Owner's title insurance fully protects you if a problem surface with the title that was not uncovered during a title search, and pays for any legal fees involved in defending a claim against your title to the property.
Anything you might want to know about your property or its "chain of title" is usually found in a records search. The one-time fee paid for title insurance goes toward administrative fees for searches at large research facilities where the histories of properties and property titles are stored. In some cases, the chain of title could trace back to the early 1800s or when land records were first recorded in the U.S. That is a lot of paperwork. Short searches are common in residential transactions, including searches one to three deeds deep in the chain.
What does it cover?
Remember that Homeowners Insurance covers ALL of this, and isn't that what you want?? Full coverage is good! :-)
Basic owner's title insurance:
- Title to the property
- Incorrect signatures on documents
- Forgery, fraud
- Defective recordation
- Restrictive covenants
- Encumbrances or judgments against the property Basic lender's title insurance:
- Mechanic's liens and unrecorded liens
- Unrecorded easements and access rights
- Defects and other unrecorded documents Extended owner's title insurance:
- Building-permit violations
- Subdivision maps
- Covenant violations
- Living trusts
- Structure damage from mineral extractions
- Encroachments and forgeries after title insurance is issued
If you know anyone who is thinking about buying a home, our next class is Saturday, June 23, 2012, at the Vancouver YMCA located at 11324 NE 51st Circle from 10am-2pm! With reservations, lunch is included.... :-)Please let me know if you have any questions! And again as always, if you are looking for a buyer's agent, please give me a call or drop me an email...I would love to help you with your home buying adventure!Please call, email, text, or even facebook me (at Tracie DeMars Real Estate Q&A) anytime with any questions, or if there is anything I can do to assist you with your home buying adventure! As a buyers agent, I am, as always, here to help!! :-D
Thank you again for your business and for your referrals!
If there is anything you would like to see on here...please let me know and I will make it a weekly note!
...as always...if you have already purchased a home, or no longer would like to receive these emails from me, please let me know and I will be happy to remove you from receiving any more.
Thank you again for attending the home buyer education classes, and I hope that you will continue to refer the classes out to your friends, family, and co-workers. Upcoming class dates and times are located at www.freehomebuyerclasses.com. Just click on the link on the left hand side. We appreciate your referrals and word of mouth! Also, if you have somewhere that we can place the flyers at, please let me know....
Next Week: Homeowners Insurance (aka Hazard Insurance)
Last Week: HUD homes
Remember that you can always go to 'Free Home Buyer Education' on Facebook for all of my weekly blogs and upcoming class dates/times/locations. I post the weekly blogs on there as well.
Have a great day, and I will talk to you soon,
Re/Max - Van Mall
360/ 903-3504 cell
360/ 882-3600 fax
find me on LinkedIn
“Interested in free and non promotional home buyer education? Go to www.freehomebuyerclasses.com for local upcoming classes!”
*****Remember that if you are interested I can, and will be happy to, set you up on an email that will automatically email you with new home listings in your area and price range as they come up on the market. This email will include all bank owned homes and anything with price changes. Just send me what you are hoping to find, your top 3 things in a home, and price range...and I will set that up within 24 hours for you!