Regardless of how many times that you’ve bought or sold property, you know that real estate transactions aren’t as simple as making a deal over a cup of coffee and a handshake. Each time a property is bought or sold, a lot of detail and hard work must take place, to avoid the risk of lengthy and expensive legal battles in the future. That’s why every sale should include a detailed title search to make sure that there aren’t title defects, often referred to as “title clouds.”
Most people understand the benefit of auto insurance, homeowner’s insurance, or health insurance, but why title insurance? What is title insurance? If you’re asking yourself, “why do I need title insurance?” here is a brief explanation of what it is and why you need it.
Perhaps one of the most misunderstood aspects of real estate transactions is the escrow payment. It’s a common part of most mortgages, and you’ve probably seen it itemized on your monthly statement. But do you know what purpose your escrow payment serves?