5 Reasons to Have Title Insurance for Your Next Real Estate Purchase

If you’re investing in real estate by buying a new home or commercial building, chances are you’ve already done a lot of research. But one of the most important parts of securing your real estate investment is protecting it with insurance—especially title insurance in North Carolina.

Like every other kind of insurance, title insurance protects your investment. In the event that an issue arises with your title, your title insurance policy will protect the amount of money you invested in the property. This way, if there ends up being an error or issue with your property’s title, you don’t lose all the money you spent buying it.

While title insurance is not required to purchase a home in North Carolina, it is still one of the smartest business decisions you can make in real estate. Here are five reasons why it pays off to have title insurance in North Carolina.

Peace of Mind

A house is a big purchase. Shouldn’t you do everything you can to protect that investment? One of the biggest perks of having a title insurance policy is the peace of mind it grants you as the property owner.

You wouldn’t skimp on homeowners insurance, so why would you forego title insurance in North Carolina? The title to your property represents its ownership. You have to own the title to own the property, but there are actually a number of different issues that may arise with your title that can harm you financially.

Protection Against Unpredictable Events

Title insurance protects you financially against the unthinkable. Like other kinds of insurance, it’s something you want to have that you hope you never have to use.

The primary issue that might arise with your title is authenticity. If it’s an older property that’s been through more than one different owner over a long period of time, it’s especially important to make sure your investment is properly protected with title insurance.

Here are some of the potential problems that may occur over time with a property’s title. Title issues are unpredictable and they often don’t have an easy solution, if they have a solution at all.

  • Error in public records that prevent you from actually purchasing the property
  • Forged signatures that negate any sale or purchase
  • Unknown or hidden liens or other charges against the property owner
  • A missing heir who appears to claim ownership over the property
  • Boundary or survey disputes

These are some of the most common problems that arise with a property’s title, but they are not the only ones that come up. For more examples and information about your property’s title, please don’t hesitate to contact our team here at Tryon Title.

It’s Required for Borrowing

In North Carolina, you are actually required to have title insurance if you take out a mortgage loan. There are two kinds of title insurance that one can have, a lender’s policy or an owner’s policy.

When you take out a mortgage loan to pay for your new property, you will have to take out a lender’s policy. This protects the lender in the event that an issue arises with your new property’s title. This policy lasts for the duration of the time you have an active loan with the lender.

The owner’s title insurance policy, on the other hand, protects you for the entire amount of time you maintain an interest or stake in the property. This way, if an issue arises with the title after some period of time, you won’t lose all the money you put into the property.

Thorough Title Search

Shouldn’t you know the entire history of your new home? When you purchase a title insurance policy, the title insurance agency will perform a thorough search on your new property’s title. The title search can uncover any hidden issues, unknown liens, or other problems that may arise with your property’s title.

A title search is one of the most surefire ways to ensure the title of your new property is clean, and that it is a worthwhile purchase.

A Team of Professionals on Your Side

When purchasing title insurance in North Carolina for your home, it pays to be prepared. One way to guarantee a successful real estate transaction is by working with a title insurance agency with years of experience, highly skilled underwriters and researchers, and a legacy for greatness in North Carolina.

Have any questions about title insurance for your upcoming real estate purchase? Whether it’s commercial or residential real estate, Tryon Title is here for you. Give us a call today for more information!

What’s Next for Real Estate? A Look Into 2021 and the Future of the Industry

2020 is a year unlike any other. The Covid-19 pandemic has completely altered our way of life and had profound effects on the real estate industry throughout 2020. With so much changing right now, how will the real estate industry be different (and the same) in 2021? The future of real estate will almost certainly be as interesting as 2020.

As our economy slowed to a recession, our real estate industry was invariably hit by big changes. At the beginning of the pandemic, this manifested in lower-than-ever mortgage rates and a major shift to home buying habits. Suddenly, new homebuyers were foregoing densely packed urban areas and shifting to more rural settings with lots of open space. As more and more people searched for a home in 2020, housing inventory plummeted… while home prices shot up.

In addition, we all adapted to a new way of buying and selling homes in 2020. What other changes does the future hold for the real estate industry? Here are our predictions.

The Power of Digital

With more people choosing to stay at home to limit the spread of Covid-19, the real estate industry has largely shifted online and into digital avenues. It’s easier than ever to find a home, apply for a mortgage, tour a property, and sign paperwork completely online.

An influx of new tech startups and companies are beginning to offer digital products that will make every aspect of the home-buying and -selling process easier. Property websites like Zillow, Trulia, Properties Online, and more have an unlimited amount of options for customizing your property search to find exactly what you’re looking for.

Limit Physical Contact by Moving the Purchasing Process Online

You can even search for a mortgage online and compare different lenders with ease. Online lenders are often faster and less expensive than traditional lenders, and as we head into 2021 you’ll find even more options for finding the best loan—with the best rates—for your new property.

However, as you shop online for a home—and a mortgage—you should always exercise caution and do as much research as possible.

Shifting Priorities for Homebuyers

Many new homebuyers are turning their sights from busy metropolitan areas to calmer and more suburban communities. As Covid-19 has largely sent us indoors and away from other people, space and comfort have become huge priorities for homebuyers in 2020.

According to Fannie Mae Senior Vice President and Chief Economist Doug Duncan, the shift is fueled by fear of disease and population density. Construction is working hard to capitalize on these new demands and we’re slowly seeing a rise in family starter homes throughout the country.

However, that rise cannot keep up with current demand. Even as we head into winter, which is traditionally seen as a calmer real estate season than the busy spring and summer seasons, competition is so fierce that home buyers have to act quickly in order to buy their dream home.

The Rental Industry Will Remain Strong

Now more than ever, people are prioritizing flexibility over purchasing and owning a property. It makes sense—people are working from home, leaving their city apartments, and even moving back in with their parents. Fewer people want to be stuck with a hefty mortgage in case the uncertainty of the current economy doesn’t settle down.

Projected Mortgage Rates & Housing Prices

Industry experts predict that home prices will continue to rise as they have for much of 2020. Buyer competition is heavy and current inventory just can’t keep up. As of early November, the weekly housing market trends showed that the median listing price for properties is growing by 12.9% compared to this time last year.

Mortgage rates have inched downwards throughout 2020, and the average U.S. mortgage rate for a 30-year fixed term loan is at its lowest point in 50 years, 2.72%. If these mortgage rates stay low into next year, that will be a valuable incentive to first-time homebuyers in the U.S.

Looking for Resources to Better Understand the Real Estate Market?

Tryon Title is here to help. Whether you’re planning to purchase a home next year or simply doing your due diligence, your goals are important to us. Please contact our team today for more information and assistance as you navigate the 2021 real estate industry.

Working From Home as a Paralegal: a Day in the Life

Working from home, or virtually, has become the norm in 2020. Many professions have transitioned to doing business remotely, and many professionals in the title insurance industry have begun performing their tasks virtually. One such position that’s able to operate almost completely virtually is that of the paralegal.

Paralegals are essential to any law firm or title insurance agency as they assist both lawyers and their clients. On one hand, they are responsible for drafting complex legal documents and performing in-depth research into different laws and rulings. However, they’re also tasked with helping their clients understand the intricacies of the law as well as any contracts they’re entering into.

The paralegal is crucial to making sure any transaction, court proceeding, or other legal process goes off smoothly. Here’s an overview of what a typical day as a paralegal looks like, as well as some of the advantages to working remotely as a paralegal.

What a Typical Day May Look Like for a Paralegal

A paralegal helps their attorney keep things running smoothly. To properly do this, they are responsible for organizing paperwork, drafting important documents, performing legal research, and assisting clients.

A virtual paralegal may do all of that at home. Some virtual paralegals are employed directly by a law firm while others may work as independent contractors who assist multiple attorneys at once. No matter the style of employment, a paralegal is always directly supervised by the attorney they’re working under.

In a typical workday, a virtual paralegal may do some or all of the following tasks:

  • Organizing case files
  • Interviewing clients or providing basic services
  • Corresponding with counsels and witnesses
  • Writing legal briefings or documents
  • Researching case laws
  • Analyzing court records
  • Preparing clients for upcoming hearings
  • Maintaining financial records

The Advantages of Working From Home as a Paralegal

A woman in a black blazer sitting in front of a laptop while talking on her cell phone.

Whether you work for a dedicated law firm or as an independent contractor, there are many benefits to working remotely as a paralegal. To begin, you save valuable time every morning and afternoon with no commute into an office. This allows for extra sleep, exercise in the morning, and any other habits that may improve your quality of life.

Working virtually can often be less stressful for individuals who like peace and quiet to perform research, write and edit legal documents, and do other legal legwork for their attorneys. As most of us have learned in 2020, virtual meetings can be just as efficient as in-person ones when it comes to task briefings and interviews.

If you’re working as an independent contractor, specifically, there are other unique benefits. You can set your own hours, work for more than one attorney, and choose a more interesting variety of industries to work within.

Tips for Working From Home

With all the benefits that come from working from home, there are also some unique drawbacks. Here are some tips for creating a healthy work-life-balance as you work from home:

Set up a Home Office

Create a designated space for getting your work done. Even if it’s just a corner of your apartment or a spare nook where you can set up a desk—make sure you have a dedicated workspace. Working in bed or from the couch is not conducive to a productive day.

Keep it clean and bright but away from any distractions. Speaking of distractions: you may also consider setting time limits or schedule controls for social media platforms on your phone—that way you aren’t distracted by incoming notifications that aren’t work-related.

Keep to a Schedule

This one is easier said than done but it can have a huge impact on your workday! Try to keep the same schedule you would if you were going into an office. Find a routine that works for you and stick to it.

In addition, schedule short breaks throughout the day so you’re not just staring at a computer screen for eight straight hours. Get up and walk around, stretch, and take a lunch break.

Get Started in the Real Estate Industry

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