What is Title Insurance – and Why Do You Need It?

Did you know that Amy Snook, one of our team’s leaders, is a licensed title agent?

Amy has more than 15 years of experience in the title business. So, she is uniquely poised to help our buyers and sellers navigate the closing process, and everything that leads up to this critical piece of the puzzle!

But, if you still don’t really “get” title insurance, what it is, and why you may need it… here’s a quick rundown for you:

Title insurance is a one time purchase. Factors like your contract, the county you are in and its norms will help determine who pays for it. It’s a fee you will see on the final closing statement.

It’s is an insurance (like the name says!). This policy is for life, and it insures that the people who are selling the home are legally able to sell you the home – that all mortgages, liens, judgements, encumbrances  that are attached to the property – are all paid off.

Why does this matter? It gives you the peace of mind that you legally have the right to own and enjoy that home, and that no one will come knocking one day and tell you you don’t!

Buyers sometimes ask “Do I have to have it?

… Do you legally have to have title insurance? The answer is no.. But as Realtors, we would never be involved in a transaction that doesn’t include it. Because, for the small one-time cost, you have peace of mind for life.

If you still have questions about title insurance, feel free to message us at amyandnoreen@allaboutfloridahomes.com or call us at (561) 571-2289.

 

VIDEO: HELP, AMY! WE MADE AN OFFER, HAVEN’T HEARD!

A Social media friends asked Amy for some help –  “We made an offer and we haven’t heard anything but the listing disappeared off of MLS. What does this mean? How will we know if our offer to buy the home was accepted?” In this video, Amy helps viewers understand how she and Noreen handle this part of her role for clients.

GUEST POST: DON’T MAKE THESE COMMON HOME FINANCING MISTAKES

This is a guest post written by one of our preferred providers, Ann Griffith of Fairway Independent Mortgage Corporation. You can reach Ann and her partner Ruby Teich at 323-620-6800 or via email at ruby.teich@lowrateonline.com

As an experienced mortgage lender, I talk regularly with people at all stages of the home buying process. Based on the many conversations and relationships I’ve had over my career, the most common mistake people make when buying a home is NOT having a complete plan in place before shopping.  

These days, the internet has made so much information available to home seekers, but the thing that is sometimes missing is the guidance that brings all of that information together into a buying strategy. (That is certainly where the Realtor and the Mortgage Lender come in add the most value.) 

It’s easy to start looking online and get caught up in the excitement… and then to begin a home search without a solid plan. This often leads to disappointment and even discouragement in the beginning. 

A thorough plan is needed for home buying, complete with goals and objectives. The first step in that effective plan entails sitting down with a trusted and informed mortgage lender to go over income, credit, down payment, job history and all the mortgage options tailored to your specific needs.

Once the plan is in place, buyers can go out and shop with confidence and with a clear understanding of what they can afford, with their mortgage approval in hand. 

In the next phase of the plan, it is critical to be honest and have open communication with their Mortgage Lender. Not doing so is another common mistake.  Nobody wants any unwanted surprises during the mortgage process, and maintaining clear and honest communication will ensure that this doesn’t happen. 

DURING THE PROCESS, WE ADVISE THAT CLIENTS DO NOT:

•Change jobs;

•Increase liabilities;

•Open up new credit cards;

•Buy or lease a new car; or

•(last, but not least) deposit or transfer large sums of money without proper documentation.

WE ALSO ADVISE THAT CLIENTS DO:

•Keep access to bank statements and other important financial statements;

•Provide their earnest money deposit from their own personal bank account or acceptable gift funds;

•Provide all documentation for sale of their current home;

•Notify us if they plan to receive gift funds for closing; and

•Be aware and prepared that a new credit report could be pulled prior to closing.

The mortgage process does not have to be tricky. With a solid plan in place, and open and trusting communication with your Realtor and Lender, it won’t be! 

VIDEO: IS A SELLER OBLIGATED TO MAKE REPAIRS?

Buying or selling a home in Delray or Palm Beach County? Our video series helps keep you in the know!

A client submitted this excellent question: Is a seller obligated to make repairs that were discovered during the home inspection? Amy’s answer involves an overview of the types of contracts and the role they play here, and offers advice about the way this plays out in practice.

VIDEO: HOW TO MAKE YOUR HOME OFFERS STAND OUT

Buying a home in Palm Beach County? It’s a competitive market for buyers. How can you make your offers stand out?

Trusted relationships with listing agents, deposits with offers, closing timeframes, inspection periods, assignable contracts… and more. In this video, Amy lists a few of the strategies that she and Noreen use to get their home buyers’ offers to the top of the list. Take a look!

VIDEO: CAN I BUY A HOME WITHOUT A REALTOR?

Can I buy a home without a Realtor? In this video, Amy addresses this great question from a buyer.   Her major points: You can buy a home without a Realtor, but it’s not a good idea! Finding the perfect home for you is not the hardest part. The harder part is getting you to the closing table and into your new home. Who is getting your offers noticed? What happens when an issue comes up in inspection? What happens when there’s a problem with the appraisal? Who is negotiating all this? Who is reviewing title? Who is making sure your cash to close is ready to go and liquid? Our job is to foresee the items that come up and help you before it becomes an issue.

VIDEO: BUY IN AN HOA COMMUNITY IN PALM BEACH COUNTY? – OR NO HOA?

Relocating to Palm Beach County? Is it better to choose a home with an HOA (homeowners association), or one without and HOA?

In this short video, Noreen reviews some pros and cons and offers some help with making this very personal decision. Check it out!