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HOW IT BENEFITS THE BUYER AND THE LENDER
Homebuyers are often overwhelmed by the long list of services that accompany a real estate purchase. Title reports, appraisals, home inspections, flood determination, credit reports, tax determination and surveys are all necessary to reassure everyone involved in the transaction that the property is marketable, insurable and deemed a worthy investment by the consumer as well as their lender.
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How Errors in Public Records Can Affect Your Home’s Title
Although the property you just purchased is new to you, it has a history, and sometimes, these histories can include unwanted baggage. During a real estate transaction’s closing process, a title search on the property is completed to determine whether there are title defects that can have an effect on the purchase.
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Insurability Versus Marketability
It’s a question we regularly receive: how is a property’s insurability different from its marketability? These two terms, both widely used in the transactional real estate industry (but rarely used anywhere else), are in fact nearly identical in their meanings. It’s no surprise they are so easily confused.
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TRID ONE YEAR LATER: A LOOK BACK AT THE EFFECTS OF TRID
October 3, 2015, heralded in a huge change for the mortgage industry. It became the implementation deadline for some of the largest changes the industry had seen in decades. The TILA-RESPA Integrated Disclosure Rule (TRID) was enacted by the Consumer Financial Protection Bureau in order to make the borrowing process more transparent and understandable.
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