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A Beginner's Guide To Real Estate Investing Strategies
If you're thinking about investing in real estate to make money, you need to first determine your financial goals. Do you need to make money quickly, invest for your children's college fund, or build wealth for your retirement? Once you determine...
Finding The Best Real Estate Agent
Finding the appropriate time to leave behind the unforgettable moments that you experienced in your home is sometimes stressful, but it's always the time to move forward to get a new investment. Statistics in Las Vegas real estate show that the...
How To Get Started Investing In Real Estate
If you want to make money investing in real estate, you have to begin with a plan. Here are some ways to get started investing in real estate. Choose a plan that works for you.
If you don't currently own your own home, that's the best place to...
North Carolina Real Estate – Mountains, Coast And Tobacco Road
North Carolina has much to offer and is booming. North Carolina real estate is on the move as well.
North Carolina
North Carolina is a state with a variety of styles. Head to the mountains and you’ll find a slower, gentler pace of life in...
What is second mortgage?
What is a second mortgage? A second mortgage is a loan that is secured by the home itself, and subordinate to the first mortgage. Any mortgage taken out against a home in addition to an already established mortgage automatically becomes a second...
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Understanding Title Insurance
Title to a property is a record detailing the owners of the property and rights associated with the ownership. Title typically shows a progression of ownership from the first owner to the current one. Title is a fairly simple concept, but when it goes wrong it is a nightmare. That is where title insurance comes in.
Title Insurance
Title insurance guarantees that the title on a property is marketable when you purchase the home, condo, land, etc. You should always pay for title insurance. It typically costs a few hundred dollars and will save you a bundle if problems arise.
When you buy title insurance, a title insurance company researches the title for the property. The insurance company will look to see if the title is clear. “Clear” simply means that the seller is truly transferring title to you and no other person can claim ownership. While this sounds fairly simple, rest assured that title problems arise all of the time.
Title Problems
You might be wondering how you could possibly have title problems. Here are a few examples:
1. Divorcing Couples – Divorce is unpleasant and sometime very ugly. In particularly nasty situations, one spouse may attempt to sell a home without telling the other. To gain clear title, you need both spouses to sign off on the sale. If you don’t, you are going to become a party of the divorce proceedings. Now, wouldn’t that be
fun?
2. Estate Sales – If you are purchasing a house as part of an estate sale, there can be real problems. The heirs may not be getting along and in an effort to “get what’s mine”, may try to sell the residence without including all the heirs in the transaction. If you buy this home, you could end up involved in a lawsuit filed by an heir left out of the transaction.
3. Ingress and Egress Issues – Title to a property can have technical issues related to egress and ingress. Occasionally, one finds title to a property that is so messed up that the owner doesn’t have the right to enter or leave the land because to do so would require crossing another person’s property. In short, the property is landlocked and something must be worked out with the neighbors. Typically, a solution comes in the form of hard, cold cash…lots of it.
These are just a few issues that can arise with title. With real estate, unique issues can arise all the time.
If you buy title insurance, you don’t have to worry about problems with title. If a problem arises, you calmly pick up the phone and call the title insurance company. The insurance company will come up with a solution, even if it means paying you for bad title.
About the Author
Raynor James is with FSBOAmerica.org - sell and view homes for sale by owner online. Sellers list your home for free the first month.
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