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Title Insurance - Stewart Title of California
RECENT BLOG POSTS
We should always be concerned about encroachments; whether the seller's use of those five square feet of the neighbor's property for a garden is a problem? Can we expect that the neighbor will continue to permit it? It is a problem and we cannot expect the permissive user to continue. The seller ...
01/20/2010
Consumer's Title Policy includes the following basic coverage: • False impersonation of the true owner of the property • Forged deeds, releases or wills • Undisclosed or missing heirs • Instruments executed under invalid or expired power of attorney Consumer's Homeowners Policy also Provides Addi...
01/19/2010
A land contract is an installment contract in which the Seller finances the purchase. The seller maintains the deed until satisfaction. It is comparable to owner financing. The buyer gives the Seller a down payment and the Seller acts as a Bank; financing the balance of the purchase or sale price...
01/18/2010
The interim binder is not, in itself, a policy of title insurance. When issued, however, it binds the insurer to issue a policy of title insurance within three years. The fee is a mere 10% of the basic policy fee to the requesting party. When the deed of the final purchaser is recorded, the binde...
01/16/2010
Statement of Information (SI): A confidential information statement completed by the buyer, seller and borrower in every transaction where a policy or policies of title insurance are requested. Allows the title company to competently search documents affecting the property to be insured, documen...
01/14/2010
Points: A fee charged by the lender to fund a loan, in addition to and separate from other fees charged. One point equals one percent of the amount of the loan. Principal: The sum of money outstanding upon which interest is payable. Also refers to one who is served by an agent. Private Mortgage ...
01/14/2010
Legal Description: A description by which property can be definitely located by reference to surveys or recorded maps. Sometimes referred to simply as the legal. Lien: A recorded document which claims an interest in real property as security for a debt owed. Such liability may be created by cont...
01/13/2010
Exception: A provision in a title insurance binder or policy which excludes liability for a specified title defect or an outstanding lien or encumbrance. Fair Market Value: An appraisal term for the price which a property would bring in a competitive market given a willing seller and willing buy...
01/12/2010
Chain of Title: A chronological list of recorded instruments tracing title to land, from the original owner to the present owner. Cap: The maximum which an adjustable rate mortgage may increase, regardless of index changes. Clear Title: Title to property which is free from liens, defects of othe...
01/11/2010
Balloon Payment: The unpaid principal amount of a loan due on a specific date in the future. Usually the amount that must be paid in a lump sum at the end of the term. Beneficiary: The person who is entitled to receive funds or property under the terms and provisions of a will, trust, insurance ...
01/10/2010
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