Scoop on SSN's and LID's

NEWS YOU CAN USE

What's the scoop on SSN's?Have you ever wondered why Social Security Numbers (SSN's) are so important for real estate transactions? According to Heidi Emery, our Title Team leader, providing SSN's when your order is opened can save hours (or days) in getting your file processed and will expedite your title commitment. More specifically, it allows for accurate title searches and protects your client from being tied to others with similar names.

Understanding LIDsWhat is a Local Improvement District (LID)? LIDs are a way property owners can build and finance local improvements not provided by the City. The City takes care of the design, financing and construction of improvements and sells bonds to provide project funding. Property owners, within the benefit district, repay the bonds through special assessments, usually over a 10 to 20 year period. Do property owners have a say in the LID process? Yes! Owners may be involved from the beginning (petitions) through approval (official protest periods).

How does an LID affect the Title and Escrow process if I am selling my home, buying a home or refinancing my existing home? If an LID is passed, an Ordinance is recorded with the Recorder’s Office in the County where the affected property is located. This gives public notice that an LID exists and that there are assessments due and owing or that there may be assessments in the future.

A buyer is very interested in this information because they may be “inheriting” the future payments on an LID or they may require that the payments be paid in full at closing. A lender is interested because they want insurance that the LID will not have priority over their loan.
Your title report will reference the recorded document, disclosing the LID as an Exception to coverage and your Escrow Closer will work with you and the City as to how it will be handled at closing.
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