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Professional Real Estate
service in Fayette and Coweta counties of Metro Atlanta, Georgia including
Peachtree City, Fayetteville, Newnan, Senoia, Sharpsburg, and Tyrone. Look to us
for homes for sale in these areas.
Addresses of residences and landlords
Names and addresses of employers
Income sources, amounts and W2 forms
Account numbers, payments and balances on all loans
Credit cards - minimum payments and balances
Alimony and child support amounts
Copy of divorce decree
Child care costs
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Most recent 30 days pay stubs
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Time to celebrate: You are finally moving into your new home! Then you get the bad news: an heir to a previous owner is challenging your right to the title for the property. Your property, and the money you paid for it, are about to go up in smoke.
Sound impossible? Title "defects" caused Abraham Lincoln's parents to lose three farms, and while it is no longer the early 1800's, title problems still arise. Title insurance is what protects your investment and keeps this from happening to you!
This article will give you an understanding of what Title Insurance is, why you need it and how it protects you.
Title Insurance is an insured statement of the condition of your ownership rights, or "title," to a certain piece of property. A title insurance policy describes your property in detail as well as any limitations there may be to your use and ownership. Most importantly, a title insurance policy guarantees that the property you are purchasing is free of undisclosed liens, confusion in the rights of ownership and other "clouds on the title." In short, it guarantees your ownership of the property you purchased!
Confusion from similarity of names
Forged documents
Signatures of minors or mentally incompetent persons
Mistakes in recording legal documents
Undisclosed or missing heirs
Fraud
Invalid divorces
Misrepresentation of marital status
Unpaid taxes
Clerical errors in public records
Wills not probated
Before a policy is issued, the title insurance company conducts an extensive search for "matters of public record" that affect title to the property. Upon completion of this investigation, the title insurance company issues a Preliminary Commitment for Title Insurance. This includes information regarding matters which affect the title to the property. Final insurance is provided at closing to protect both the owner (if an owner's title policy is purchased) and the lender (if a mortgage loan is involved).
If, after you purchase your home, a "flaw" ( a problem that could affect your right to own the property) in title is discovered the title insurance company generally agrees to:
Defend your title in the courts, as insured, at its own expense.
Correct or clear the title when possible.
Promptly pay you for your loss in the event of an unsuccessful defense of your title.
Policies differ, but some things are standard exceptions to a title insurance policy, such as unpatented mining claims, water rights, Indian tribal regulations, and reservations in U.S. patents.
Unlike other forms of insurance, the title insurance premium is paid only once. The policy has a perpetual term and provides coverage for as long as you are in position to suffer a loss. Furthermore, the coverage cannot be cancelled by the company.
The premium rate is based upon the amount and type of coverage requested, and some companies discount their rates based upon previous insurance. Each company must file a schedule of rates with the State Insurance Commissioner who regulates the activities of the industry.
You can borrow up to $203,000 without a down payment.
As long as your spouse will be occupying the property, you will meet VA occupancy requirements.
We can close the loan if we get a Power Of Attorney specifically for the VA loan and house purchase. A general P.O.A. is not acceptable. We'll also need a letter from their commanding officer stating that they are "Alive and Well" at the time of closing.
To get the Certificate of Eligibility, we will need to complete a Request for Determination of Eligibility (Form 1880). If you are no longer in the military we will need a DD214. We will send these documents to the local VA office, and they will provide us with your Certificate of Eligibility.
Yes! There are several ways most VA loans can be assumed. These vary in complexity and can affect your eligibility.
With VA financing you can purchase a single family residence, a condominium, a unit in a planned unit development (PUD), a 2-4 family unit, or a manufactured home.
If everything goes smoothly, we should be able to close in approximately 30 days.
 E-mail Mike at mike@mike-robinson.com |
Mike Robinson, REALTOR® CRS, GRI, CSP, ABR, CRP MIKE ROBINSON, INC. RE/MAX AROUND ATLANTA RESULTS 401 Highway 74 North Peachtree City, Georgia 30269 Office: 770-631-3305 Toll-Free: 800-955-5596 Fax: 770-631-4712 Voice Mail: 770-631-3334 ext. 316 |
 Each RE/MAX office
is independently owned and operated. |
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 This site has received the PURE GOLD AWARD from The Real Estate Library |
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The information contained herein is believed to be correct, but is subject to errors, omissions and changes.
Copyright © 1997 MIKE ROBINSON, INC. All rights
reserved.
Revised: 08/25/09.
