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Real Estate Transactions

As security layers from reputable firms are upgraded with the state of art cybercrime defense mechanisms, hackers are going around and target clienteles and real estate agents by manipulating their real estate transactions. Such crimes have become rampant not only in US but also in the whole world. FBI has recently reported that such crimes have been committed in all the states and in over 131 countries. Luckily, Title services are committed to taking all precautions to safely secure Real Estate Transactions. The company have invested heavily in all third-party transactions and ensures a 100% effective crime liability policy to protect clients from all corners of the States.

Recently, many buyers have fallen victims to wire fraud and only realize what had happened when the real estate agents confirm that no deposits have reflected in their bank account. Hackers have learned to tap into either the buyer or the agent’s emails. After doing so, they monitor the conversation between the buyer and the agent while keenly taking note of the time the deal is to be closed and the amount of money involved. After gathering the necessary facts about the Real Estate Transactions, they send wiring instructions with details that mirror those of the agent to the buyer but with minor but precise details that allow the hacker to get away with the full proceeds from the Real Estate Transactions.

What to know when buying a foreclosed home

For new aspiring homeowners, making that first leap into the real estate market can be a financially challenging one. Finding the perfect home that doesn’t break the budget can often lead potential buyers to feel like their purchasing options are limited.

Recently foreclosed properties have presented themselves as diamonds in the rough for many new home buyers looking for a great deal on their first purchase. With foreclosures on the rise in areas like Texas and Southwest Florida, there are no shortages of options available for those willing to take a chance on a repossessed property.

However, buying a foreclosed home isn’t as cut and dry as many other real estate purchases. There are some important considerations that should be made when closing on a foreclosed home, and knowing what to look for is essential.

Maintenance and Condition of Property

Its a very rare case that foreclosed homes are in perfect move-in-ready conditions. In fact, the opposite is usually true when it comes to the state of most repossessed homes, which tends to be one of the reasons they are priced to sell. Still, many foreclosure purchases can be great investments if the proper due diligence is done ahead of time. A detailed inspection of the home and surrounding property can be a good identifier for its relative condition. Look for signs of DIY renovations, as these are usually riddled with permit issues that need to be addressed and can prove costly. A contractor can also help you assess the integrity of the home in areas not overly visible. This will help to understand the amount of work and costs required to get the property up to code.

What Southwest FL Real Estate Agents Must Know About Title Insurance

Title insurance is often misunderstood by prospective homeowners. They might know they should obtain title insurance, but they might not know why. As a Southwest Florida Real Estate Agent, it is your job to explain the importance and significance of title insurance to your clients. You’ll need to tell your clients that title insurance is necessary to ensure their legal claims to the property are protected. In order to accurately advise your clients regarding title insurance, there are four things you should know.

What Southwest FL Real Estate Agents Must Know About Title InsuranceKnow How Title Insurance Protects Your Clients

You might have explained to your client that title insurance will protect them from any claims against the property before they acquired that property. But what exactly does this mean? Let’s say, for example, that your client buys a home only to find out a contractor has filed a lien against the property because the previous owner didn’t pay up. If your client has title insurance, they are not responsible for paying the lien. However, that scenario is quite different if they don’t have the title insurance, meaning they are responsible for any claims against the property, no matter the circumstances.

Value of Title Services is Long-Term

When explaining the benefits of title insurance, Southwest Florida Real Estate Agents would do well to mention the enduring value of title insurance. Prospective homeowners need to know that for a one-time low fee at the time of the purchase, they and their heirs are protected financially from unknown defects that could cause financial hardship otherwise. The fee paid at the time of closing is based on the value of the home.

Types of Liens to look out for

There are two different types of liens against homes — voluntary liens and involuntary liens. Voluntary liens are security interests that have been granted by the owner, such as a mortgage. However, there are many more types of involuntary liens on real estate than voluntary liens. Below we discuss the different types of liens that may be filed against a home.

Nine Different Types of Liens

Types of Liens to look out forAny of these liens can create a cloud on the title making it impossible for the owner to transfer clear title to the property.

• Mortgages — When most people purchase a home, they typically borrow a portion of the sales price. The document filed to secure the loan with the home is a mortgage. Homeowners can have multiple mortgages on a single piece of real estate. If a mortgage has been paid, but not satisfied of record, someone must contact the mortgage company to request that the company research the account to determine if the lien can be canceled. This process can be time-consuming and frustrating, especially for mortgages that have been sold or assigned. Another issue that can make the process difficult is when the bank has closed or changed names.

• Equity Line — An equity line is also a mortgage, but it allows the homeowner to access the equity in the home. Even though the homeowner may have paid the equity line in full, as long as the mortgage is recorded, it is a valid lien on the home.

errors in public records

Buying a home is a major event in a person’s life. Beyond the basic shelter it provides, a new home purchase often signals a turning point in our lives, one that makes us crave a more permanent space to make our own. It often happens at a time when we are tired of renting small apartments that no longer provide what we need. Choosing a home is a difficult decision to make and, often a much more difficult plan to see to fruition. With so much time and money involved, we hope things will come together quickly, so that the home we want will be ours. In such an important process, mistakes are sure to occur that slow things down. Even though the house you want to purchase will be new to you, it already has a history. To establish a clear title on a property, a title search will need to be completed. One frequent problem during the title search, is an error in public records. What effect can a public records error have on the deed in question?

errors in public recordsDuring a title search, both municipal and county officials will check any documents that are associated with the property. This includes street assessments, sewer assessments, judgements, special taxes and assessments, along with any other documents that have to do with the title. Although these are official government documents, sometimes human error can cause a problem during the title search. Errors in spelling, wrong address, inaccurate property description, and incorrect information can all influence the deed and cost you unexpected fees. One example of an error in public records is a property description that seems to be correct, such as the square footage of the house. Banks only offer 80-90% of the home’s appraisal value and if the square footage of the home is not the same as that listed in the documents concerning title, the homebuyers may run into problems with the loan amount. The buyers may find themselves unable to get the loan amount they need, leaving them unable to buy the home. Mistakes in the filing of documents, pending legal action, or undisclosed mortgages can also add to a homebuyer’s problems. With all these issues and more, how can you avoid public records errors when buying a home?

The truth is, you cannot completely avoid errors in public records since you do not have control over the history of a property you wish to buy, and you certainly cannot control a mistake that may have been made decades ago. However, there is one thing that can protect your rights of ownership from errors that are found in public records. A Lender’s Policy only protects the loan, not the property. A homeowner’s title insurance policy from Heights Title Services, LLC will protect you for the whole time you own your home. The only time your coverage decreases is when you make those changes to your policy. Depending on the coverage you choose, this may cover the legal costs you may incur while defending your interests and the losses you sustained because of a title error.