How To Sign Alaska Banking Document

Document type sign claim alaska later

this is nani with Westphalian associates and i am joined today by our special guest clark at alyeska title and of course we have Tracy here at residential mortgage and our today's topic on episode 13 is everything title so we have several questions for Clark here who has over 35 years experience to think you started doing this when he was like 10 years old or something in fact so you've been doing it for a while if you're listening in tuned in please do ask questions this is one of those things that people all the time in real estate they're like why do I have to have title insurance and all this other stuff so we're going to go over that come up with as many questions as Tracy and I and Clark have all heard in the industry but would definitely love your engagement as well and Clark can follow up on posts later if you are watching this to later time so with that said I thought we'd start off with the basics you know the nitty gritty what is title insurance would tell us more about that so people can kind of understand it all right we'll take it media step back even what is the title to my property you have a title to your car which is a piece of paper that says you own this car with the information that pertains to that specific vehicle unlike that which is a piece of paper that you have to have to transfer title your title to the property is simply a deed and to be a quitclaim deed or a warranty deed and it says that you bought the property from whomever you did and it gives a legal description of the property which is different than the address and that then gets filed in state of Alaska Department of Natural Resources of the recorders office and once it's filed officially now on the property so that piece of paper you have designed notarized looking real official if you lost it on my big car title it really doesn't matter once it's made a public record so what's the difference then between a quick claim in a warranty as it indicates by title of the document a warranty is basically saying that there are certain warranties to the condition of title to the sellers making when he needs to or here she needs a quitclaim date is simply I am now quicking any claim on hazardous property as is no guarantees warranties so funny when I first sign into the industry I thought this quick claim deed but it's a quick and then quitting I found other properties that are we add up that make sense and that's often people will ask for a quick claim deed because it's in a hurry kind of like a short sale not really not short at all terms of relegate it makes no sense whatsoever exactly but it's they're common questions and we pride ourselves here in Alyeska titled in answering questions no matter how simple or silly you might be they aren't as a realtor as buyers sellers a lender we're happy to let you know what we know right and you only just took a little bit more that the warranty DS and different things if you can I share some stories with it really kind of hits home of pros and cons between the two it would help people understand a little bit more why you would want one versus the other yet it really comes down to the fact that both of them legally transcript title so the only thing that it carries is the weight of the sellers promise that it is marketable title it's in good condition and so the buyer can come back and say hey to this but no matter which document you use if your closing with a type of insurance company and you have tighten insurance then we're making certain warranties through our examination and insurance that pretty much covers this over which is why no seller should ever want to sell a piece of property without a title insurance policy being provided because then they're off the hook completely well I get that a lot you know I have father's sake you know why do I need to get sellers insurance I bought the property I've not done anything to it I you know make my payments on time I have no liens or anything to that effect why do I need to get sellers insurance it's a pretty common question I imagine is and what's probably the the easiest answer to that question is because your buyer should require it because if I'm purchasing a home it is the most expensive thing I'm going to get as that's a couple of the single person as as a member of society entering into the world of finance of our own and no even thinks twice about getting health insurance for things you're going to have to happen to you right car insurance you have to get it for car insurance and nobody ever questions getting car insurance right well there's plenty people to get activated don't have a man get her some of it yet so that is Comeau financially responsible yeah right it's so that's the most expensive investment that you're making why wouldn't you want to have a one time premium that you pay or someone else pays on your behalf as a seller so that brings makes the second part of that question okay so my sellers paying for sellers of title insurance why do I need it in fire and fire once you own that property own everything that has ever happened you're purchasing a home and even if it's new construction it's on dirt that is as old as time itself and ever since records were being kept transfers being made from the United States government in a patent to basic fee simple title which is meaning just somebody actually owning it on their own there are things that can come up from every transaction that if you don't have have insurance nobody's been insured against them I mean a broad range of things and as a buyer I would insist on having that no matter how much my seller says well I had ever insurance ten years ago he did but as soon as that D is recorded that insurance policy expires right well you don't know what they've done from that time forward knowing you don't know what happened before that transaction this might pop up the community so for example like the previous owner could have had a tax lien on the property and that was just never caught and then somebody I go to buy a house tomorrow and I have full title insurance and it shows that tax lien or and then I have title insurance real estate it happens top right brother buy the property I am NOT not responsible for that winning the title insurance will cover that if they didn't find it in point the title report when I first bought it right correct unlike casualty insurance or other types of insurance premium is date once for as long as you own the property or once on the loan as long as that moment this and our job is to insure a piece of property based on a thorough research of the documents history of that property looking for forgeries that notaries false claims breaks in what's called a chain of title none' selves of Jim self to Tim suddenly somebody else comes in with a deep where's Lincoln that's missing so we examine that and we our job is to eliminate as much risk as possible so that you can feel sound in your investment as by are comfortable in your selling of your property to walk away not hear from your buyer again but if something were to pop up that was missed because we have an insurance that's what the insurance covers you don't have to worry about it - the title insurance company care of exactly the seller doesn't have to worry the buyer does not to worry in the lender does naturally if we miss something in our investigation to eliminate our risk then we do and it happens every year that is human error Israel can you can you maybe get there again like a scenario or situation where maybe there has been you know an issue that you're able to find me I know like for instance I mean in the early on the process when we pull the title equals pulse of iron a seller's information and we will kind of see what's going on in their lives and people like oh I didn't realize I had you know that is out there you know some pending items as a buyer even sometimes it doesn't come up along process or a different thing that it affects the sale overall so what scenarios are things that can give it given some nitty-gritty - good - bad okay I want to hear like if this mis'able before I get into the nitty-gritty of how is the bed yes I encourage everybody to get a real estate professional to take care then take them through the pathway of this purchase and selling process because when we have people come in here that haven't utilized a realtor and they maybe just sold it to somebody on taking payments that they've done a quick lame deeds or any type of D to these individuals there's no guarantee that these people really had a claim to the property in the first place and second the solar may not be even trying to commit fraud right let me so this way to say there's no problem with this title I able to smell money to the ex bank and we'll pay it off with the money you give me and get released that's great but this owner may not realize that even though the property description is not mentioned on an IRS tax lien or a child-support mean according judgment somebody's sued him for throwing a rock to the neighbors window and the dog was barking that attaches to the property anything that attaches to the name of the person who owns a property here attaches to the property becomes with buyers responsibility if they don't go through the title company and get insurance and finally think that ahead of time I appreciate you saying that because there are so many times that when we go through we find stuff out of it if there's not professional sometimes involved both on the lending sense size built stateside in the title side there are little things that get missed and I've seen more than once where we helped a seller who says oh I bought the you know for sale by owner or you know I acquired this you know as one in the card game or whatever exactly through some unconventional and it's a unconventional you know form and it be ends up being a bigger bigger deal than they thought well in do what they needed ah there's a reason that we each have a full-time job in our industry title real estate lending and it's because there is so much involved when you're buying the biggest purchase in your life there's a lot of legalities and in order to protect yourselves and ghazal are protecting themselves I definitely always recommend getting professional Calvin in each area yeah you know the we kind of talked a little bit beforehand I think it's interesting how the you know the insurance costs and different things like that so an indication such baseness on that with how much does it actually cost the consumer and how is that determined well the good thing is in shopping for a title company asked around in an opinion going through that as a reputation for that service because really we all have the same product we also kind of insurance and clothes and services our rates are filed with the Division of Insurance in the state of Alaska and are virtually the same so for instance on a $300,000 purchase your title insurance is going to be right around $1,100 and closing fees about six hundred and you pay that a closing solidity whatever is required by the lender and certain loan programs dictate to pace what but it's a it's well worth the price because as long as you own that property you must pay another dime on that type of trips policy and you insured and you can rest easy that things have been taken care of properly and it covers things like that divorce happened and the quitclaim deed was never recorded it's a fact and these numbers are from the American land title Association that one out of three escrow transactions closings purchases ales requires corrective action action by the title company meaning fixing something in the past that we would have known if you did a title insurance and let's make sure like the cinnamon yeah and another one has afraid us a lot of was a gamble with it don't you from the document a lien that was never released to a divorce that never had a quick link he's done you know the judge says missus you have the property mister you need to D it to him but the courts don't talk to the recorders office and it doesn't get not doesn't get off to that on assignments right we love to see people coming in here and walk away I like to think that we make the world a happier place one home clothing at a time yeah you know and it's so interesting you have your rate sheet there as far as that goes and I mean even in the negotiations we've had people go oh well you know I'm going to I don't want to pay any closing costs and so ok fine you don't have to pay me you know fires closing in the closing cuts the pretty broad term is like so you know car almost over there several different types occur you talk about buyers closing Cosmo was closing table title closing fees you know when they're closing fees if you know so they're games like knowing what each of those are the difference between cuz you have escrow typically and then you have entitled fees so you can find a little bit between the difference of those I think that would be helpful ok the title fee is the premium that you pay for your title insurance and its traditional that the owner of the property selling it covers that it's basically its responsibility of the current owner to present a policy that says I do have a marketable title so that he can step to your sheet and step away and not have any warranty that they where they have to put forward the type of company takes care of that now and the escrow closing fee is basically the service to put the documents together according to the statutes of the state where the property is is happening and the notary services record the documents of the state of Alaska make sure all the details are covered and it's funny that when you go in to purchase a car to the dealership you have a document fees you have item using a DMV does Matt and it's just part of your purchase you go oh okay and nobody really has the right or the opportunity to say oh I don't want to be any closing fees for my car just part of your process except as a legitimate necessary part of the purchase of the biggest investment you're going to have anyway so I guess the biggest takeaway you want people to take you know when they're considering their options and they're looking at title and what those title fees include you know what is it really buy me one of the biggest takeaway you would like people to consider or memorable battles out there as far as that goes just understand that we are a district as a third party by definition of our industry we're here not to represent anybody we're here to make sure the transaction happens according to the statute the state of Alaska and fairly according to ordinances and such the negotiation process we have nothing to do with so we're a safe entity to come in to gather signatures make sure it's them correctly so that when you go to study property in the future you're ready to do it and not have a headache for the past and I appreciate that because I mean I know I mean we call you all the time is for random questions and that's something that we love about you know working with you though specifically is because you're you always return the phone calls you're always answer the line and we can better serve our clients when we're moving physical process because there's so much out there at 35 years of experience questions Bob oh yeah yes well thanks everybody for joining us today thanks so much to Clark and Elias the title for being our guest speaker if you guys have any title issues that you experienced on your own comment please do you have any questions to comment light our page share it with your friends and join us every Wednesday at noon but how else you like to say thanks