| Title Insurance |
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| By the terms of a real estate contract, a seller agrees to convey clear title to a buyer. As a condition of being approved for a mortgage to buy the property, the buyer's lender usually requires the buyer to purchase a lender's insurance policy, which is paid for when the real estate transaction closes. Every closing is conditioned on proof of the seller's ability to convey clear title, the release of prior encumbrances, and the ability of the buyer's lender to have a superior interest in the property to be conveyed.More... |
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| The Residential Real Estate Mortgage |
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| Most purchases of residential property are financed through mortgages. A mortgage is a financial transaction by which a purchaser borrows money from a lender that is payable over time.More... |
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| Land Trusts |
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| A land trust is a device by which land is conveyed to a trustee for the benefit of another. A settlor is the owner of the property that is placed into the trust. A land trust is created when settlor expresses his or her intent to create a trust through a written instrument. The instrument must name the trustee and identify the trustee's powers, the beneficiaries, and any remaindermen. The settlor may be the trustee and, in most cases, the beneficiary of the land trust.More... |
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| Closing Costs |
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| For most of us, obtaining a mortgage loan is a very significant financial transaction. The issue of closing costs, whether the mortgage is for the purchase of a new house or to re-finance an existing obligation, is extremely important. In fact, the closing costs on a single real estate transaction can be several thousand dollars. While the items included as closing costs and the amount charged therefor differs from state to state, there are some closing costs attributable to nearly every mortgage loan. The closing costs fall into three specific categories: title fees, government fees, and the costs of obtaining the mortgage itself.More... |
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| Mortgagee Insurance |
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| Most residential real estate transactions involve a mortgagee. A mortgagee is the financial institution that loans the money to enable the homeowner to purchase the real estate. The mortgagee is a creditor of the homeowner. When the mortgagee lends the funds, it takes back a security interest in the real estate. As a secured creditor, the mortgagee is entitled to protect its interest in the real estate to the extent of the unpaid balance of the mortgage.More... |
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