5 Hidden Title Problems You May Run into As a Homeowner

There are many hidden errors and problems that you can encounter as the owner of a new property.  These hidden errors and problems are why you, as a new homeowner, should invest in title insurance at the Lake of the Ozarks through Arrowhead Title, Inc.  Title insurance makes sure that all these potential hazards are covered, and you are protected as a property owner.  At our Lake of the Ozarks title insurance company, we work to help provide you with title services and handle your funds with the utmost integrity.  We have written this blog to educate property and homeowners on some of the hidden title problems that can occur, even after the purchase has been finalized.

1. Errors in Public Records:

Human error is an unavoidable occurrence.  Errors in the recording of information sometimes will occur at the County Clerk’s Office. For, example, names can easily be misspelled. Errors and confusion can also result when there are quite a few documented former homeowners’ who have similar nam…

How Can a 'Cloud' Inhibit Ownership Rights?

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 Is "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. Examples of common clouds include (but are not limited to):
Unpaid property taxesAn unsatisfied mortgage lienA pending lawsuit over ownership of the propertyAn improperly recorded deedAn improperly recorded easementImproperly recorded ownershipAny outstanding lien or other encumbrance
What Happens If There Is A Cloud On Title?
Before property can be purchased or sold, a pro…

Defects & Encumbrances: How Do They Affect Your Title?

When closing on a home at the Lake of the Ozarks, it's easy to get wrapped up in the excitement of finalizing the deal and getting moved in. So much so, that many buyers don't even consider the possibilities of the sale not going through or the potential problems that could arise after the sale is final. There are many things on the back end of the real estate process that most buyers and sellers don't see or even consider until there's a problem that needs to be addressed. This week, Arrowhead Title will be discussing title defects and title encumbrances and explain how they affect a title to real property.

What is a Title Defect? A title defect is a legal claim or circumstance that hinders the verification of the title and identification of the true owner of a real property. These defects occur usually when the ownership or transfer of ownership is not properly recorded, or where any lien recorded due to an unpaid obligation was not removed on satisfaction of the obl…

4 Reasons to Choose Arrowhead Title

Arrowhead Title, Inc.  has been serving the Lake area since 1984 and is proud to be a trusted title agency at the Lake of the Ozarks. In that time, we have helped hundreds of customers and developed many fantastic customer relationships. We know that part of the real estate transaction process includes finding people you can trust to guide you through the steps of closing. We want to share with you just a few reasons why we believe we're a great choice for your title and escrow service needs at the Lake of the Ozarks.

Absolute Accuracy
When it comes to real estate and title matters, accuracy is absolutely essential. Even one small oversight or error could cost a homeowner hundreds (or possibly thousands) of dollars. In order to protect our clients' current and future interests, our title experts conduct every transaction with the utmost precision and accuracy.

Personalized Service
Often, homeowners and homebuyers seeking title services are in the midst of a process that is very …

5 Questions You May Have About Your Escrow Account

Many homeowners put money into an escrow account each month, sometimes without even realizing they're doing it. A portion of your monthly mortgage payment is broken out into this separate account. The money in the escrow account goes to pay bills like insurance and property tax, this way you do not have to save separately for these expenses that go hand-in-hand with homeownership. Arrowhead Title, Inc. has provided a list of frequently asked questions about escrow accounts.

1. Q: Why am I required to have an escrow account?
A: An escrow account is usually required if the down payment on your home was less than 20%. Property taxes and insurance premiums are a few of the large expenses this account helps pay. You make one combined mortgage and escrow payment each month and your mortgage company will then deposit a portion into your escrow account. When your property tax and insurance bills are due, they are paid on your behalf.

2. Q: What is an escrow analysis?
A: As required by law, …

Refinancing and Your Title Insurance Policy

People refinance their homes for many reasons. Most commonly, refinancing is used to readjust the terms of the mortgage loan or to get a lower interest rate. One thing most people don't think about when refinancing, though, is the impact it will have on their title insurance policies. If you're thinking about refinancing your home at the Lake of the Ozarks, here is some important information to keep in mind.

Refinancing - It's Still A Home LoanWhen you refinance your home, you are essentially taking out a new loan to pay off the original loan in full. Because you are taking out a brand new loan, you will have to undergo the same process (and cover the same costs) that you did when you originally purchased your home. For example, you will probably need to... Purchase a professional appraisal of your propertyCover the closing costs associated with the loanPurchase a lender's title policy to protect the lenderYour lender will provide you with an estimate of the total closin…

5 Reasons Your Real Estate Closing May Be Delayed

When it comes to buying and selling real estate, closing a transaction isn't always cut and dry. There typically tends to be at least a few small hiccups along the way. As a buyer or seller, you may not see those hiccups because your lender, real estate agent, and title company at the Lake of the Ozarks are working on the back end to address the issues as quickly and painlessly as possible. But they do happen. Unfortunately, some problems that arise can cause delays in the closing process. Here are 5 reasons your real estate closing may be delayed.

1. Unrealistic Contract Dates
One of the most common reasons why a real estate closing is delayed is because of unrealistic contract dates that were agreed upon in the purchase offer. If there isn't any issues with financing, inspections, contingencies being handled or any other number of variables, it may be easy for all parties to meet the set deadlines. However, when it comes to real estate transactions, it's hardly ever the c…