City of Spokane Water Provider (509) 625-7800 www.my.spokanecity.org/ water
Spokane School District (509) 354-5900 www.spokaneschools.org
CHANGE OF ADDRESS
USPS
Below is the website if you would like to change your address online or you can visit your local post office, they will provide you with the change of address packet. https://moversguide.usps.com
Benefits you will receive when you change your address online are:
Exclusive mover savings coupons
Safe and secure with identity verification by a simple $100 charge to your credit or debit card
Email confirmation at the end of registration of your change of address
* Must have valid email address and credit card to register online
AUTO REGISTRATION AND DRIVER LICENSING
Below is the website if you would like to change your address online or you can visit your local department of licensing
Department of Licensing
Spokane County Motor Vehichle Licensing 1116 W Broadway Ave 1st Floor (509) 477-2222 dol.wa.gov
AIRWAY AUTO LICENSING 13101 W 14th Avenue (509) 244-1763
AUTO LICENSING PLUS 328 N Sullivan Road, Suite 7 (509) 927-4177
DEER PARK 222 W Crawford (509) 276-2177
DOWNTOWN 628 S Washington (509) 455-8320
MARKET STREET 4011 N Market Street (509) 290-5527
NORTH SPOKANE 10208 N Division, Suite 109 (509) 464-2294
SOUTH HILL 2727 S Mount Vernon, Suite 3B (509) 534-6022
SPOKANE VALLEY 9405 E Sprague Avenue (509) 928-7981
VOTERS REGISTRTION
TO REGISTER TO VOTE, YOU MUST BE:
A citizen of the USA
A Legal Resident of Washington State at least 18 years of age on or before the next election
In the State of Washington, you do not have to register by political party or declare a political party membership to vote in the state’s regular primaries or general election
HOW TO REGISTER
Washington citizens have access to several convenient methods of signing up to vote, including registration by mail and Motor Voter registration.
Mail-in registration forms are available from your county auditor or county elections department as well as other government offices, public libraries, and schools.
Motor Voter registration is offered when you renew or apply for your driver’s license. In most instances, it takes less than a minute.
REGISTRATION DEADLINE
You may register to vote at any time, but you must be registered at least 30 days before an election, if you want to vote on election day
You may also register between 15 and 30 days before an election, but you must do so at a location designated by the county elections office, and you will be required to vote by absentee ballot
CHANGE OF ADDRESS
If you move to a new county, you must complete a new voter registration, otherwise you must request a transfer of your registration.
Voter Information Hotline: (800) 448-4881 TTY (800) 422-8683
Silver Lake Mall (208) 762-2113 wwwsilverlakecenter
TELEPHONE SERVICE
Verizon (800) 483-4100 wwwverizoncom
AT&T (800) 288-2020 wwwattcom
TRANSFER STATIONS
Spokane County North (509) 477-6800 wwwspokanecountyorg 22123 N Elk Chattaroy Rd Colbert, WA 99005
Spokane County Valley (509) 477-6800 wwwspokanecountyorg 3941 N Sullivan Rd Spokane Valley, WA 99216
Spokane Waste to Energy Facility (509) 625-6580 2900 S Geiger Blvd Spokane, WA 99208
VOTER REGISTRATION
Spokane County (509) 477-2320
COUNTY DEPARTMENTS
Sheriff (509) 477-2240
Fire (509) 625-7000
Humane Society (509) 467-5235
Assessor (509) 477-3698
Auditor (509) 477-2217
Building & Planning (509) 477-3675
District Court (509) 477-4770
Road Maintenance (509) 477-3600
Treasurer (509) 477-4713
Veteran Services (509) 477-3690
COLLEGES & UNIVERSITIES
Gonzaga University (800) 986-9585 wwwgonzagaedu
Whitworth University (509) 777-1000 wwwwhitworthedu
Spokane Community College (509) 533-7000 wwwsccspokaneedu
WATER BUREAU
Airway Heights (509) 244-5429
Cheney (509) 498-9293
Deer Park (509) 276-8801
Liberty Lake (509) 922-5443
Medical Lake (509) 565-5000
Millwood (509) 926-4563
Spangle (509) 245-3260
Spokane (509) 625-7800
Spokane Valley (509) 625-7800
Fairfield (509) 283-2414
Latah (509) 286-3471
Rockford (509) 291-4716
Waverly (509) 625-7800
TITLE & E S C R O W
CYBER SECURITY
g p , g being sent to an outside account and never credited to the intended party
To protect and reduce your risk, WFG has implemented the following procedures for outgoing and incoming wires:
Outgoing Wire from WFG to seller or borrower for proceeds
In the escrow paperwork provided you will be asked to provide written instructions on how you want funds due you sent to you at the close of escrow If you choose to have the funds sent via wire transfer, WFG will contact you by phone to confirm the wire information provided.
Incoming Wires from the buyer and/or lender to WFG bank account
For funds that are to be wired to WFG for your transaction, we will send specific wire instructions to the remitting person via an encrypted email. We recommend you reach out to your WFG contact to confirm the wire instructions prior to remittance.
We look forward to processing your escrow transaction for you. We know that this can be a stressful time and we are here to assist you in any way we can to make this a good experience
claims or restrictions on the buyers property, other than the mortgage the buyer agrees to pay.
If the preliminary title search uncovers potential problems, a buyer can require that those problems are satisfactorily dealt with before closing on the home.
In addition, owner’s title insurance protects buyers against a myriad of risks that not even the most careful title search can uncover, including things such as forged documents, undisclosed or missing heirs of a previous owner, fraud, will dispute, and unrecorded claims of many types.
Without the owner’s title insurance, the legal costs to resolve such title claims could easily be in the tens of thousands of dollars and would have to be paid out of pocket by the buyer - not to mention the stress that such situations would cause to the buyer
Owner’s title insurance is one of the most affordable insurance policies a person can ever buy Unlike other forms of insurance, there is only a one-time fee at closing for the policy, which financially protects the buyer’s investment for as long as the buyer or the buyer’s heirs own the home.
So, if someone tells the buyer that the owner’s title insurance is “optional”, that certainly does not mean that the buyer should not get it. Virtually every lender requires a lender’s title insurance, but that insurance does not protect the buyer.
In order to safeguard the buyer’s investment in the property, which is possibly the most important investment the buyer will ever make, owner’s title insurance is absolutely critical.
WHAT IS ESCROW?
Both the buyer and seller rely on the escrow agent to carry out their written instructions relating to the transaction and to advise them if any of their instructions are not mutually consistent or cannot be carried out. If the instructions from all parties to an escrow are clearly drafted, the escrow officer can proceed on behalf of the buyer and seller without further consultation. This saves much time and facilitates the closing of the transaction.
TYPICAL ROLES IN THE CLOSING PROCESS
The Seller/Agent
Delivers a fully executed Purchase Sale Agreement to the escrow agent.
Executes the paperwork necessary to close the transaction
The Buyer/Agent
Deposits collected funds required to close (in with the escrow agent
Approves the commitment for title insurance, or other items as called for by the Purchase Sale Agreement
Executes the paperwork and loan documents necessary to close the transaction
The Lender
Deposits loan documents to be executed by the buyer
Deposits the loan proceeds
Directs the escrow agent of the conditions under which the loan funds may be used
The Escrow Agent
Clears Title
Obtains title insurance
Obtains payoffs and release documents for underlying loans on the property
Receives funds from the buyer and/or lender.
Prepares vesting document affidavit on seller’s behalf
Prorates insurance, taxes, rents, etc
Prepares a final statement (often referred to as the “HUD Statement” or ”Settlement Statement”) for each party, indicating amounts paid in conjunction with the closing of your transaction
Forwards deed to the county for recording
Once the proper documents have been recorded, the escrow agent will distribute funds to the proper parties
In Summary
Escrow is the process that assembles and processes many of the components of a real estate transaction. The sale is officially closed when the new deed is recorded and funds are available to the seller, thus transferring ownership from the seller to the buyer
The escrow agent is a neutral third party acting
WHAT IS TITLE?
About Title Insurance
Title is a bundle of rights in real property. Protecting purchasers and lenders against loss is accomplished by the issuance of a title insurance policy Usually, during a purchase transaction, the lender requests a policy (commonly referred to as the Lender’s Policy) while the buyers receive their own policy (commonly referred to as an Owner's Policy)
In short, the policy states that if the status of the title to a parcel of real property is other than as represented, and if the insured (either the owner or lender) suffers a loss as a result of a title defect, the insurer will reimburse the insured for that loss and any related legal expenses, up to the face amount of the policy, subject to exceptions and exclusions contained in the policy
Typically there are two policies issued. The Mortgagee’s Policy insures the lender for the amount of the loan. The Owner’s Policy insures the purchaser of the purchase price
How is title insurance different from other types of insurance?
While the function of most other forms of insurance is risk assumption through the pooling of risks for losses arising out of unforeseen future events (such as sickness or accidents), the primary purpose of title insurance is to eliminate risks and prevent losses caused by defects in title arising out of events that have happened in the past To achieve this goal, title insurers perform an extensive search and examination of the public records to determine whether there are any adverse claims (title defects) attached to the subject property Said defects/claims are either eliminated prior to the issuance of a title policy
or their existence is excepted from coverage. Your policy is issued after the closing of your new home, for a one-time nominal fee, and is good for as long as you own the property
What’s involved in a title search? A title search is actually made up of three separate searches:
Chain of Title – History of the ownership of the subject property
Tax Search – The tax search reveals the status of the taxes and assessments
Judgment and Name Search – Searches for judgment and liens against the owners’ and purchasers’ names
Once the three searches have been completed, the file is reviewed by an examiner who determines: Whether or not the Chain of Title shows that the party selling the property has the right to do so The status of taxes for the subject property The Tax Search will also indicate the existence of any special assessments against the land and whether or not these assessments are current or past due
Whether there are any unsatisfied judgments on the Judgment and Name Search against the previous owners, sellers, or and purchasers.
Rights established by judgment decrees, unpaid federal income taxes and mechanic liens all may be prior claims on the property, ahead of the buyer’s or lender’s rights. The title search will only uncover defects in title that are of public record, thus allowing the title company to work with the seller to clear up these issues and provide the new buyer with title insurance
In Summary
After the searches have been examined, the title company will issue a commitment, stating the conditions under which it will insure title The buyer, seller and the mortgage lender will proceed with the closing of the transaction after clearing up any defects in the title that have been uncovered by the search and examination
WHO PAYS WHAT IN WASHINGTON
SELLER PAYS
Real estate commission
Owner’s title insurance premium
Escrow fee, one half (1)
Real estate excise tax (1.78%2 based on sales price)
Loan costs required under the FHA/VA provisions of the contract (4)
Payoff of all loans in Seller’s name (or existing loan balance if being assumed by Buyer)
Statement fees, reconveyance fees (including associated recording charges), and any loan prepayment penalties
Work orders, such as termite inspection or home repairs (1)
Home warranty (1)
Encumbrances (such as judgements and tax liens) against the seller
Tax pro-ration (for any unpaid taxes up to the time of transfer of title)
Delinquent taxes
Unpaid homeowner’s dues
Assessments or bonds (1)
Notary fees (if applicable)
Courier fees (if applicable)
1SubjecttoPurchaseandSale
BUYER PAYS
Lender’s title insurance premium (if applicable)
Escrow fee, one half (1)
Recording charges for all documents in the buyer’s name
Inspection Fees (1)
Tax pro-ration (for any taxes from time of transfer of title to end of the tax payment period)
All new loan charges (except for those required by lender for seller to pay)
Hazard insurance premium for first year
Interest on a new loan from date o funding to 30 days prior to first payment
JOINT TENANCY TENANCY IN COMMON COMMUNITY PROPERTY PARTNERSHIP
Any number of persons
Any number of persons
Ownership interests must be equal
There is only one title to the whole property
Purchaser will become a tenant in common with the other owners of the property
All owners must agree on use and disposition of property
Ownership can be divided into any number of interests, equal or unequal
Each co-owner has a separate title to his or her undivided interest
Purchaser will become a tenant in common with the other owners of the property
Individual co-owners do not need the consent of the other to use or dispose
Married persons and domestic partners
Husband and wife’s or domestic partner’s interest must be equal
There is only one title to the whole property
Purchaser cannot acquire one owner’s interest and hold as community property
Husband and wife or domestic partners must agree to use and disposition of property
Related or unrelated parties
Ownership interest is in relation to interest in the partnership
Each co-owner’s interest is owned in partnership for partnership purposes
Purchaser can only acquire the whole title unless he or she becomes a partner
Partnership sets parameters for use and disposition of the property
DEATH
SUCCESSOR'S
STATUS
Property passes to survivors without going through probate
Last survivor owns property
Individual's interest passes to designated heirs through probate
Devisees or heirs become tenants in common
On spouse’s/ domestic partner’s death, surviving spouse/ domestic partner
Surviving spouse or domestic partner owns property
Partnership interest passes to designated heirs who would become partners
Devisees or heirs have no rights in specific partnership property
1
2 CENTRAL / CATALDO
25 West Cataldo Ave., Ste. B Spokane, WA 99201
509-532-9009
200 N Mullan Rd., Ste. 124
Spokane, WA 99206
509-928-9801
3 NORTH SPOKANE
7307 N Division St. Suite 302 Spokane, WA 99208
509-789-8565
TABLE
OFCONTENTS
Altos Market Report
WFG's My Home
Talking House Tent Cards
CC&R's (if applicable)
The information contained is provided by WFG’s Customer Service Department to our customers, and while deemed reliable, is not guaranteed.
This week the median list price for Spokane, WA 99205 is $330,000 with the market action index hovering around 43. This is less than last month's market action index of 45 Inventory has increased to 137.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Slight Seller's Advantage Market Narrative
Market
Price of New Listings $324,900
Square Foot
Slight Seller's Advantage
The market has been cooling over time and prices plateaued for a while Despite the consistent decrease in MAI, we’re in the Seller’s zone. Watch for changes in MAI. If the MAI resumes its climb, prices will likely follow suit If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.
Market Segments
Each segment below represents approximately 25% of the market ordered by price
Median List Price
Prices in this zip code seem to have settled around a plateau. Look for a persistent down-shift in the Market Action Index before we see prices deviate from these levels.
$400K
$350K
$300K
$250K
Segments
In the quartile market segments, we see prices in this zip code have generally settled at a plateau, although Quartile 1 has been trending a bit downward in recent weeks. We'll need to see a persistent shift in the Market Action Index before we see prices across the board move from these levels.
$600K
$500K
$400K
Price Per Square Foot
The market plateau is seen across the price and value. The price per square foot and median list price have both been reasonably stagnant. Watch the Market Action Index for persistent changes as a leading indicator before the market moves from these levels.
Inventory has been climbing lately. Note that rising inventory alone does not signal a weakening market. Look to the Market Action Index and Days on Market trends to gauge whether buyer interest is keeping up with available supply.
Market Action Index
The market has been cooling over time and prices plateaued for a while. Despite the consistent decrease in MAI, we’re in the Seller’s zone. Watch for changes in MAI. If the MAI resumes its climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.
Not surprisingly, all segments in this zip code are showing high levels of demand. Watch the quartiles for changes before the whole market changes. Often one end of the market (e.g. the high-end) will weaken before the rest of the market and signal a slowdown for the whole group.
Median Days on Market (DOM)
The properties have been on the market for an average of 67 days. Half of the listings have come newly on the market in the past 38 or so days. Watch the 90-day DOM trend for signals of a changing market.
It is not uncommon for the higher priced homes in an area to take longer to sell than those in the lower quartiles.
Personalized. Secure. Transparent. SIMPLIFYING YOUR JOURNEY TO A SUCCESSFUL CLOSING
WFG’s MyHome® provides full transparency, real-time updates, and post-closing home information in a secure web environment. It is fully responsive, mobile-first and built with YOU in mind.
Sign up for an account at https://myhome.wfgtitle.com today!
Click Register for MyHome® account on a MyHome® email notification or go directly to https://myhome. wfgtitle.com
Confirm email for immediate access. 1 2 3
Complete a brief registration form. Use your email address on file with WFG, and have your escrow number handy.
• Instant access to essential file details
• Contact information for all parties involved
• In-depth Knowledge Center
• Timeline view of the entire escrow process
• Real-time updates via text, email, or personalized dashboard
• Complete forms needed for your transaction
• Upload documents to your escrow team
• Explainer videos for each milestone
• Access on desktop, tablet or mobile
CONSUMER EXPERIENCE TIMELINE
TRANSACTION CLOSED GATHER UP
Notification sent one day after transaction is marked recorded.
TRANSACTION STARTED
Notification is sent five days after Title is cleared.
Notification is sent after Title Report is completed.
Notification is sent after Title Report is completed.
MIDPOINT FEEDBACK
Invitation to provide feedback and rate your experience. Sent 3 days after transaction closed.
Notification is sent to both Buyer and Seller.
All notifications include a link that can be used for registration and access to your MyHome® dashboard post registration.
Notification is sent once all title curative items are received and ready for closing.
Notification is sent 15 days after Title Report is completed.
® notifications start triggering to the Client once the order has been opened.
Notification is sent when earnest money is received by Escrow.
MyHome
Contact us to schedule a demo or sign up for an account.
COVENANTS, CONDITIONS & R E S T R I C T I O N S
We believe these are the correct conditions and restrictions.
However, no examination of title has been made and WFG National Title assumes no liability for any additions, deletions or corrections.
The information contained is provided by WFG’s Customer Service Department to our customers, and while deemed reliable, is not guaranteed.
