Buyers and sellers of real estate should not underestimate the importance of title insurance, says
1) Always use a title insurance company to administer and close the transaction. This will protect both the buyers and sellers to assure the correct transfer documents are signed and recorded at the county where the property is located.
2) Insist that the down payment funds be paid to the owner through the title company so that proof of funds are correctly transferred and documented.
3) Sellers should insist on purchasing a "lender's title insurance" policy at the same time the buyer's purchase their policy protecting their title interests in the property.
Many title companies do not understand the importance of a lender's title insurance policy. This is a separate insurance policy that protects the lender against a title dispute should a situation arise. The bottom line is that an investment company who buys and sells notes will not purchase that owner financed mortgage note or trust deed without a lender's title insurance policy. And the benefit to the seller of the property is that the lender's title insurance will cost much less compared to buying it at a later date after the property is sold.
Read the full story at http://www.prweb.com/releases/lendertitleinsurance/ownerfinance/prweb11894662.htm
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