Title and Escrow
What is Title Insurance?
If you don’t really get what Title Insurance is, you came to the right place.
Different from other types of insurance that protect you against losses that may happen in the future, title insurance protects YOU, the insured, from matters or faults that occurred in the past that may affect your property.
Close scrutiny by the title insurer of property-related-recorded documents aids in the elimination of many possible hidden risks that can undermine the validity of homeownership.
While the possibility of unidentified risks still exist after a transfer of title, the purchase of a title insurance policy protects the lender and buyer from invalid claims made against the title of a property.
So, yes – title insurance is important!
Types of Title & Escrow Offered:
What Is Escrow?
An escrow, sometimes referred to as a closing, is an arrangement in which an impartial third party, called an escrow holder, holds legal documents and funds on behalf of a buyer and seller and/or lender. The funds are distributed and documents are recorded only in accordance with the written instructions received from the parties, thus consummating the transaction.
People buying and selling real estate often open an escrow for their protection and convenience. All parties rely on the escrow holder to faithfully carry out their mutually agreed upon instructions relating to the transaction, or to advise them if any of the instructions are contradictory or cannot be completed.
Once all terms and conditions of the written instructions have been fulfilled, and all closing conditions are satisfied, the escrow is closed and the transfer of property and money is accomplished.
Futura Title Long Term Account Services
Our expertise in long term account services ensures the highest level of accuracy and integrity when servicing contracts between buyers and sellers. As part of our long term account services, we handle the details, such as retaining the original documents for safekeeping; accepting and disbursing funds; calculating principal and interest; and retaining reserves for taxes and insurance. Our online system allows for access to payment and balance information and other online processing options to help you maintain your transactions seamlessly.
For more information on long term account services, click here.
For instructions to access your account, click here.
Customer Information Services
Need it? Got it. Need it fast? Happy to help.
- List Packs/Trios *
- CC&Rs and Deed Copies *
- Map Kits *
- Targeted Prospecting Lists **
- Notice of Default Searches **
* Availability of Information is restricted based on state regulations and customer type.
** Additional fees may apply based on state regulations.
Commercial & Builder Services
- Commercial Sales and Refinance
- Wind and Solar Farms
- New Construction
- Development Projects
- Exchange IT 1031
We understand that getting your residential or commercial projects off the ground the right way is a top priority for your business. For peace of mind that you have a partner who shares your goals, work with Alliance Title’s Commercial team. We are the largest title and escrow company in the Pacific Northwest and, as a Boise based company, we are proud to be headquartered in the capitol city. Put the knowledge and expertise of our team to work for you on your next project.
Central Order Processing (COP)
Enhance the service to your customers by coordinating all of your title and escrow needs through Alliance Title’s Central Order Processing.
- Single point of contact for your title and escrow needs in all of Idaho and parts of Montana, Washington and Wyoming
- Customized order processing for your unique business needs
- Order tracking, progress reports and completion follow-up
- Flexible information delivery options
- Wide selection of products and information for your specific needs
- Service provided for all transaction and property types
National Title Services (NTS)
Alliance Title provides national title production services for commercial, residential, and agricultural properties for the counties within Alliance’s footprint. Our NTS is an efficient option for national and regional customers who need title work performed throughout Idaho and our surrounding markets. If you are placing orders in multiple counties, utilizing NTS gives you the consistency of receiving on-time reports to meet your service requirements regardless of the property location. Similar to our other services, NTS offers the option of a centralized point of contact and customized services to fit your unique business needs. We also offer order tracking, progress reports and completion follow-up with flexible information delivery options.
With Alliance Title’s Default Services, you can be assured that your foreclosure service needs will be facilitated with professionalism and in compliance with the state laws in Idaho.
- Single point of contact
- Centralized order processing
- Default title products
- Preparation of default documents
- Public notifications and mailings
- Trustee’s Sale administration
- Document recording
Alliance Title provides a single point of contact for your reconveyance and release needs in all 44 counties in Idaho. Alliance Title’s reconveyance services are cost effective and include order tracking, progress reports, and completion follow-up. We are able to service commercial, residential and agricultural properties while providing you flexible information delivery options. Simplify your process with Alliance’s Reconveyance Services so that you can focus on what is most important to you – your customers.
National Escrow Services (NES)
Enhance the service to your customers by coordinating all of your escrow needs through Alliance Title’s National Escrow Services.
- Single point of contact for your escrow needs in all 44 counties in Idaho
- Order tracking, status reports and post-closing reporting
- Customized workflow to fit your transactions
- Flexible information delivery options
- Secure online access to general file information and documents
- Service provided for all transaction and property types
Exchange it 1031
A 1031 exchange, or like-kind exchange (LKE), allows you to defer various forms of taxes—including capital gains, depreciation recapture, and state tax in most states. You can be eligible for a 1031 Exchange when you sell real estate that meets these requirements.
Generally, all real estate is like-kind to other types or kinds of real estate. For example, an apartment building could be exchanged for a retail center.
Use of a Qualified Intermediary
An unrelated third party or Qualified Intermediary (QI) may be used to facilitate the 1031 exchange transaction. A taxpayer cannot utilize their realtor, lawyer, accountant or a related party, or agent as a QI. Additionally, several states require that QIs be compliant with regulatory requirements regarding insurance, bonding, and the manner in which exchange funds are held, state licensing, etc.
Time Limits & Identification Requirement
A taxpayer is required to acquire or identify the target replacement property within 45 days after the transfer of the relinquished property. A written document that recognizably identifies the replacement property must be signed by the taxpayer and received by the Qualified Intermediary on or before the 45th day. Properties acquired within the 45-day designation period are deemed to be identified. A taxpayer has 180 days (or the due date for filing of taxes for the year the property was sold) to acquire the replacement property. For example, if the relinquished property is sold in December, the due date for the filing the tax return for that year would be less than 180 days. In such case, it would be necessary for the taxpayer to file for a tax-filing extension in order to utilize the full 180 days.
It is not enough for properties to be sold and purchased within the timelines. An actual exchange must take place in which one property is exchanged for another of like-kind. Use of a Qualified Intermediary can ensure the sale and purchase become an exchange. More than one property may be sold or acquired through a 1031 exchange.
Holding Period Requirement
There is no holding period that is specifically defined in Section 1031 or the regulations. It is largely a matter of the taxpayer’s intent when the property was acquired. For example, the intent can generally be determined by such factors as actual rental, proof of attempted rental, etc. However, if a replacement property is acquired then immediately sold or fixed up and sold, that might indicate the property was acquired for resale and is therefore dealer property or inventory and cannot qualify for an exchange under Section 1031.
Qualified Use Requirement
Assets to be exchanged must have been held for productive use in a trade or business or held for investment.
No Constructive or Actual Receipt of Exchange Funds
It is a violation if the taxpayer (or an agent for the taxpayer) receives exchange funds or the taxpayer is directly or indirectly able to control the exchange funds during the exchange period. Use of a Qualified Intermediary can prevent any improper receipt of funds for exchange purposes.
Please contact your local branch for more information.
Frequently Asked Questions
What is an Underwriter?
A title insurer is often referred to as an underwriter because they “underwrite” the risk associated with hidden defects covered by the title insurance policy. We are not an underwriter. We are an agent and we work with our underwriter partners.
What is Long Term Escrow?
A long term escrow is an arrangement to have a neutral party service the contract between a buyer and a seller. In doing so, the long term escrow company handles the details, such as retaining the original documents for safekeeping; accepting and distributing funds; calculating principal and interest; and retaining reserves for taxes and insurance.
What is the Difference Between a Warranty Deed Versus a Quit Claim Deed?
A Warranty Deed contains guarantees or assurances by the grantor (seller) that the deed conveys good and unencumbered title. These guarantees are known as covenants of title. Covenants may vary somewhat in their scope.
In a Quit Claim Deed, there are no warranties, representations, or even an implication that the seller owns or holds title to the land or to any particular interest in it. In this deed, the seller would say to the buyer, “I surrender to you, quit claim, and abandon all claims and interests, if any, which I may have in the land described herein.”
What is the Difference Between a Mortgage and a Deed of Trust?
The mortgage is, in form, a conveyance of the land by the borrower to the lender, followed by description of debt and includes a provision or clause to the effect that the mortgage shall be void on full payment of the debt. A mortgage involves only two parties: the borrower and lender.
In the deed of trust, the borrower conveys the land, not to the lender, but to the trustee, in trust for the benefit of the holder of the promissory note that represents the debt.
I am Refinancing My Second Home in a Different City Than I Currently Live. Do I Need to Travel to Complete the Transaction?
No, you certainly don’t! Alliance Title has many locations throughout Idaho, Washington, and Montana! Choose an Alliance Title location that best fits your needs – regardless of your location, your transaction can be handled seamlessly with Alliance!
Do I Get the Keys to My New House When I Sign the Papers?
Although the signing is a very important part of the closing process, in reality, the transaction does not ‘close’ until the funds are provided to the title company and the deed to transfer title is recorded at the county courthouse. Keys are usually provided a day or a few days after signing.
How Does the Foreclosure Process Work?
A mortgage foreclosure is enforced in accordance to a court supervised foreclosure process, while a deed of trust foreclosure gives the lender the option to bypass the court system altogether by following the procedures outlined in the deed of trust and applicable state laws.
If I Want to Bid on a Property in a Trustee’s Sale, Do I Have to Have Money to Hand in a Bid?
Yes, certified funds above credit bid amount and up to the max you are willing to pay.
What is a REO?
The technical real estate acronym stands for “Real Estate Owned.” It includes any real estate inventory that is held by any lender, after the foreclosure process is complete. In order to be a true REO, the vesting deed into the lender’s name has been recorded.
How Quickly Can My REO Transaction Close?
The time frame is very similar to that of purchasing non-REO property.
What is a Short Sale, and How Does it Work?
A short sale means that the note holder is getting “shorted” in funds due to them. When a homeowner sells a property, the lender agrees to accept a payoff amount that is “short” of all the funds owed to them. This happens when the loan they originated on in the past few years has a higher balance than the property is currently worth.