Uploaded on Mar 11, 2021
You must first apply for title insurance for your real estate transactions. Most of the time the mortgage lender company or Bank expects you to get title insurance for the closing process. This is just to stay safe to keep their loan protected against any encumbrances.
Mortgage Lender
Precaution Is Better Than Prevention In
The Mortgage Industry
Buying a property makes you go through a long, overwhelming process to save
money for it, find the perfect place for you and your budget, dealing with
negotiations, and finalizing the sale. If you are not thorough with your task, it can
create hurdles in the way of acquiring your property and in worst cases, monetary
and property loss.
After spending countless hours and effort and also your lifetime savings, you do
not want to realize a few months down the line, that there was a problem with
the property's deed. If it happens it can put your investment and your claim on
the property at risk. To prevent a dire situation like that, it's highly suggested that
you get title insurance to keep your closing process as safe and successful as
possible. This will not only ensure a safe acquisition of your desired property but
will also prevent future frauds targeted at property and mortgage fields.
FundingShield provides the residential mortgage industry's highest level of
protection in the funding process to close newly origination mortgage loans. Its
services aim for the mortgage and title fraud prevention. This ensures that the
wired funds are going to reach the right people which makes the transactions safe
from cyber fraud, phishing, business email compromise, or title fraud.
How to Get Title Insurance
1. Apply for Title Insurance
You must first apply for title insurance for your real estate transactions. Most of
the time the mortgage lender company or Bank expects you to get title insurance
for the closing process. This is just to stay safe to keep their loan protected
against any encumbrances.
2. Search for the Property's Record
It is imperative to acquire the property's legal documents like liens, wills,
mortgages, endowments, history of ownership, and more. Getting proper
documentation and paperwork helps the title insurance company compile your
case file effectively.
3. Examining the Title Thoroughly
After carefully observing and assessing your case, the agent in charge examines
the property's title thoroughly. This enables them to find and enlist any issues
with the deed that could endanger the real estate deal like missing signatures and
human errors, to undisclosed heirs and forgery.
4. Preparing a Preliminary Report
After doing research on the property’s title, the agent starts putting together a
preliminary report which protects the parties involved during the transaction of
process. In this report, they will also determine the coverage you need, the terms
and conditions, the limitations, and the unforeseen circumstances that could
interfere with the sale.
Trust FundingShield to give you a hassle-free home buying experience that
you are going to cherish for the rest of your life.
Comments