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You need title services when selling your home yourself

Selling a home without assistance is a complicated and time-consuming process that many people take on to increase profits. It can be tempting, when trying to be frugal, to bypass many of the professionals that are available to help in the sale of your home. Despite the allure of money saved, title services are something you definitely don’t want to skip. The services provided by title companies not only take much of the stress and complication out of the transaction, having professionals at your side could also save your sale.

Title Insurance

Title insurance gives you, and the buyer, a guarantee that there are no outstanding claims against your property before the sale. The title company searches the title history of the property to find any claims that must be handled before the title can be transferred. Once these obligations are addressed, the buyer can receive the title freely and the seller can walk away knowing all debts on the property have been paid.

Escrow Services

Escrow services are available to protect the money and property interests between the buyer and seller. An escrow account is set up to hold any money that is related to the sale. The title company is responsible for ensuring that the title, and money, is disbursed to the correct parties at the appropriate time. This guarantees the title won’t be released to the buyers until all money has been paid, protecting the sellers’ interests.

Closing Services

You need title services when selling your home yourselfThe close is probably the most exciting part of the process. This is usually the moment when all parties sign the required documents, the sale is finalized, and the keys and money exchange hands. Because this meeting comes at the end of the transaction, it is extremely important that everything run smoothly. All parties are invested at this point of the sale and a significant amount of work has gone into making the transaction happen. The title company will host the close by providing the meeting place for the buyer and seller to work out any remaining details. The title company’s additional closing services include handling the paperwork, distributing money, and executing and recording the deed.

Without the use of the title company, sellers are responsible for ensuring there are no claims on their property, must navigate the financial transaction alone, and are responsible for handling their own close with the buyer. Buyers may be less trusting without a title company involved and there is always the potential that something was missed during the title search, a mistake is made with the purchase funds, or that a mistake is made during the close. Any one of these things could cause you to lose the sale and put you back at square one. If you’re considering selling your home yourself, or already have your home on the market, and don’t yet have the a title company to assist you, it’s not too late. Find a title company today so you can focus on what’s really important: finding the right buyer and deciding what to do with the next chapter of your life.

Do I need Title Insurance

When you buy a home, there are a lot of fees and costs associated with the purchase – it’s not as simple as just writing a check from your mortgage lender to the seller. One of the costs you’ll see as you approach the closing process is Title Insurance. Unique to home ownership, title insurance is an extra layer of protection for the buyer. While there are a few that recommend saving the money, choosing to purchase title insurance is a smart move and one that you should not skip.

What is Title Insurance?

Do I need Title InsuranceTitle insurance protects you, the buyer, from losing your investment (the down payment and the loan for your new house) in case there are any liens or defects with the house title. Although the real estate company and your mortgage lender will run title searches, sometimes things are missed. When you purchase title insurance, is the house title is fraudulent, or if there are charges taken out against the house.

For instance, of the previous homeowner had some remodeling or repairs done on the house, and didn’t fully pay the contractor, the contractor will take out a lien on the house. This is a judgment of fees owed to the contractor, that must be settled before the title can change hands. Basically, it forces the potential seller to pay their debts before they can sell the property. If the seller owes back taxes on the property, then a tax lien will be taken out on the property. The same thing applies – in order for the seller to complete the closing transaction, the tax fees must be paid.

Title Insurance ensures that the title insurance company, not you the buyer, will be responsible for settling these debts. Typically, title companies require the seller to settle these debts prior to closing, so that the title is free and clear.

Why should a buyer purchase title insurance?

Mortgage lenders are required by law to have title insurance for the homes that they approve loans. A buyer may choose to purchase their own separate insurance. So, if the lender already has the insurance, what are the advantages of a buyer purchasing their own policy?

  • If there is an issue before or after closing with the home, you are personally protected from prior liens. The title company will be responsible for taking care of the debts.
  • If there are errors or fraudulent aspects to the title, or if it hasn’t been properly reported to public records, then you are protected.
  • If the previous owners’ heirs show up and lodge a claim against the property, you, the buyer, are protected.

There is also an extended coverage option, which covers building permit violations, or structural damage. It also protects against zoning issues and incorrect survey. If a lawsuit is filed due to these, the extended coverage covers your down payment, and principal payments you’ve made, and any additional work or improvements you’ve made on the property.

If you have doubts about the security of your home title, especially if you plan to do extensive remodeling and renovations – investing more of your money on top of the purchase price – then you should definitely purchase title insurance. Typically, it costs around $2 for every thousand of the selling price, and that small investment is usually worth it for the buyer’s peace of mind.

first time home buyers

A mortgage is a very heavy responsibility, and on that will stay with you for the next couple decades. It’s important to make sure that as a purchaser all of your bases are covered. Forgetting small details, like neglecting to find title insurance, can throw a wrench in the purchasing process. It’s important to ensure the mortgage loan goes through without a hitch and nothing disrupts the sale. Here’s an explanation as to why a small, inexpensive detail like title insurance is so important when buying a home.

What is title insurance?

According to the Consumer Financial Protection Bureau, title insurance protects lenders from title issues. Every home’s title must be searched thoroughly before a purchase or sale is made. Sometimes, however, details slip through the cracks. In rare cases, property deeds from sellers prove to be falsified, there can be undiscovered liens on the property that affects its sale, or inheritance disputes can put your ownership in question. For these reasons, homeowners are required to have title insurance on their mortgaged property.

How is Title Insurance Used?

first time home buyershttp://heightstitle.com/wp-content/uploads/2017/10/first-time-home-buyers.jpgStandard title insurance policies are designed to protect a bank’s investment, not your investment. If ownership of your property were to come into question, it is the bank’s responsibility to work with you to file an insurance claim that will pay off your mortgage loan and absolve you of responsibility for the mortgage payments. The bank holding your mortgage must make a claim against the insurance policy with your help. The insurance company would pay the bank for the loan amount on the property and you would walk away. There are ways that you can protect yourself from walking away empty-handed, though. Homeowners can protect their own interests with an expanded owner’s title insurance policy.

Why do you need lender’s title insurance?

Title insurance is the only thing protecting banks and homeowners from taking a huge loss in the event of an unforeseen circumstance that would make their home purchase invalid. Insurance companies and banks require a thorough title search to be performed before a mortgage loan contract can be signed. When the title search is complete, all parties are generally satisfied that the sale of the property is legally permissible. That isn’t always the case, though. If ownership of the property is challenged by a person with a legitimate legal claim, you will probably lose your home. Without title insurance, you would also lose all of your equity. You would walk away essentially penniless. If you buy title insurance, your insurance company will make it right with the lender.

If title insurance is designed to help banks, why don’t banks pay for their own insurance?

Lender’s title insurance is your legal responsibility. You cannot secure a mortgage loan without it. Lenders simply will not allow you to keep a mortgage with their companies without maintaining a policy throughout the life of your loan. It’s true that standard policies only protect lending institutions from title claims. You can, however, purchase your own owner’s title insurance policy. Owner’s policies allow homeowners to walk away from a title claim with money in their pockets.

If purchasing a home is on the horizon, look into the price of securing a policy now. First time homebuyers are encouraged to contact us today for a quote on lender’s and owner’s title insurance.

Title Problems New Homeowners Can Run Into

Title Problems New Homeowners Can Run IntoTitle problems have a tendency of showing up during the title search and after the closing. This is the time that most homeowners would hope that their title insurance policy would help them in solving some of the problems they have. And subject to the policy terms, you can use your title insurance to get protection from the problems that might come to light after you have sealed the deal. It is very important to avoid the problems connected with the title before the closing. You can only understand the title problems if you have any idea of what a title may mean. The title, in simple terms, is evidence that shows that an owner is in full and lawful possession of a particular piece of property or real estate. Owning a deed to a property means owning the property.

Here are four undiscovered title problems that can cause new homeowners a difficult time.

Errors in Public Records

It is usually said that to err is human, but these mistakes can be very devastating when they particularly affect the rights of home ownership. Errors to do with filling or clerical could greatly affect the survey of the deed of your property and in turn, bring undue financial strain in a bid to fix them.

Illegal Deeds

Despite the fact that the chain of title on your property may look right, there are chances that a prior deed might have been done by either a minor, undocumented immigrant or an individual of unsound mind. Possibly, it could also have been made by a person who is reported to be single but is actually married in the real sense. Any of such situations may interfere with the enforceability of the previous deeds, and in turn, affects both the prior and present ownership.

Undiscovered Encumbrances

When it comes to taking an ownership of a particular home, three can be mostly referred to as a crowd. When buying the house, it could be unclear to you that another person may posses the claim to either a proportion or all of your property. This may occur as a result of a previous lien or mortgage, or other claims that are not financially related such as covenants or restrictions that places certain barriers to how the property should be used.

Undiscovered Wills

When the owner of a property passes on without a clearly prepared will or heir, the state may be forced to sell their assets. This may even include the home they have been living in. When you go ahead and buy such property, you immediately assume the rights of owning it, and therefore it becomes yours legally. However, an unexpected may happen even years later after you had taken up ownership of the house. When, for instance, the will of the deceased owner of the house comes to light, your rights to own the property may be in a stake.

These and most of other issues that are not covered in this article are mostly taken care of by the owner’s policy of the title insurance. When you purchase a home, your immediate responsibility should be to use a title insurance to protect that particular investment. To learn more, get in touch with us!