Buying and selling a new home is tough on a fundamental level. Understanding title insurance and why you need it can easily be an additional stressor to your real estate experience. Something you may have heard about while selling your home is the importance of having a “clear title.” Basically, this means that there are no “clouds” on the title to your property. Clouds can take the form of fines, encumbrances, encroachments, or liens. If you’ve been wondering if you need to “de-cloud” your title before selling your home, how to do that, and how title insurance can help you avoid these problems, the financial experts at Title Tax Services are here to answer all of these questions and more on our blog!
Looking to speak with a financial representative about clearing the title to your home? Or curious about title insurance in the first place? Call TTS at 949-798-1180 or contact us now!
Having a clear title means that you are the rightful owner of your property and that you own it without any encumbrances. Encumbrances are legal liabilities on a property that may decrease its value. Examples of encumbrances include leases, encroachments, security interests, and more. Basically, having a clear title means that there is no threat or question as to who is the legal owner of your property. The owner is you and you alone. No other individual or party can make a claim to its ownership.
On the other end, buying a property with a clear title means that there’s no way for the previous owner of that property to hold you responsible for any title defects found after closing. Because of this, it’s important to make sure your property has a clear title no matter if you’re buying or selling a property.
If you are selling your house, a clear title is going to go a long way in sealing the deal. If you have any liens or encumbrances, there’s going to be a lot of hardship in convincing someone to buy your property and then possibly deal with the consequences later. In order to clear your title, you have to get any encumbrances released. This can take the form of issuing a quit-claim deed, which transfers interest in a real property.
It’s not typical for a bank or mortgage company to give out a loan for a house unless the house that you want to buy has a clear title. On top of this, banks or mortgage companies usually require that your title has title insurance so that they’re protected from any disputes after you buy your home. Title insurance is the best protection from any disagreements or errors found within your title after you close on a home. They are effective protective measures because you can obtain title insurance with a one-time fee, and then the insurance is yours for the entire time that you own your property.
Right now, it’s incredibly hard to get title insurance on properties with unclear titles or ones that were obtained from defaulted tax liens. Oftentimes, property owners spend a lot of time trying to get quiet title actions so they can get title insurance on tax-deeded properties. This is how TTS can help. We eliminate the need for quiet title actions and can help you obtain title insurance without any delays.
And we do this all while saving you thousands of dollars. We are the fast and affordable alternative option in order to get your title insured and have you on your way to clearing your title!
All of our financial professionals are in-house and highly qualified to start helping you today. We work with nationally recognized title insurance underwriters and title agent vendors to get you working with the exact professionals you need to have your process move quickly. Get protected and insured with the financial team at Tax Title Services now!
To learn more about Tax Title Services and how we can help you and your property, call 949-798-1180 or contact us today.