What is Title Insurance?
Title Insurance is the application of the general principles of insurance to real estate titles. But, unlike other types of insurance which protect the insured against loss due to unexpected future events, title insurance protects against loss which may occur due to events that took place in the past. Specifically, title insurance protects the buyer against loss resulting from previously unreported land title defects insured against, such as forgeries, claims by missing heirs, recording errors, etc.
What Are The Principal Features of Title Insurance?
Protection: If a future claim against the title to real property results either in the loss of title to the property, or expenses to clear up title defects uncovered by such claims, title insurance will provide compensation up to the face amount of the policy.
Legal Defense: Should a future claim against the title to property require legal defense, Lawyers Title will work with the insured to provide for legal defense of the title and to pay the cost of defense, even if the costs exceed the face amount of the policy. This is true regardless of how many claims are brought during the life of the policy.
Up-To-Date Information: A title search of the public records conducted prior to issuing a title insurance policy reveals the rights a buyer has with regard to future development of the property. These include rights of way, easements, etc., as well as restrictions that may have been placed on the use of the property by previous owners.
Single Premium/Permanent Insurance: For the cost of a single, one-time premium, title insurance protects the property owner against loss resulting from any title defects to the property covered in the policy for as long as the property is owned. – See more at: http://corporate.findlaw.com/corporate-governance/real-estate-law-questions-and-answers.html#sthash.kaK4om29.dpuf
I agreed to buy a house and now I’ve changed my mind. How do I cancel?
For the answer to this, you have to look at your contract. The contract is the legal agreement you have made with the seller. Most contracts have certain contingencies where a cancellation is acceptable. To cancel for reasons other than that, there are often consequences and such a decision should not be taken lightly.
Keep in mind that while you have been preparing to close the transaction, the seller has taken his home off the market and may have entered his own contract to purchase a home. This can create a chain of sales and purchases, all depending on you to fulfill your obligation. If you do not fulfill the contract, your decision may affect many more people than just one seller.
Can you negotiate the price of a bank owned home?
Everything in real estate is negotiable. However, banks are more sophisticated about pricing than they were years ago. So those “Get a great deal on a foreclosure!” days aren’t what they used to be. Lowball offers generally don’t go very far.
What should I be aware of that the house inspector should be doing during the inspection of the house I am interested in buying?
The Inspector should be checking the following things:
- Roof & Water Leaks
What is the difference between a real estate agent and a real estate broker?
Most states require real estate sales professionals to be licensed by the state, so that they can control education and experience requirements and have a central authority to resolve consumer problems.
The terminology used to identify real estate professionals varies a little from state to state. Brokers are generally required to have more education and experience than real estate salespersons or agents.
The person you normally deal with is a real estate agent or salesperson. The salesperson is licensed by the state, but must work for a broker. All listings are placed in the broker’s name, not the salesperson’s.
A broker can deal directly with home buyers and sellers, or can have a staff of salespersons or agents working for him or her.