Moving to Close!

Once you have a contract there are several steps in the process that are handled behind the scenes by the

Veenstra Team effectively manages details for Kalamazoo Home Buyers
Kathryn effectively manages details!

Veenstra Team.  One of those steps is the procuring of Title Insurance.  Title Insurance is a requirement for every transaction.  For a more detailed explanation about Title Insurance,  sign up for the Free Homebuyer’s Guide.

5 Things to Understand About Title Insurance

1. It protects your ownership right to your home both from fraudulent claims against your ownership and from mistakes made in earlier sales, such a mistake in the spelling of a person’s name or an inaccurate description of the property.

2. It’s a one-time cost usually based on the price of the property.

3. It’s usually paid for by the sellers.

4. There are both lender title policies, which protect the lender, and owner title policies, which protect you. The lender will probably require a lender policy.

5. Discounts on premiums are sometimes available if the home has been bought within only a few years since not as much work is required to check the title. Ask the title company if this discount is available.

For a more complete explanation about Title Insurance, sign up for the Free Homebuyer Course

WHAT IS TITLE INSURANCE?

Information provided by the NATIONAL ASSOCIATION OF REALTORS®

Every property has a history of ownership outlined among local public records. When a property is sold, this history is reviewed to assure that the current seller has title and the right to sell the property.

The catch is that property records may not record all possible title claims. For instance, a prior owner may have been a drunk, drug user, bigamist, or lacking the mental capacity to sell a property interest. A lien against the property may have been missed in the title search.

Because of these and other problems, lenders require that buyers purchase title insurance (except in Iowa).

Here are the other questions that are answered in the Free HomeBuyer’s Course

WHAT IS THE DIFFERENCE BETWEEN “OWNERS” AND “LENDERS” TITLE INSURANCE?

WHAT HAPPENS IF A TITLE PROBLEM IS FOUND AFTER I BUY A HOME?

WHERE CAN I FIND TITLE INFORMATION?

CAN I DO MY OWN TITLE SEARCH?

WHY ARE TITLE ISSUES COMPLEX?

The Veenstra Team works with Chicago Title Company and will handle all the details of dealing with the title insurance when you purchase your home!

Homeowners Insurance

Homeowners Insurance is typically required by a lender before you purchase a home.    We have a great article which explains your options regarding homeowners insurance in our Home Buyer Course.  If you are planning on purchasing a home,  do sign up for our Home Buyer Course. It is free, there is no obligation and you will learn what you need to know to make the best decisions regarding your home purchase.