One fee you may pay when you buy a home is for an owner’s title insurance policy and for a lender’s title insurance policy. Title insurance for a lender assures the lender that you own the home free and clear, with no liens on it. When you buy title insurance a title company will run a title search to check public records for information on the home. When you get an owner’s title insurance policy, the title insurance company protects you from title issues that your real estate property might have had prior to your ownership. It may be fraud, it may be a lien that is not discovered, or another title issue. In these instance, the title company’s title insurance policy will protect you from undisclosed issues. Who pays for the title insurance varies by state – sometimes it’s the buyer, sometimes the seller. Learn the ins and outs of title insurance here.
Who Pays for Title Insurance When Selling a Home: The Buyer or the Seller?
Who pays for title insurance when selling a home: the buyer or the seller? The answer depends on the customs and practices of each individual state. Q: Is it mandatory for a seller to pay for title insurance in Oregon especially if they were sole owner of home from the day it was constructed? A: [...]
Will Title Insurance Save This Homeowner From Paying an Outstanding Private Mortgage?
Will title insurance save this homeowner from having to pay an outstanding private mortgage? It may be her only hope if she wants to transfer the home in the future. Q: My neighbor can’t transfer the title of her house to her children due to an old outstanding mortgage of $80,000 on her family home. [...]
Title Insurance For your Home: Do you need an Owner’s and Lender’s Title Policy?
By the time you have saved for your down payment, put funds in escrow for your dream home, and paid for a home inspection or survey, you may be in the mood to conserve some cash. But if skipping the purchase of title insurance seems like a good idea, you might want to think twice. [...]
Seller and Buyer Closing Costs State By State
Seller and buyer closing costs are usually a mystery, and we frequently receive emails asking us to give sellers more information on who generally gets to pay for survey and title insurance expenses. So, we prepared a list of two of the most popular closing costs paid by sellers and buyers on a state by state basis: title insurance for the owner's title insurance policy and survey costs. There are so many closing costs to deal with, but these two costs are usually not thought about by a home buyer or a home seller.
Title Search May Reveal Lien
A divorced woman wants to make sure the property she's buying from her ex-husband does not have any outstanding liens. Liens may include mortgage loans and home equity lines of credit or HELOCs. An attorney can also help sort out whether there are any outstanding liens and ensure that the title is free and clear of liens.
Tenancy In Common And Property Ownership
A father changed the ownership of his property from joint tenants with right of survivorship to tenancy in common. The father later signed a quit claim deed giving his interest in the property to his daughter. What does tenancy in common mean for property ownership? Is the property ownership divided equally so everyone gets the same amount of land? State laws and how the father changed the joint tenancy will determine the answer to the property ownership.
Learn About Title Insurance
Title insurance is a key part of buying a home. Learn more about title insurance from these ThinkGlink.com stories. Why do I need to buy title insura...
Ilyce Glink on WSB Radio – September 9, 2008
Today on the Clark Howard Show, Ilyce Glink filled in. She discussed the drop in mortgage interest rates and whether now is a good time to refinance. Ilyce also talked about the stock market decline and the disappointing housing numbers causing the sell-off on Wall Street. She took calls about title insurance, streamline refinancing of a loan, identity theft, foreclosures, debt collectors, medical debts, fake check scams, inherited real estate, credit card debts, and creditkarma.com. For show notes and updates through the week, check out her blog at www.thinkglink.com/blog , and sign up for her free weekly newsletter on the ThinkGlink.com home page. Check out the videos at www.expertrealestatetips.net. And be sure to subscribe to her YouTube channel.
What’s Included In A Title Search?
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?
Easements Are Common In Subdivision Properties
When you buy a property in a subdivision, your property likely has easements around it. In some cases these easements are for utilities. An easement allows a second party, such as a utility company or neighbor, access to property. Easements are legally documented and it's helpful to consult a real estate attorney to understand them.