The task of purchasing a property does not end after you get the title. You also need to get title insurance to make sure you are protected from any future losses that have to do with your purchase. It protects both the owner ad lender and will provide faster resolutions to problems of ownership, transfers, and other defects in the transaction. One has to realize that when a property is bought, in this case, a house and lot, you are added to a chain of where at times, can have chinks therefore compromising your position as the new title holder.
Having title insurance protects you from legal and technical matters such as:
- Improperly recorded legal documents
- Defective acknowledgements due to improper or expired notarization
- Deeds and mortgages by foreigners who may lack legal capacity to hold title
- False impersonation of the true land owner
- Undisclosed heirs
- Utility easements
- Federal estate and gift tax liens
- Errors in tax records
Short sales are currently one of the most common transactions in Tampa and all over the state mainly because of the real estate market situation. A real estate short sale is the sale of a property in which the proceeds from selling the property fall short of the balance of debts secured by liens against the property and the property owner cannot afford to repay the full amount of the liens.
The short sale of a property in Tampa is as follows:
- The request is submitted to the Florida Short Sale Negotiators
- Housing and Urban Development is requested and claimed by your title insurance provider
- The case is set up in the tracking system and passed to a processor for submissions
- Your realtor and you are notified of any missing documents or other problems
- The file is submitted to your loan provider
- 2 weeks worth of follow up work
- BPO or appraisal is completed. They will notify your realtor this part and you will have the opportunity to meet with and discuss the valuation with the realtor or appraiser.
- Negotiations occur with The Florida Short Sale Negotiators team and the lenders. HOA or other liens are negotiated down to help meet the lender net requirements.
- Deficiencies or other issues are discussed with both you and your loan provider.
- Final review of documents
- Discussion of closing
It is important that you are guided accordingly by a licensed title insurance provider. Correct observation of the short sale process saves you and the entire country money annually. By just spending around $800 per annum, you secure your property purchase and safeguard yourself from unforeseen circumstances that can put you and your family at risk.
Also, you have a higher chance of getting approved by a home loan agency if you hold a Loan Policy. Therefore, the entire process of buying, insuring, and paying for your mortgage is an interconnected chain of documents which every property owner should have at all times.
Having title insurance protects you from legal and technical matters such as:
- Improperly recorded legal documents
- Defective acknowledgements due to improper or expired notarization
- Deeds and mortgages by foreigners who may lack legal capacity to hold title
- False impersonation of the true land owner
- Undisclosed heirs
- Utility easements
- Federal estate and gift tax liens
- Errors in tax records
Short sales are currently one of the most common transactions in Tampa and all over the state mainly because of the real estate market situation. A real estate short sale is the sale of a property in which the proceeds from selling the property fall short of the balance of debts secured by liens against the property and the property owner cannot afford to repay the full amount of the liens.
The short sale of a property in Tampa is as follows:
- The request is submitted to the Florida Short Sale Negotiators
- Housing and Urban Development is requested and claimed by your title insurance provider
- The case is set up in the tracking system and passed to a processor for submissions
- Your realtor and you are notified of any missing documents or other problems
- The file is submitted to your loan provider
- 2 weeks worth of follow up work
- BPO or appraisal is completed. They will notify your realtor this part and you will have the opportunity to meet with and discuss the valuation with the realtor or appraiser.
- Negotiations occur with The Florida Short Sale Negotiators team and the lenders. HOA or other liens are negotiated down to help meet the lender net requirements.
- Deficiencies or other issues are discussed with both you and your loan provider.
- Final review of documents
- Discussion of closing
It is important that you are guided accordingly by a licensed title insurance provider. Correct observation of the short sale process saves you and the entire country money annually. By just spending around $800 per annum, you secure your property purchase and safeguard yourself from unforeseen circumstances that can put you and your family at risk.
Also, you have a higher chance of getting approved by a home loan agency if you hold a Loan Policy. Therefore, the entire process of buying, insuring, and paying for your mortgage is an interconnected chain of documents which every property owner should have at all times.
