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As someone who spent a career in the title insurance industry – both as a builder of a title business and leader of the industry’s trade group, — I am proud of the role we play in helping to protect what most Americans consider the biggest purchase of their lives. Why is a title search necessary for refinancing?
Consider the grantor’s position when considering a disbursement for a mixed-use development, conservation easement, or specialty use property. An appraisal review is a second opinion or added insurance for the transaction to ensure the purchase price history, comps, adjustments, and disclaimers are accurate.
It documents ownership, vesting, and detail regarding anything recorded against the home, such as liens, encroachments, or easements. The title company compiles the report from a search of county records to issue title insurance, and any liens against the property are listed as "exceptions" to a title policy. Easements.
There are two distinct charges here: the charge for the actual research and verification that the sale can proceed and title insurance—a policy that guarantees their work and ensures they handle any potential disputes they didn’t see before. Expect to spend a few thousand dollars here. Surveys This is a relatively low-cost line item.
However, with proper preparation, the right tools , and an understanding of the market, FSBO sellers can potentially overcome these hurdles. Online valuation tools can provide a starting point, but they may not account for recent upgrades or unique features of your property.
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