Showing posts from September, 2017

Understanding Common Title Terms: Part 1

The title industry is one of the most complex industries pertaining to real estate. Title experts use an extensive vocabulary riddled with terms unique to our industry, and it can be overwhelming and confusing to persons seeking title assistance for the first (or even the second or third) time. At  Arrowhead Title, Inc. , we recognize the challenge this type of language barrier presents. In an effort to overcome these communication difficulties, we are dedicating this week's blog to defining some of the title terms used in most transactions. Common Title Terms - Explained Abstract of Title An abstract of title is a summary of all the public records pertaining to a specific piece of property. In order to be considered legally valid, it must be prepared by a licensed abstractor. Adverse Possession Adverse possession is the process wherein someone may legally claim ownership of a piece of property if they have occupied it for a certain number of years. Certificate of Title

5 Things to Do Once You've Closed on Your Home

Buying a home at the Lake of the Ozarks is a huge and exciting adventure! And with all of the excitement of finally closing on the sale and actually having the keys in hand, it may be easy to forget some important things to consider now that the home is actually yours. So, this week, we're sharing with you 5 things every homeowner should do once you've closed on your home: 1. Put Your Loan & Closing Documents in a Safe Place At closing you'll be given a lot of important documents that prove your legal ownership of the property you've purchased, as well as home warranty and title insurance documents. You'll also likely have mortgage paperwork as well. All of these documents should be kept in a safe place where they won't get damaged or lost, and can easily be located if needed. Whether you choose a safe deposit box or a fireproof safe, these documents are proof of the biggest purchase you will ever make. It's also a great idea to have copies made

Behind the Scenes: The Basic Steps of Closing a Real Estate Transaction

When closing on a real estate transaction , there are a lot of steps that must be taken and processes that must be completed to ensure a smooth and timely closing. Often times, transactions go so smoothly, in fact, that the buyers and sellers think it's too easy and may wonder if there's more that should be taking place or that they should be doing. What they don't see is all the work that gets put into the transaction on the back end of the deal by a Lake of the Ozarks escrow agent . So here are the basic steps of closing on a real estate transaction behind the scenes. Starting the Process A sales contract is signed by the buyer and seller and delivered to the closing agent, usually with a deposit check. The escrow is accepted by the escrow agent, often by written notation on the contract. The escrow agent starts the closing process by opening a title order. The file begins to be processed. Tax information, loan payoffs, survey, homeowner/maintenance fees, inspectio

7 Defects that Could Negatively Affect Your Title

Title insurance provides one-of-a-kind protection for property owners and lenders. Whereas other types of insurance focus on the potential of financial loss relating to the property itself, title insurance guards against financial loss that may relate to an owner's right to use and occupy his land. If you are new to the world of real estate, you may be wondering what types of hazards could potentially threaten homeowners in this way. Here are 7 defects that could negatively affect your title. 1. Ownership Interest When you purchase or otherwise come into ownership of real estate, you gain an ownership interest in it. Ownership interests in real estate can be solely held or divided among several people. You can convey your ownership interest, but you can't compel any fellow owners to sell their ownership interests in a jointly owned house, nor can you sell the entire house without their permission. This is a common issue that arises with ownership interest. 2. Improperly