Your Escrow Account Questions Answered!

Congratulations! After touring multiple houses, you and your family have finally found your perfect home. It has everything you've ever wanted and is in the perfect Lake of the Ozarks location.  You've submitted an offer, the sellers accepted it, and you have agreed upon everything that will be included in the sale of the home. That's all there is to it... Right?

Not exactly.  Whether you are the buyer, seller, lender or borrower, you want the assurance that no funds or property will change hands until ALL of the conditions are met in the purchase agreement. This is exactly where your trusted title company at the Lake of the Ozarks really gets going! Arrowhead Title will work tirelessly to ensure that your closing process proceeds as smoothly and efficiently as possible.  In order to ensure that both parties are protected during a transaction, typically an escrow fund is agreed upon to be held as collateral. This not only offers a safety net for the seller as a show of go…

What is a “Cloud” on Title & How Does it Affect Property Ownership?

The transfer of real estate is very complex.  One of the most important aspects of transferring real estate is proving that the current owner has the legal right to sell the property. There are multiple steps in buying and selling property that must be taken and quite a bit of paperwork that must be filled out before ownership can be transferred from one party to another.  Typically, these steps can be taken without too much trouble, but every once in a while, issues may arise that inhibit the sale of a property.  A "cloud" is an example of one such issue.
What Does it Mean to have a “Cloud on Title”? Often considered synonymous with "title defect," the term "cloud on title" refers to any issue with a title that may cause a reasonable buyer to hesitate before purchasing the property.  A “cloud on title” is anything that could impair or injure the title to a property or cast doubt on the title’s validity. Examples of common clouds include (but are not lim…

Title Hazards and How You Can Protect Your Investment

There are several things people to do protect themselves as homeowners, such as thoroughly reviewing the inspection to identify potential issues and purchasing homeowners insurance to guard against the financial loss that may result from a fire or natural disaster. These two examples aren't the only pieces to the puzzle, however. This week, Arrowhead Title, Inc. is here to reexamine another important aspect of protecting your investment: Title Hazards. 

Examples Of Title Hazards

If you are new to the world of real estate, you may be wondering what types of hazards could potentially threaten homeowners in such a way that would threaten the right to use the property. Here are a few examples of the various threats that title insurance can help guard against.
A missing heir that was named in a previous owner's will, but whose location was unknown at the time of the sale. She could eventually surface and stake claim on the property.An unknown easement that may grant a business, indivi…

Did You Know? - Fun Facts About Title Insurance

Title insurance is a crucial part of buying real estate, whether a commercial or residential plot of land. Without title insurance, your right to use and occupy your new property may be hindered by rights and claims asserted by others - potentially even years after the closing date. Despite its incredible importance, title insurance is arguably one of the least understood aspects of the home closing process.  Arrowhead Title, Inc. is here to educate you on our unique industry by filling you in on several fun facts about title insurance.
Fun Facts About Title Insurance: 1.  The primary focus of title insurance is proactive, not reactive - it aims to prevent issues from ever arising in the first place. Title insurance protects against claims from defects in your title.

2.  The three most common title defects are liens, mortgages, and typographical errors or corrections.

3.  Condominiums are protected by title insurance just like a single-family dwelling. A policy is issued for each cond…

Understanding Closing Costs Part 2: What is Your Responsibility?

When buying and selling real estate, there are multiple expenses that must be satisfied in order to complete the transaction. These expenses vary depending on whether you are a buyer or a seller in the transaction.  When we talk about the costs of buying real estate at the Lake of the Ozarks, we talk about several different things. The home inspection, home appraisal, and earnest money are just a few examples. The other major expenses are lumped together in a broad category that is simply called "closing costs."  Arrowhead Title, Inc. is here to help you get a better understanding of what you need to know about the closing costs you may have to pay when you buy or sell your next home.
What Are Closing Costs? Closing costs are all the fees and expenses associated with the closing or settlement of a real estate transaction, and they can vary dramatically.  In addition, the buyer usually pays many different fees associated with closing costs than the fees the seller must pay i…

Understanding Closing Costs Part 1: What is Included in the Closing Costs?

When we talk about the costs of buying real estate at the Lake of the Ozarks, we talk about several different things.  Buying and selling real estate is a complicated transaction that requires careful attention and precision from every party involved.  In addition to the funds being transferred as a result of the sale, there are multiple expenses that must be satisfied in order to complete the transaction. The home inspection, home appraisal, and earnest money are just a few examples. The other major expenses are lumped together in a broad category that is simply called "closing costs."

Title insurance can be confusing for home buyers. What type of title insurance policy is required to own a home and who is responsible for paying the closing costs and title insurance? It is important to understand the intricacies that go into the home buying process. First, you need to understand what closing is and what is included in the closing costs.  Arrowhead Title, Inc. is here to ex…

Why Title Insurance is an Important Purchase for Your New Home

If you are in the process of finalizing the purchase of your new home’s lot and are preparing to build a new home at the Lake of the Ozarks, you may have questions as to whether purchasing title insurance is necessary for new construction.  Some buyers of newly built homes or buyers who plan to build on newly purchased property assume that purchasing title insurance for a new home is not necessary.  The thought process is that since no one has ever owned the home or property, there shouldn’t be any issues.  However, this is not necessarily the case.  Title insurance is critically important to buyers of both new and resale homes.  At Arrowhead Title, your title company at the Lake of the Ozarks, we have come up with some very important reasons that you should purchase title insurance for your newly constructed home.
Potential Title Issues: Land Ownership & Rights Even though you are building a brand-new home, the land that you are purchasing has been around for a long time.  While…