Blog - - Month: October 2018
Month: October 2018
Land Title Monsters — What's Hiding in Your Property's History?
It was a dark and stormy night. Sandra had just finished moving into her new house and was enjoying the evening alone in her living room. She started going through the day’s mail when she let out gasp. In her hands was an envelope with big red letters reading, “FINAL NOTICE: INTENT TO LIEN.” Her face turned ghostly white as she read her name at the top of a letter spelling out a lender’s intent to collect several thousand dollars from an unpaid mortgage. After a quick google search, she found the company was legitimate. What’s worse, she did not have title insurance! While Title insurance should keep you from worrying about monsters like liens this Halloween, here are a few other title terrors that can be hiding in your property’s history. Forgery and impersonations Forgery occurs when someone lies about a property’s details stored in the public record. Forgers will often attempt to transfer ownership of a land or home away from a legitimate property owner without them knowing. Also, altering a legitimate deed can be a way to take out false loans, leaving repayment up to the property owner. Forgeries can lead to several complications when it’s time to buy or sell a home and resolving them without insurance can be very costly. Prior mortgage or lien When it comes to personal property like a house or a car, a bank or other creditor will attach a notice (or a lien) to the property that
3 Ways to Prep Your Home for Winter 2018 Right Now
Fall is officially here, and if you are from Northeast Ohio, you know that this year promises another harsh, “teeth-chattering” winter. With a short autumn season and a long winter just around the corner, there is just enough time to start preparing your home for the cold months ahead. It is a good idea to start prepping your home right now; you don’t want to be caught winter proofing your home when there is snow on the ground! While it is still warm enough for cider and sweaters, here are a few quick tips for winter-proofing your home right now! Goodbye Screens! Screen windows and doors are lovely for enjoying springtime air or a warm breeze on a humid day, but you do not want to be caught with a flimsy door once freezing temperatures kick in! It is a good idea to replace your screen windows with an extra layer to keep the heat in. Not only will your home be warmer, but trapped moisture can also cause damage. When moisture, ice, or snow gets stuck behind a screen window or door, the trapped wet-stuff can cause damage to your door frames, entryways, window frames, and window sills. Fireplace and Chimney We know it’s not even Halloween, but now is the time to make sure your fireplace and chimney are ready for Santa’s arrival in December. If you have a fireplace in your home, only you can prevent a tragic accident. Before it is too windy or cold to have an inspection done, ensure your firebox and flue system are clear of any soot and
What Does a Title Agency Do Exactly?
In any real estate transaction, title agencies play a big role that involves every stakeholders — from the buyer, to the seller, to the lender, and even the title insurance agency. So, what does a title agency really do? The job of these companies is a combination of complex research, professional coordination, and total trust. It’s important to have a reputable title agency to get this complex job done right! Here’s a bit more about what a title agency does when you’re in the process of buying a home! Records Search Title agencies must do extensive, tedious research of county records to find any issues, like property liens, that may be attached to your new property’s title. This involves a review of public records relating to real estate that can impact both buyers and sellers. In the end, title agencies usually consolidate this information into a single preliminary report or title insurance agreement. Insurance Title agencies will usually offer title insurance to a buyer. This coverage will pay for any issues uncovered in their research. The cost of insurance is typically built into the closing costs for a property, and most lenders will require title insurance before a deal is finalized. Here, title agencies act as insurance agents to protect all the stakeholders whenever an issue arises. Closing and Escrow Title agencies will often act as the closing agent or escrow officers for a real estate
Property Liens - What They Are and Why You Should Care
When it comes to personal property like a house or a car, a bank or other creditor will attach a notice (or a lien) to the property that tells the world, “someone owes me money on this!” Usually filed within a county’s records, a property lien is a common way for real estate stakeholders to make sure that they are paid in full for a certain piece of property. In the world of homebuying, it’s very important for buyers and sellers to make sure that a home doesn’t have any residual property liens on file with the county. Here are some ways a lien can impact your property… How are property liens used? A property lien is usually granted to a bank or creditor as part of repossession of a real estate property. This will be the first step a creditor can take to take back a property if someone isn’t paying what they owe. A lien acts as a pre-action notification to the homebuyer/borrower that an action is about to be taken. If a lien goes unaddressed, a levy is put into effect where the property is actually taken back from the homebuyer/borrower. What happens if you buy a property that has liens? It’s important to make sure you’re aware of property liens before you make a final decision on the purchase of a new home. A property lien does not automatically mean the deal is off, and if you have the right title agency, you can get help planning next steps. Remember, liens impact the current owner