Everything You Need to Know About Title Insurance

1
Everything You Need to Know About Title Insurance
2
Everything You Need to Know About Title Insurance
If youre looking at downtown condos, you may
want to become educated on the basics of title
insurance.
3
Everything You Need to Know About Title Insurance
Purchase of a policy at condos closings can save
you from a multitude of potential legal and
financial issues that problems with the title
search to your property could cause.
4
Everything You Need to Know About Title Insurance
What Is Title Insurance?
5
Everything You Need to Know About Title Insurance
Anyone purchasing condos should have a title
search performed before closing, as more than
one-third of all title searches uncover a problem
that can and should be resolved before purchase
is completed.
6
Everything You Need to Know About Title Insurance
After your sales contract has been accepted, a
title researcher will examine public records to
scout out any problems with the title, a process
which involves reviewing several years of real
estate records.
7
Everything You Need to Know About Title Insurance
Everything You Need to Know About Title Insurance
This search is intended to make sure the property
actually belongs to the seller, that he is free
to sell it and that it can be transferred to you
at the time of closing free and clear of any
other liens.
This search is intended to make sure the property
actually belongs to the seller, that he is free
to sell it and that it can be transferred to you
at the time of closing free and clear of any
other liens.
8
Everything You Need to Know About Title Insurance
However, title searches may miss serious
problems, so homeowners should take the step of
buying an owners title insurance policy.
9
Everything You Need to Know About Title Insurance
Potential Problems With Property Titles
10
Everything You Need to Know About Title Insurance
Title problems range from fairly minor to
potentially disastrous.
11
Everything You Need to Know About Title Insurance
A title search may reveal, for example, that the
previous owner had failed to pay property taxes
or had minor repairs done and had not paid the
contractor.
12
Everything You Need to Know About Title Insurance
It may even be found that the seller doesnt
really own the property, that the home is part of
a conflicting will or actually belongs to
undisclosed heirs.
13
Everything You Need to Know About Title Insurance
Why Buy Title Insurance?
14
Everything You Need to Know About Title Insurance
Although a title search should technically
uncover any problems with the title, there are
cases in which a problem is accidentally missed
or is not in the public records.
15
Everything You Need to Know About Title Insurance
Purchasing an owners policy of title insurance
will help protect your purchase from the fallout
of these unforeseen problems.
16
Everything You Need to Know About Title Insurance
The policy is purchased at closing for the amount
of the real estate purchase and is in effect for
as long as you or your heirs own the property.
17
Everything You Need to Know About Title Insurance
What Kinds of Issues are Covered?
18
Everything You Need to Know About Title Insurance
Owners title insurance covers a broad range of
potential problems, ensuring that your title
company will stand behind you, even covering
legal defense if necessary, if a title problem
arises after the title search is done and you
have bought your home.
19
Everything You Need to Know About Title Insurance
Common issues include forgery, undisclosed heirs,
omissions/errors in deeds or mistakes in
examining records during the title search.
20
Everything You Need to Know About Title Insurance
If youre in the market for condos, check on how
this insurance is requested and how it is paid
for in your area, as it is not an automatic part
of the closing process.
21
Everything You Need to Know About Title Insurance
Title Insurance and Refinancing
22
Everything You Need to Know About Title Insurance
Refinancing of condos is considered a new loan
and involves a new title search to ensure full
protection of your real estate investment.
23
Everything You Need to Know About Title Insurance
However, if you bought owner's title insurance at
your original closing, the policy should still be
in effect for as long as you or your heirs own
the property.
24
Everything You Need to Know About Title Insurance
Title Insurance and New Homes
25
Everything You Need to Know About Title Insurance
Even if you build a new home, you are unlikely to
be the first owner of the undeveloped land.
26
Everything You Need to Know About Title Insurance
There could be many prior owners, and could
possibly be liens against the property.
27
Everything You Need to Know About Title Insurance
Any prior builder or subcontractor who was not
paid could place a lien, and purchasing an
owners title insurance policy will cover any
possible problems and associated legal fees.
28
Everything You Need to Know About Title Insurance
If you are looking for a condo to buy in Tempe,
Phoenix, or Scottsdale, We Know Urban Realty will
help you find the perfect place.
29
Everything You Need to Know About Title Insurance
Their realtors are experts when it comes to urban
living.
30
Everything You Need to Know About Title Insurance
Visit the site to see what's available right now
http//weknowurban.com/
31
Everything You Need to Know About Title Insurance
Will Daly, Broker We Know Urban Realty, LLC 834 E
Claremont Street, No 3 Phoenix, AZ 85014 (480)
510-8755 Email Will_at_WeKnowUrban.com