Everytime I run into my friends, their first question to me is, “how’s the market?”
Their second question is, “are things getting better?”
Steve Harney, a national Real Estate prognosticator, wrote an excellent article on this matter. READ MORE . . .
Many years of knowledge and experience—That’s the reason to choose Columbia Title as your closing agent. We have the distinction of being one of Florida’s most reputable title companies, with unmatched skills in providing answers to your questions and resolving your issues quickly and professionally. Most importantly, we have a commitment to unparalleled service in the industry that continues to grow with each transaction.
At Columbia Title, we provide the personal touch so often lost in today’s fast-paced world of real estate. You are always welcome to call us. Our friendly and helpful staff would be honored to provide you and/or your clients with an estimate of the cost of title insurance.
What is the purpose of title insurance?
Simply stated, the purpose of Title Insurance is to protect the most important investment most people will ever make—their home. Title Insurance plays a major role in making home ownership safe and secure, providing protection against a number of title defects that could jeopardize an individual’s interest in the property they have just purchased.
What are the risks of not having title insurance?
Risks include an unsatisfied mortgage, liens, judgements, unpaid taxes, and other recorded claims against the property. Mistakes such as incorrect marital status of previous owners, recording errors, improper foreclosure actions, and improper probate proceedings for prior owners are among the causes of title defects.
What does the lender require?
The loan policy protects a lender against loss due to unforeseen title defects, but it does not protect the individual purchasing the property. This is a requirement of mortgage lenders. An owner’s policy is the only protection against this type of unforeseen risk.
What information is needed to submit the transaction to Columbia title?
The information we need to process a transaction includes:
- Names and phone numbers of Realtors®
- Contract For Sale and Purchase
- Buyer’s and Seller’s full names, addresses, and telephone numbers
- Mortgage lender, name of loan officer, and telephone number
- Seller’s current mortgage lender and loan number
- A copy of the prior title policy (if available)
- Homeowners’ Association name and address
Understanding Title Terms
Title is the right of ownership of property. Title gives the owner the right of possession and control of (as in to sell and convey) the property.
Title Search is a document history and detailed report of all transactions recorded in the public records affecting a specific property.
Title Defect is a problem with the title which prevents the title from being marketable. Examples of title defects are prepaid liens, such as tax liens, code enforcement board liens, and judgment liens. Title defects also include a deed or mortgage that was improperly executed; an error in the legal description; an encroachment, easement, or right of way. Title defects must be corrected before good title can be transferred by the Seller.
The Wall Street Journal is doing a series of articles on the impact shadow inventory will have on the housing market. In the first article, Shadow Inventory: It’s Not as Scary as It Looks, they address why no one should be overly concerned:
“There are several reasons why the shadow inventory isn’t as scary as it sounds: It’s concentrated in a handful of markets—it isn’t inherently a national phenomenon. It is being offset by improved demand, particularly from investors.”
We could not agree more.
As we have explained in earlier posts, the demand for homes is definitely increasing and the excess distressed inventory will be confined to a small number of states. (However, in the states that do have larger supplies of shadow inventory, prices will continue to feel some downward pressure.)
Housing analyst Ivy Zelman probably put it best:
“Just like the Wizard of Oz, shadow inventory is not very intimidating once you pull back the curtain.”
That doesn’t mean that there should be no concern, just that it is not as big a challenge as some profess. As Zelman explains:
“The bathtub is almost full, but the water has stopped rising, and we are most concerned with how fast it drains.”
Source: KCM Blog (with permission) August 16, 2012