WHY DO YOU NEED TITLE INSURANCE?

January 30, 2018

Title Insurance. It’s a term we hear and see frequently — we see reference to it in the Sunday real estate section, in advertisements and in conversations with real estate brokers. If you’ve purchased a home before, you’re probably familiar with the benefits and procedures of title insurance. But if this is your first home, you may wonder, “Why do I need another insurance policy? It’s just one more bill to pay.”

The answer is simple: The purchase of a home is most likely one of the most expensive and important purchases you will ever make. You, and your mortgage lender, want to make sure that the property is indeed yours —lock, stock and barrel —and that no individual or government entity has any right, lien, claim to your property.
Title insurance companies are in business to make sure your rights and interests to the property are clear, that transfer of title takes place efficiently and correctly and that your interests as a homebuyer are protected to the maximum degree. read more

Reasons You Need Title Insurance

January 18, 2018

Here are our 20 top reasons you need title insurance to protect your real estate investment.

1) Title Insurance will protect you against a loss on your home or land due to a title defect.
2) A deed or mortgage in the chain of title may be a forgery.
3) Claims constantly arise due to marital status and validity of divorces.
4) A deed or mortgage may have been made by an incompetent or under aged person.
5) A deed or mortgage made under an expired power of attorney may be void.
6) A deed or mortgage may have been made by a person with the same name as the owner.
7) A child born after the execution of a will may have interest in the property.
8) Title transferred by an heir may be subject to a federal estate tax lien.
9) An heir or other person presumed dead may appear and recover the property or an interest.
10) A judgment regarding the title may be voidable because of some defect in the proceeding.
11) By insuring the title, you can eliminate delays when passing your title on to someone else.
12) Title Insurance reimburses you for the amount of your covered loss.
13) Title Insurance helps speed negotiations when you’re ready to sell or obtain a loan.
14) A deed or mortgage may be voidable if signed while the grantor was in bankruptcy.
15) Claims have risen dramatically over the last 30 years.
16) There may be a defect in the recording of a document upon which your title is dependent.
17) Title Insurance covers attorney fees and court costs.
18) Many lawyers protect their clients as well as themselves by procuring title insurance.
19) A deed or mortgage may have been procured by fraud or duress.
20) A title policy is paid in full by the first premium for as long as you own the property. read more

The Affordable Housing Recording Fee: What You Should Know.

January 5, 2018

You may have heard about the new Affordable Housing Recording Fee. Here is what you need to know:

Q1: What is the new Affordable Housing Recording Fee?
A: The new fee is an additional charge passed by the legislature and signed by the governor to fund Affordable Housing. The fee is assessed at the time documents are recorded into the public record with the county recorder’s office.

Q2: Does the new Recording Fee replace previous charges for recording?
A: No, the new Recording Fee is charged in addition to previous recording charges collected by county recorders. read more