Stick with Commonwealth to avoid fall-out!

Many of my home sellers have asked me what expenses will be incurred in the sale of their property. I can answer that question pretty quickly. Commission, Excise tax (1.78% in Washington State,) Title and half of Escrow fee. All of this seems pretty clear but I always notice a bit of confusion appear at the mention of Title Insurance. I explain that this is required to ensure you have right and ability to sell the home. Again I am met with confusion. I asked Lisa Privette my Title Rep for Commonwealth to give me some examples that I can share with you more about how and why title insurance is necessary. Here is a quick story of how no two title companies are the same

“Recently, we had a situation where the buyers went in to sign in escrow and discovered that a judgment had been put on the title a month prior.  In order to close, everything on the title must be cleared.  The buyer was unable to gain control of the property on that day.  This was caused by the seller’s agent not choosing Commonwealth for title. Originally title was opened by another title company but when it comes to closing the transaction Commonwealth was title company working the escrow.  We had not received notice of the judgment. If the title had started through us, this would not have happened.  We have what is known as a “fall-out” plant.  What that means is that once title is opened with us, we continue to research it until it is closed.  The title may be clear when it is first opened but if something shows up on the title, Commonwealth will find the new judgment or lien and notify the agent immediately.  The agent then works with the seller to clear that off so they can have a smooth closing.  The lesson to be learned here is that it is very important to make sure you know that the title company you are working with is a “fall-out” plant and continues researching your title.  It is important to talk to your agent to ensure that they are looking out for you and being consistent with their title company. I may determine if you are able to either give or get keys on your scheduled closing date.” – Lisa Privette

 

I have a great relationship with Commonwealth, they are professionals at all they do. All my sellers enjoy the security of knowing they will be able to get their moneys worth when it comes to the cost of purchasing a title insurance policy.

 
 

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