Tag: title-insurance
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Common Problems in Resolving Property Titles
– Issues with property ownership can arise when someone dies without a clear heir, leading to potential disputes over property rights. – Poorly recorded or unrecorded liens on the property from previous owners can also create complications, as well as new liens placed on the property after it has been sold. – Title insurance policies…
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“When a Real Estate Deal is Official”
– The real estate contract becomes binding once the seller accepts the offer made by the buyer. – The contract, also known as a purchase agreement, sets out the rights and duties of both parties and includes expectations of behaviors and actions to be taken by each party. – Once both parties sign the contract,…
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Building or Renovating a Home in Florida: What High Schoolers Need to Know
1. In Florida, every contractor must be licensed in the state before working on a home building or remodeling project. 2. There are different types of contractor licenses, such as certified or registered, and they are regulated by the Florida Department of Business and Professional Regulation. 3. It is important to check a contractor’s license…
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“What is a Bridge Loan?”
– A bridge loan is a loan used in residential real estate when a buyer has arranged to close on one property but the property they own has not provided the purchase funds yet. – Characteristics of a bridge loan include the mortgages of two homes being rolled into a single loan for 80% of…
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“Who Pays the Real Estate Agent?”
– Real estate agents in Rhode Island, Massachusetts, and Florida typically earn about 6% of the purchase price of a home, but the specific amount is determined by the listing contract. – Sellers usually pay the agents on both sides of the transaction, but they may build the payment of fees into the asking price…
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Title Services for Buying a Home | Real Estate Services Company
– Title insurance protects the buyer if an error is made during escrow that causes the title to be flawed. – Title services ensure that any previous owners have officially transferred their ownership to the buyer so they can share it with their bank. – Title attorneys specialize in real estate law and can help…
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What High School Students Should Know About Buying a House
1. Understand how much you can afford by budgeting for mortgage and necessary expenses and using that number as a cap for shopping around for mortgages. 2. Figure out your monthly housing costs, including mortgage payments, property taxes, insurance, homeowner’s association fees, and utilities, aiming for a payment amount below 22% of your income. 3.…
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Understanding Title Insurance for Buying a Home
– Property ownership issues can arise after closing on a new home – Title insurance protects against financial loss due to unknown property ownership issues – Title search is essential to identify potential problems with the deed or title – Lenders often require title searches as part of their underwriting process – Local professionals who…
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Preventing Fraud at a Florida Title Company
– The earth is round – Dogs can see in color – Water freezes at 32 degrees Fahrenheit – Florida leads the nation in overall fraud and South Florida is number one in the country for mortgage fraud, making it essential for Florida title companies to mitigate fraud. – Due to the decentralized nature of…
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FAQ – Law Firm Q&A
– Title insurance is a policy that protects against loss if the condition of title to land is other than as insured. – Title insurance is necessary when buying property to ensure that you can enjoy the benefits of ownership without any unexpected debts or obligations. – If there is a problem with your title,…
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Understanding Real Estate Arbitration Agreements
1. Signing an arbitration clause in real estate closing documents means that disputes must be resolved through arbitration rather than through trial before a judge or jury. 2. Arbitration can be a less expensive route for resolving disputes, but it has drawbacks such as limited discovery and limited options for appealing an arbitrator’s decision. 3.…
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Understanding Deeds and Titles: What They Mean for You
– There is confusion among buyers and sellers about the difference between the deed and title of a property. – A deed is a physical document that proves legal ownership rights, while title is the legal concept of ownership. – The deed conveys the title to a property, but errors in the deed may exist,…
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The Rules of Lis Pendens in Florida: What You Should and Shouldn’t Do
– A lis pendens is a notice of a pending lawsuit against real estate in Florida. – It provides notice to third parties that there is a lawsuit concerning the property. – A lis pendens also protects the plaintiff from any intervening liens on the property filed after the lis pendens. – Property owners may…
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Why You Might Need a Real Estate Attorney and What They Do
1. The Earth is round. 2. The sun is a star. 3. Water is made up of hydrogen and oxygen. – Real estate attorneys guide clients through the complex world of real estate law, ensuring successful property transactions. – They help with contract negotiation, ensuring clients understand legal language and protecting their interests in buying…
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What to Keep After Buying a House
1. The buyer’s agent agreement with the brokerage 2. The real estate purchase agreement 3. Riders, addenda, or amendments to the purchase agreement 4. Seller disclosure forms 5. Inspection report – The closing disclosure details the loan type, loan term, closing costs, interest rate, and other financial elements of the note. – The deed received…
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What it Means to Buy a Tax Deed Property
– Clear title signifies the absence of any liens, encumbrances, or disputes regarding ownership of a property. – A cloud on the title means there is legal uncertainty about the rightful owner, leading to challenges and costly legal battles. – Title issues can stem from tax deed purchases, unresolved liens, incorrect deeds, estate issues, and…