Showing posts from September, 2018

Reasons to Buy an Owner's Policy

Buying a home at the Lake of the Ozarks  comes with a lot of associated expenses. Insurance, appraisal and inspection fees, and closing costs can add up quickly in the beginning.  Faced with so many expenses, many homebuyers want to cut costs wherever possible by skipping any expenses that aren't mandatory. An example of one such elected cost that homebuyers sometimes want to eliminate is the owner's title policy. However, skipping this purchase can be prove disastrous down the road. Owner's Title Policy vs Lender's Title Policy There are two primary types of title policies: owner's policies and lender's policies. A lender's title policy protects the mortgage lender in the event that the buyer becomes unable to make payments and defaults on the loan. Buyers are required to purchase lender's policies any time they take out a mortgage loan to buy a home. However, this policy does not offer any protection to the buyers themselves. In order for buyers

What Does a Title Company Do?

Most real estate transactions involve many moving parts in order for a deal to close smoothly. The sellers, buyers, lenders, and real estate agents must work together to bring the transaction to a successful resolution. Another important party that's involved in ensuring the transaction closes smoothly is the title agency. Because of the crucial role they play, your title company selection makes a big difference in the process. See what role a Lake of the Ozarks title company plays in your real estate transaction and all the things they do to help: What Does The Title Company Do? While first-time buyers generally do not understand the role a title company plays as well as they understand lenders' or realtors' responsibilities, that does not mean a title company's role is any less important. Here is a quick look at the types of responsibilities a title company will fulfill during the closing process: Ensuring validity of the title Issuing the title insurance

How Does a Property Lien Affect You?

A property lien is a claim on a residential property for the homeowner's unpaid bills. When a lien is placed on a home's title, it means that the owner cannot legally sell, refinance or otherwise transfer a clear title of ownership to the home. In today's blog, your Lake of the Ozarks title company explains the implications of having a lien on your property. Types of Property Liens There are multiple types of liens that can affect your right to ownership of your home. A "mechanic's" or "construction" lien protects the provider of services whose charges to the owner for repairs, improvements or maintenance have gone unpaid. A lien on the property also exists when a mortgage loan is used to purchase the home. In exchange for use of the money needed to purchase the home, the lender has a legal claim on the property. A tax lien may be filed against the property by the Internal Revenue Service for unpaid federal taxes. The IRS and the county tax

3 Important Reasons to Purchase Title Insurance for New Construction

As you prepare to finalize the purchase of your new home's lot and begin making plans for the build, you may be thinking that  purchasing title insurance for a new home  isn't necessary. If you're the first owner of the home, there shouldn't be any title issues... right? Actually, you'd be wrong. Title insurance is critically important to buyers of both new and resale homes for many reasons. Take a look at 3 very important reasons why even newly constructed home titles should be covered by title insurance. 1. 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 signifi