0
Does title insurance protect the buyer of property against subsequent claims for unpaid condo fees?
Wiki User
∙ 8y ago
Title insurance protects a buyer in the sense that the title insurer has scoured all public records to determine whether or not the title is 'clean', that is free from claims, encumbrance or other clouds.
If the association has filed a lien against the seller for unpaid assessments, this will be a public record that the title company can find.
Without a lien, the new buyer should not be subjected to the debt of a seller's unpaid assessments.
If the association is billing you for unpaid assessments owed by a previous owner, you can take this evidence to a common interest community attorney who can write to the association and notify it that the debt is not yours.
Wiki User
∙ 8y ago
Add your answer:
Earn +20 pts
The Federal Crop Insurance Corporation managed by this department sells insurance to protect against problems with weather insects and disease?
The Federal Crop Insurance Corporation managed by this department sells insurance to protect against problems with weather insects and disease is agriculture.
What is title insurance?
Title insurance is insurance against loss from defects in title to real property and from the invalidity or unenforceability of mortgage liens. It is available in many countries but it is principally a product developed and sold in the United States. It is meant to protect an owner's or lender's financial interest in real property against loss due to title defects, liens or other matters. It will defend against a lawsuit attacking the title as it is insured, or reimburse the insured for the actual monetary loss incurred, up to the dollar amount of insurance provided by the policy. Typically the real property interests insured are fee simple ownership or a mortgage. However, title insurance can be purchased to insure any interest in real property, including an easement, lease or life estate. Just as lenders require fire insurance and other types of insurance coverage to protect their investment, nearly all institutional lenders also require title insurance to protect their interest in the collateral of loans secured by real estate. Some mortgage lenders, especially non-institutional lenders, may not require title insurance. A buyer should insist upon title insurance, even with a warranty deed, because it will help avoid having to pay to quiet title or obtain a refund from the seller when it turns out they never actually owned the property rights described in the deed. An owner's title policy is a one-time expense and effective for the entire period that the buyer owns the property.
What is identity insurance?
It's insurance designed to protect you against loss should someone appropriate your identity and use it to make unauthorized transactions.
What type of title insurance is requested by lenders?
A Lender will require a Lenders Title Insurance policy if they are extending credit on a property. The Lenders title insurance policy is based off of the Loan amount that the borrower receives. It will only protect the lenders interest in the property if a problem arises on title.
Can a house be sold without a title?
Title insurance is required in most states. This is not the same as an automobile title. Title insurance is designed to protect the home buyer and the lender. Title companies research public records to determine if a property has liens against it that may put the investor or home buyer at risk.
Are debris removal companies required to have insurance to protect against injury or damage to property?
All legitimate businesses have insurance to protect against injury and/or damage to property. Before engaging the service of any contractor, it is wise to make sure that the contractor is sufficiently insured.
What kind of insurance is the Landlord Property Insurance?
Landlord Property Insurance is insurance that a landlord should have on any properties that he or she owns. Landlord insurance will protect the landlord from any damage that may happen to the property as well as any liability claims that may be made against the Landlord.
Why do you need property insurance?
To protect your property and if anything were to happen to it your insurance can help you finically.
Property and Casualty Insurance?
form_title=Property and Casualty Insurance form_header=Minimize your risks. Protect your property, assets, and business against its losses with property and casualty insurance. Is your business in a flood or natural disaster zone?= () Yes () No Do you have an existing policy for property and casualty insurance?= () Yes () No Number of buildings needing insurance?=_ Have you ever filed any claims on this property before?= () Yes () No
Should landlords obtain insurance to protect their property?
Yes, landlords should obtain insurance to protect their property. It is always a good idea because it will protect their property and insure that if something happens to it, it will be fixed.
What can you do to protect beachfront property?
You can do flood insurance and built seawall to protect beachfront property. baja247.com
What is the purpose of rent guarantee insurance?
Rent guarantee is a form on insurance where for a relatively small annual fee, landlords can protect against loss of rent from property renters. It is a very useful form of insurance.
What does liability insurance protect against?
You can be sued for injuring someone, even unintentionally (as when someone gets hurt on your property). Then you are liable for damages. Liability insurance pays the damages if you lose a lawsuit.
Is shop insurance available at State Farm?
Retail and food shop insurance is available through State Farm Insurance agency, and may protect you against theft/vandalism or a lawsuit so you do not lose your personal property.
What financial instrument can protect against people defaulting on your loans?
Secure the loan against property their property.
Is your small business insurance a good value?
Business property insurance policies " sometimes called commercial property insurance " protect your property, as well as inventory or assets, against loss or damage caused by theft, an accident or some other means. Your business property insurance protects you even if the property is away from your place of business when it is damaged or lost. The policy covers your costs to replace or repair the property and, in some instances, compensates you for items that cannot be replaced.
Why is it that the people who own vehicles are the logical candidate for insurance?
The have the property to protect.
