query: subdivision contractor claims

The only party who can file a claim against title insurance policy is an insured party - either lender or owner. If a subdivision contractor hasn't been paid, the contractor should seek legal advise and consider options such as filing a mechanics lien. Most mortgage lenders require a stipulation against liens before the start of construction and mechanics lien laws can be quite complicated.

query: subdivision contractor claims

The only party who can file a claim against title insurance policy is an insured party - either lender or owner. If a subdivision contractor hasn't been paid, the contractor should seek legal advise and consider options such as filing a mechanics lien. Most mortgage lenders require a stipulation against liens before the start of construction and mechanics lien laws can be quite complicated.

moving title from one entity to another......

Read this article. There are lots of issues to consider, one of them is the impact of the transfer on your title insurance. Don't make assumptions. Contact your title company and nail the issue in writing when you transfer. It's a loose end, often forgotten.

moving title from one entity to another......

Read this article. There are lots of issues to consider, one of them is the impact of the transfer on your title insurance. Don't make assumptions. Contact your title company and nail the issue in writing when you transfer. It's a loose end, often forgotten.

does HUD owe you a refund of MIP?

CHECK THIS LINK

does HUD owe you a refund of MIP?

CHECK THIS LINK

query: right of first refusal versus quit claim deed

The right of first refusal is typically reserved by a seller who wishes to exercise some control over future ownership of the property. In order for clear title to pass the property must be offered to the party who retained the right of first refusal before conveying title to someone else.We usually obtain a letter from the party waiving the right of first refusal and record the letter as an

query: right of first refusal versus quit claim deed

The right of first refusal is typically reserved by a seller who wishes to exercise some control over future ownership of the property. In order for clear title to pass the property must be offered to the party who retained the right of first refusal before conveying title to someone else.We usually obtain a letter from the party waiving the right of first refusal and record the letter as an

query: how long is a title commitment good for

I'm not sure if it's the same all over, but in PA a title insurance commitment is good for six months.

query: how long is a title commitment good for

I'm not sure if it's the same all over, but in PA a title insurance commitment is good for six months.

Did you know that income tax liens attach to "after acquired" property?

Yes, that's right. So unless you can pay cash for a piece of real estate, expect to have a problem getting a mortgage.I am examining title today for the purchase of a property that went through foreclosure. I saw FTL on the cover notes and at first glance assumed it was a Federal Tax Lien against the former owner. Too bad, it's not. It's filed against the buyer and there is also a PA state

Did you know that income tax liens attach to "after acquired" property?

Yes, that's right. So unless you can pay cash for a piece of real estate, expect to have a problem getting a mortgage.I am examining title today for the purchase of a property that went through foreclosure. I saw FTL on the cover notes and at first glance assumed it was a Federal Tax Lien against the former owner. Too bad, it's not. It's filed against the buyer and there is also a PA state

query: the difference between a title insurance commitment and a title abstract

The title abstract is a report containing raw data and abstractor notes based upon a search of the public records. This report is part of a thorough title examination. The title insurer will also review data from other sources and then issue a title insurance commitment.The title insurance commitment is an offer to insure the title subject to certain conditions and exceptions.

query: the difference between a title insurance commitment and a title abstract

The title abstract is a report containing raw data and abstractor notes based upon a search of the public records. This report is part of a thorough title examination. The title insurer will also review data from other sources and then issue a title insurance commitment.The title insurance commitment is an offer to insure the title subject to certain conditions and exceptions.

query: if you're about to close on a home and you find out the seller has gone through bankruptcy

Anytime you here the word bankruptcy in a real estate transaction consider it a "stop, drop and roll" moment. Don't put off getting to the real status of the transaction. Never assume anything.The first thing I would do is talk with my title insurer to make certain that they are aware of the bankruptcy. A good title examiner will check the Pacer system, however, there is always the chance that

query: if you're about to close on a home and you find out the seller has gone through bankruptcy

Anytime you here the word bankruptcy in a real estate transaction consider it a "stop, drop and roll" moment. Don't put off getting to the real status of the transaction. Never assume anything.The first thing I would do is talk with my title insurer to make certain that they are aware of the bankruptcy. A good title examiner will check the Pacer system, however, there is always the chance that

the affiliated title agency took the deal - almost without insurance

In PA title agents aren't permitted to perform services without the issuance of title insurance. This case was interesting because the lender - a local bank doesn't require title insurance. When we get an order from them - which is rare - we always call before processing to confirm that the buyer has requested our services and that they are purchasing title insurance.What I found most

the affiliated title agency took the deal - almost without insurance

In PA title agents aren't permitted to perform services without the issuance of title insurance. This case was interesting because the lender - a local bank doesn't require title insurance. When we get an order from them - which is rare - we always call before processing to confirm that the buyer has requested our services and that they are purchasing title insurance.What I found most

this may not seem like alot of money but what this tells me

is how this attorney thinks............and I think his title underwriter should pay attention. Pay attention to the facts. The attorney received evidence that the letter on which he was relying was incorrect and he chose to ignore it.Read this e-mail I've just shot over to my underwriter:Closing a purchase transaction today at 4pm - issuing both loan and owner policies premium based on

this may not seem like alot of money but what this tells me

is how this attorney thinks............and I think his title underwriter should pay attention. Pay attention to the facts. The attorney received evidence that the letter on which he was relying was incorrect and he chose to ignore it.Read this e-mail I've just shot over to my underwriter:Closing a purchase transaction today at 4pm - issuing both loan and owner policies premium based on

SUBPRIME....this is fascinating

Subprime was voted the word of the year by the American Dialect Society in recognition of the mortgage scandal and crisis that has for months enveloped housing and real estate around the country. But that umbrella term, describing cheap — often suspiciously cheap — mortgages, encompasses a whole glossary of often-colorful expressions that could be described as sub subprime. Read more....

SUBPRIME....this is fascinating

Subprime was voted the word of the year by the American Dialect Society in recognition of the mortgage scandal and crisis that has for months enveloped housing and real estate around the country. But that umbrella term, describing cheap — often suspiciously cheap — mortgages, encompasses a whole glossary of often-colorful expressions that could be described as sub subprime. Read more....

query: seller does not have car title

Yea, I know. I'm not in the car business, BUT, as a title agent I do have to work with and around mobile home titles and let's face it, a mobile home title IS a vehicle title. So, with that in mind let me say this - loudly and clearly....IF YOU ARE INVOLVED IN THE TRANSFER OF REAL ESTATE ON WHICH THERE SITS A MOBILE HOME OR DOUBLE-WIDE OR MANUFACTURED HOME - WHATEVER YOU WANT TO CALL IT, DO

query: seller does not have car title

Yea, I know. I'm not in the car business, BUT, as a title agent I do have to work with and around mobile home titles and let's face it, a mobile home title IS a vehicle title. So, with that in mind let me say this - loudly and clearly....IF YOU ARE INVOLVED IN THE TRANSFER OF REAL ESTATE ON WHICH THERE SITS A MOBILE HOME OR DOUBLE-WIDE OR MANUFACTURED HOME - WHATEVER YOU WANT TO CALL IT, DO

this has been the week of crazy titles

I think I mentioned in a previous post the issue of a title agency not understanding that a prior mortgage was divested in foreclosure, a fact which was confirmed by attorneys for our title underwriter who rejected the request for indemnification.The poor buyer who hired the title company is caught in a trust quagmire. His title agent still insists the title is no good and he doesn't know who to

this has been the week of crazy titles

I think I mentioned in a previous post the issue of a title agency not understanding that a prior mortgage was divested in foreclosure, a fact which was confirmed by attorneys for our title underwriter who rejected the request for indemnification.The poor buyer who hired the title company is caught in a trust quagmire. His title agent still insists the title is no good and he doesn't know who to

PA transfer tax - new rules for relo & assignment of interest transactions

I just received a memorandum from one of our title underwriters. It’s important info if you are involved in purchase transactions in PA with an assignment of interest or contract. The PA Dept. of Revenue issued an amended rule on transfer tax regulations last December. The effect of that change is just now being fully digested - probably because someone was audited post closing. Yes, our Dept. of

PA transfer tax - new rules for relo & assignment of interest transactions

I just received a memorandum from one of our title underwriters. It’s important info if you are involved in purchase transactions in PA with an assignment of interest or contract. The PA Dept. of Revenue issued an amended rule on transfer tax regulations last December. The effect of that change is just now being fully digested - probably because someone was audited post closing. Yes, our Dept. of

buyer caught up in a bankruptcy/short sale squeeze

We've been working for a homebuyer since June trying to close a purchase.He thought he did everything right BUT you can't account for "out to lunch" sellers or their "not so helpful" bankruptcy attorney. [I'm being really kind with those quotes cause these folk have made lots of grief for everyone. More appropriately I might have said, "out of touch with reality - perhaps in a drug induced haze

buyer caught up in a bankruptcy/short sale squeeze

We've been working for a homebuyer since June trying to close a purchase.He thought he did everything right BUT you can't account for "out to lunch" sellers or their "not so helpful" bankruptcy attorney. [I'm being really kind with those quotes cause these folk have made lots of grief for everyone. More appropriately I might have said, "out of touch with reality - perhaps in a drug induced haze

illegal and racist restrictions in title

It's rare to see these old cruel restrictions in title. Normally we see them in old old deeds, but I am examining title for land in Somerset County and the deed from 2006 still has this clause:"The occupancy of the lot shall be restricted to Caucasians only."It dates back to the subdivision in 1949, but why the attorney left it stand is beyond me. These idiotic restrictions are to be ignored so

illegal and racist restrictions in title

It's rare to see these old cruel restrictions in title. Normally we see them in old old deeds, but I am examining title for land in Somerset County and the deed from 2006 still has this clause:"The occupancy of the lot shall be restricted to Caucasians only."It dates back to the subdivision in 1949, but why the attorney left it stand is beyond me. These idiotic restrictions are to be ignored so

"national" title agent aka chop shop in my backyard

is a walking make work project. I'm sorry, that's unkind, let me rephrase.The record title agent at a local, formerly "national" - server of sub-prime predators - now local and desperate and trying real hard to take local market share - is ignorant of the most simple title issues.This company is what we traditional title agents call a chop shop. The company is run by someone with no expertise

"national" title agent aka chop shop in my backyard

is a walking make work project. I'm sorry, that's unkind, let me rephrase.The record title agent at a local, formerly "national" - server of sub-prime predators - now local and desperate and trying real hard to take local market share - is ignorant of the most simple title issues.This company is what we traditional title agents call a chop shop. The company is run by someone with no expertise

tie up the loose ends of a divorce, please!

Examined title for a purchase transaction and found that the vested owners were a now divorced couple who had never dealt with the separation of the real estate. Criminy.What really kills me is that both husband and wife were represented by legal counsel AND the property had been processed through a relocation company who is represented by legal counsel.Nobody, I mean NOBODY, gave a thought to

tie up the loose ends of a divorce, please!

Examined title for a purchase transaction and found that the vested owners were a now divorced couple who had never dealt with the separation of the real estate. Criminy.What really kills me is that both husband and wife were represented by legal counsel AND the property had been processed through a relocation company who is represented by legal counsel.Nobody, I mean NOBODY, gave a thought to

I'm back!!!

Thanks, Google.

I'm back!!!

Thanks, Google.