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How do you find out if you purchased title insurance when you paid cash for property purchased in VA?
Wiki User
∙ 11y ago
Look on your closing documents. They should itemize all the fees related to the transaction.
Wiki User
∙ 11y ago
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My father purchased a Life insurance policy over 40 years ago how do I calculate the cash surrender value?
You call the insurance company and ask them.
Do you need title insurance if you are paying cash for a brand new home?
When paying cash for a new home, there are no regulatory laws that providing that you MUST purchase Owner's Title Insurance. However, an Owner's Policy protects you against liens and title defects that might have occurred during previous ownerships. A comprehensive title examination should always be performed to support the title policy. What if the builder of your new home never paid off a mechanic's lien against the property and it was never paid? Liens affect the property, not the previous owner. If the builder refused to pay the lien amount after the closing took place, you would have to either sue the builder or pay the lien and then sue the builder. If you had an Owner's Policy, the title insurance company would be required to defend the claim in court - all for the one-time fee you paid for the policy. It is a low cost, one-time fee insurance that is in effect for the lifetime of your ownership, whether you own the property for 1 year or 100.
Do you need both a title search and title insurance if you're paying cash for a condo?
The pros of paying for a title search and title insurance in this case include assuring yourself that you have clear title and total ownership of the unit you are buying.The cons of avoiding these fees are that you pay for a unit that you may not clearly own, or that may have liens against it for unpaid assessments, unpaid taxes, and so forth.In future, if you have established that you own clear title and complete ownership to the unit, you will be able to sell it with ease, based on your ownership of a clear title.If you chose to avoid both, you may not be able to pass along clear title to a future buyer without satisfying outstanding debts against the title, that you essentially purchased when you purchased the unit originally.Finally, title insurance assures you that if the company performing the title search 'missed' something, you will not be liable for whatever cloud shows up on the title in future that was missed in the title search.
How do you cash in an old policy with the Richmond beneficial insurance company?
How can I cash in a policy that was taken out with Home Beneficial Life Insurance in 1965. I cannot find any way to contact this company or who may have purchased tihis company. Please contact me at rbrandt107@comcast.net
Do you need title ins if you sell home for cash?
Title insurance is issued to the benefit of the buyer (new owner under an Owner's Policy) or lender (Loan/Mortgage Policy). As the Seller of the property, you need to be able to sell your property "free and clear" of liens, judgments and mortgages. The Seller, in many areas, is responsible for payment of the Owner's Policy, in other areas, it is a Buyer cost - and is always negotiable as to who pays for the property searches and/or final Owner's Policy. Most prudent buyers would not purchase a property without knowing whether or not that property is free and clear of liens. It is also up to the Buyer, even in a cash transaction, as to whether or not they want to have an Owner's Policy issued that insures them against the history of the property as to possible defects or conditions of title. So, if you are the Seller, the question should be directed to your Buyer. If they want a title search and title insurance, and it is written into your sales contract that you, as Seller pays for their Owner's policy then you are obligated to perform as per your sales contract. In the matter of a Lender being involved in a purchase or refinance transaction, they will always require a Lender's/Mortgage policy to cover their mortgage interest in the property.
Do i need title insurance cash purchase?
There are no laws requiring a person to take out title insurance on their property. However, it's wise to, at the very least, have a Report on Title (Search only) done on the property before you purchase. This is not title insurance, but a compliation of all searches for existing deeds, mortgages, liens, status of municipal liens, easements, restrictions, etc. After obtaining the Report on Title, you can decide if you are comfortable with the property status to proceed with or without getting an Owner's Policy to protect you against the history of the property as to all of the above.
Do you need title insurance if you are paying cash for a fix upper home?
Yes. Title insurance protects your title to the property regardless of the cost or whether you paid cash. Banks insist on a title examination for mortgaged property in order to protect their investment. A person who pays cash should also obtain a policy in order to protect their investment. Title defects are usually disclosed when you sell the property and the buyer's attorney arranges to have the title examined in order to protect their client's investment and their own liability. If the title exam discloses any defects in your title you will be responsible for the costs of having any problems corrected that can be costly. Also noteworthy is that people who purchase distressed properties on the cheap often do not have a thorough title examination performed in order to save money. Those properties are more prone to defects in the chain of title.
How do you get a copy of title insurance if title company is out of business?
If your closing was done by a Title Agen, which is most likely the case, they had to have an underwriter. You can go online to your State's Insurance regulation website, enter the company you dealt with and that should show who their underwriter was. If the underwriter is not listed, call the state's Insurance Regulatory office and ask. The Underwiriter should be able to provide you with a copy of you Title Insurance Policy. Remember that if you paid cash for a property you were not required to purchase an Owner's Policy.
HO insurance limit on stolen cash?
You will have to check your insurance policy. It depends on the limits and coverage you purchased. Most home insurance policies however do not cover the loss of negotiable paper such as cash, stocks, bonds nor bullion.
Is auto insurance cheaper for a new car?
Hardly ... the cost to fix a new car is far greater than an older one. The insurance must also cover complete loss, payable to the institution who owns it (has the title) ... that is not usually required in an older car purchased for cash.
How does someone buy property?
Property can be purchased with a loan from a bank or with cash. The deed must be signed to prove ownership and to begin paying property taxes one the land.
My father purchased a Life insurance policy over 40 years ago how do I calculate the cash surrender value?
You call the insurance company and ask them.
How do I get title insurance to make sure the car is registered properly?
You can get that at any insurance company or any title and tag service.. this really isnt something you need to get or reccommended to buy.. waste of cash
Do I need title insurance if I buy a home with cash and no mortgage?
Yes. You still need to protect your investment.
Do you need title insurance if you are paying cash for a brand new home?
When paying cash for a new home, there are no regulatory laws that providing that you MUST purchase Owner's Title Insurance. However, an Owner's Policy protects you against liens and title defects that might have occurred during previous ownerships. A comprehensive title examination should always be performed to support the title policy. What if the builder of your new home never paid off a mechanic's lien against the property and it was never paid? Liens affect the property, not the previous owner. If the builder refused to pay the lien amount after the closing took place, you would have to either sue the builder or pay the lien and then sue the builder. If you had an Owner's Policy, the title insurance company would be required to defend the claim in court - all for the one-time fee you paid for the policy. It is a low cost, one-time fee insurance that is in effect for the lifetime of your ownership, whether you own the property for 1 year or 100.
In MI Can one spouse buy a property cash without the consent of the other spouse?
With cash of course......Yes... Spousal Consent would be needed if the property was to be purchased by taking out a loan in both spouses names...But there are no laws requiring spousal consent for another spouse to make cash purchases of property...
What can we do to obtain a title on a car that my teenager bought from her friend with cash and the seller moved and promised they would mail the title but we have not received it yet?
title bond......contact your insurance company and ask them about it.
