Title Insurance Protects Your Financial InvestmentWritten by Neda Dabestani-Ryba
Title Insurance Protects Your Financial InvestmentBy Neda Dabestani-Ryba Prudential Carruthers REALTORS You purchase homeowners insurance to protect yourself financially in case something happens to your property or its contents. However homeowners insurance won't protect your financial interests if a matter arises regarding past ownership of your property. That is where title insurance comes in. Only title to land and not land itself can be purchased. So, unless a homeowner possesses a clear title, he or she risks losing his/her home and land under it. Title insurance guarantees title as reported. Actually there are two types of title insurance: lender policy and owner's title insurance. Most lenders require a loan policy when they issue you a loan to protect their interest (the amount they loaned you) should a problem arise. The policy amount decreases each year and eventually disappears once loan is paid off. Therefore owner should also have title insurance to protect his/her financial interest. Only owner's title insurance fully protects buyer. Should hidden defects surface at any time challenging an owner’s rights, title company will defend title, in court, if necessary, and cover owner’s losses up to full value of policy. But before title insurance is issued, title company (or attorney, depending on local practices and laws) performs a title search. A title search involves searching public land records to ascertain if seller has legal right to sell property. The title company will:
| | Buying a Newly-Built Home? Ten Benefits of Using a Real Estate ProfessionalWritten by Neda Dabestani-Ryba
Buying a Newly-Built Home? Ten Benefits of Using a Real Estate ProfessionalBy Neda Dabestani-Ryba Prudential Carruthers REALTORS It might not seem necessary to involve a real estate professional in a transaction where a buyer can deal directly with a builder. However, by using a real estate professional, you have someone to protect your interests and guide you along right path. Here are 10 advantages to using a real estate professional when buying a newly constructed home. Just as a real estate professional calls on experience and knowledge of an area to help buyers locate pre-owned homes in a community, he or she can also direct buyers interested in newly-built homes to developments and communities that match client specifications. A sales professional can suggest builders with reputations for delivering a high-quality product, responding quickly to issues, and being financially sound. A sales professional may be familiar with how a builder prices his products and where there may be room to negotiate price or upgrades. Without representation, you are one buyer purchasing only one home. But a sales professional can significantly impact a builder’s bottom line by providing a steady supply of customers. This leverage may work in your favor at negotiating table. [Note: The builder may require your sales professional to accompany you on your first visit to site. Check with builder.]
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