When you buy a piece of land, you don't get handed the piece of land -- you are given title. Title is the owner's right to possess and use the property. How a home is titled can vary. For example, title might be held as tenants in common, as joint tenants, there may be a right of survivorship, or there might be a life estate in the home.
Title Insurance: What it is and Why You Need it
Title Insurance Can Clear Up Your Real Estate Headache
Title insurance, in general, offers protection against any problems with the title, or legal ownership status, of the home. Any lien against a home or competing claim of ownership could jeopardize your financial stake in it, as well as your mortgage lender's. So the lender's policy covers the lender's stake, while the owner's policy covers your personal stake.
What is your Title Companies Closure Rate?
The closing time for all loan types has increased by a day as of June to 43 days, up from 42 days the month before, according to Ellie Mae’s June 2017 Origination Insight Report The time to close a refinance stayed steady at 41 days, while the time to close a purchase loan advanced to 43 days, up from 42 days in May. The average 30-year rate for all loans deflated to 4.27 in June from 4.33 in May.
5 Home-Buying Nightmares Your Title Insurance Could Prevent
Imagine that you have found your dream home. Your offer is accepted, you close the deal, you move in. Then, just as you’ve started to make the house your own, the mail carrier delivers news that turns your world upside down: There was a lien against a previous owner, and now it’s been passed on to you.
$3.28 Surcharge on Florida Title Insurance Policies
As previously reported to you, the Florida Office of Insurance Regulation (“OIR”), required all Florida title insurance underwriters to pay assessments for two failed title insurance underwriters, National Title Insurance Company and K.E.L. Title Insurance Group. The Department of Financial Services (“DFS”), as receiver, requested the assessments to pay the claims and administrative costs for both failed underwriters.
SETCO offers On-line Title Request Form
MIRAMAR BEACH-September 21, 2012 – SETCO Services, L.L.C. is introducing a new avenue for real estate agents, attorneys, lenders and mortgage brokers to input their title order requests through the SETCO Services website.
When you visit the SETCO Services homepage, simply click on the Title Order Request form, fill out the corresponding information and upload the contract. The information will be sent to the respective processor or closer of your choice and they will begin working on that order. If needed, the processor will be in contact with you with questions regarding the file. “This will be a huge help to both the agent and processor in retrieving vital information to get a file started”, stated Holly Jalbert, Closer for the Miramar Beach office.