Title insurance is a requirement when purchasing any property, without it you could be in for some hefty fees and that isn’t including escrow closings. At World Title Company we focus on making sure that we are here for you every step of the way and to ensure that whatever we can fix to allow the purchase to go smoothly, does. World Title Company will have their team of highly trained Escrow Assistants who will assist with the difficult technical aspects of a property sale or purchase, including the legally required paperwork, and maintaining the funds involved in a property transfer.
Real estate title insurance is an essential part of the purchasing process of a new home. Everyone understands that the acquisition of a property is perhaps one of the most lucrative investments you could ever make, however, title insurance matters are still quite as embedded in most individuals’ minds. I will go into what is real estate title insurance and how you can save yourself hundreds of dollars in just a few short hours from now. I wish you the best of luck on your journey to becoming a wise property buyer. If you have any questions about Title Insurance and Escrow Closings contact World Title Company at 954-888-4646. Feel free to use our wide selection of Realtor Concierge Calculators.
The biggest thing you are required to have under any real estate financing is real estate title insurance. Without it, you would be required to pay out money to remove liens against your property which could cost you thousands of dollars. For example, a lien is placed on your house because someone fails to pay their monthly mortgage payment. This means that your lender is required by law to place a lien against your house until you make all your mortgage payments.
When this lien is posted, you then are required to either pay the money to remove the lien yourself or if you have a large enough down payment to cover the liens, you must pay the bank so that it has first right of refusal to your loan amount. If you do not have a large enough down payment, you may find that you are forced to pay a substantial chunk of money out of your own pocket to remove your lien and your mortgage. There is no reason for you to pay thousands of dollars out of your own pocket in the event of a foreclosure or other related problem.
You can also save thousands of dollars by having your property insured prior to closing. Most lenders require that buyers who use cash for financing have some kind of closing security, usually consisting of a real estate title insurance policy. It is vital to have an insurance policy in place before you close on any property because there is no way to retrieve your security once the home has been closed. Closing on your house may have involved legal fees, title searches, and inspections. By not purchasing a real estate title insurance policy before the closing date, you could be forced to pay these expenses out of your own pocket.
Your real estate closing experience will affect many aspects of your finances and life, and purchasing a real estate title insurance policy prior to the closing will ensure that you save money and have peace of mind. In most cases, when borrowers fail to purchase a real estate title insurance policy at the time of closing, they will be required to sign written agreements that allow the closing company to assume the responsibility of the policy. In many instances, these agreements provide for massive fines if the borrowers fail to comply with the terms of the contract. Because these fines are legally incurred, you could be held responsible should your business fail to make payment on the policy.
You should strongly consider purchasing real estate title insurance to protect your investment and your peace of mind. If you were forced to purchase this type of insurance policy at the time of closing, it is very unlikely that you would face fines or legal action. By protecting your investment, you will also be protecting your personal credit and your ability to get credit in the future. You can learn more about your real estate closing experience, including common mistakes to avoid by registering for a free mortgage guidebook.
Picking the right title insurance and escrow closings team can be tough but at World Title Company we make it easy to purchase properties. Let our team help you avoid making mistakes or missing a crucial part of the process.
Don’t delay; contact a title company as soon as possible.
Call World Title Company today to find out more about hiring a real estate title company. 954-888-4646