Understanding what may be required when ordering a title insurance policy and preparing accordingly can help expedite the smooth closing of your transaction. When to Place Your Order When a title issue is found, additional time may be required to resolve concerns. Submit your request for title as early as possible to avoid delaying the closing. Prior Title Policy A discounted rate may be available if you provide your prior title insurance policy to the policy issuing office. New or Existing Survey If an existing survey of the property is available, the expense of a having a new survey may… read more →
“Escrow” is a term that describes the neutral third-party handling of funds, documents, and tasks specific to the closing (or settlement, as it is also known), as outlined on the real estate purchase agreement or sales contract. The purpose of escrow is to facilitate the transaction by managing the disbursement of funds and documents. KEY PLAYERS In accordance with local custom, the buyer or seller involved in the transaction will select the escrow provider, though they often defer to their real estate agent to make this decision. This provider could be an escrow company, title officer, or title/escrow attorney, depending… read more →
Hoping to sell your house this summer? Use our home seller’s checklist to get your house show ready! INTERIOR Clean: Doors Windows Light switches Baseboards Chair rails Carpets Draperies Paint: Paint/repaint rooms in neutral colors as needed Other tasks: Remove/pull back dark curtains Lubricate squeaky door hinges Clean ceiling fans Check for cobwebs in all corners Fix scratches in wooden floors Repair/replace broken flooring Use area rugs, if needed Empty wastebaskets Make beds Fluff or replace accent pillows KITCHEN Keep dishes and food out of sight Clean appliances Sweep/Mop Clean light fixtures Test electrical outlets Eliminate cooking odors Deodorize garbage disposal,… read more →
Have you ever wondered why you need title insurance? Your home may be new to you, but every property has a history. A thorough title search can help uncover any title defects tied to your property. And, subject to the terms of the policy, your title insurance provides protection for you from title problems that may become known after you close your transaction. Some of these common title issues are: Errors in public records: To err is human, but when it affects your home ownership rights, those mistakes can be devastating. Clerical or filing errors could affect the deed or… read more →
Whether you are purchasing a home or selling a house, knowing what to expect and being prepared at the “closing” can help eliminate stress and result in a pleasant experience. Although the settlement process can vary from state-to-state, here are some common items that may be required from you at closing and can help your closing go as smoothly and quickly as possible: » Closing Instructions » Purchase Agreement » Valid Photo Identification » Amendments or Addenda » All Closing Party Members If Applicable: » Buyer(s) Pre-Approval Letter » Home Warranty Application » Payoff Authorization to Release Information » Association/Condominium… read more →
Often times home buyers and sellers of real estate are unaware of what is encompassed by the term “closing costs”. This is especially true for first time home buyers. What is included as closing costs for your particular transaction may vary. However, below are some common closing costs, some of which you can expect to pay at the closing of your next home purchase. Generally speaking, closing costs are defined as miscellaneous fees charged by those involved with the home sale (such as your lender for processing the loan, the title company for handling the paperwork, a land surveyor, local government offices for… read more →
The Consumer Financial Protection Bureau (CFPB) is an independent agency of the United States government responsible for consumer protection in the financial sector. Its jurisdiction includes banks, credit unions, securities firms, payday lenders, mortgage-servicing operations, foreclosure relief services, debt collectors and other financial companies operating in the United States. The Great Recession of ‘07-‘08, the catalyst of which was the meltdown in the secondary mortgage market, proved a difficult time for many Americans. As residential home values depreciated rapidly over the coming years while the market for employment concurrently contracted, many homeowners defaulted on their upside down mortgages. The resulting… read more →
In order to truly understand the benefits and limitations of title insurance we’re breaking it down for you in a four-part series. Last week was Part 3: What is a “title examination” and why is it important? The final topic to cover is Part 4: Title Insurance Basics. Part 4: Title insurance Basics Title insurance is substantially different than other types of insurance coverage, which can often lead to a misunderstanding of the product. Title insurance emphasizes risk prevention rather than risk assumption. This emphasis on risk prevention is labor intensive and expensive, but the coverage offers the best possible… read more →
In order to truly understand the benefits and limitations of title insurance we’re breaking it down for you in a four-part series. Last week was Part 2: What is the “public records doctrine” and why does it matter? The remaining topics to cover are: Part 3: What is a “title examination” and why is it important? Part 4: Title insurance basics Part 3: What is a “title examination” and why is it important? An attorney may perform the search of the public records and examine the records himself and then issue the title opinion to the client. More often than… read more →
In order to truly understand the benefits and limitations of title insurance we’re breaking it down for you in a four-part series. Last week was Part 1: What is title? The remaining topics to cover are: Part 2: What is the “public records doctrine” and why does it matter? Part 3: What is a “title examination” and why is it important? Part 4: Title insurance basics Part 2: What is the “public records” doctrine, and why does it matter? As briefly touched on in Part 1, not only must ownership transfers of immovables be recorded in the public records, in… read more →
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