Articles

Overcoming Owner’s Policy Objections

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When TRID requirements go into effect, lenders will begin issuing a new Closing Disclosure to homebuyers. This new form will list the Owner’s Policy of title insurance as an “optional” purchase. While owner’s title insurance has never been required, this “optional” language could spur questions regarding the value of title insurance. Below are some of the more common “objections” to the purchase of an Owner’s Policy.

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A Real Estate Agent’s Reference Guide To Prepare For TRID Implementation

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WHAT

Changes to the Loan and Settlement Disclosure forms and processes are coming.

WHEN

The changes will be effective for transactions where a loan application is taken by a lender on or after August 1, 2015. WHY

Because the Dodd-Frank Act of 2010 mandates the combination of the Truth in Lending Act (TILA) loan disclosures with the Real Estate Settlement Procedures Act (RESPA) Good Faith Estimate and HUD-1 Settlement Statement disclosures.

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Realtors – Basics of the Integrated Mortgage Disclosures Rule

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WHAT

Changes to the Loan and Settlement Disclosure forms and processes are coming.

WHEN

The changes will be effective for transactions where a loan application is taken by a lender on or after August 1, 2015. WHY

Because the Dodd-Frank Act of 2010 mandates the combination of the Truth in Lending Act (TILA) loan disclosures with the Real Estate Settlement Procedures Act (RESPA) Good Faith Estimate and HUD-1 Settlement Statement disclosures.

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Paying Taxes: Double Check Before Writing The Check — North American Title Insurance Company

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Researching tax assessment data, determining the correct amount of any current or delinquent taxes due, and confirming the payment of ad valorem and other taxes on property involved in a sale or refinance transaction is an integral part of the closing process. How to obtain this information reliably and expeditiously from the taxing authorities often can be a challenge, but must be undertaken with care and patience. Calculating and pro-rating the proper amount of taxes payable by the seller and the buyer is equally crucial. Either way, simple mistakes in calculating or failing to pay the proper amount of taxes at closing can expose the new owner to threatened foreclosure and loss of title.

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Why Do I Need Title Insurance For A Newly Built Home? — First American Title

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Construction of a new home has the potential exposure to unique title pitfalls that may impact the lender and owner.

You may think you are the first property owner when you are constructing or buying a newly built home. However, there were most likely many prior owners of the unimproved land. A title search will uncover any existing liens and a survey will determine the boundaries of the property you’re purchasing.

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Confidentially Speaking: Disclose Or Not? — North American Title Insurance Company

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Over the years, the power of attorney has become ubiquitous, an inexpensive estate planning opportunity for someone with modest means (the Principal) to give another person (the Attorney-in-Fact) the right to act as his or her agent in real estate or financial transactions and other personal decisions.  A power of attorney, if used responsibly, can be an invaluable and legal tool that empowers the Principal by designating the Attorney-in-Fact to make important decisions at a time the Principal is unable to choose or make such decisions.  Use of a power of attorney, however, is not always a panacea for the Principal or ideal for the title insurer who may face increased underwriting risks.  This authority to act is not foolproof, and when it fails or is challenged, disastrous consequences for the Principal and the title insurer can follow.

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