Ask the TITLEMAN™ - Unsigned Deed; Title/Escrow Regulators; Escrow Training
by John T. Lotardo aka TITLEMAN™-Sr VP/General Counsel, Stewart Title & Trust of Phoenix
Q. I was just having a discussion with my coworker and wanted to clarify something. If someone types a Deed to a husband and wife and shows it as “Community Property with Right of Survivorship” in the buying part of the Deed but they (the buying husband and wife) do not sign accepting it that way, don’t they still hold title that way? Right?
A. It depends. (How’s that for a lawyer answer!) The answer has to do with intent of the couple. That’s why we typically have them sign an acceptance to make it clear. Otherwise, you have proof issues to consider (aka more work). Anyway, the reason behind all this is that Arizona is a community property state where there is a presumption that property of a husband and wife is presumed to be community property. If the property is wanted to be held another way, there’s a burden to establish that. Having it right with the deed quickly answers that.
FREE 3-in-1 Credit Report + FICO Scores with trial! Click here!
Q. I have a question. I had a real estate deal with a title company. Who governs title companies? Is it the Arizona Department of Real Estate?
A. The Department of Real Estate governs real estate agents. However, what do you mean by title company? Many time people use the term “title company” to refer to an escrow company, title insurance agent or title insurer (For example, see the question below.). The one who handled the closing or settlement is typically the escrow agent. In Arizona, Escrow companies are licensed by the Department of Financial Institutions, which used to be known as Arizona State Banking Department. The latter two are licensed by the Arizona Department of Insurance.
Q. I recently started working in “Escrow” this year at a local title company. I am interested in finding some classes in the area to better expand my knowledge of the business, to give myself more of a edge and base of knowledge. Since I did just start in escrow, the classes couldn’t be too much into the business, just the basics or a little more. Any help or direction would be great! Thanks!
A. I would suggest getting in touch with both the local and state escrow associations such as the Central Arizona Escrow Association and the Arizona State Escrow Association. They have education events going on regularly. Check out their websites for more info: California Escrow Association, Arizona State Escrow Association or National Escrow Association. Welcome aboard!
The information supplied is of a general nature and should not be relied upon as comprehensive legal advice. Please consult with your own local legal counsel. To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.
Copyright John T. Lotardo. All rights reserved. John Lotardo (aka the TITLEMAN™) is Senior Vice-President and General Counsel for Stewart Title & Trust of Phoenix, Inc., and State Underwriting Counsel for Stewart Title Guaranty Company. He is a member of the National Advisory Councils for GoGetEscrow.com, GoGetLoan.com, GoGetNotary.com and GoGetRealEstate.com. The information supplied is of a general nature and should not be relied upon as comprehensive legal advice. Please consult with your own local legal counsel. For more about John, visit: www.GoGetEscrow.com/Get/Titleman or www.AskTheTitleman.com.