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Answers (5)
Best Answer
- Rob Graham, "Rob Graham"
- Contributions:171
Good question. Very few folks actually read the contract this closely.
The phrase in question describes a protection for you. It is a good thing for the buyer and states that you are protected in case someone in the future makes a claim against the title the seller is transfering to you.
So for example, if the title search happens to miss some long lost cousin of the seller's and in a few years they come forward and claim they have a claim to the property, the title company would defend your claim to title in court.
The phrase in question describes a protection for you. It is a good thing for the buyer and states that you are protected in case someone in the future makes a claim against the title the seller is transfering to you.
So for example, if the title search happens to miss some long lost cousin of the seller's and in a few years they come forward and claim they have a claim to the property, the title company would defend your claim to title in court.
- John Stewart, "nwhome.us"
- Contributions:2166
Oops.
It looks as though you are trying to sell.
Have you set up a file with a title company yet? Need any recommendations?
How much title review time are you giving the buyer?
PS: Nice photos and marketing remarks.
If you go to a flat lisitng site, ask whether they feed directly to Zillow. As I'm sure you are aware, Zillow is not a NWMLS member so it will save you some time if the FSBO site will do it for you.
Throwing a lisitng onto the internet doesn't get the property sold. It takes constant tweeking, so the fewer sites you have to work on the more streamlined the process is.
Getting an offer doesn't mean the property is sold, either. I usually figure that 50% of the work is done when we get mutual acceptance. The next 50% can be hell.
It looks as though you are trying to sell.
Have you set up a file with a title company yet? Need any recommendations?
How much title review time are you giving the buyer?
PS: Nice photos and marketing remarks.
If you go to a flat lisitng site, ask whether they feed directly to Zillow. As I'm sure you are aware, Zillow is not a NWMLS member so it will save you some time if the FSBO site will do it for you.
Throwing a lisitng onto the internet doesn't get the property sold. It takes constant tweeking, so the fewer sites you have to work on the more streamlined the process is.
Getting an offer doesn't mean the property is sold, either. I usually figure that 50% of the work is done when we get mutual acceptance. The next 50% can be hell.
- John Stewart, "nwhome.us"
- Contributions:2166
The buyer purchases the insurance to cover the lender, the seller purchases the insurance to cover the buyer, in the event of any trouble that is covered by the policy. You really have to look at the policy to understand what the coverage is about.
Sellers (their agents) will typically pull a preliminary title report on the property as it is listed. This is one of the reasons why the seller frequently specifies the title company in the transaction. As a FSBO buyer you will need to review this title report within a specified period of time in order to use it in your negotiations.
Find out who that company is and go to their website for a definition of the terms of the coverage.
In lieu of that specific company, contact any local title insurance company and confirm the answer. Unfortunately we don't see many title officers on this site.
Sellers (their agents) will typically pull a preliminary title report on the property as it is listed. This is one of the reasons why the seller frequently specifies the title company in the transaction. As a FSBO buyer you will need to review this title report within a specified period of time in order to use it in your negotiations.
Find out who that company is and go to their website for a definition of the terms of the coverage.
In lieu of that specific company, contact any local title insurance company and confirm the answer. Unfortunately we don't see many title officers on this site.
Title laws although are there to protect the buyers, are different from state to state. Speak to an Escrow officer.
- Beth Grotelueschen, "bethghomes"
- Contributions:765
It means that the seller in addition to providing clear title needs to provide the buyer with a standard policy of title insurance covering them should there be any title discrepancies in the future. This is part of seller's cost of selling the home including 1.78% excise tax & any real estate fees. Be sure to ask your agent if you have any other questions about it and if you have any questions about title itself, have no hesitations to contact the title representative directly and have them explain anything to you.
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