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Showing posts from October, 2017

Reasons You Need Title Insurance For Newly Constructed Homes

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If you're considering purchasing a newly constructed home, you may be thinking that purchasing title insurance for a new home isn't necessary. Some buyers of newly built homes may assume that because they’re buying a home that no one else has ever owned, title issues shouldn’t be a problem. However, title insurance is critically important to buyers of both new and resale homes for many reasons. This week, we're looking at the reasons why even newly constructed home titles should be covered by title insurance.


Legal Ownership of the Land
In a brand new subdivision, you need to make sure the land was properly subdivided and that your home is on the correctly identified lot in the subdivision so that there’s no question of ownership in the future. While your house is new, the land it’s built on is not, so it’s possible to have a third party make a claim on the property. When title faults or claims are left unsettled for years, the new owner could face a significant financial l…

Closing Costs: Common Expenses on the Buyer's Side

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An important part of buying real estate at the Lake of the Ozarks is understanding the expenses incorporated with closing on the sale of a home. Most home purchases don't just involve paying the exact dollar amount for the value of the home and calling the deal closed. In fact, there's typically a lot more in terms of expenses that is involved, especially if you are taking a loan out to obtain the property. You generally don't pay for these expenses upfront like you would with an inspection or appraisal, but they make up for a big portion of the expense over the actual cost of the home. These expenses are called "closing costs."


It's important to recognize that the closing costs vary depending on your position in the transaction (whether or you are a buyer or a seller). Today, Arrowhead Title, Inc is here to explain the buyer's closing costs for you in simple, easy-to-understand terms.

What Is Included In The Buyer's Closing Costs?

The truth is that the …

5 Reasons Every Homeowner Needs Title Insurance

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A home is probably the single largest investment you will make in your life. You insure everything else that’s valuable to you—your life, car, health, pets, etc., so why not your largest investment? There's many reasons you should want to protect the investment of your home. So, this week, the best title insurance company at the Lake of the Ozarks is sharing with you 5 reasons every homeowner should invest in title insurance. Take a look:


1. REDUCES YOUR RISK
If you’re buying a home, there are many hidden issues that may come up only after you close. Getting an owner’s title insurance policy is the best way to protect yourself from unforeseen legal and financial title discrepancies. Homeowners insurance and warranties protect only the structure and belongings of your home. Getting owner’s title insurance ensures your family’s property rights stay protected.

2. FOR THE RECORDS
Regardless of the reason you choose title insurance, it puts your name as the owner on the records. A goo…

Title Insurance: A Crucial Part of the Home Buying Process

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Title insurance is generally considered one of the least-understood forms of insurance, but that does not mean it is any less important. Title insurance works to protect us as we purchase what is often one of the biggest investments of our lives: our homes. This week, the team at our trusted Lake of the Ozarks title company is here to help you get a better understanding of what exactly title insurance is and why it is such a crucial part of the home buying process.


TITLE INSURANCE - Owner's vs Lender's Policies

Before we delve into the specifics of an owner's policy, we need to make a quick clarification. Title insurance comes in two predominant forms: owner's policies and lender's policies:

The Lender's Policy, as its name suggests, serves to protect the lender as he/she make the initial investment on your home. In the event of a defective title or a homeowner who is unable to make their required mortgage payments, the lender's policy will provide financial…

Understanding Common Title Terms: Part 2

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The title industry is vast and complex, with a unique vocabulary all its own. Last week, Arrowhead Title, Inc. took it upon ourselves to help you decipher some of our industry's terms so that you can feel more confident as you navigate your real estate transactions. This week, we're continuing the conversation with some additional terms you are likely to encounter while selling or buying property at the Lake of the Ozarks



Common Title Terms - Explained

Quiet Title
A quiet title suit is a legal process designed to cancel and/or "quiet" unenforceable claims that have created a cloud on a title.

Restrictive Covenant / Restriction
A restrictive covenant is a limitation of the use of a specific piece of property. It may be imposed by deeds or other documents that appear within the chain of title.

Settlement
Also referred to as "closing" or "close of escrow," a settlement is the time during which the sale of a piece of real property is finalized. The closing…