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Showing posts from October 21, 2007

Costs Of Settlement - Title Insurance

Home Sale Services, Inc. (www.homesaleserviceinc.com) has launched a series of articles addressing the costs of real estate settlement. The second article in the series pertains to Title Insurance.One of the costs of a real estate purchase is title insurance. Title insurance is required by all lenders in Pennsylvania when providing funds (mortgages) to purchase real estate. It insures that the title to the real estate is free from any claims affecting the purchaser’s ownership. It protects the owner, and the lender, from losses incurred by past mortgages and debts, judgments, mechanics liens, divorces, defects in title, documents misplaced in courthouses, boundary line disputes, unpaid taxes, and other concealed problems, like forgery or other frauds.WHAT IS THE COST?In Pennsylvania title insurance rates have been set by the state legislature. The premium is generally calculated on the value of the interest, which you are purchasing. An owner’s policy is issued at the time of the purc…

Basics of Title Insurance

Buying a home is a long process that requires a lot of different things to all come together at one time.Once you have gotten past one hurdle, you find that there is something else you have forgotten to do or think about in your home buying transaction.One thing that is commonly cast to the side is the title insurance. When you line up your mortgage and financing, the lender will probably assign a title company to your home, but that doesn’t mean you should just stop there and forget about it all together.It is important that you research the title company and understand the title process before you proceed so you do not run into problems down the road.This can save you a lot of time, energy and stress in the long run. A recent article by Bobbie Sage of about.com, “What you need to know about your title insurance company,” discusses some important things that every homeowner should know about title insurance and the company you are working with.So for all of you out there who are buyi…

Title Insurance Software

A comprehensive title insurance software package will help your company reduce costs, increase productivity and shorten title production time. It should enable a company to automate title production, escrow closing and settlement, recordation and policy issuance and allow for interactions with lenders, real estate agents, vendors, buyers and sellers more efficiently.Insurance software is a widely varied and specialized industry. There are an numnber of types of insurance software available. One of those types is title insurance software.An effective title insurance software package should allow for automated settlement processing of mortgages, generate estimated closing fee costs, print published documents, centralize closing documents, upload email and fax documents and keep a history of all interactions and transactionsThe program should be easy to use, provide excellent customer service, connect stakeholders in title Issuance and settlement transactions with a user friendly interfa…

Enhanced Title Insurance - Who Needs It?

Why have title insurance in the first place? Because it protects one of the most important investments you will ever make...your home or investment in real estate! And because your lender will require it.When preparing for your real estate closing, the closing agent will conduct a "title search", which means that they search the courthouse records for the chain of title on the property you are purchasing. Some of the things they look for include:Any outstanding liens or judgments on the property Any unpaid taxes, special assessments or homeowners association charges Zoning violations Fraud Easements Mistakes in any recorded documents Forged or improper information on deeds, releases or wills Any undisclosed heirsBecause your lender is providing the money for your purchase, they want to be sure that the property is free of encumbrances.There are two main types of Title Insurance:Lender's (or Loan) Policy - This policy is issued in the amount of the loan and protect…