escrow federal way: Private Transfer Fee Covenants: Is this legal?
- 07/15/10 03:42 AM
Private Transfer Fees At the American Escrow Association Conference I attended, Justin Ailes (Director of Government Affairs with the American Land Title Association) discussed something new in our industry: Private Transfer Fee Covenants. These covenants require that a "tax" be paid everytime there is a sale of property within the project and runs from .5% to 1.75% of the gross sales price. I have not yet seen this covenant in any escrows on my desk, but I hear that they are becoming popular. I found this additional information from the Association of Realtors. Be sure to review any covenants on the property's title report for these … (2 comments)
escrow federal way: Are Prepaid Items Considered Closing Costs?
- 07/09/10 03:38 AM
Are Prepaid Items Considered Closing Costs? Have you noticed that the Northwest Multiple Listing Service changed the Financing Addendum and took out the words "including prepaids" from the Loan Costs Provision paragraph? The question is whether or not the seller intended for the credit to be applied to the buyers prepaid items. The addendum says the credit "shall be applied to buyers loan and settlement costs". Closing costs are separated into what are called "non-recurring closing costs" and "pre-paid items". Non-recurring closing costs are any items which are paid just once when buying property or obtaining a loan. "Pre-paids" are items which recur over time, such … (4 comments)
Supplemental green-jobs report focuses on forestry OLYMPIA - More than 10 percent of forestry-related jobs are green, compared to about 3 percent for the state economy as a whole, according to a new report by the Employment Security Department. By legislative request, the department developed a green-jobs report focusing solely on the forest-products industry. It supplements a more comprehensive report that was issued in February. "The state Legislature's commitment to growing a green economy in … (0 comments)
Dislocated-worker funds released OLYMPIA - The state Employment Security Department has distributed $18.5 million statewide to fund local services for dislocated workers during the July 2010 through June 2011 fiscal year. The Dislocated-Worker Program uses federal funding to provide personalized employment and training services to unemployed workers whose skills or occupations are no longer in demand. It also provides early intervention services for workers and firms facing substantial layoffs. "The large number of closures and mass layoffs during the recession has increased demand for this program," … (0 comments)
escrow federal way: Can Vacation Time Affect RESPA's 10% Tolerance & Cause a Delay?
- 06/05/10 09:27 AM
Can Vacation Time Affect RESPA's 10% Tolerance and Cause a Delay? You bet it can! Here are some tips to prevent your transaction from going over the 10% tolerance. It doesn't take much to push a loan over this tolerance, but by asking your customer some questions early in the process and sharing the information with your loan officer and escrow officer, will prevent surprises and associated delays at the closing table. * Will the buyers be out of town for the signing? There will be a signing fee. I would venture to guess that this occurs in at least 40% of the summertime closings. * Will one or more of the parties require a Special … (5 comments)
Washington jobless rate falls for first time in three years OLYMPIA - Washington's unemployment rate fell in April for the first time in more than three years, backed by an increase of 5,800 jobs. The rate went from 9.5 percent in March to 9.2 percent in April. The last time the unemployment rate declined was March 2007, when the rate moved from 4.5 percent to 4.4 percent, a record low in Washington. Since then, the rate has … (4 comments)
High-paying jobs, minimum-wage jobs increased in 2009 OLYMPIA - While the state was shedding thousands of jobs in late 2008 and early 2009, high-paying and minimum-wage jobs, and the median wage all increased, according to a new report released today by the Employment Security Department. Low-wage cuts, high-wage growth raise median wage The median hourly wage increased to $20.80 per hour the first quarter of 2009, up from $20.01 the third quarter of 2008. According to the report, the increase was caused mostly … (0 comments)
escrow federal way: Washington State: Taxable Retail Sales Decline 11.2% in 2009
- 05/02/10 02:35 AM
Taxable Retail Sales Decline 11.2 Percent during Calendar Year 2009 OLYMPIA - April 29, 2010 - Overall taxable retail sales declined 11.2 percent to $100.5 billion during 2009, the Washington State Department of Revenue reported today. The retail trade component of all taxable retail sales dropped 7.2 percent to $44.9 billion. Retail trade is a subset of all taxable retail sales that includes retailers but excludes other industries such as services and construction. A sharp decline in construction activity - down 24.1 percent to $17.8 billion - weighed down overall taxable retail sales. Most industry sectors were down over 2008. New … (0 comments)
escrow federal way: Retail Sales Tax Declines 11.2% for 2009 in Washington State
- 05/02/10 02:33 AM
Taxable Retail Sales Decline 11.2 Percent during Calendar Year 2009 OLYMPIA - April 29, 2010 - Overall taxable retail sales declined 11.2 percent to $100.5 billion during 2009, the Washington State Department of Revenue reported today. The retail trade component of all taxable retail sales dropped 7.2 percent to $44.9 billion. Retail trade is a subset of all taxable retail sales that includes retailers but excludes other industries such as services and construction. A sharp decline in construction activity - down 24.1 percent to $17.8 billion - weighed down overall taxable retail sales. Most industry sectors were down over 2008. New … (0 comments)
escrow federal way: Is your King County property on Septic?
- 05/01/10 02:59 AM
Is your King County property on Septic?If your listing or sale is on a septic tank system in King County, the County requires certain notices recorded on title before the sale out to your new buyer (if it has not already been done).There is also a form that the buyers must sign, acknowledging that the title has this notice on it and the buyers will pay a nominal charge to the County on their closing statement.Todays Tip? Make sure that escrow is notified that the property is on a septic system and it will be handled properly. Have a great weekend! May you have … (0 comments)
escrow federal way: Land Use Violations in King County, Washington
- 05/01/10 02:49 AM
What is a Land Use Violation? Properties do not have to look like this to experience a land use violation. It takes a complaint and investigation to start the process and often times it leads to the property getting a "lien" filed against the property. You will see it on title and is often marked "Complaint/Notice of Violation/Non-Compliance" in the heading of the title exception. It clearly does not belong on title and escrow will start investigating this to get it released. These have been very common in the City of Seattle. You can go on line here to check out … (0 comments)
escrow federal way: Details on the Seattle Career Fair, May 6th
- 04/27/10 05:25 AM
The Seattle Career FairThursday May 6, 201010:30am to 2:00pmThe Seattle Center(Northwest Meeting Rooms)You can preregister for a quick access pass to this event. For more information and a line pass, please go to www.choicecareerfairs.com. … (0 comments)
Media contacts: Dave Wallace, acting chief economist, 360-438-4818 = Jamie Swift, communications manager, 360-902-0904 Audio link: http://www.esd.wa.gov/newsandinformation/releases/audio/index.php
March sees more job growth, slight rise in jobless rate OLYMPIA - Washington's economy gained an estimated 1,600 jobs in March, while the unemployment rate edged up to 9.5 percent from February's revised rate of 9.4 percent. March job gains marked the second time in three months the state has posted positive job numbers. That's on the heels of 13 consecutive months of job losses stretching from the end of 2008 to … (1 comments)
escrow federal way: Our County has the most diverse neighborhood in the USA
- 04/06/10 12:30 PM
Yes, thats right. It was announced today that Columbia City's zip code of 98118 is the most diverse neighborhood in the United States with 59 different languages spoken there. I enjoy going to Columbia City for dinner or a show. It has a very small town feel just a couple minutes from downtown Seattle, yet it is a world away. This little neighborhood was an old growth forest in 1889 and after the property was logged and cleared, lots sold for either $300 each, $10 down and $1 per week for 300 weeks or $750 with $10 down and $1.50 per week. If you haven't … (5 comments)
escrow federal way: New law kicks in July 1st for Appraisers
- 04/03/10 04:36 AM
It surprises me how laws have to be created so that people are required to do such common sense things as this law now requires. Sam Pace with the Association of Realtors spoke to the South Sound Womans Council of Realtors last Thursday and explained that Appraisal Management Companies (AMC) will now need to confirm that the appraiser assigned to the project have "geographic & product confidence" of the site. AMC's will be licensed by the Department of Licensing who will be the enforcer of this law. I guess the law makers finally noticed that the comps used in recent appraisals … (5 comments)
escrow federal way: Washington's jobless rate takes a step back in February
- 03/19/10 02:13 AM
Employment Security Department NEWS RELEASE - March 16, 2010 Audio link: http://www.esd.wa.gov/newsandinformation/releases/audio/index.php Washington's jobless rate takes a step back in February OLYMPIA - After posting the first job gains in more than a year in January, Washington's economy dropped an estimated 8,300 jobs in February. Washington's unemployment rate remained above 9 percent for the 7th straight month, rising up from January's 9.3 percent to an estimated 9.5 percent in February. The U.S. unemployment rate for February was 9.7 percent. "We took a couple steps forward in January and one step back in February," said Employment Security Commissioner Karen Lee. "The path … (0 comments)
escrow federal way: Here is a great way to start off the St. Patricks Day feeling
- 03/12/10 04:46 AM
Is there anything better than hearing some great music as you are working, blogging or just organizing your day? I think not. Since Saint Patricks Day is right around the corner, here is a great fun song from the band, "Great Big Sea". Enjoy! Julie
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escrow federal way: Love beauty? West Hylebos Wetlands Park in Federal Way, Washington is worth the time.
- 03/12/10 04:30 AM
Love beauty? The West Hylebos Wetlands Park in Federal Way, Washington is worth the time. We decided to check it out a couple of weeks ago and so we headed out - just a few miles down the road. The West Hylebos Wetlands is equal parts wildlife refuge, ecological and hydrological conservatory, nature trail, and just plain natural wonder. The walk starts out with 2 very old cabins for you to look at. One of these cabins was owned by one of Seattles Fathers, David Denny, who in 1998 built a 22 by 22 foot cabin from the trees cut on … (0 comments)
escrow federal way: Suspectfraud.com helps Consumers "Check with the State before its too Late"
- 03/10/10 01:56 AM
NEWS RELEASE: Contact: Mike Gowrylow or Selena Davis Department of Revenue/ Department of Labor and Industries; (360) 570-6048 or (360) 902-6593 Suspectfraud.com Helps Consumers "Check with the State before It's Too Late" OLYMPIA, March 8, 2010 - Here's a consumer tip: check www.suspectfraud.com to avoid getting ripped off on that deal that sounds too good to be true. In an effort to counter consumer fraud, and to give residents a way to report crooked businesses, the Department of Revenue, Department of Labor and Industries and several other agencies have established a web site, www.suspectfraud.com that allows consumers to easily check … (0 comments)
Washington posts first job gains since 2008 OLYMPIA - Washington's economy picked up some steam in January, adding an estimated 12,400 jobs - the first monthly gain since November 2008. "This is a positive sign for Washington state," Gov. Chris Gregoire said. "We have implemented several strategies to create jobs, and it's paying off. There is more we can and should do - that's why I continue to work with leaders at both the state and federal levels to develop additional proposals that will put … (0 comments)
Private Transfer Fees
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