All Posts Tagged With: "title"
What Kind of Foreclosure Title Can I Expect?
With huge numbers of foreclosed properties now available for sale you have to wonder what type of title you might expect if you purchase one of these distressed homes.
The lender selling REOs (real estate owned by a bank or other lender) does actually care how you own title, What it does care about is that [...]
What’s A “Deed In Lieu” Of Foreclosure?
There were more than 3.5 million foreclosure notices sent out last year, a total which does not include homes lost with something called a deed in lieu of foreclosure.
What is a “deed in lieu” of foreclosure and is it good or bad?
Good & Bad
In basic terms, a deed in lieu of foreclosure works like this: [...]
Can A Condo or Co-op Go Bankrupt?
Can a condo or co-op go bankrupt or be foreclosed? The answer is you bet — but the good news is that such financial disasters are rare.
In general terms a condominium is a property where there are units with individual title and financing as well as common areas which are owned by the condo association. [...]
How To Read The HUD-1
Starting January 1st, 2010, all real estate transactions will be settled using a new HUD-1. The HUD-1 is a standardized form which allows real estate buyers and sellers to clearly understand the costs of their transaction.
The original HUD-1 was developed as a by-product of the Real Estate Settlement and Procedures Act of 1974 — or, [...]
Why Does Closing Cost So Much?
Closing is expensive for several reasons.
First, state transfer taxes are typically based on the sale price of the property or the amount of mortgage debt. These tend to be very large sums, so even a small percentage can be a lot of money.
Second, payment for many services occurs at closing — title insurance, legal services, [...]
What’s a “special” warranty deed?
With a “special warranty deed” an owner says that he or she owns the property but does NOT make any guarantees about prior title claims and does NOT say the property is free and clear of all liens.
When a special warranty deed is offered buyers must obtain a complete title examination and title insurance [...]
What is “adverse possession?”
In general terms, adverse possession is created by the hostile, open, notorious, and continuous use of a property by someone other than the owner, without permission, for a given period of time.
For instance, a garage is built over a property line. The property owner never complains for 20 years. Then, one day, the [...]
Where can I find title information?
In most communities, there’s a public records office where title information is maintained. In addition, a local property tax office is likely to have current information and will be able to direct you to other offices with such records.
In recent years many property records offices have gone online. For a good list of [...]
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, you cannot do you own title search as part of the loan process. Lenders and title insurance companies want qualified, third-parties to review records to assure that all information regarding the property — such as [...]
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 [...]
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