Page 8 - Chicago Title Buyers Guide - Thurston WA
P. 8
165 Years & Beyond
Understanding the Escrow Process
for the State of Washington
IWnshidaetThisis EIsssucerow?
Buying or selling a home (or other piece of real property) usually involves the transfer of large “Let Chicago Title protects your most
sWuhmatsios fEsmcroonwe?y. It is imperative that the transfer of these funds and related documents from valuable asset - your home, from
o....n...e....p...a...r..t..y.....t.o.....a...n...o...t..h...e...r....b...e.....h...a..n....d...l.e...d.....i.n.....a. 1neutral, secure and knowledgeable manner. For the future claims or future losses of title
protection of buyer, seller and lender, the escrow process was developed. due to the defects created by past
events. Your owner’s title insurance
aA.R..ne.s..sd.a.p...bom...nu..o.sy..ine.b..er.i.l.yio.t..ir.ce..shs..e.a..l.nl..e.g.r..,e..y...ho...ua..n..w..d..a.s.n....Tt...ht..o.e...b..t.e.e..c.c..h.e..nr..t.i.ac2ianl all conditions of sale have been met before property policy should remain in effect as long
definition of an escrow is a transaction where one as you, or your heirs, retain an interest
party engaged in the sale, transfer or lease of real or personal property with another person in the property. Chicago Title brings
dTaexliPvaeyrosuatwCrhiattret n instrument, money or other items of value to a neutral third person, called an you the peace of mind knowing that
e...s...c..r..o...w.....a...g...e...n...t...o...r...e...s..c...r..o...w.....h...o...l..d...e..r....T...h...i..s...t..h..i2rd person holds the money or items for disbursement your investment is a safe one. We are
upon the happening of a specified event or the performance of a specified condition. here to defend and protect your title
N.E..s..ce..r..ou...w.t...r.D..a.e..l.f.i.nT...e.h..d..i..r...d......P....a....r..t...y................................ 2 for many years to come.”
Using the escrow holder as a common depository, the buyer and seller can proceed simultaneously in
pWrhoavtidisinEgscfruonwdsf,odr?eeds, inspection reports, insurance information and other documents. Both parties
g...i.v...e...w....r..i.t..t.e...n....i.n...s..t.r..u...c..t..i.o...n...s..,..t.h...e....r.e...q...u..i..r.e...m....e...n...t.s. 2of which must be met before the transaction is complete, to
an experienced escrow officer. Lenders also specify their conditions for completing the loan process.
Pf.W.o.r..roh..a.vy..li.lid.s.p.e.t.a.dh..r.et.t.irh.e.e.a.s..a,t..s.tT.ah.i.vm.e..e..eis.n..tL.s.i.itm.n.r.u.ee..c?..it.n.i.o..t.n.h..se...a.c..rl.e.o..s.c.i.l.n.e.g.a...rp. a2ron-cd3emssu. tually consistent, the escrow officer, as a limited agent
Protection
How Title Matters are Cleared?
T...h...e....a...u...t..h...o..r..i.t..y....g...i..v..e...n....t..o....a...n....e...s..c...r.o...w......h...o..l..d...e..r3is strictly limited by instructions provided by the buyer
and seller. The escrow officer is authorized by instructions to allocate funds for the items during
tct.C.ah.ll.o.exe..sae..ei.rsn.i.s.nag.c.g.nr..co.dP.o.w.ht.s.i.yt.mp.ss...ei.ec.I.r.nai.l.oil.sm.E.dt.r.n.i,u.t.cs.ac.uu.t.t.mcii.o.oh..nb.n.a.rss..as.o.an.r.nl.ec.s.e.aos..el..s.et.p.ts.l.et.i.na.c..tgi.fe..y.t.c.r.ta.oh..nme3sammcietsitsohinoosnd.sT,ohtfietcleoeslilcnerscoutwirnapgnrcfouecn,eldsiessn,ppsr,roroterecacottirsodaninllogpfafienrtesisuesraaninndvceooltavhneeddr
by retaining money and documents until the mutual instructions are met.
Paying Transfer Tax
.C...o...n...f.i..d...e...n...t..i.a...l.i.t..y....i.s....a..n...o...t..h...e...r...i.m.....p...o...r..t..a...n...t...a..s..p3ect of escrow. To effectively handle a transaction, your
escrow officer must be instructed as to the required terms necessary to close. The officer will
.Cdll.ee.l.i.engs..ca.da..rul.ei..ns.pr.sg..ar..oenD...csd.e.ce.e.rr.d.deo..u.saw..r.lo.e.e.fm.s.sT...tr.a.Tua.t.h.tst.e.tee...ra..se.g..s.oe.c..nn.r.o.lt.y..w..N..w..oo..i.tf.o.hf..in.c..tee..h.r.e.e.l.r.sep3etaahriatnisesasicmdcieprseascrtttiolayltiihtnyevaoinnlvfdoerdcm,oasnptfiieodcnei,fniectxiaacllleiytpytthctehornbocuueygrenhri,pnsgreolptlheeerr,
real estate process.
.CC...A.l..o“..G..s.o..i.o.n..d..g..F..u..E.n..s.d...cs..”.r.L.o..a..ww............................................... 3
.LUft.uh.i.fp.nee..o.sd.o.ne.s.f..ac.ca..nl.oco...csEs..tos.i.snc.r..rdg.ao..i,n.wn.t.d.hg...e.a.t..oer..e.s..tc..bh.r.o.ae..sw..i.e.n.d.h.s..ot.o.r.l.udn...ce..tt.r.ih.o.c.e.a.n..u.ss..as..ge.l.e.isv4tephnreictreoeqothuf eitrheeedscdproroocwpuemorftefyinc, tetsrh.teoEslboceraonrwecaofmeredosuednatraenaindndcdlisusebdruevdricseeinss
required.
At
Understanding the Escrow Process
for the State of Washington
IWnshidaetThisis EIsssucerow?
Buying or selling a home (or other piece of real property) usually involves the transfer of large “Let Chicago Title protects your most
sWuhmatsios fEsmcroonwe?y. It is imperative that the transfer of these funds and related documents from valuable asset - your home, from
o....n...e....p...a...r..t..y.....t.o.....a...n...o...t..h...e...r....b...e.....h...a..n....d...l.e...d.....i.n.....a. 1neutral, secure and knowledgeable manner. For the future claims or future losses of title
protection of buyer, seller and lender, the escrow process was developed. due to the defects created by past
events. Your owner’s title insurance
aA.R..ne.s..sd.a.p...bom...nu..o.sy..ine.b..er.i.l.yio.t..ir.ce..shs..e.a..l.nl..e.g.r..,e..y...ho...ua..n..w..d..a.s.n....Tt...ht..o.e...b..t.e.e..c.c..h.e..nr..t.i.ac2ianl all conditions of sale have been met before property policy should remain in effect as long
definition of an escrow is a transaction where one as you, or your heirs, retain an interest
party engaged in the sale, transfer or lease of real or personal property with another person in the property. Chicago Title brings
dTaexliPvaeyrosuatwCrhiattret n instrument, money or other items of value to a neutral third person, called an you the peace of mind knowing that
e...s...c..r..o...w.....a...g...e...n...t...o...r...e...s..c...r..o...w.....h...o...l..d...e..r....T...h...i..s...t..h..i2rd person holds the money or items for disbursement your investment is a safe one. We are
upon the happening of a specified event or the performance of a specified condition. here to defend and protect your title
N.E..s..ce..r..ou...w.t...r.D..a.e..l.f.i.nT...e.h..d..i..r...d......P....a....r..t...y................................ 2 for many years to come.”
Using the escrow holder as a common depository, the buyer and seller can proceed simultaneously in
pWrhoavtidisinEgscfruonwdsf,odr?eeds, inspection reports, insurance information and other documents. Both parties
g...i.v...e...w....r..i.t..t.e...n....i.n...s..t.r..u...c..t..i.o...n...s..,..t.h...e....r.e...q...u..i..r.e...m....e...n...t.s. 2of which must be met before the transaction is complete, to
an experienced escrow officer. Lenders also specify their conditions for completing the loan process.
Pf.W.o.r..roh..a.vy..li.lid.s.p.e.t.a.dh..r.et.t.irh.e.e.a.s..a,t..s.tT.ah.i.vm.e..e..eis.n..tL.s.i.itm.n.r.u.ee..c?..it.n.i.o..t.n.h..se...a.c..rl.e.o..s.c.i.l.n.e.g.a...rp. a2ron-cd3emssu. tually consistent, the escrow officer, as a limited agent
Protection
How Title Matters are Cleared?
T...h...e....a...u...t..h...o..r..i.t..y....g...i..v..e...n....t..o....a...n....e...s..c...r.o...w......h...o..l..d...e..r3is strictly limited by instructions provided by the buyer
and seller. The escrow officer is authorized by instructions to allocate funds for the items during
tct.C.ah.ll.o.exe..sae..ei.rsn.i.s.nag.c.g.nr..co.dP.o.w.ht.s.i.yt.mp.ss...ei.ec.I.r.nai.l.oil.sm.E.dt.r.n.i,u.t.cs.ac.uu.t.t.mcii.o.oh..nb.n.a.rss..as.o.an.r.nl.ec.s.e.aos..el..s.et.p.ts.l.et.i.na.c..tgi.fe..y.t.c.r.ta.oh..nme3sammcietsitsohinoosnd.sT,ohtfietcleoeslilcnerscoutwirnapgnrcfouecn,eldsiessn,ppsr,roroterecacottirsodaninllogpfafienrtesisuesraaninndvceooltavhneeddr
by retaining money and documents until the mutual instructions are met.
Paying Transfer Tax
.C...o...n...f.i..d...e...n...t..i.a...l.i.t..y....i.s....a..n...o...t..h...e...r...i.m.....p...o...r..t..a...n...t...a..s..p3ect of escrow. To effectively handle a transaction, your
escrow officer must be instructed as to the required terms necessary to close. The officer will
.Cdll.ee.l.i.engs..ca.da..rul.ei..ns.pr.sg..ar..oenD...csd.e.ce.e.rr.d.deo..u.saw..r.lo.e.e.fm.s.sT...tr.a.Tua.t.h.tst.e.tee...ra..se.g..s.oe.c..nn.r.o.lt.y..w..N..w..oo..i.tf.o.hf..in.c..tee..h.r.e.e.l.r.sep3etaahriatnisesasicmdcieprseascrtttiolayltiihtnyevaoinnlvfdoerdcm,oasnptfiieodcnei,fniectxiaacllleiytpytthctehornbocuueygrenhri,pnsgreolptlheeerr,
real estate process.
.CC...A.l..o“..G..s.o..i.o.n..d..g..F..u..E.n..s.d...cs..”.r.L.o..a..ww............................................... 3
.LUft.uh.i.fp.nee..o.sd.o.ne.s.f..ac.ca..nl.oco...csEs..tos.i.snc.r..rdg.ao..i,n.wn.t.d.hg...e.a.t..oer..e.s..tc..bh.r.o.ae..sw..i.e.n.d.h.s..ot.o.r.l.udn...ce..tt.r.ih.o.c.e.a.n..u.ss..as..ge.l.e.isv4tephnreictreoeqothuf eitrheeedscdproroocwpuemorftefyinc, tetsrh.teoEslboceraonrwecaofmeredosuednatraenaindndcdlisusebdruevdricseeinss
required.
At
