A title company is the corporation or company that insures the status of title on real estate (called title insurance) at a closing, and may handle other aspects of the real estate closing. A title company conducts title searches to ensure that the property does not have liens on it. Learn about the role of a title company in a real estate sale and what services it can provide.
What can you do when you discover an old oil tank leak on your recently purchased property? Your options may be limited, especially with the title company. Q: I bought an investment property located on the edge of a river. Apparently, years ago, a nearby oil tank leaked. The tank was not disclosed in the [...]
When you divorce you may want to remove some of the names on your home's mortgage. You can't remove the name of one of the borrowers on a mortgage loan using a quit claim deed. A quit claim deed can change the names listed on a home's title but not on the mortgage. To change the names on a mortgage loan you have to refinance, sell the home and repay the mortgage loan or pay off the mortgage loan with cash.
Title insurance protects you and your property. A title insurance company runs a title search before issuing a policy. A title search means looking at public records relating to your property and tracing the chain of ownership. What documents are included in a title search?
What could happen without title insurance? Chicago Title's Gina Giannelli describes bad situations that happened when the property owners did not have title insurance. Buying title insurance protects you and your property.
If you want to transfer property in to a revocable living trust - can you do so without a lawyer? Because it can be a complicated process and an error with the title could cause future problems, you should pay an attorney to do it. Or you can go to a title company for help.
A mortgage lender backs out of a deal leaving the title company to pay off the seller. The title company closed the transaction after the lender failed to properly fund the closing. Now instead of paying a lender, the title company expects payments.
When you get divorced you may still own property with your ex-spouse, perhaps as tenants in common. If one of the partners sells the property without the permission of the other, that spouse is committing fraud. What are the options for the other spouse?
Filling out a quit claim deed for a limited liability company is not difficult, but it must be done accurately. The best way to make sure your quit claim deed is filled out correctly is by consulting a real estate attorney. Another important aspect of filling out a quit claim deed, is checking with your title company to make sure the LLC is covered under your title insurance. Using a quit claim deed to convey a title to an LLC may cancel any coverage under the original title insurance policy.
When you buy a home, it's good to understand whether the professionals involved in your home purchase can receive referral fees. The Real Estate Settlement Procedures Act prevents giving lawyers, real estate brokers and mortgage lenders referral fees. Learn how to stay clear of any illegal activity and follow real estate law when it comes to fees.