Title Insurance: The Basics
Title insurance is a contract used to compensate loss or damage due to problems concerning the ownership of property, including title defects, liens against the property, undisclosed heirs, and more.
Trust Escrow: Why Title Insurance Matters
Title insurance, as a concept, is not nearly as well understood by most prospective homebuyers and current homeowners as the other types of insurance that protect them. That doesn’t make it any less important, however. Title insurance allows the homeowner the ability to relax, regarding several dangers that they may not even realize they are exposed to without it.
We’ll get into what those dangers are in a moment, but rest assured you pay for title insurance for not just one, but many good reasons. According to an article on the NuWire Investor website, as many as 26% of all properties in the United States have some sort of title issue.
Source: https://www.homes.com/blog/2017/02/trust-escrow-why-title-insurance-matters/
Taking Title
The last step of the title process is called taking title or registration of title.
This is a decision the buyer should make based on tax and estate considerations as well as the dynamics of the purchase itself and the intended owners.
There are many different ways to take title.
Three of the most common ways to take title are:
Sole Ownership — The title is in a single owners name.
Joint Tenancy with Rights to Survivorship — Tenants are equal owners and in the case of the death of one, the other retains full ownership.
Tenants in Common — Each owner has a specified percentage of ownership which they can sell or pass on to their heirs.
In order to choose the best option, consultation with a real estate attorney is highly recommended.
As complex and staggering as it might seem, with solid research and excellent luck, the entire real estate closing process can be relatively pain-free. Familiarizing oneself with the process is the main key.
However, the best way to decrease the stress that goes along with closing is to have a professional by your side. If you are looking to buy a new home and in need of legal help, don’t hesitate to contact us today.
Source: http://wearyco.com/title-insurance-basics-everything-you-need-to-know-about-title-policies/
Artesian Title- Concierge Title™ Service makes a real difference.
Artesian Title provides closings with a concierge touch. Our mobile, licensed “Concierge Closers™” are yours when and where you need them. They come to you when you call. They work to your timetable. They communicate in ways you prefer — They’re ready to answer all your questions and provide every document at a moment’s notice Add that to our weekly email — Peace of Mind Fridays™ — that provides a progress update on the status of your title case and the real differences with Artesian are truly significant.
Florida is our home. We’re from here. We hire people here. We know the areas, the properties, the various real estate laws that make Florida a special place to live and buy a home in. We have a vested interest in improving the “state of real estate” in Florida and we are excited to be able to play a role doing just that. We serve home buyers and sellers throughout the sate and have offices Orlando, Tampa, Ft. Lauderdale, Boca Raton, and Miami.
Source: https://artesiantitle.com/
What Title Insurance Covers
Most other forms of insurance provide financial protection against future losses due to damage, theft, and other perils. By contrast, much of the cost of title insurance is set aside for past issues with the potential to negatively affect the current policyholder — and for the professional labor necessary to uncover and rectify such issues before they cause financial losses.
Title Search
Though title insurance policies vary from state to state and provider to provider, they always cover the cost of conducting a title search. A title search is a thorough examination of relevant public records to determine whether any problems exist with the title. These records are typically held with the city or county where the property is located.
Ideally, a title search looks at the entire history of a property, stretching back to its original platting or subdivision. This is generally done by scrutinizing the property’s abstract — a document containing the complete chain of ownership and historical liens. However, since abstracts can be incomplete or contain erroneous information, a comprehensive title search typically relies on other sources of information, such as local tax records, previous owners’ wills, and applicable court judgments.
Source: https://www.moneycrashers.com/title-insurance-cost-need/
7 Questions You Need to Ask When Buying Homeowners Insurance
One of the scariest things about buying a home — besides the fact that it’s probably the most money you’ve spent in your life — is the uncertainty. And even homeowners insurance, the thing that’s supposed to give you peace of mind, has its own set of quandaries. To make the process just a little bit easier, we asked insurance companies what questions homeowners should be asking their agents, but aren’t. Whether you’re a first-time buyer or a long-time owner in need of an insurance review, make sure you get the answers to these queries.
Agencies agree that your policy should allow you to completely rebuild your home.
Source: https://www.architecturaldigest.com/story/questions-you-need-to-ask-when-buying-homeowners-insurance
