Tag: Title Search
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Want to Buy a Bank-Owned Home? Behind the Scenes in an REO Deed Transfer
Real estate owned (REO) homes are properties that were taken back by mortgage lenders. A bank-owned home can be a good deal. These properties tend to be sold for below market value, as lenders don’t like to be stuck with houses. Buyers might finance REO purchases using loans backed by Freddie Mac, Fannie Mae,…
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Why Home Purchases Fail to Close (and How to Avert the Snafu)
On closing day, the buyer goes to their agent’s or real estate lawyer’s office, or the office of the settlement agent. The closing agent will give the buyer the papers to sign, one at a time. If you’re a buyer, you’ll be relieved and happy about the ritual. When it’s done, the deed is transferred…
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Ready to Buy? A Title Search Belongs on Your Checklist
A title search is one of the key steps in protecting your ownership interest when you buy a home. It reviews the property’s recorded history to uncover issues that could affect the deed, the seller’s right to transfer the property, or your ability to sell the home later. In a typical purchase, the title search…
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The Easement on the Title: Can We Be 100% Sure It Still Exists?
An easement grants the right to use someone else’s property for a specified reason. You probably know this. But do you know the difference between a recorded easement deed, and the actual way an easement is used? Just because an easement deed is recorded, you might assume it still legally exists. And you’d likely be…
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Buyer Can’t Get a Mortgage. Seller Will Take Installment Payments. A Win-Win?
In a “contract for deed” or installment contract, a seller provides financing directly to the buyer. No mortgage company is involved. The harder a mortgage approval is to get, the more attractive this alternative becomes. It can be a lifeline for people with varying income or a thin credit profile. It can also be a…
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Q&A: Cash Offers and Quitclaim Deeds
Quitclaim deeds are typically used within families, between spouses or ex-spouses, or from individual owners into businesses. A quitclaim is a useful tool to transfer real estate when no payment’s expected. What we rarely talk about is a quitclaim combined with a cash transaction. There may be times, though, when a quitclaim and cash come…
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Don’t Sweat the Small Stuff: No Need for Home Buyers to Walk Away Over These Common Issues
Understandably, house hunters look for “issues” as they search for the right homes. They wait with bated breath to scour the reports from inspectors, appraisers, and title reviewers. Any time a mortgage is involved, a lender requires a title search. Through this process, the deed’s history is traced, to check its integrity. The key question?…
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Between Signing My Purchase Agreement and Closing: What’s Going On?
What goes on between the day you find your seller and the day the seller hands you the keys? If you’re new to home buying, you’ll be curious about each step. And if you haven’t closed on a home in a long time, you might want a refresher. Once you sign the agreement, a…
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Will an Easement Need a Separate Recording When Someone Wants to Sell or Buy?
An easement gives someone the right to enter, use, or travel through a deed holder’s land for a specified reason — without impacting the deed holder’s ownership of that same land. In this Q&A column, we take a look at easements that come up when a deed changes hands.
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Title Talk: What’s a Municipal Lien Search?
You might think a title search is an all-in-one exercise. It’ll show any outstanding liens against the title to the home you’re buying, right? Not necessarily. Not all municipal liens get filed with the county recorder of deeds’ office. Unrecorded liens don’t appear in a title search. And they might or might not be found…
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Can Working with a Real Estate Attorney Instead of an Agent Save You Money?
A lawyer can guide you through a real estate transaction. A lawyer can prepare (or check) your paperwork, represent you, and advocate for you. A lawyer runs the title searches, ensuring that the seller has a good title to transfer. Real estate attorneys also handle settlements. And yes, using a lawyer rather than a…
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My Dad Put My Nickname on the Deed: What Should I Do?
My dad passed away. His name and mine are on the home deed I just inherited from him. Here’s the issue. He put my nickname, Kathy, on the deed — though my actual name is Katherine. Do I need to change the deed? If so, can you tell me how? This kind of situation arises…
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Lost Deed to Inherited Mineral or Oil Rights. What Should I Do?
From time to time we’re asked what to do if a deed is missing to mineral or oil rights. Can you recover your interest in these rights if you’re missing the deed? And how are these rights exercised? In this article, we take the questions one at a time.
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Real Property Basics: What Is a Clear Title?
A clear title. The term is commonly used to mean the deed holder can prove ownership, unquestionably. To verify that, a title company can conduct a title search. Other parties’ claims on the title are called title defects, or clouds on title. What do these claims look like? They might be mortgage liens, court judgments,…
