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INTRODUCTION
Introduction. .................................................................................................................3
Important Contacts For Your Transaction..................................................................4
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TITLE
The Title Insurance “Value Proposition”: 10 Reasons.................................................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
Homeowner’s Policy of Title Insurance.................................................................... 12
Homeowner’s Policy Additional Benefits. ................................................................ 13
What is the Title Commitment?................................................................................ 15
5 Common Ways To Hold Title............................................................................... 16
ID Affidavit - Why is it Needed? .............................................................................. 17
Vesting: Common Ways of Holding Title................................................................. 18
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ESCROW
Escrow: FAQ.............................................................................................................. 21
The Escrow Process................................................................................................... 22
The Life of an Escrow................................................................................................ 24
Opening Escrow......................................................................................................... 26
Red Flags in the Escrow / Title Process.................................................................... 27
Other Parties to an Escrow Transaction................................................................... 30
The Loan Process. ..................................................................................................... 32
PMI “Private Mortgage Insurance” - FAQ................................................................. 33
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TAXES
Taxes........................................................................................................................... 34
PATH Act................................................................................................................... 36
Loan FAQ................................................................................................................... 37
What is Payoff ............................................................................................................ 38
Property Tax - Annual Calendar............................................................................... 39
Closing Costs: What Buyers & Sellers Typically Pay For.......................................... 40
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Consumer Financial Protection Bureau
Consumer Financial Protection Bureau (CFPB)....................................................... 43
What is Consumer Financial Protection Bureau? (CFPB)........................................ 44
Will The New CFPB Rule Delay My Closing?.......................................................... 46
Purchase Title / Escrow Order Workflow............................................................... 47
The New Closing Disclosure Explained................................................................... 48
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TERMS
Glossary of Terms..................................................................................................... 52
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