Hello, thank you for reading my blog. I picked up this Memorial Day info on the internet today and I wanted to share it with you. There are always various ways the message is said but and every time I read it I feel honored to live in the best country in the world......in addition, the message always takes me back to the memories of the small town I lived in (Lexington, VA) and vision of its downtown dressed for the holiday with patriotic and flowing flags. It's where I discovered the feeling that explains truth and honor -my hometown. My history is what makes me feel the newness of every Memorial Day. I hope you feel it too. "Memorial Day isn't just the start of summer beach season, but a day honoring American soldiers who made the ultimate sacrifice for their country.
Across the country, federal offices and some businesses will be closed in recognition of the day, which began as a holiday honoring Union soldiers who were killed during the Civil War." (Oh and by the way, did you know Phoenix originated in 1866 as a hay camp to supply the military post Camp McDowell?). THE MOST POWERFUL FORCE IN LIFE....LOVE, THE MOST DESTRUCTIVE HABIT.....WORRY! THE BEST SLEEPING PILL........PEACE OF MIND. Call usif you would like any information on selling your Arizona real estate (probate or otherwise) or buying bank owned property or buying a regular sale home, call or email (email@example.com) for a list of homes or search the website under the buying tab.Happy Memorial Day weekend, early :) Jenny
You go under contract to buy a condo. The seller's disclosure statement mentions: "The deeded parking stall is space #8, but all present and previous owners have been using space #3." The transaction closes smoothly, but afterward, you receive a letter from another owner notifying her that the parking space she's using isn't hers. You notify your title insurer, who denies coverage because space number eight was insured by the policy, her use of #3 was not insured, and the issue was disclosed by the seller. As a result, you are left to address the issue at your own expense. A lawsuit will most likely be filed unless a compromise between the affected unit owners can be reached. You are left wondering why this wasn't discovered......
As you can see, it's important for home buyers to be aware of title insurance matters during transactions. This is one reason I suggest my clients get very comfortable with the title commitment and seller's disclosures....after all, the seller’s disclosures may affect your title insurance coverage for future claims. Here are eight common misconceptions that you may be able to use:
2. Title insurance only insures "clear title." Policies typically cover defects, liens, or encumbrances on titles. But, depending on the form, they may also cover losses related to access, building permits, subdivision of the land, zoning, land use, encroachments, setbacks, easements, damage to structures, and supplemental tax assessments.
3. Title insurance covers matters shown in the policy. If an item is listed in Schedule B of the policy, any loss arising from that item is exempt from coverage. For example, if Schedule B of the policy lists a roadway easement in favor of the owner of the adjacent property, any dispute or loss arising from that easement is not covered by the policy.
4. Title insurance guarantees a property is free of liens and clouds against title. Title insurance is not a guarantee. It's an insurance contract, indemnifying the insured for actual loss arising from matters covered under the policy’s terms. Not everything is covered. For example, if an insured person, before closing, knew of an unrecorded roadway easement in favor of her neighbor, the policy would not cover loss arising from the easement.
5. If a title issue is discovered, the title insurer must fix it so escrow can close on time. The title insurer has the right and obligation to investigate the claim, even if it was tendered under time constraints imposed by a pending escrow. The title insurer is not required to fix the problem so escrow can close on time, nor is the insurer liable for loss arising from delay or loss of the sale.
6. The title insurer won't do anything if there's no coverage under the policy. In cases where there's no coverage for a claim, the title insurer has the right, but not the obligation, to address the claim and the insured has a duty to cooperate.
7. The title insurer will clear title if a covered title problem is discovered. The title insurer is not required to clear title. If a claim is covered, the title insurer has options it can exercise, such as 1) attempting to fix the problem; 2) filing a lawsuit; 3) negotiating a settlement with the insured or a third party; or 4) paying the insured’s compensable loss.
8. Only one title insurance policy is paid for at closing. If the property is purchased with a loan, two title policies are usually paid for at closing: an owner's policy and a loan policy. The owner's policy insures the person or entity that acquired title and the loan policy insures the lender.
9. Refinancing a loan does not require a new title insurance policy. The lender will generally require a new loan policy insuring the refinance mortgage. Sometimes an endorsement to the original policy or other arrangements may be made to reduce the cost of insuring the refinance mortgage.I would encourage to always ask the title company any questions you have regarding the title insurance they will be issuing to you. There are different levels of coverage by the way, and it can be complex but knowing potentially small issues can snowball is something to consider. Whoa little doggy!"THE MOST POWERFUL FORCE IN LIFE....LOVE, THE MOST DESTRUCTIVE HABIT.....WORRY! THE BEST SLEEPING PILL........PEACE OF MIND. Call if you would like any information on selling or buying a home in Arizona.. Thank you, Jenny 623-308-4177