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In This Issue
Meet Cascade Title's Newest Staff Members!
"Flippers" No Longer Need to be Licensed Contractors
New Closing Forms Delayed
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Cascade Title:  Consistent, Courteous and Complete Title & Escrow Services

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Meet Cascade Title's Newest Staff Members!


 
"FLIPPERS" NO LONGER NEED TO BE LICENSED CONTRACTORS (In some cases)

Washington State House Bill 1749, signed by the Governor in April, has eliminated the requirement that a "house flipper" be a licensed, bonded general contractor, BUT ONLY IF THE FLIPPER CONTRACTS WITH A CONTRACTOR. The changes to the law (RCW 18.27.010 Contractor) take effect on 07/24/2015. Be careful, though! The owner/flipper may still need to be a licensed contractor, if they don't hire one. It comes down to the definition of "Contractor"-if you are one, the State says you need to be licensed. The new law says:

 

"A person, firm, corporation, or other entity is not a contractor under this subsection (1)(c) if the person, firm, corporation, or other entity contracts with a registered general contractor and does not superintend the work." (Emphasis added).

 

Cascade Title Company is pleased to work with many investors who buy, rehabilitate and sell properties, and we applaud their role in improving our local community by restoring these properties physically and transferring ownership to local owners who display pride in maintaining these "rehabbed" residences.

   

News Flash: New Closing Forms Delayed-New Date is October 1 instead of August 1!

WASHINGTON, D.C. - Today (June 17), Consumer Financial Protection  Bureau (CFPB) Director Richard Cordray issued the following statement on the Know Before You Owe mortgage disclosure rule:

 

"The CFPB will be issuing a proposed amendment to delay the effective date of the Know Before You Owe rule until October 1, 2015. We made this decision to correct an administrative error that we just discovered in meeting the requirements under federal law, which would have delayed the effective date of the rule by two weeks. We further believe that the additional time included in the proposed effective date would better accommodate the interests of the many consumers and providers whose families will be busy with the transition to the new school year at that time."


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404 E. 15th St., Suite 12, Vancouver, WA 98663
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