A warm place to call home – that’s the dream that keeps first time homebuyers motivated throughout the often painstaking process of purchasing a house. From figuring out what pre-qualifying entails, spending countless hours sorting through listings, and ultimately making it through the closing contracts; there are many steps to learn about when it comes to purchasing a house. One of the steps that most first time homebuyers are unfamiliar with is the process of purchasing Title Insurance.
Don’t know what Title Insurance is? You’re not sure why you need it? Well, don’t worry; we’re here to help. North DelaWHERE Happening spoke to the Delaware Title Insurance experts, Executive Abstract, to get you the answers.
Northeast Executive Abstract Agency Inc., founded by Stephen J. Izzi, has been helping homebuyers feel secure in making the biggest purchasing decision of their lives for over twenty years. In fact, the company has become such a staple in the local homebuying market that they expanded into property management and real estate, and recently opened a New Jersey Real Estate office and started a Tax Lien Servicing business.
So why do you need to know about Title Insurance?
If you’ve begun the home purchasing process, you know that there are tons of variables to consider when it comes to purchasing a home. How can you be sure that there are no problems with the home’s title or even that the seller really owns the property? Did the previous owner have minor construction done on the property but never fully paid the contractor? Did they fail to pay local or state taxes? It’s nearly impossible for a homebuyer to find all the answers to these questions on their own.
Title professionals resolve problems like these before you go to closing. They insure the transaction and allowing the buyer and bank to confidently purchase a property.
Did you know that more than 1/3 of all title searches reveal a title problem that title professionals fix before you go to closing?
So how does the Title Insurance company achieve this?
Their title professionals perform thorough searches on the property and title, clearing any title defects, and ultimately guaranteeing that the buyer is getting a title that is “free and clear” at the time of closing. Their job is to anticipate every potential problem and resolve issues on the spot, such as calculating any prorations for taxes or Homeowner Associations assessments and paying off any liens on the property.
In addition, they help simplify some of the headaches associated with the purchasing process, such as off-site closings, acting as a trusted escrow agent, recording title documents with the county clerk, and of course, issuing the title policy.
When you’re making the biggest purchasing decision of your life, it’s essential to thoroughly protect your interests. Luckily, companies like Executive Abstract, with local home purchasing experts, are available to help first time homebuyeres handle the complicated process.