Risk
title company
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.
Not sure but i think can't transfer real estate title insurance to buyer
The seller is required to provided a clear title; purchasing title insurance is generally a part of this.
You could obtain a duplicate title from the DMV.
In New Mexico, the buyer typically pays for title insurance, although this can be negotiated between the buyer and seller during the real estate transaction. It's common for the seller to provide a title insurance policy for the buyer, especially in competitive markets. Ultimately, the responsibility for payment can vary depending on local customs and the terms outlined in the purchase agreement.
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.
Title insurance typically includes coverage for losses due to defects in the title to a property, such as liens, encumbrances, or claims against the property that were not discovered during the title search. It protects against issues like fraud, clerical errors, or undisclosed heirs that could affect ownership rights. The policy generally covers legal costs associated with defending against such claims. Additionally, there are two main types of title insurance: owner's policies, which protect the buyer, and lender's policies, which protect the mortgage lender.
In Florida, the responsibility for paying title insurance can vary based on local customs and the terms negotiated in the purchase contract. Typically, the seller pays for the owner's title insurance policy, while the buyer often pays for the lender's title insurance policy if they are financing the purchase. It's essential for both parties to clarify these details during the transaction process.
Yes, when a title company closes an escrow without issuing Title Insurance, they typically require the buyer to sign a specific disclosure form, often referred to as a "Title Insurance Waiver" or "Title Policy Disclosure." This form informs the buyer that they are not receiving title insurance and outlines the implications of that decision. It's important for buyers to read and understand this document before proceeding with the transaction to ensure they are aware of the risks involved. Always consult with a real estate attorney or professional for guidance in such situations.
In Kentucky, the buyer typically pays the title insurance premiums, although this can be negotiated between the buyer and seller during the closing process. It is common practice for the buyer to cover the cost, as they benefit from the protection provided by the insurance. However, the specific arrangements can vary depending on local customs and the terms of the purchase agreement.
In Massachusetts, the seller typically pays for the title insurance policy for the buyer, which is customary in real estate transactions. However, this can be negotiated between the buyer and seller as part of the purchase agreement. The buyer may also opt to purchase an owner's title insurance policy for added protection, which they would pay for separately. Ultimately, the responsibility for payment can vary based on local practices and individual agreements.