Monthly Archives: May 2012
If you buy property, get title insurance. Never buy property without title insurance. What is title insurance? Title insurance is a policy of insurance issued to you by the title company on completion of the final title search, which protects your title to property against claims made in the future based on circumstances in the past.
Title insurance companies issue policies of title insurance. These policies ensure that the title is free of liens, which are a charge on real property to pay a debt like a mortgage. The nature and extent of the liens that a title insurance policy protects against depend on the type of policy issued.
Choose an attorney who specializes in real estate and can guide your transaction through the entire process. Use a local attorney to help you because laws and local customs affecting real estate sales vary. Depending on where you live, you might consider using a real estate attorney in the following ways.
Escrow instructions are the written agreement between you and the seller that translates the contract into a form used by the escrow holder to conduct and close the escrow. The escrow holder may use the contract as a guide to produce the escrow instructions. The escrow holder attempts to prepare the instructions so that the intent and conditions are identical to those in the contract.