August 2019 - Title First Agency

Title Problems As a Property Buyer

Are you questioning whether you really need title insurance when you buy your home? Every home and piece of land has a history and with a good and thorough title search, you can unpack any issues that could be tied to your purchase. Having title insurance assures you that even after you close on your property, you are protected from any title problems that may arise in the future. What issues?

PUBLIC RECORDS: Mistakes and errors happen but you do not want it affecting your home. The errors can be disastrous and cause you an undue financial burden to resolve. Simple clerical or filing errors could affect the deed or survey of your property.

UNKNOWN LIENS: Prior owners of your property may have left unpaid bills. And, even though the former debt is not your own, banks or other financing companies can place liens on your property for unpaid debts even after you have closed on the sale. This is an especially worrisome issue with distressed properties.

ILLEGAL DEEDS: While the chain of title on your property may appear perfectly sound, it’s possible that a prior deed was made by an undocumented immigrant, a minor, a person of unsound mind, or one who is reported single but in actuality married. These instances may affect the enforceability of prior deeds, affecting prior (and possibly present) ownership.

MISSING HEIRS: When a person dies, the ownership of their home may fall to their heirs or those named within their will. However, those heirs are sometimes missing or unknown at the time of death. Other times, family members may contest the will for their own property rights. These scenarios – which can happen long after you have purchased the property – may affect your rights to the property.

FORGERIES: Unfortunately, we don’t live in a completely honest world. Sometimes forged or fabricated documents that affect property ownership are filed within public records, obscuring the rightful ownership of the property. Once these forgeries come to light, your rights to your home may be in jeopardy.

UNDISCOVERED ENCUMBRANCES: At the time that you purchase your home, you may not know that a third party holds a claim to all or part of your property – due to a former mortgage or lien, or non-financial claims, like restrictions or covenants limiting the use of your property.

UNKNOWN EASEMENTS: You may own your new home and its surrounding land, but an unknown easement may prohibit you from using it as you’d like or could allow government agencies, businesses, or other parties access to all or portions of your property. While usually non-financial issues, easements can still affect your right to enjoy your property.

BOUNDARY/SURVEY DISPUTES: You may have seen several surveys of your property prior to purchasing, however, other surveys may exist that show differing boundaries. Therefore, a neighbor or other party may be able to claim ownership to a portion of your property.

UNDISCOVERED WILL: When a property owner dies with no apparent will or heir, the state may sell his or her assets, including the home. When you purchase such a home, you assume your rights as the owner. However, even years later, the deceased owner’s will may come to light and your rights to the property may be seriously jeopardized.

THE BOTTOM LINE: A title insurance policy will be your best protection against those and many other title problems that may become known after you close on your transaction. Title First Agency is proud to be one of the few SSAE 18 certified title agencies in the nation. After you close on your new home, we record the deed and the mortgage at the courthouse (returning the original recorded deed to the new owner and the mortgage to the lender) and prepare the owner’s and lender’s title policies. Following the recording of the deed and mortgage, the buyer will receive (via the mail) the original recorded deed and the original title insurance policy, if applicable. It is wise to keep all of these documents in a safe place.

Share This Post

Should I buy a Home or Keep Renting?

The American Dream. Owning your own home. Is it your time to have a piece of that dream? Are you ready? Because if you aren’t there can be some big financial consequences. Here are some pros and cons to owning a home:

PRO: Build Equity. Home equity is the difference in the market value of your home and how much you owe. So let’s say you’ve taken the mortgage and the market value of your house went up. You still pay out a fixed mortgage sum, so there is a difference between those two numbers and that difference can be put to good use, that’s your valuable asset.

PRO: Tax Benefits. Owning a home is a huge investment. Even if you’re not pulling your equity loan, there is always a chance to sell your house later for a better price. Today, as a homeowner you’ll also be entitled to tax benefits.

PRO: A Monthly Mortgage Payment Can Be Lower Than Rent. You should understand that it works only for some cities and states, but sometimes the monthly mortgage payment is lower than the rental payment or, at least, equal. This is a pretty good reason to prepare the down payment and take the mortgage.

PRO: Improve Your Home The Way You Want. Owning a home gives you home improvement freedom. There is no landlord who says what you can and cannot do while decorating and improving your house. Renovate your property or completely redesign your bath, you can do whatever you want with your own place. This is something worth paying for.

CON: You’re In That Same Home It Until You Sell It. While you have the freedom to make the home exactly the way you want it, you don’t have the freedom to leave your mortgage. the freedom mentioned above, when you take a mortgage for a house, you’re stuck with this particular place for a long time. When you are renting, it’s as simple as finding a new rental and off you go.

CON: Property Taxes. As a homeowner, there are plenty of tax benefits, but you are also obligated to pay property taxes which is usually collected by the municipal government. The value of the property tax is determined by multiplying the property tax rate by the market value of the particular property. Market changes a lot and it means that municipalities may recalculate the property tax.

CON: Home Repairs and Maintenance. The house is fully yours and it means that all the repairs and the whole maintenance process are on you. It’s always fun to call a landlord and ask him to fix a sink, but now you’re on your own and, of course, you pay for all the materials, work process and spend money on keeping your house well-suited for living in it.

The Bottom Line: For many people, owning a home makes more sense financially and from a lifestyle perspective than renting a home. Owning and renting each has its advantages, but what’s best for you depends on your circumstances. Crunch all the numbers.

Share This Post

Title Search Company for Buyers and Sellers

The experts at Title First oversee and perform thousands of closings each year. When using Title First, you can sign confidently on the dotted line knowing that all details of your title transfer and closing are in proper order. We are here to answer any questions you may have about buying or selling a home, and our team will guide you through the entire process.

BUYER

Buying a home may be the single, largest financial purchase in your life and can signify a much-anticipated milestone. That’s why Title First offers a host of resources to help you understand this important personal transaction.

SELLER

Selling a home can be complicated and finding the right owner’s title insurance is just one piece of the puzzle. Title First can simplify this process by giving you the tools you need to get you through the selling process.

Share This Post

Sell Your Home in August

The most important fact to consider if you want to sell your home in August is the beginning of the new school year. If a family hasn’t found the home they want yet, there is just enough time to find a home, close the deal, and move in, sometimes with time to spare. Make sure your home has the edge by making it move-in ready and priced right. However, be aware that because fewer people are looking for a new house, buyers might try and control the negotiations. It is important to have the best Realtor to make sure that the scales do not tip too far out of your favor.

Consider this if you fear August is not the ideal time to put your home on the market – there are buyers who actually wait because they don’t want to be a part of the Spring homebuying competition. They feel that there are too many buyers out in Spring, ready and willing to raise their offers to beat out any competition. However, again, the importance of a good Realtor can’t be stressed enough to help with negotiations.

Create the very best Summer curb appeal for the drive-bys. Mow your lawn often. Trim bushes, plant flowers, update mulch and sweep the driveway and walkway. Paint your front door and replace the hardware if need be. If you have front porch clean the furniture, add pillows and flowers.

Inside your home, there is nothing worse than a stuffy room on a hot day. If you have ceiling fans, have them spinning and jack your air conditioning down cooler than you like. Let all the light in. Tie back heavy curtains and open blinds.

The Bottom Line: August is sandwiched between two incredibly busy months. Both July and September start out with holiday weekends. August may be the month where some families go back to school, but many school districts around the country actually wait until after Labor Day to start the school year. If you think you missed the boat because you didn’t get your house listed in the normal peak season, August is still a good time to list, and possibly even better!

Share This Post