Closing
Can I do my own title search?
You can certainly go through public records to look up the history of property ownership for a given parcel. But — and here’s the catch — you cannot do you own title search as part of the loan undwriting process. Lenders and title insurance companies want qualified, third-parties to review records to assure that all [...]
26Aug2008 | Peter G. Miller | 0 comments | Continued
What is title insurance?
Every property has a history of ownership outlined among local public records. When a property is sold, this history is reviewed to assure that the current seller has title and the right to sell the property. The catch is that property records may not record all possible title defects or claims. For instance, a prior [...]
26Aug2008 | Peter G. Miller | 0 comments | Continued
What happens if a title problem is found after I buy a home?
In the usual case, title problems are rare. However, because title problems can arise, as a condition of obtaining a mortgage your lender will require that you buy title insurance, protection in case a title snag is found. If a problem shows up, the title insurance company will step in to defend your interests, including [...]
26Aug2008 | Peter G. Miller | 0 comments | Continued
What’s the difference between “owners” and “lenders” title insurance?
“Lender’s” coverage is required by, well, lenders. It protects lenders against title defects up the value of the outstanding loan amount — less and less each year. “Owner’s” coverage protects against title defects up to the amount owed to the lender, plus the value of the owner’s original equity. Some policies go further and increase [...]
24Aug2008 | Peter G. Miller | 0 comments | Continued
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