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FACTS ABOUT TITLE INSURANCE & HOW TO TAKE TITLE TO YOUR PROPERTY
Title Insurance
Title insurance provides buyers and lenders with protection against losses from certain title issues including forgery, fraud, and liens. These issues can limit a homeowner’s use and enjoyment of their property and restrict the sale of the property in the future. you’ll want to know that no other individual or entity has a right, lien or claim to the property.
We are offer a full range of Title Insurance and Escrow Services from contract to closing including:
- Searching & evaluating all property and municipal records to determine insurability and clean title history
- Delivering a title commitment
- Clearing any defects
- Issuing the title insurance policy
- Escrow/Settlement Agent
Why do I need title insurance?
Title insurance is the protection of your residential or business property. The basis of title insurance is an examination of the public records. In our Attorney reviewed title examination, Fairway Title Company will identify all of the information about the property to be purchased, including the existence of any potential defect in the title to the new owner. Defects can range from a lien against the property held by a lender, municipality, and/or governmental agency to even a separate claim of ownership on the property. A study by the American Land Title Association revealed that in 36% of all real estate transactions a problem or defect in the title was discovered through the title examination process. The Attorney research and corrective work at Fairway Title will eliminate the chance that someone will make a claim against your property and your title. Title insurance can offer coverage for certain defects in the title that can arise even after the closing and were not identified and addressed.
What does title insurance cost?
Title insurance rates and premiums are based upon the purchase price of a property. Title insurance premiums are regulated and promulgated. Title Insurance is paid one time and an Owner’s Policy covers the buyer as long as they own the property. A Loan or Mortgagee Policy covers a lender for the life of the loan.
HOW CAN I OWN PROPERTY & TAKE TITLE to my property
Joint Tenancy
When title to real property is held in joint tenancy between two or more people, and one of the owners dies, the other owner(s) automatically own the deceased owner’s share. This is often also commonly known as Right of Survivorship. This is most commonly used with married couples. Costs and delay of a probate are not required to transfer the property under Rights of Survivorship.
Tenancy-In-Common
When Title to real property is held in tenancy-in-common between two or more people, each can leave his or her interest upon death to beneficiaries of their choosing. This is often used with people who want to both jointly own real property with others, but also want to designate who will receive their interest when they die.
Trust
When title to a property is held in trust it can have the same power and advantages as a Joint Tenancy with Rights of Survivorship. Holding title in a Trust or other Entity will allow for a greater degree of flexibility and control, and can also avoid the time and expense of a probate and other tax issues.
TRUSTS- What is a Trust
A trust is an arrangement under which one person, called a trustee, holds legal title to property for another person, called a beneficiary. You can be the trustee of your own living trust, keeping full control over all property held in trust including real property.
Trusts which were traditionally for wealthy individuals are now affordable estate planning documents that can save your family thousands of dollars, months of time, and can be used to avoid probate completely.
The revocable, or “living,” trust is often the most popular trust and is used to avoid probate and the payment of estate taxes due to a death. A revocable trust is a common way a Husband and Wife take title to property.
Example: John Smith and Jane Smith, as Trustees of John Smith and Jane Smith Revocable trust dated 01/01/1999.
WHAT IS A REVOCABLE TRUST?
A revocable trust is created to manage your assets during your lifetime and distribute the remaining assets after your death. A person who creates a trust is called the grantor or settlor. The person that manages the trust assets is the trustee. The Grantor can serve as trustee, or can appoint another person, bank or trust company to serve as your trustee. You can also have Successor Trustees in the event of the death or resignation of a Trustee. A trust is “revocable” since you can change the terms or terminate the trust during your lifetime, as long as you are not incapacitated and have the powers in the Trust Agreement to manage the Trust.
Most trust agreements allow the Trustee to sell, transfer or do any business with real property as an individual would. A Trust may avoid the need for a probate and eliminate a lot of problems that occur when a spouse passes and real estate is owned.
Upon your death, the trustee (or your successor trustee if you were the initial trustee) is responsible for paying all claims and taxes, and then distributing the assets to your beneficiaries as described in the trust agreement.
Short Sales:
A short sale is the sale of real estate when the owner of the property owes more to the bank than the property is worth. The Bank or banks agree to accept less then what is owed on the property. People experiencing a financial hardship or other market difficulties often turn to a short sale.