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.
Can a lender foreclose on a home before a deed in lieu of foreclosure can be finalized? A title search can delay a deed in lieu of foreclosure process. In addition, whatever the title company finds during the title search can affect the deed in lieu of foreclosure. How does having a name on a title but not a mortgage loan affect a title search? Another reason a deed in lieu of foreclosure may be delayed is that lenders are swamped with similar situations.
Today on the Ilyce Glink Show, Ilyce talked about the First American Title Insurance settlement, as well as other places to go to look for long-term care insurance. She also took several calls about taxes, inheritances, student loans and refinancing property. Gary wanted to know what to do now that his employer is switching to a $1 for $1 match in his 401(k). All this and more on this week's Ilyce Glink Show.
A homeowner recently bought a home and is having a problem with her neighbors and a general utility easement that runs through her property. A general utility easement generally specifies that the utility company has the right to use a certain portion of your line for certain specific uses. The homeowner will need to research the easement to determine if her deed should be corrected.
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 the title company's job to find easements during the title search process. What can you do if the title company does not disclose an easement? Easements may include landscaping issues and could affect the way you manage your property. Can you win a lawsuit over an easement?
A home buyer was in the middle of a purchase when the deal fell through. The title agency had ordered a survey of the property and now the home buyer is wondering if he, or the title agency, is responsible for paying the surveyor. If it is customary for a buyer to pay for the survey on the purchase of a home and the closing agent ordered the survey on the buyer's behalf, the buyer probably owes the money to the surveyor.
A new home buyer is informed by his neighbor that his lot is not as big as he was lead to believe. This situation is complicated and could lead to a claim against the title company. Some title problems may not be covered and some are always excluded by title insurance companies.