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Does title insurance in a special warranty deed protect the buyer from any other defects of title that are old?
title company
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.
Can you transfer real estate title insurance to a buyer?
Not sure but i think can't transfer real estate title insurance to buyer
Is the buyer or seller responsible for title insurance in Texas?
The seller is required to provided a clear title; purchasing title insurance is generally a part of this.
Can you send totaled car title to insurance company with no buyer signature?
You could obtain a duplicate title from the DMV.
Need title insurance?
Yesm, as a buyer of property (even with a warranty deed), you should require the seller to obtain title insurance to back up its claim of ownership. Otherwise, when you receive their worthless ownership in the form of a deed, without title insurance, you might never recover the cost of the property, when it happens to belong to someone else you never heard of. Similarly, as a buyer, you will want title insurance for your own peace of mind; knowing that you won't have to pay to quiet title, or sue the sellers on the warranty, in the event there is ever a dispute. As a lender, you must insist on title insurance, to protect the value of your security interest against seizure by someone with a better claim than your borrower.
If Property has a lien that was not found by title insurance company what are the owners options?
Generally speaking, if the owner purchased title insurance the lien should be paid by the title insurance company. If not and the lien was recorded and missed in the course of the title examination the attorney who certified the title to the buyer should be contacted. Her malpractice insurance should pay the lien.
Does title insurance protect the buyer of property against subsequent claims for unpaid condo fees?
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.
What difficulty did insurance companies face in under-writing a policy of title insurance?
in order to ensure the validity of title for a buyer, title insurance companies had to also track prior owners of the land and determine if the land had any easements, liens, or other encumbrances
What is the wording in the body of a deed when no title search was a title search wasn't done and title insurance not issued?
The wording in the deed is no different just because the buyer did not want to pay for a title search and title insurance. The responsibility is with the buyer to know what he/she is getting when he buys the property. You can sue after the fact, but good luck if you don't take responsibility to have the property checked out.
Private seller has title of used car that is being paid for by buyer does the buyer have to get full coverage insurance to register the car and get a tag for the car?
In my state you only need to have Liability insurance the get a title and register the vehicle. If, however you have a loan on the car the lender will require you to have full coverage.
How does title insurance affect the seller who had no title insurance?
A seller with no title insurance:If a person has offered their property for sale and accepted an offer to purchase generally the intelligent buyer's attorney will have the title to the property examined by a professional title examiner. If the title exam reveals a defect in the title and the seller was not covered by a title insurance policy then the seller must pay to have the defect resolved. Title defects can be very costly to resolve.Generally, if the seller chooses not to have the defect resolved the buyer can back out of the sale and get their deposit back. However, the seller has been put on notice regarding the defect.The new owner's title insurance:The new title insurance does NOT affect the seller in any way. Coverage is given only to the new owner under the Owner's Policy. If the seller cannot clear the defects and the buyer still wants to purchase the property, the issuing Title Agency has the option of insuring the title, but excepting the defects from coverage to the new owner. Thereby, the risk is assumed by the buyer, not by the Title Agency.
