Understanding Your Title Commitment

During the home buying process, buyers typically have to go through the steps of getting a title insurance policy, whether it's the Owner's policy and the Loan policy, or just the Loan policy itself. One of those steps is to request for a title commitment to be completed and to review that report once the title insurance company sends it to you. But what exactly is a title commitment and what does it entail? This week, we'll go over in detail what it is and what information it provides to homebuyers and the title company.

What is a Title Commitment?
A title commitment is basically the title company’s promise to issue a title insurance policy for the property after closing. The title commitment contains the same terms, conditions, and exclusions that will be in the actual insurance policy. Almost every purchase and sale agreement contains language requiring the seller to provide the buyer with title insurance. At Arrowhead Title, we issue the title policy using forms distrib…

'Chain of Title' and Title Insurance: How It Protects Your Investment

Title insurance protects property owners' right to use and occupy their land. For some homes and/or properties, the title can be limited by rights and claims asserted by other individuals. If someone else brings a claim against your property, your ability to use and enjoy the land may be reduced and/or you may suffer great financial loss. That's where title insurance comes in.

Title insurance is your first line of defense against these potential hazards. Property is often the biggest investment most people make in their lifetimes, and it is crucial to protect this investment with title insurance.

Title Insurance Focuses on Risk Prevention
While other forms of insurance guard against risks by assisting you after an incident occurs, title insurance manages your risks by focusing on preventing risks before they occur. In order to do this, title insurance companies rely heavily on something that is known as "chain of title."

What is "Chain of Title"?
Chain of tit…

'Tis the Season for Property Taxes

'Tis the season for holiday gatherings, Christmas shopping, and - unfortunately - property taxes. While it's safe to assume that no one looks forward to paying their property taxes, keeping up with these payments is absolutely essential.Arrowhead Title, here to help you understand your property taxes and what happens if you fail to pay them.

What Is Personal Property Tax?
Personal property tax is a tax that is levied against tangible property that you owned at some point during the tax year. Examples of tangible property include houses, land, additional properties, boats, waverunners, cars, trucks, RVs, and motorcycles. Exactly where and how your tax dollars will be used may vary slightly by state and county, but generally recipients may include:
Local road districtsThe local libraryThe StateThe CountyThe local fire districtThe local schoolsLocal senior citizens
What Happens If I Don't Pay My Personal Property Tax? Tax payments must be postmarked by December 31st. If you…

Closing Costs: What Are You Responsible For?

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. These expenses are commonly referred to as "closing costs." Arrowhead Title, Inc. is here to help you get a better understanding of closing costs and who is responsible for them.

What Is Included In The Closing Costs?
While the exact closing costs vary from transaction to transaction, here are a few examples of items that are commonly included in the closing costs:
Loan origination feesTitle insuranceSurvey feeAppraisal feeProperty taxUnderwriting feeTitle searchHomeowners association fees (if applicable)The dollar amount associated with the closing costs varies, but in general, buyers can expect to pay somewhere between 2.5% and 4% of the sale price. View our earlier blog post for more inform…

5 Myths of Title Insurance - Debunked!

Title insurance is arguably one of the least understood aspects of the home closing process. We have found that most people either respond to the questions about title insurance with blank stares, vague responses, or incorrect information. Today, the team at Arrowhead Title, Inc. is here to clear up some of the misunderstandings about title insurance at the Lake of the Ozarks by debunking some of the myths surrounding the title insurance industry.

1. MYTH:  Title insurance automatically comes with the house.
FACT:  Most lenders will require a title search and a title insurance policy to cover their loan, but these services are not included in the purchase of the home. Home buyers will be responsible for purchasing these extra services at closing.

2. MYTH:  There's only one type of title insurance.
FACT:  There are actually two types of title insurance: lender's title policies and owner's title policies. Lender's policies protect the lender in the event that the owner forec…

Join Us at the 29th Annual Kiwanis Christmas for Kids Charity Event!

The Christmas season is a magical time of the year, filled with beautiful lights, enticing packages, amazement, and wonder. Children and adults look forward to Christmas all year long, filled with anticipation over what this year's festivities will bring.

Sadly, there are millions of children all over the world who will not get to celebrate a wondrous Christmas. These less fortunate children (including thousands in the Lake Area alone) are lucky to simply have food to eat on any given day. For these children, the prospect of getting gifts for Christmas may not be much more than a far-off dream. 

That's why the Kiwanis Club of Lake Ozark and multiple businesses come together every year to host one of the biggest and best charity events of the year: Lake Area Christmas For Kids. As a proud supporter of this great event, Arrowhead Title, Inc. is here to fill you in on all the details for this year's festivities.

Lake Area Christmas For Kids

Lake Area Christmas For Kids is a huge …

4 Questions to Ask Before Selecting a Title Company

As a buyer, it will typically be up to you to select the title company you wish to handle your real estate transaction. Considering their close involvement in the process, it is important that you select a title company you know you can trust. OurLake of the Ozarks title companyis here to help you gather the information you need to make an informed decision.

Your title company will be intimately involved with your transaction process. The title company is responsible for:
Holding your earnest money check in escrowConducting a title search to make sure your title is free and clear prior to transferPreparing the title and deedIssuing a title policy to protect your right to use and occupy your landFacilitating the final transaction to ensure that all debts are paid and that the remaining funds are distributed to the appropriate parties As you interview potential title companies, asking these questions can help you judge their experience and capability.

1. How Long Have You Been In Business? T…