Buyer and Seller Guide for Title and Escrow - Oregon

• INTRODUCTION Introduction. .................................................................................................................3 Important Contacts For Your Transaction..................................................................4 • 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 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 © Ticor Title Company TABLE OF CONTENT

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