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.
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