Archive for the Title Insurance Category

Here’s an excerpt from Property Tax Annual Calendar in our guide:

Property taxes have a timeline that is different than most other taxes or bills that we pay. Let’s take a look at the facts:

• Taxes are due twice a year, but towards the middle each cycle
• First half taxes are due at the end of April and cover January through June
• Second half taxes are due at the end of October, and cover July through December

Here’s an excerpt from ID Affidavit – Why Is It Needed? in our guide:

An ID Affidavit provides title companies with the information they need to distinguish the buyers and sellers of real property from others with similar names. After identifying the true buyers and sellers, title companies may disregard the judgments, liens or other matters on the public records under similar names…

Here’s an excerpt from What is the Title Commitment in our guide:

A Title Commitment provides a list of the matters which will be shown as exceptions to coverage in a designated policy or policies of title insurance, if issued concurrently, covering a particular state or interest in land. It is designated to provide a preliminary response to an application for title insurance and is intended to facilitate the issuance of the designated policy or policies. It is normally prepared after application (order) for such policy(ies) of title insurance on behalf of the principals to a real property transaction.

Here’s an excerpt from Red Flags in the Escrow/Title Process in our guide:

Examples of Red Flags to Watch For:

• Bankruptcies
• Business trusts
• Clearing liens and judgments, including child or spousal support liens
• Encroachment or off record easements
• Establishing fact of death–joint tenancy Family trusts
• Foreclosures
• Physical inspection results–Encroachment, off-record easements
• Probates
• Power of Attorney–Use of, proper execution
• Proper execution of documents
• Proper jurats, notary seals
• Recent construction
• Transfers or loans involving corporations or partnerships
• Last minute change in buyers
• Last minute change in type of title insurance coverage

Here’s an excerpt from Escrow: Frequently Asked Questions in our guide:

• Why is Escrow Needed? Whether you are the buyer or the seller, you want assurance that no funds or property will change hands until all instructions have been followed. With the increasing complexity of business, law and tax structures, it takes a trained professional to supervise the transaction.
• How Long is an Escrow? The length of an escrow is determined by the terms of the purchase agreement/joint escrow instructions and can range from a few days to several months.
• Who Chooses the Escrow? The selection of the escrow holder is normally done by agreement between the principals. If a real estate agent is involved, they may recommend an escrow holder.

Here’s an excerpt from The Title Insurance Value Proposition in our guide:

• Title insurance protects the interests of property owners and lenders against legitimate or false title claims by owners or lien holders. It insures the title to the investment, unlocking its potential as a financial asset for the owner.
• Title problems are discovered in more than one-third of residential real estate transactions. These “defects” must be resolved prior to closing. The most common problems are existing liens, unpaid mortgages, and recording errors of names, addresses or legal descriptions.
• A homeowner’s title insurance policy protects the owner for as long as he or she has an interest in the property; and the premium is paid only once, at closing.