All Posts Tagged With: "title"
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 such [...]
26Aug2008 | Peter G. Miller | 0 comments | Continued
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’s a title insurance “re-issue” rate?
It sometimes happens that a property is sold or refinanced more than once within a five- or ten-year period. In such instances, if title insurance is obtained from the same firm, it’s often possible to get a re-issue (discount) rate. The discount can represent a significant savings, thus it is worthwhile to ask if such [...]
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
Why are title issues complex?
Title issues are typically determined at the state level and how a home is titled can have significant tax, estate, liability, and financial implications. For instance, you can have a tenancy by the entireties (for married couples), community property, a tenancy in common (where interests need not be equal), a joint tenancy (where all interests [...]
24Aug2008 | Peter G. Miller | 0 comments | Continued
What issues should you consider with “wraparound” financing?
Wrap-around financing usually means that there is an assumable loan on the property, say $30,000 at 6 percent, and that a seller or other party takes back a loan for the buyer, say, $100,000 at 7 percent. The $100,000 consists of the continued obligation to repay the old $30,000 debt and $70,000 in new debt. [...]
24Aug2008 | Peter G. Miller | 0 comments | Continued
What Happens To The House If My Spouse Dies?
Question: When I married my husband already owned a house. I am not on the title. What happens to the property if he dies? Answer: It’s possible for husbands and wives to own property separately, thus you need to consider several questions: Does your husband have a will. Has he left the property to you? [...]
23Aug2008 | Peter G. Miller | 0 comments | Continued
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