One of the hardest decisions to make is whether to purchase a home or rent it. Given that mortgage is complicated, most people prefer to rent until they save up enough to purchase a home on cash. Therefore, making a decision to purchase a home whether on mortgage or cash is a boss move. Congratulations on choosing to settle at Southwest Florida. But what is the process of buying a home in Southwest Florida? We are here to help you find out, and here are 5 steps to buying a home in Southwest Florida:
Buying a home is a hectic process for any aspiring homeowner. This is because with the advancements in technology scamming has become easier than it was a few years back. It’s a complete nightmare for any homeowner to realize that you just wired all your hard earned cash to an offshore account belonging to a scammer.
According to a study by the Chicago Tribune, the FBI has been able to track over $1 billion that were diverted from real estate firms. From December 2016 and May 2018, consumers reported a 136% increase in loses related to these crimes. That being said here’s what you need to know about Wire Fraud:
What Is Title Insurance?
A property’s title is the legal document that establishes its ownership. It lists the owner’s rights in regards to the property. Furthermore, it lists the limitations on those rights, thus making it very clear what the owner can and cannot do. On top of this, it should be mentioned that titles provide other important pieces of information, with an excellent example being registered mortgages and other liens. Summed up, a property’s title is a very important legal document, which is why problems with a property’s title can have a catastrophic effect on the property’s value.
The problems that can come up in relation to a property’s title are both numerous and wide-ranging in nature. For example, it is possible that the person who handed over the title didn’t actually have any right to it, which is the kind of scenario that leads into a huge legal mess. Likewise, it is possible that there are unpaid mortgages and other liens on the property, meaning that the creditors have the right to seize it. Unsurprisingly, these problems make a property much less desirable, which in turn, makes the property much less valuable.
Is it economical to rent rather than buy a home? Choosing whether to rent or buy a home is one of the most significant financial decisions that you can make. For most people, buying a home presents improved privacy, control, and security. The choice is about personal preferences whose financial gain is insignificant. A mortgage is more complicated than rent is, thus making it challenging to determine a better deal between the two alternatives. However, no matter the prevailing conditions, buying a home is eventually more economical than renting.
Here are some of the reasons why you should buy a home:
Purchasing real estate in Southwest Florida is probably one of the best investments you can ever make. In the process of finalizing your documents for the purchase, you will come across the term ‘title insurance’. Although buying or selling a home is one of the biggest moves you may make in your life, it can be extremely frustrating if you encounter problems related to your title. Therefore, how can you protect yourself from issues arising from your acquired title?
Title Insurance is Unique among Other Insurance Products
https://heightstitle.com/wp-content/uploads/2018/12/southwest-florida-home-title-insurance.jpgTitle Insurance insures a real estate owner against the loss occasioned by defects in, liens against, or other conditions rending the owner’s title to the property unmarketable. Issues arising from the title may limit your use and enjoyment of the property and creates a financial loss. This insurance works almost similarly to homeowner’s insurance where it protects you against loss from theft, fire, wind damage or flood damage.
However, the difference between ordinary insurance and title insurance is that it protects you from errors which may have occurred in the past. The Southwest Florida Home that you want to purchase has been bought and sold by previous owners. Consequently, title defects may occur. It is necessary to protect yourself from such issues before they catch up with you.
Why Do I Need Title Insurance?
Few people understand the intensity of the implications that come along with purchasing a home and the efforts that have to go into securing this home in case of any eventualities in the future. Many people come to learn it the hard way when it comes to real estate. Title insurance aids in protecting your interests when purchasing or selling your home.
Initially, a title company is responsible for conducting a thorough title search where it reviews all the documents relating with the ownership of your Southwest Florida Home. They should analyze transactions and identify and uncover any hidden financial accounts related to your new purchase.
However, having this form of insurance in place protects you from future financial and legal nightmares such as invalid claims of land ownership, judgement, and liens. It will also protect you from hidden mortgages, errors witnessed in public records, instruments executed under fabricated or expired power of attorney, or impersonation of the owner, among many others.
In addition to a title search, title insurance is necessary for the protection of the buyer from mistakes that might have occurred during the search. There might be some future claims or undiscovered interests which may have been missed and may arise after you purchase your property. Since real estate is too vast of an investment to leave it to chance, equipping yourself with title insurance ascertains your interests are safeguarded from any third parties who may claim it.
Let Us Guide You through the Purchasing Process
Purchasing a Southwest Florida Home includes numerous fees and so many other moving parts that it is easy to get devastated. By paying a small and one-time premium for an Owner’s Title Policy, your Title Agent and Underwriter is ready to defend you in court, possibly at no extra costs.
Having Title insurance in place gives you the most reliable insurance coverage. It helps you get rid of your nightmares regarding home-ownership. It will put your interest at heart, giving you the right to claim what rightfully belongs to you. This form of insurance will also offer you the best strategy that safeguards your desires as a home owner in Southwest Florida.