I had a client recently who bought a house where the seller did not disclose that they had done some construction work recently and neglected to get all the proper construction permits. This has caused problems for the buyers after closing. And the title company they chose did not check for open permits. Read More
Shopping for a home means coming to understand Owner’s Title Insurance vs. Lender’s Title Insurance. It also means learning about home inspections, appraisals, title searches, and other steps inform buyers and sellers of possible complications with the sale. Homeowners need to understand mechanisms built to protect them, such as owner’s title insurance. Read More
Title Insurance And Reissue Rates: In the past, when you refinanced a loan in Virginia or Washington DC you used to have to have an existing title policy that was less than 10 years old in order to get the reissue rate. And you had to produce a copy for the title company. Then either the original title company, or even a new one, would be able to issue you a title policy with a reissue rate. A reissue rate saves quite a bit of money.
New home purchasers can get caught up in a wire fraud scam in a mortgage transaction by cyber criminals if they aren’t careful! This type of fraud is happening more often. Some borrowers are fortunate enough to have a bank that recognizes that money is being sent to a suspicious account and the wire gets stopped. Otherwise, the mortgage borrower can lose their entire down payment on the house. Read More
What Is Title Insurance? Title insurance is insurance against defects in title to real estate. It is meant to protect an owner or a lender against loss due to title defects, liens or other title issues. It will defend against a lawsuit against the title, or reimburse the insured for the actual monetary loss incurred, up to the dollar amount of insurance provided by the policy. Read More
What is owner’s title insurance? There are two types of title insurance policies that you will need to consider when getting a new mortgage. The lender will require you to purchase Lender’s Title Insurance, which protects the lender from future title issues. Yet, that doesn’t cover the homeowner. There is also Owner’s Title Insurance to consider, which is optional for the consumer to get. Read More
