Buyer Seller Guide - Western Title

INTRODUCTION Introduction...............................................................................................................3 Important Contacts For Your Transaction...................................................................4 TITLE The Value Proposition for Title Insurance.................................................................. 5 What is Title? - FAQ....................................................................................................6 Why You Need Title Insurance - 21 Reasons................................................................8 Life of a Title Search...................................................................................................9 Title Policy Comparison Chart.................................................................................. 10 What is the Title Commitment?. ................................................................................11 Common Ways to Hold Title in Oregon..................................................................... 12 ID Affidavit - Why is it Needed? . ...............................................................................13 ESCROW Escrow: FAQ. .............................................................................................................15 The Escrow Process.................................................................................................. 16 The Life of an Escrow. .............................................................................................. 18 Opening Escrow. ...................................................................................................... 20 Red Flags in the Escrow / Title Process..................................................................... 21 CLOSING THE ESCROW Other Parties to an Escrow Transaction.................................................................... 24 The Loan Process...................................................................................................... 26 PMI “Private Mortgage Insurance” - FAQ.................................................................. 27 Taxes........................................................................................................................ 28 PATH Act. .................................................................................................................30 Loan FAQ.................................................................................................................. 31 What is Payoff. ......................................................................................................... 32 Property Tax - Annual Calendar............................................................................... 33 Closing Costs: What Buyers & Sellers Typically Pay For........................................... 35 CONSUMER FINANCIAL PROTECTION BUREAU What is Consumer Financial Protection Bureau? (CFPB).......................................... 38 Will The New CFPB Rule Delay My Closing?.............................................................40 Purchase Title / Escrow Order Workflow. ................................................................. 41 The New Closing Disclosure Explained.................................................................... 42 TERMS Glossary of Terms.....................................................................................................46 2 © Western Title Table of Contents