After providing for enjoyment and safety, your home is an investment in your financial future. Make sure your home's value is not diminished by invisible legal risks. Whether buying or selling, arm yourself with valuable information and secure your investment.
What is TIER?
TIER (Title Insurance Exceptions Review®) delivers a legal opinion and risk assessment of the public County Recorder's documents associated with your parcel that represent exceptions to title insurance coverage. These exceptions documents represent potentially problematic, expensive, or irreconcilable issues regarding a parcel's use, insurability, and financing.
How does it work?
Fill out a simple order request. A preliminary title report will be ordered for your parcel. After all exceptions documents have been received, your attorney produces your TIER analysis in four business days. Finally, after reading your TIER, speak to your attorney and address questions you may have.
Types of documents reviewed:
- Covenants, Conditions & Restrictions (CC&Rs)
- Record of Surveys
- Road Agreements
- Septic Agreements
- Tax Liens
- Water Agreements
- Know what risks title insurance won't cover
- Minimize the legal risks of a parcel before close of escrow
- Negotiate price and terms that address the circumstances of the public record
- Substantiate market value
Who uses TIER?
- Buyers and sellers of residential and commercial parcels
- Buyers and sellers of bare land
- Cash Buyers
- Court-Appointed Officers
- Estate Executors
Because exceptions documents are a matter of public record, the law assumes buyers know and understand their effect on a parcel's use, insurability, and financing.
What is The GREEN Light System®?
At Timely Contract®, we believe your home should be as safe for investment purposes as it is for your enjoyment and safety.
The GREEN Light System assesses the legal risks of a parcel, risk the law assumes you understand.
One of three risk assessments is assigned to every TIER and TIER Plus:
GREEN Light: Public-record documents indicate parcel is ready for sale or purchase.
YELLOW Light: Public-record documents indicate potential use, title, or lending weakness that affects market value.
RED Light: Public-record documents indicate defects requiring legal work before close of escrow.
Reduce the risk of your next real estate transaction by insisting on GREEN Light Certified℠ parcels.
GREEN Light Certified℠
Qualifying your parcel for legal risk is like purchasing insurance: if you wait until you need it, it may be too late or expensive to get it.
GREEN Light Certified parcels:
- Reduce risk
- Substantiate terms and pricing
- Simplify transactions
What does it cost?
The cost of TIER depends on whether the parcel tests GREEN, YELLOW, or RED:
|GREEN||$1000||Public record ready for market|
|YELLOW||$1250||Public record indicates weakness, but not significant risk|
|RED||$1500||Significant risk; public record indicates defects|
Advance Fee is $1500 per parcel.
Applicable refunds will be initiated the next business day after completion of TIER.
Contingent Refund Schedule
Have the following information handy:
- Name and contact information
- Legal description, parcel number, and/or street address of the Subject Property
- VISA, MasterCard, Discover information
Ordering should take less than five minutes.
What happens next?
1. Preliminary Title Report. The preliminary title report is ordered for your parcel.
2. Exceptions documents. When all exceptions documents have been received, you will receive an email listing the documents to be reviewed, a due-by commitment date, and a scheduled time to speak with your attorney.
3. TIER evaluation letter complete. You will receive an email with the TIER and invoice attached. If parcel tests GREEN or YELLOW, refund will be initiated the next business day.
4. Attorney phone call. Your attorney will call at the scheduled time to answer your questions.
Note: Eight (8) holidays are observed per year: New Year's Day, Memorial Day, Independence Day, Labor Day, Thanksgiving, Christmas Eve, Christmas, and New Year's Eve.