Title Issues – Free Report
Newark, DE Mortgage Banker, Mark Coffman of Pike Creek Mortgage interviews
Real Estate Attorney, Michael Isaacs of Fox Rothschild on Title issues
Top way to save on Title Insurance
Title Insurance is meant to protect an owner's or a lender's financial interest in real property against loss due to title defects, liens or other matters. It will defend against a lawsuit attacking the title as it is insured, or reimburse the insured for the actual monetary loss incurred, up to the dollar amount of insurance provided by the policy. Title Insurance is one of the top fees you pay on any real estate transaction, and is the only insurance that protects you from the PAST.
A great way to save is by obtaining what’s called a “Reissue rate.” You can receive a 20-30% discount on the title premium, and would be eligible if title insurance has been issued on the property within the past 5 years.
Question: Can a new home buyer receive the Reissue rate on Title Insurance that was purchased by the previous homeowner for their refinance or purchase?
Answer: Yes. There is no downside to receiving a reissue on the title policy of the current homeowne
Top THREE (3) Title Issues:
Like with any transaction, there are issues that can arise. Here are the top three concerns:
- Old mortgages that show up on Title, which have been paid in full but still show on the Title. In
, the Attorney has the power to satisfy a mortgage. Delaware
- Estate issues arise when a family wants to sell a property, but the property has not been probated with the Register of Wills. This takes time to research.
- Survey issues. Encroachments, Setback guidelines. 3 to 4 out of every 10 settlements will produce a survey issue, which can often be cleared with zoning or a variance.