For starters, the title company will need a legible, fully executed copy of the contract and all addendums. Also, don’t forget to send the title company the prior title policy and the survey, if no changes have been made. The listing agent should submit an info sheet with contact information for the buyer, seller, buyer’s agent, seller’s agent, mortgage loan originator (MLO) and the attorney for seller and/or buyer. The info sheet should contain the current mailing address, phone number(s), email address(es) of both the buyer and the seller. Verify the real estate commissions and or transaction fees, if any. Read the rest of this entry
What is a title examination, or title search?
Title examination is the most important phase of a real estate transaction. The examination determines whether the title is marketable. It informs the Purchaser and the Lender if the property being conveyed is free and clear of any liens, encumbrances or judgments that may have arisen during prior ownership. It’s a close examination of all public records that involve title (deed) to a piece of real estate. The person conducting the search looks at past deeds, wills, and trusts to make sure the title has passed correctly to each new owner. The examiner tries to verify that all prior mortgages, judgments, and other liens have been paid in full. Read the rest of this entry
By understanding what title insurance is and what it covers, it can be the most important piece of your new home purchase! Title Insurance may seem like an extra expense, which just doesn’t seem worth it, especially after the expensive undertaking of the purchase of the home, paid escrow funds, realtor fees, fees for property taxes, inspections and for a title search. But in the end, title insurance does exist for good reason, it is a smart move on the buyers part. Read the rest of this entry
Escrow as Earnest Money
Earnest money, also known as escrow, refers to the money a buyer includes with their purchase offer to indicate to the seller that they are serious about purchasing the property. Yet, that is not the only use of the word. It can be used as a verb or a noun, even an adjective. It is used as a noun, as it is defined previously. As a verb, it means to place an item into an account. And to be used as an adjective, you may hear the term “escrow agency”, a company that has fiduciary responsibilities over a transaction. For the purpose of this blog, it means earnest money. Read the rest of this entry