Tag: lien

Condo fees and closing: Why do we care?

If you’re buying a condo, Federal Title needs to make sure condo fees are collected and paid current by the seller at closing. This is because a new owner is personally liable for a prior owner’s unpaid fees, and unpaid fees can...

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3 reasons HELOCs create title headaches

Home Equity Lines of Credit (HELOCs) may be difficult to obtain in today’s market, but not too long ago, everybody had one. Recently, a series of closings were delayed in our office due to issues with HELOCs, and I expect that dealing with...

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Owner’s title insurance: Seller fraud and HELOCs

Part 5 of a series During our 16 years of business Federal Title has, on three separate transactions, paid out claims on owner’s title insurance policies due to a seller committing fraud by securing a home equity line of credit (HELOC) immediately...

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Standard v. Enhanced: New construction

Part 5 of a series Too often we hear prospective homebuyers or real estate agents dismiss the need for owner’s title insurance coverage because the property is "new or in a newer development." In fact, nothing could be further from the truth...

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Standard v. Enhanced: Mechanic’s liens

Part 4 of a series As a homebuyer, you have the choice in the type of owner’s title insurance coverage. Throughout this series of comparing the two types of coverage (Standard Coverage vs. Enhanced Coverage) you have observed that the primary...

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Protect yourself from unreleased trusts

An unreleased trust is a prior Deed of Trust on a property that has yet to be released from the property at the Land Records Office. This does not mean that it is still an active loan or that there is a balance owed. In fact, the loan has...

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Releasing a mortgage lien

A lien is a legal claim against property that must be satisfied when the property is sold. The lien provides notice that the bank has a secured interest in the property and guarantees the bank that the property cannot be sold or transferred...

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