Why Buy Title Insurance
Your long home-buying journey is almost over. You found the home you love, the seller agreed to your offer and now it’s time for closing. Of course, there’s a lot to think about right now, and the last thing you want is something to go wrong. So make sure you work with an experienced closing agent to help ensure the details come together and everything runs smoothly.
As soon as the seller accepts your offer, the behind-the-scenes work begins. You can expect closing to happen within 30 to 90 days.more
Whenever there’s an article in the news about title insurance, all too frequently there is criticism about the cost. This perception occurs because there are fewer claims with title insurance compared to other forms of insurance. The higher percentage of claims an insurance company pays should not be equated with the value and cost of the policy. This is especially true with title insurance.more
When you buy real estate with all cash out of your own pocket, and you don’t have to borrow any money to help pay the purchase price, the only title policy you will need to purchase is an Owner’s Policy, since you are the only one with an interest in the property. But if you need a loan to help pay for the property, your lender will require you to sign a mortgage putting a lien on your property to secure the loan. The lender will also require you to buy a title policy insuring their lien on your property, and that title policy will be a Loan Policy. So, the easy answer to the above question is: You have to buy a Loan Policy because your lender requires you to do so.more
We have previously discussed several types of estates in land, all of which can exist simultaneously on the same parcel. These were fee simple, leasehold and easements. Today we are going to talk about other types of concurrent ownership of real estate: Joint Tenancy, Tenancy in Common and Tenancy by the Entirety.more
In one of my earlier blogs, I discussed the different parts of the title insurance policy. One of the parts of every title insurance policy is the part dealing with Exclusions from coverage. In that blog, I said this about the Exclusions:more
Because a title policy is retrospective in nature, it is necessary for the title company to know the history of the land to be insured by the title policy. This history contains information regarding who owned the land previously, any mortgages or deeds of trust that have been put on the property, and any easement, assessments, liens, or other matters that have been placed on the property. But how does the title company go about finding out this information?more
Think of a parcel of land not as a piece of dirt, but as a bundle of sticks, with each stick representing a specific interest in that land. One of the sticks is the right to actually be on the land, called the right of possession. Another stick entitles you to convey all or part of the land to someone else, this is the right of alienability or transfer. Another stick entitles your heirs to inherit the land on your death if you die without a will; this is the right of inheritance. Another stick entitles you to mortgage or put a lien on the property, and so on.more
Is it mandatory for a seller to pay for title insurance in Oregon, especially if they were sole owner of home from the day it was constructed? We don’t know of any particular law that states that a seller or buyer must pay for title insurance when it comes to selling or buying a home. The question you’re really asking isn’t about whether there is a law that requires you to buy that title policy.
She can’t transfer the title of her house to her children because of an old outstanding mortgage of $80,000 on her home. The mortgage was with a private individual who was never taken off from the previous sale of that particular house more than 30 years ago. The lawyers are deceased, and no one can help her. What does she need to do?
"I have worked with Midland for numerous years and continue to remain loyal to them based on their quality of service and attention to detail. They work seamlessly with my support staff to carry a transaction from contract to closing. In addition, they always offer help wherever possible and are willing to go the extra mile. They are an extension of my business and always provide my clients the same professional service and personal attention I strive to provide. "
- Craig Rush, Realtor – Danberry Realtors
"Having been in the Real Estate business for 40 years I am extremely pleased with the level of service and professionalism provided by Midland Tile. The in-depth staff at Midland assures our team along with our clients, that details will be handled in the most professional way on every transaction. We can always count on you and your team."
Lance Tyo, Broker – RE/Max Preferred Associates
"In my thirty plus years of selling real estate in the Toledo area I have found Midland Title to be one of the very best Title Companies for service, timely response to questions and a staff of professional people who help make the closing process a truly enjoyable experience. "
- Mark H. Kruse