Title Insurance

Why Lenders Require Title Insurance When Refinancing Your Home
By Matt Unangst, 23 Jan 16:37
• Refinancing is no different from the original loan to the lender • A lender’s policy is valid only for the life of the loan, a homeowner’s policy stays valid as long as you own your home • New liens could have emerged since you bought your home • Discounts may be available for refinancing read more
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Why Do You Need Title Insurance?
By Matt Unangst, 23 Jan 16:36
• Protects your ownership to the property • Protects your lender’s investment in your home loan • A title company will search records for any possible clouds on your title – title companies focus on risk prevention, not reimbursement for damages • Any problems that arise later will be dealt with by the title company read more
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Who Pays Title Costs?
By Matt Unangst, 23 Jan 16:35
In California, responsibility for title costs varies by county. You always have the option to negotiate title cost payment when buying or selling property, but here is a list by county of who normally pays title costs: read more
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Understanding Title Insurance Requirements for Insuring Living Trusts
By Matt Unangst, 23 Jan 16:17
• Only the trustee can own or control real property for the trust • A title company requires some paperwork for trusts holding titles • A trustees actions are limited by the trust agreement read more
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Understanding Preliminary Title Reports
By Matt Unangst, 23 Jan 16:07
• Report created by Title Company prior to issuing of title insurance • Work on a Preliminary Report begins just after escrow opens • IS NOT title insurance, just a report • Title Companies can still protect your interests through “binders” and “commitments” prior to the closing of the transaction • Look for the extent of your ownership rights on the Report • Includes a listing liens and encumbrances that won’t be covered • Liens and encumbrances that are covered will not be on the Report • Work with the seller and seller’s agent to clear liens prior to purchase read more
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Title Insurance – Where Does Your Dollar Go?
By Matt Unangst, 23 Jan 16:00
• Title Companies focus on risk elimination • One-time premium to eliminate risks before they can happen • Title Companies search records to make sure there are no other claims to the property • Most fees go to pay for this labor-intensive process • Title Companies are required to post their fees read more
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Title Insurance
By Matt Unangst, 23 Jan 15:58
• Protects owners and lenders from ownership disputes • Two types: owner’s and lender’s • Most lenders require lender’s title insurance • Rules on who pays title insurance vary from county to county • Rates vary – do some comparison shopping • Many title companies offer discounts for various reasons read more
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The History of Title Insurance in California
By Matt Unangst, 23 Jan 15:58
• Primitive system under Mexican government • First legislature in 1850 created new title record system • A new title industry followed this legislation • Abstractors hired to do work delegated by attorneys, mirroring system already in place in other states • Abstract system fell out of use because it was too ponderous – replaced by title certificate system beginning in 1870s • Real estate boom in 1886-1887 in Los Angeles • Impetus from legal decision allowing corporations to insure titles • Insurance commissioner given oversight over title insurers in 1887 • Pioneering companies: California Pacific Title Insurance Company of San Francisco and Title Insurance Trust Company of Los Angeles • Escrow began in the 1890s read more
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