Page 2 - Homeowners Manual - San Luis Obispo County

Table of Contents

Contents
Table of Contents i
Contact Information ii
OLD REPUBLIC TITLE 1
Why Old Republic Title? 1
Services We Provide 3
Financial Ratings 4
ESCROW 5
What is Escrow? 5
How Does Escrow Work? 6
Escrow Process 7
‘Know Before You Owe’ Mortgage Disclosure Terms 8
Top 10 Things Consumers Should Know About the Closing Process 9
Showstoppers 12
Beware of Wire Fraud 13
PRELIMINARY REPORT 14
Preliminary Reports — Some Basics 14
TITLE INSURANCE 17
What is Title Insurance and How Does It Work? 17
33 Covered Risks for the Homeowner’s Policy 19
Comparison of Title Coverage 22
Frequently Asked Questions About Title Insurance 23
Common Ways of Holding Title 25
California Concurrent Co-ownership Interests 27
CLOSING COSTS 28
Examples of Additional Closing Costs 28
Common Property Taxes 29
Property Tax Calendar 31
FIRPTA Withholding Rule 32
Property Tax Savings and Reappraisal Exclusions 33
12 Common Problems that Could Affect Closings 36
REAL ESTATE DICTIONARY 37