is designed to help you better understand what costs apply to you.

Seller Cost

  • Escrow fee – ½ of fee based on Escrow Company’s fee schedule.
  • Recording fee – to clear title.
  • Owner’s Title Insurance Premium – Insures new owner.
  • Real estate commissions – Based on agreement with broker
  • Tax pro rate – If the seller has not paid the taxes when due.
  • Payoffs – All loans, taxes, assessments and encumbrances.
  • Overnight delivery fees – For payoff check / out of town.
  • Government service fee – Lien search paid to the city.

 Buyer Cost

  • Escrow fee – ½ of fee based on Escrow Company’s fee schedule.
  • Recording fee – To show interest and / or obligations in title.
  • Mortgagee’s Title insurance Premium – Insures new lender
  • Fire insurance premium – Mandatory when any lender is involved.
  • Tax pro rate – If the sellers have paid the taxes when due.
  • Overnight delivery fees – Returning loan documents / out of town.
  • Wire fee – If incoming money is wired.
  • Lender fees – All fees charged by the new lender.

Exceptions To The Above

  • FHA LOANS – Seller must pay buyers overnight delivery fees and certain lender fees.
  • VA LOANS – Seller must pay buyers Escrow fee and overnight delivery fees and certain lender fees.

REO SERVICEs

Our REO department is centrally located in Springfield Oregon to provide our clients with reliable state-wide coverage.

This department consists of dedicated and experienced escrow personnel to handle any REO transaction in the great state of Oregon. Moreover, our extensive real estate network and state-wide license allows us the flexibility to facilitate all types of REO transactions.

We have experience with several REO asset management programs including but not limited to RESNT and EQUATOR. Depending on our client’s requirements we can adapt to any asset management programs.

If you need a reliable partner in the world of REO services in Oregon, please contact Ken Boyst at 541.741.1981

Eugene Office

260 Country Club Road, Suite 120
Eugene, Oregon 97401
Phone: 541-687-9794
Fax: 541-687-0924
Get Directions

Springfield Office

1570 Mohawk Boulevard
Springfield, Oregon 97477
Phone: 541-741-1981
Fax: 541-741-0569
Get Directions

Eugene Office

260 Country Club Road, Suite 120
Eugene, Oregon 97401
Phone: 541-687-9794
Fax: 541-687-0924
Get Directions

Springfield Office

1570 Mohawk Boulevard
Springfield, Oregon 97477
Phone: 541-741-1981
Fax: 541-741-0569
Get Directions