F.Y.I. Friday's: The Royal Wedding!

Welcome to F.Y.I. Friday!!!! Here we'd like to take this opportunity to briefly detour from our normal informative posts about title insurance and focus on things that are a little more fun! With this feature, we will try to highlight news or tidbits about what's going on in the world!

The Royal Wedding!

So today is an important day in Britain's history as Prince William marries Kate Middleton.

I'm sure some are hoping this is what they will see, a ceremony with plenty of excitement, but the ceremony was certainly all pomp and circumstance!

What's In A Deed?

Image: luigi diamanti / FreeDigitalPhotos.net
Before we dive into the specifics of conveyance and deeds here are a few general terms to refresh your memory!

Deed: Written instrument duly executed and delivered by which the title to land is transferred from one person to another.

Grantee: In a deed, the person to whom the land is transferred. (Buyer)

Grantor: In a deed, the person who transfers the land. (Seller)

Conveyance: 1) A document which transfers an interest in real property from one person to another; e.g., a deed. 2) The act of executing and delivering a deed or mortgage.

In the State of Illinois, certain requirements must be met in order to properly transfer title to a new buyer. First, the seller must have the legal right to transfer the property, and a legitimate buyer to transfer the property to. Within the deed there must be a clause in which the seller (grantor) agrees to convey the property to the new buyer (grantee). You must also have a legal description or the physical description of the land which has either been obtained from a prior deed, new title commitment or new/existing survey. There must be a consideration, something of value, and the notarized signature of the grantor.

Types or Deeds
Warranty Deed: The most commonly used document for conveyance, wherein the seller (grantor) warrants and conveys to buyer (grantee). Seller is herein warranting (guaranteeing) ‘good and complete title’ to be conveyed.

Special Warranty Deed: Usually a deed of conveyance for a specific time of ownership wherein title is warranted.

Quit Claim Deed: A type of conveyance used to convey only a partial interest; usually means if I have an interest in this piece of property, I convey to you. Examples of when a Quit Claim Deed can be used: If a couple is divorcing, one spouse may transfer complete ownership to the other by a Quit Claim Deed. It can also be used if one individual gets married and wants to add his/her spouse to title. Another example is when one or more heirs transfer their ownership to another heir.

Trustee's Deed: If the ownership of a piece of property is held in a trust, rather than an individual, a trustee’s deed can be used to convey ownership to a new party.

Corporation Deed: If the property is owned by a corporation, rather than an individual, a corporation deed can be used in order for the corporation to convey ownership to a new party. In this case, the authorized party (i.e. president, vice president, board member) for the corporation must sign the deed.

FYI Friday!: Happy Easter!

Welcome to F.Y.I. Friday!!!! Here we'd like to take this opportunity to briefly detour from our normal informative posts about title insurance and focus on things that are a little more fun! With this feature, we will try to pass on tidbits you may find useful, humorous or insightful.

Today, a few comments about Easter! Enjoy!

Easter Facts:

1) The first official White House egg roll occurred in 1878, when Rutherford B. Hayes was president. (Source: Branford.patch.com)

2) In 1962, Lou Groen faced a delicate problem when he realized most of his customers were Roman Catholic and avoided eating hamburgers. His McDonalds, the first in the Cincinnati area, created the Filet-O-Fish in an attempt to revive his business. The success of the sandwich saved his restaurant and is now consumed at a rate of 300 million per year. (Source: USA Today)

3) When taking a bite into a chocolate bunny, 76% of Americans prefer to bite off the ears first. 5% eat the feet first and 4% eat the tail first. (Source: Yum Sugar.com)

4) This spring, Americans will enjoy an estimated 700 million marshmallow Peeps, making them, hands-down, the most popular non-chocolate Easter candy. (Source: Gettysburg Times)

5) Easter is the fourth largest card exchanging season in the U.S. Nearly 120 million cards with be sent, exchanged, and given this Easter. (Source: WHSV.com

6) Cadbury Creme Eggs are sold only about four months out of the year, but annual sales exceed $300 million globally. (Source: L.A. Times Blog)

7) Aside from Halloween, the most candy produced for a holiday is Easter. (Source: Easter Facts.net)

8) Decorating and giving away eggs for Easter has been done for ages. The Egyptians, Greeks, and Romans did this as a symbol of life. (Source: Easter Facts.net

9) Easter has been known as a moveable feast because it doesn't fall on a set date every year, like most traditional holidays in a calendar year. Easter is celebrated anytime during March 22nd through April 25th every year because Christian churches in the West celebrate Easter on the first Sunday following the full moon after the vernal equinox on March 21. (Source: History.com)

10) The Easter bunny has its origin in pre-Christian fertility lore. The Hare and the Rabbit were the most fertile animals known and they served as symbols of the new life during the Spring season. (Source: Easter Bunnys.net


A Peeps of Art
A new use for Easter candy!


Easter Recipes!
Image: Taken from Kraftrecipies.com

Click on the link below to find out how to make this adorable dessert!
Bunny Cake Recipe

And don't forget the main course!!
Honey Fruit Glaze for Chicken or Ham

Some new ideas for deviled eggs...
Top Ten Deviled Eggs Recipes

Everyone have a safe and happy Easter!

F.Y.I. Fridays: A Modern Day Noah's Ark

Welcome to F.Y.I. Friday!!!! Here we'd like to take this opportunity to briefly detour from our normal informative posts about title insurance and focus on things that are a little more fun! With this feature, we will try to pass on tidbits you may find useful, humorous or insightful.

Today, a cute story that's sure to make everyone smile! Enjoy!

Modern Day Noah's Ark

Image: Carlos Porto / FreeDigitalPhotos.net

And the Lord spoke to Noah and said: "In six months I'm going to make it rain until the whole earth is covered with water and all the evil people are destroyed. But I want to save a few good people, and two of every kind of living thing on the planet. I am ordering you to build Me an Ark," said the Lord.

And in a flash of lightning He delivered the specifications for an Ark.

"OK," said Noah, trembling in fear and fumbling with the blueprints.

"Six months, and it starts to rain" thundered the Lord. "You'd better have my Ark completed, or learn how to swim for a very long time."

And six months passed.

The skies began to cloud up and rain began to fall. The Lord saw that Noah was sitting in his front yard, weeping. And there was no Ark.

"Noah," shouted the Lord, "where is my Ark?" A lightning bolt crashed into the ground next to Noah, for emphasis.

"Lord, please forgive me," begged Noah. "I did my best. But there were big problems. First I had to get a building permit for the Ark construction project, and your plans didn't meet Code. So I had to hire an engineer to redraw the plans. Then I got into a big fight over whether or not the Ark needed a fire sprinkler system. My neighbors objected claiming I was violating zoning by building the Ark in my front yard, so I had to get a variance from the city planning commission."

"Then I had a big problem getting enough wood for the Ark because there was a ban on cutting trees to save the Spotted Owl. I had to convince U.S. Fish & Wildlife that I needed the wood to save the Owls, but they wouldn't let me catch any owls. So no owls. Guess the owls will end up like the unicorn. Then the carpenters formed a union and went out on strike. I had to negotiate a settlement with the National Labor Relations Board before anyone would pick up a saw or a hammer. Now we got 16 carpenters going on the boat, and still no owls.

"Then I started gathering up the animals, and got sued by an animal rights group. They objected to me taking only two of each kind. Just when I got the suit dismissed, EPA notified me that I couldn't complete the Ark without filing an environmental impact statement on your proposed Flood. They didn't take kindly to the idea that they had no jurisdiction over the conduct of a Supreme Being. The Army Corps of Engineers wanted a map of the proposed new flood plain. I sent them a globe.

"Right now I'm still trying to resolve a complaint from the Equal Employment Opportunity Commission over how many Croatians I'm supposed to hire, the IRS has seized all my assets claiming I'm trying to avoid paying taxes by leaving the country, and I just got a notice from the state about owing some kind of use tax. I really don't think I can finish your Ark for at least another five years," Noah wailed.

The sky began to clear. The sun began to shine. A rainbow arched across the sky. Noah looked up and smiled. "You mean you're not going to destroy the earth?" Noah asked, hopefully.

"Wrong!" thundered the Lord. "But being Lord of the Universe has its advantages. I fully intend to smite the Earth, but with something far worse than a Flood. Something Man invented himself."

"What's that?" asked Noah.

There was a long pause, and then the Lord spaketh his Last Word, "Government."

HAPPY FRIDAY EVERYONE!

F.Y.I. Friday: Dial-A-Human

Welcome to F.Y.I. Friday!!!! Here we'd like to take this opportunity to briefly detour from our normal informative posts about title insurance and focus on things that affect our everyday lives. With this feature, we will try to pass on tidbits you may find useful.

Today, we are spotlighting an interesting problem many of us have faced before. It concerns all the 1-800 hot lines we call and the annoying automated system they put us through. We all know, sometimes you have a problem that only a human can solve...not a recorded message. But how do you bypass the automated system?

Well the people at Dial-A-Human and Get Human have the information to do just that.

Take Dial-A-Human, they have an extensive data base filled with an overwhelming number of companies and the information you need to reach a live representative. The listing for U.S. Bank, for instance, has the real working phone number along with the 'Dial A Human Directions.' For U.S. Bank this means pressing '0' at each prompt. Some are complicated, others are really simple...either way, the answer to reaching a live person is only a few clicks away.

Here are a few basic tips listed on their website:

1. Dial O, or try multiple zeros
2. You can add the # key or the * key before and after a 0
3. Dial multiples of other numbers 1111, 2222, 3333, 4444, etc.
4. Being silent sometimes works (believe it or not some people still have rotary phones)
5. Speak non-sensible phrases to confuse computer
6. Try speaking and repeating "Operator" or "Customer Service"
7. If there is a company directory, press just one letter and then try to connect to that person
and then may transfer you or give you an inside phone number
8. Make sure once you get a human, ask for the direct line to call (and then email us with it!)

Then there is Get Human...this website has a little more detail than Dial-A-Human, but still serves the same purpose. Get Human lists the basic company contact information, sometimes listing multiple numbers, along with the instructions to bypass the automated system. They also include the businesses hours and average wait time. Get Human also has an option to vote on the usefulness of the number and instructions you used so that future readers can see what others think of this hot line.

So what are you waiting for? Call now! There is a live representative out there just dying to take your call!

What Would ATI Do: The Case of the Expired POA

What Would ATI Do? is a column in which we discuss a problem we've encountered and how we solved it. Some of these topics you may be familiar with. Others may be brand new information. Either way, we hope to provide you with a better understanding of what to do when you encounter one of those rare 'What If?' situations! It's told in a story format and of course the names have been changed and the situations may be exaggerated somewhat to provide more information.

The Case of the Expired POA

John and Martha Pivens had a piece of property which they owned and lived in for the last thirty years. Three years ago they gave their son, Milton, power of attorney. Power of attorney is an instrument in writing in which one person (the principal), authorizes another (the attorney in fact) to act for him in the specific actions described in the instrument. In our case, this gave Milton the authority to buy and sell the Pivens's property. Unfortunately, last year Milton's mother passed away and two months later, so did his father. After making all the necessary arrangements, Milton started to go through the things in their house and contacted a Realtor to put the property up for sale.

A few weeks later, Milton had a signed contract and was ready to order title insurance. He signed the real estate contract "John and Martha Pivens, POA" and his real estate agent turned it over to proceed with the title work. Abstracts completed our initial search showing John and Martha Pivens as the owners. Since the Pivens died out of state there was no date of death of record in the property's county. We assumed the owners were alive and the son was just signing with his power of attorney.

The day of closing, Milton Pivens comes to the closing table with his only brother, Ted. As they are chatting before closing Milton mentions how pleased he was that he sold this property so quickly after his parents death. This immediately puts up a red flag for the closer who explains a very important lesson about a power of attorney: All power of attorney documents expire with the death of the principal individual.

With this new information, we went from having John and Martha Pivens selling the property to all the heirs at law of John and Martha Pivens.

So what would ATI do?

This problem was fairly simple to solve. Our closer immediately contacted an attorney to prepare a document known as an Affidavit of Heirship. Since there were only two brothers, both present at closing, they were able to sign the affidavit stating they were the only possible heirs of John and Martha Pivens. Our closer was then free to proceed with the closing, as normal.

The important lesson is all power of attorney documents expire with the death of the principal. You cannot sign on someone's behalf with a power of attorney document once they are deceased. If you are a legitimate heir of the individual who has passed away, you will sign as an heir, but not as a power of attorney.

Introducing the New Illinois CPL Fee

If you have had any closings with Abstracts & Titles since the 1st of this year, you may have noticed a strange new fee appearing on the HUD settlement statement. This form is known as the ‘Closing Protection Letter’ a/k/a CPL or Insured Closing Letter.

A CPL indemnifies parties for losses due to certain failures to follow closing instructions, obtain documents and improper disbursement of escrow funds. Basically it is another form of protection for all parties involved (buyer, seller and lender) in case there is a problem encountered with the collection and distribution of funds from closing. Before the new fee came into play, a CPL was usually only issued upon request from the lender or the parties involved in the transaction. Now, in an effort to provide more protection to the consumer, it is required for any residential or commercial transaction less than $2,000,000.00...basically a large majority of the transactions in Southern Illinois.

Now, the Illinois Title Insurance Act (ITIA) section 16 states:

(f) A title insurance agent shall not act as an escrow agent in a [residential and nonresidential] real property transaction where the amount of settlement funds on deposit with the escrow agent is less than $2,000,000 or in a residential real property transaction unless the title insurance agent, title insurance company, or another authorized title insurance agent has committed for the issuance of title insurance in that transaction and the title insurance agent is authorized to act as an escrow agent on behalf of the title insurance company for which the commitment for title insurance has been issued. The authorization under the preceding sentence shall be given either ... (2) by a closing protection letter in compliance with the requirements set forth in Section 16.1 of this Act, issued by the title insurance company to the seller, buyer, borrower, and lender.

To see the full statue visit:
Illinois General Assembly Website: Title Insurance Act.
All title companies in the State of Illinois are required to collect a fee for the issuance of this CPL letter. Title agents such as Abstracts & Titles, Inc. are not allowed to receive any compensation whatsoever for the creating and distribution of the CPL letter, so there is no additional ‘padding’ to the charge that the customer will incur. The fee is simply a flat fee we must collect and disburse to our underwriter after closing.

Some important facts about the new CPL law:

1) Any lender or bank that is closing their own loan for a refinance and executing the disbursements is not required to issue or collect the CPL fee. Even if said bank has title work completed by a title insurance agent

2) Other states that have a CPL fee include Ohio, Missouri, Nebraska. Legislative efforts are being made in other states such as Minnesota and Indiana, to require CPL issuance.

3) Normally there is a set fee for the buyer, seller and possibly the lender as well.

4) If the borrower has two mortgages from two different lenders, two lender CPL fees must be collected (one to insure and protect each lender). This is required even if the second mortgage does not require the issuance of a mortgage policy.