3 Things Every Realtor Should Know About North Carolina Title Insurance

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Buying a property—whether it’s commercial or residential—is a huge financial undertaking. That’s why it’s so important for property owners to protect their real estate investment with a title insurance policy. North Carolina title insurance is a crucial step in protecting your investment for the long term.

If you work with clients as a real estate agent, you should keep yourself up to date on the latest trends and laws regarding North Carolina title insurance. We’re a longstanding North Carolina title insurance agency and we want to partner with you to ensure your clients have the best experience possible.

So, here are three things every real estate agent needs to know about North Carolina title insurance.

It Protects Your Clients

Put simply, a title insurance policy protects the property owner’s rights to own that property.

Whenever you purchase a property, that property’s title will need to be transferred over to you. If something is wrong with the title that could harm the new owner financially, their title insurance policy is there to ensure they don’t lose their financial investment.

Unfortunately, a lot of things can go wrong when a property title is transferred. For example, if a previous owner of the property had a huge debt with their roofing contractor, that contractor may have put a lien on the property. Even if the original owner no longer lived there, without title insurance the new owner would be responsible for paying it.

With title insurance, however, the new owner won’t be held financially responsible for the previous owners’ lien.

It Provides Long-Term Peace of Mind

When it comes to property title issues, something can come up at any time—even years after you purchase the property!

That’s why title insurance is so valuable. It protects your investment for the entire amount of time that you own the home. Best of all, this protection comes at a relatively low cost—just 0.5% of the property’s purchase price.

Its Regulations and Policies Differ by State

Every state has different policies regarding title insurance. That’s why we highly recommend finding a title insurance agency with experience assisting real estate agents in North Carolina.

North Carolina title insurance has its own unique regulations and requirements. For more information, consider checking out the North Carolina Consumer’s Guide to Title Insurance or giving us a call here at Tryon Title.

Connect with a North Carolina Title Insurance Agency Today

Ready to dive into the world of title insurance. Our underwriters and title insurance professionals are here to help.

Reach out to our team at Tryon Title for a new policy, additional resources, and guidance on all things title insurance. We have years of experience helping real estate agents and property owners in all of North Carolina’s 100 counties.

Your North Carolina Real Estate Closing Checklist

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Finally, after weeks and weeks of hard work, it’s time for the best part of the real estate transaction: closing day! Without proper planning, it’s easy for closing day to go awry in the world of real estate—especially when it comes to the home’s title. That’s why we’ve come up with this North Carolina real estate closing checklist.

It includes everything you should do as a real estate agent to ensure a stress-free and successful closing day. Have specific questions about working with a title insurance agency prior to closing day? Don’t hesitate to give us a call.

In the meantime, let’s get to it!

Step 1: Verify that the Sales Contract is Correct

This sounds simple enough, but when done incorrectly it can yield potentially catastrophic results! You’ll want to ensure that the sales contract is correct, and that includes:

  • Making sure the person selling the property is the “record title holder”
  • Double checking that all property is represented in the contract

Oftentimes, commercial properties may actually include more than one piece of land so be sure that both the seller and buyer are on the same page and everything is properly accounted for in the contract.

Step 2: Ensure the Contract Includes a “Due Diligency” Clause

This is a huge part of selling—especially when it comes to commercial properties. If there are any contingencies, make sure that all parties are aware and properly informed about them.

Time and time again, we see even the most carefully planned closings fall apart as a result of contingency deadlines not being met!

Step 3: Keep Track of the Buyer

If the buyer is borrowing from a lender, you’ll want to check in with them to make sure they’re following through on all of their requirements. Lenders typically have a set of requirements for borrowers, and when buyers don’t adhere to them it is impossible to get the transaction approved before closing.

Periodically throughout the real estate transaction, contact the buyer’s representative to check that everything is going smoothly! Otherwise, it will be harder for the lender to get the title insurance underwritten and approved.

Step 4: Stay Ahead of Any Title Issues

If any issues with the property’s title arise during the transaction process, deal with them immediately. Work with the seller, the title agency, and the buyer representative to take care of any issues quickly.

Time is of the essence in any real estate transaction, so don’t get bogged down by procrastinating on important title issues!

Step 5: Keep Your Client Informed

Even as an experienced real estate agent, you know that the closing process can be confusing. That’s why you should do everything in your power to educate your client on the closing process.

When your client  knows exactly what to do during the closing, the entire process will go that much smoother!

Step 6: Thoroughly Review Closing Documents with Your Client

And, additionally, make sure that all parties are on the same page about closing! Coordinate all logistics, including closing date and time, and confirm it with the buyer, seller, and their representatives.

Step 7: Work with a Professional Title Insurance Agency

As a real estate agent, you’ll want to work closely with a title insurance agency to make sure the policy is effective and ready on time.

If you have any questions about the role title insurance plays in your real estate transaction, please don’t hesitate to give Tryon Title a call!


Tips for a Smart Transaction: Is Title Insurance Transferable?

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One of the most time-consuming parts of owning a home is choosing to sell it. There are a number of steps to successfully sell one’s home, all of which require time, careful research and planning.

If you’re about to transfer your home’s title, you might find yourself wondering if your title insurance policy is also transferable. This depends entirely on the state you live in. As your North Carolina title insurance experts, we have the answer:

Title Insurance is Not Transferable in North Carolina

According to the North Carolina Department of Insurance’s Consumer Guide to Title Insurance, you cannot transfer your owner’s title insurance policy to the home’s new owner.

If the new owner of the property wants to be protected against any issues with the title, they will need to purchase their own title insurance policy.

However, as the property’s one-time owner, you may still keep your owner’s title insurance policy even after you’ve sold the property. This may protect you from any issues that come up in the future.

Can I Transfer My Title Insurance to Cover a New Property?

Once you purchase a new property, you will need to obtain a new owner’s title insurance policy to protect its title.

This is because you’ll have to complete a new title search for your new property. In addition, the new policy’s premium price will depend on the market value of the home.

Do I Need Title Insurance for Every Property I Purchase?

While having an owner’s title insurance policy is not legally required, it will protect you in the event of any issues with your title.

That’s why we recommend taking out a title insurance policy for every new property you purchase. Since your existing policy cannot be transferred, it is imperative to protect your new investments.

Interested in learning more about the title insurance policy process? Contact us today to to obtain your own owner’s coverage policy.

Tryon Title Makes All the Difference

At Tryon Title, our experienced staff of underwriters and title insurance providers are here to help. Allow our team to provide you with accurate and reliable results in no time. In fact, our underwriters can deliver a final policy within 24 hours.

If you’re searching for a title insurance policy in North Carolina, please reach out to us today for a consultation.