[Legislativecommittee1] Chicago Title Testimony - Angie Balconi

[Doucette, Lindsy]

Good afternoon:

Angie Balconi from one of our offices is going to testify at both hearings tomorrow on behalf of CTIC. Her proposed testimony is below, please let me know if you have any comments or suggestions.

Lindsy

Lindsy C. Doucette
VP | State Underwriting Counsel
Pronouns:  She / Her / Hers
Mobile:  (206) 619-0451
Email:  Lindsy.Doucette at fnf.com<mailto:Lindsy.Doucette at fnf.com>

This e-mail and its attachments are intended only for the persons named above.  Please do not forward this message to others without permission.

From: Balconi, Angie <Angie.Balconi at ctt.com>
Sent: Monday, January 27, 2025 1:44 PM
To: Doucette, Lindsy <Lindsy.Doucette at fnf.com>
Subject: my testimony draft

Hello, my name is Angela Balconi, I am a Limited Practice Officer, a member of the Limited Practice Board and currently serve as the President of Chicago Title Snohomish and Skagit Counties.

I have had the pleasure of serving in the industry for over 30 years, during that time I have worked at a law firm, an independent escrow company and with the title company.

In my 30 plus years with various escrow positions and companies, the recording fee, as an industry standard, has always been treated as a pass-through fee.  It is not just title companies doing this it is standard practice for the industry as a whole.

Additionally, our own regulator, the OIC, has issued a rule that provides that recording fees may not be considered a "cost of doing business" and that a title agent may only advance a recording fee on behalf of a customer if they are "promptly reimbursed" (inducement laws). (WAC 284-29-255(5))

The customer or client alone is liable for the payment of the recording fees or costs, much like, if not exactly like the payment of the Real Estate Excise Tax.  The escrow officer or company is acting in a fiduciary duty on behalf of the principals in the transaction in accordance with the parties written instructions.


Angie Balconi
President | County Manager
Chicago Title of Washington
D: (425) 259-8219<tel:%20(425)-259-8219> | M: (206) 661-1692<tel:(206)-661-1692>
3002 Colby Avenue #200 | Everett, WA 98201
Angie.Balconi at ctt.com<mailto:Angie.Balconi at ctt.com> | www.YourChicagoTeam.com<http://www.yourchicagoteam.com/>
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