True Concept Title

How to Choose the Right Title Company for Your Real Estate Transaction

Tue, 14 Apr 2026 18:30:00 GMT

Buying or selling real estate involves many moving parts, and one of the most important roles in the process is choosing the right title company to handle your affairs. While buyers and sellers often focus on financing, inspections, and negotiations, the title company that you choose to handle your transaction is one of the most important parts to ensure that the property can legally transfer ownership.

Choosing the right title company ensures you have a smooth closing and protection from potential title issues. With the right company on your side, you can feel confident that your transaction is being handled correctly from start to finish, making the entire process simpler, safer, and stress-free, so that you can focus on the excitement of your next chapter

What Does a Title Company Do in a Real Estate Transaction?

Before selecting a title company, it is important to understand the role that they play in the real estate closing process.

A title company performs several key functions, some of which include:

Verifying the Title
Performing a Property Survey
Holding Money in Escrow
Performing Closing Services

Because the title company is responsible for verifying ownership and making sure that everything in the transaction is handled properly and legally, experience and attention to detail are essential.

Why Experience and Local Knowledge Matter When Choosing a Title Company

Real estate laws, recording procedures, and title regulations can differ from state to state, sometimes even including counties. Working with local title companies that know the nuances of your area can make a big difference when it comes to handling the requirements involved in your transaction.

An experienced title company is also familiar with issues that sometimes come up during real estate transactions, like unresolved liens, recording mistakes, or property boundary disputes. Catching and fixing these problems early can help avoid delays when it comes time to close.

The Importance of Communication During the Closing Process

Real estate transactions often move quickly, and clear communication can make a significant difference in keeping the process on track.

A reliable title and settlement company should keep buyers, sellers, real estate agents, and lenders informed throughout the transaction. Timely updates and prompt responses to questions helps prevent misunderstandings and ensures documents are completed accurately.

When evaluating title companies, it is helpful to consider how they communicate with clients and how responsive they are during each stage of the closing process. Real estate transactions can move quickly, and clear communication helps keep everything running smoothly.

A dependable title and settlement company should keep buyers, sellers, real estate agents, and lenders informed as the transaction moves forward. Regular updates and quick responses to questions can reduce confusion and help make sure all documents are completed correctly.

Understanding Title Insurance and Why It Matters

One of the most important services provided by a title company is issuing title insurance for buyers and lenders.

Title insurance is designed to protect homeowners from potential property issues that could potentially arise over the course of the ownership, including:

Claim Disputes
Unpaid Liens from previous owners
Clerical Errors in Public Property Records

Even when a title search is done before closing, some issues may still go unnoticed. Title insurance provides protection if a claim later arises. If a covered problem surfaces, the policy can help cover legal expenses and financial losses while the issue is resolved.

What to Expect During the Real Estate Closing Process

During the closing stage of the real estate transaction, the title company helps coordinate the final steps needed to transfer ownership. This includes preparing and reviewing documents, ensuring all required paperwork is signed, distributing funds to the appropriate parties and recording the completed transaction with the local government office.

An organized closing process can make the experience much easier for both buyers and sellers. When choosing a title company, it may be helpful to ask questions about how their closing process works, including:

How closing appointments are scheduled
Whether remote or digital closing are available
How funds are transferred and protected during the transaction
What steps take place after closing to finalize and record the sale

Understanding what happens during closing can help buyers and sellers feel more prepared and confident as they move through the final stage of their real estate transaction.

Reputation and Professional Relationships in the Real Estate Industry

Title companies work closely with real estate agents, lenders, attorneys, and others involved in a property transaction. Choosing a company that is respected within the industry and has established working relationships can help keep the closing process on track.

It can also help to look at recommendations from real estate professionals or feedback from previous clients. Reviews and referrals can give a better sense of a title company’s communication, reliability, as well as overall service during the transaction.

Choosing the Right Title Company for a Smooth Real Estate Closing

Selecting the right title company is an important part of any real estate transaction. A dependable company brings experience, careful attention to detail, clear communication, and a solid understanding of the title and closing process.

Working with a trusted title company can help both buyers and sellers feel more confident throughout the process, knowing the legal and financial aspects of the transaction are being managed properly.

Work with an Experienced Title Company

If you have any questions about title insurance, title searches, or the closing process, the team at True Concept Title is available to help guide you through each step. We work closely with buyers, sellers, real estate agents, and lenders to help keep transactions organized and moving toward closing.

Contact True Concept Title today to learn more about how our team can help assist with your next real estate transaction.

The Importance of Title Insurance for Homebuyers: Protecting Your Investment from Day One

Wed, 18 Mar 2026 14:45:01 GMT

The Importance of Title Insurance for Homebuyers

Purchasing a home is likely the largest financial decision you will ever make. Between inspections, appraisals, and mortgage applications, it is easy to overlook one of the most critical protections available: title insurance. This often-misunderstood safeguard could be the difference between secure homeownership and devastating financial loss.

At True Concept Title , we help homebuyers, Realtors, lenders, and attorneys navigate the complexities of real estate transactions with confidence. With title and escrow services available in all 50 states , our team ensures that every property transfer is backed by thorough research and comprehensive protection. Understanding why title insurance matters is the first step toward safeguarding your investment.

What Is Title Insurance?

Title insurance is a form of indemnity insurance that protects property owners and lenders against financial loss from defects in a property's title. Unlike other types of insurance that protect against future events, title insurance covers issues that originated in the past but were not discovered until after closing.

When you purchase a home, you receive the "title" — your legal right to own, use, and sell the property. However, hidden issues like unrecorded claims, public record errors, or past fraud can compromise that title, which is where title insurance steps in to defend your rights and cover potential losses.

There are two types of policies: lender's policies protect the mortgage lender, while owner's policies protect your equity. Only the owner's policy is optional — but it is highly recommended.

Why Homebuyers Need Title Insurance

Many first-time buyers assume that a clean title search guarantees there are no problems with the property's ownership history. While a thorough title search is essential — and our step-by-step guide to the title search process explains what this involves — even the most diligent search cannot uncover every potential issue. Some defects are simply invisible until they surface unexpectedly.

Hidden Liens and Debts: Previous owners may have left behind unpaid property taxes, contractor bills, or court judgments that create liens against the property. These debts attach to the property itself, not just the person who incurred them. Without title insurance, you could become responsible for paying off someone else's obligations. For a deeper understanding of how liens impact a real estate title , review our detailed guide on this topic.

Forgery and Fraud: Real estate fraud is more common than many buyers realize — the FBI's Internet Crime Complaint Center ranks it among the top reported crimes. Forged deeds, impersonation schemes, and falsified documents can compromise a property's chain of title, potentially threatening your ownership even if the fraud occurred long before you purchased.

Errors in Public Records: A misspelled name, incorrect legal description, or filing error can cloud a title and go unnoticed for years — only surfacing when you try to sell or refinance.

Unknown Heirs and Missing Parties: When a property passes through an estate, there is always a risk that an unknown heir will surface later with a claim to the property. A child from a previous marriage, an estranged family member, or someone omitted from a will could have legal standing to challenge your ownership. Our guide on resolving property title disputes amicably explores how these situations can unfold.

Boundary and Survey Disputes: Fences, driveways, and structures that encroach on neighboring properties — or vice versa — can lead to costly disputes. Title insurance can provide coverage for certain boundary issues that were not apparent at the time of purchase.

How Title Insurance Protects You

Title insurance provides two critical protections: it covers the cost of defending your ownership in court if a claim arises, and it compensates you for financial loss if a covered claim proves valid. Without it, you would bear legal fees and potential losses entirely out of pocket.

Unlike homeowner's insurance, which requires annual premium payments, title insurance involves a one-time premium paid at closing. This single payment provides coverage for as long as you — or your heirs — own the property. The American Land Title Association ( ALTA) provides additional resources on how title insurance works and why it remains essential for property buyers nationwide.

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The Title Insurance Process

When you work with True Concept Title, the process begins with a comprehensive title search — examining deeds, mortgages, court records, and tax documents to trace ownership history and uncover any potential issues. If problems are discovered, we resolve them before closing, whether that means obtaining lien releases, correcting recording errors, or securing necessary affidavits. Once the title is cleared and closing is complete, your policy protects you against covered defects for as long as you own the home.

Common Misconceptions About Title Insurance

"The title search already cleared the property, so I don't need insurance." A title search reduces risk significantly, but it cannot eliminate it entirely. Some issues — like forgery, undisclosed heirs, or recording errors in other jurisdictions — may not appear in standard searches. Title insurance provides a safety net for the unexpected.

Making an Informed Decision

When evaluating title insurance, consider working with a company that offers both expertise and reach. At True Concept Title, we provide a fully integrated platform that serves Realtors, lenders, attorneys, and individual buyers with seamless title and escrow services nationwide. Our team identifies and resolves issues early, ensuring smooth closings and lasting protection.

For Real Estate Professionals

Helping clients understand title insurance is part of providing exceptional service — and partnering with the right title company makes that easier. Whether you're a Realtor, lender, or attorney, True Concept Title offers the communication, efficiency, and proactive problem-solving that keep transactions on track.

With offices in Florida and California and the ability to close in all 50 states, True Concept Title is the single-source solution for title insurance and escrow needs. Contact our team at 866-651-6224 to discuss how we can support your clients and your business.

Navigating Title Issues in Inherited Properties: A Guide for Heirs and Real Estate Professionals

Thu, 19 Feb 2026 16:15:00 GMT

Navigating Title Issues in Inherited Properties

Inheriting a home from a loved one is often bittersweet. While the property represents a meaningful gift, it can also come with unexpected complications. Title issues in inherited properties are more common than most people realize, and navigating them requires patience, diligence, and the right professional support.

At True Concept Title , we provide Realtors, lenders, attorneys, and individual property owners with a single-source solution for even the most complex title situations. With title and escrow services available in all 50 states, our team has helped countless families and their trusted advisors work through inherited property transactions — from initial title search to final policy issuance.

Why Inherited Properties Often Have Title Issues

When a property owner passes away, the transfer of ownership is not always straightforward. Unlike a traditional real estate sale where both parties are present to sign documents and verify details, inherited properties must go through legal processes that can reveal hidden problems.

Common reasons inherited properties face title challenges include incomplete or missing wills, multiple heirs with competing claims, outstanding debts or liens, properties held in outdated ownership structures, and gaps in the chain of title from previous generations. These issues do not mean the transaction cannot close — they simply mean extra steps are required to ensure the title is clear and legally transferable.

Common Title Issues in Inherited Properties

Probate Complications: Before an inherited property can be transferred, it typically must go through probate — the legal process of settling the deceased's estate. Probate can take months or even years, and disputes among heirs or creditors can cause further delays. If the deceased did not have a will, the property must go through intestate succession, which follows state laws to determine rightful heirs. For lenders and Realtors, understanding where a property stands in probate is critical to setting realistic closing timelines.

Unknown or Missing Heirs: One of the trickiest situations involves unknown heirs surfacing after a property has been inherited. A half-sibling from a previous relationship, an estranged family member, or a child the deceased never publicly acknowledged could have a legal claim to the property. These claims can appear years later, threatening ownership and jeopardizing transactions. For more on how these disputes unfold, read our guide on resolving property title disputes amicably .

Outstanding Liens and Debts: When someone passes away, their debts do not disappear. Unpaid mortgages, property taxes, contractor bills, or judgments can create liens against the property. As the new owner — or the lender financing a purchase or refinance — you could face unexpected liability if these debts are not addressed during estate settlement. Understanding how liens impact a real estate title is essential before moving forward.

Unclear Ownership Records: Older properties passed down through multiple generations sometimes have incomplete or outdated ownership records. Deeds may have been improperly recorded, names misspelled, or legal descriptions inaccurate. These errors cloud the title and must be corrected before the property can be sold, refinanced, or used as collateral for a reverse mortgage.

Joint Ownership Disputes: If the deceased owned property jointly with someone else, the type of ownership matters significantly. Joint tenancy with right of survivorship typically passes automatically to the surviving owner, while tenancy in common may require the deceased's share to go through probate. Misunderstandings about ownership structure can lead to family disputes and stalled transactions.

How to Protect Yourself When Inheriting Property

Conduct a Thorough Title Search: Before assuming ownership, a comprehensive title search is essential. This search examines public records to uncover liens, encumbrances, or ownership disputes that could affect your rights. Our step-by-step guide to the title search process explains what to expect. At True Concept Title, we conduct detailed searches across all 50 states, ensuring nothing is missed regardless of where the property is located.

Purchase Owner's Title Insurance: Title insurance is your safety net against future claims. Even if a title search comes back clean, issues can surface years later. An owner's policy protects you from financial loss if someone challenges your ownership or if a previously undiscovered lien emerges. This one-time premium provides coverage for as long as you own the property — learn more about why owner's title insurance matters .

Work with Experienced Professionals: Navigating probate and inheritance laws is complex. An experienced estate attorney can guide you through legal requirements, resolve disputes among heirs, and ensure documents are properly filed. At True Concept Title, we coordinate directly with attorneys, lenders, and Realtors through our fully integrated platform to keep transactions on track.

Address Issues Early: If a title search reveals problems, do not ignore them. Clearing defects early is almost always easier and less expensive than dealing with them later. Whether it involves paying off an old lien, obtaining a quitclaim deed from a distant relative, or correcting a clerical error, taking action promptly protects your investment and keeps the transaction moving.

For Real Estate Professionals

Inherited properties require a title partner who understands the complexities involved. Whether your client is selling an inherited home, refinancing to buy out other heirs, or using the property for a reverse mortgage, True Concept Title provides the expertise and nationwide reach to support smooth closings.

Realtors benefit from partnering with a title company experienced in estate transactions — helping set accurate expectations and avoid surprises at closing. Lenders and loan servicers gain a proactive partner who identifies and resolves issues early, reducing delays and protecting loan portfolios. Attorneys appreciate our direct coordination on probate requirements and documentation.

With offices in Florida and California and the ability to close in all 50 states, True Concept Title is the single-source solution for inherited property title needs. Contact our team at 866-651-6224 to discuss how we can support your next transaction.

Title Insurance and the Role of Subrogation: What Every Buyer Should Know

Tue, 27 Jan 2026 17:00:06 GMT

Why Understanding Subrogation Matters for Your Title Insurance

When most people think about title insurance , they think about protection from things like liens, fraud, or hidden defects in the public record. That’s important, but there’s another layer of protection built into title insurance that most homeowners don’t realize is there: subrogation.

This legal concept may sound complicated, but understanding it can make a big difference in how your title insurance responds when a problem arises and can even help protect your investment when the unexpected happens.

What Is Subrogation and Why It Matters

At its core, subrogation is a legal principle that allows an insurance company to step into your shoes after paying a claim, so it can pursue the party responsible for the loss or defect.

You pay your premium for title insurance.
If you suffer a covered loss (like a title defect that affects your ownership), your policy pays you back up to the coverage amount.
After that payment, your title insurer may have the right to pursue reimbursement from the party that caused the loss. That’s subrogation.

This means the insurer doesn’t just absorb the loss, it can hold the responsible party accountable, which ultimately helps protect the system and keeps rates as reasonable as possible.

Title Insurance in Your Real Estate Transaction

True Concept Title’s role is to make sure you’re protected from title problems before you close, and to make sure your policy works for you if a problem does surface. Title insurance protects you against defects in titles that weren’t discovered during the title search.

When a claim is paid, the insurer’s subrogation right may help recover funds from someone who caused the issue, such as a previous owner, a lienholder with a mistake in the chain of title, or another party responsible for the defect.

This doesn’t happen in every claim, but when it does, it ensures the party responsible for the damage, not you, ultimately bears the financial burden.

How Subrogation Works in Real Life

Imagine you bought a home and discovered after closing that an unpaid subcontractor lien wasn’t found in the records. Your title insurance covers the loss, up to your policy limits. But with subrogation, your insurer may pursue the party who should have cleared that lien in the first place.

That legal action, stepping into your rights to pursue recovery, is subrogation in action. It gives your title insurer the ability to recover losses from the responsible party when possible.

This doesn’t change your coverage as the homeowner — you still receive the benefit of the policy, but it does help shift the financial burden back to the source of the problem.

Subrogation Is a Back-Up Safety Net

When you choose title insurance, you choose protection that:

Covers title defects that weren’t caught in a public record search
Provides defense if someone challenges your ownership
Offers reimbursement for covered losses
Includes subrogation rights that empower an insurer to pursue recovery from responsible parties when appropriate

That added layer of legal support is part of what makes title insurance such a smart investment, especially when combined with the thorough searches, experienced review, and personalized service that True Concept Title provides.

How True Concept Title Protects Your Property Every Step of the Way

From in-depth title searches to clear communication and professional policy issuance, True Concept Title is with you throughout the entire closing process. Our team:

Conducts title research to find issues before they become claims
Issues title insurance policies tailored to your transaction
Explains how coverage works, including protections like subrogation
Helps you close with confidence, knowing your ownership is secure

Whether you’re a first-time buyer or seasoned investor, this level of clarity and protection empowers you to make informed decisions and avoid costly surprises.

Want to Learn More About Title Insurance?

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Your Ownership Deserves Protection

Title insurance is more than a regulatory requirement or closing line item. It’s peace of mind, long-term protection, and, yes, a legal safety net if something goes wrong. The concept of subrogation adds strength behind that safety net, giving your insurer the tools to pursue recovery on your behalf, so you don’t foot the bill for someone else’s mistake.

Ready to secure your title and understand your coverage?

Contact True Concept Title today, we’re here to guide you through the title insurance process, explain every detail, and help you close with confidence.

Common Title Issues and How to Address Them

Fri, 12 Dec 2025 15:25:35 GMT

Common Title Issues and How to Address Them

Buying a home is exciting, but every property carries a history. Sometimes, that history includes hidden complications that can turn your dream purchase into a legal headache. That’s why at True Concept Title , we don’t just handle closings, we dig deep to uncover any title issues before they catch you off guard. In this post, we’ll walk through the most common title issues, show you how they can impact you, and explain how to address them so your investment stays secure.

Why Title Issues Deserve Your Attention

Most homeowners assume once the papers are signed and keys are in hand, they own the property period. But the truth is, a clean closing doesn’t always tell the full story.

Even after a closing, title defects, like unpaid debts tied to the property, erroneous records, or legal claims can surface, causing costly delays, legal battles, or even jeopardizing your ownership.

That’s where a thorough title search and insurance come in, they're not optional extras. They’re your protection against problems you didn’t know existed.

Common Title Issues That Pop Up

Errors in Public Records and Clerical Mistakes

Mis-recorded names, incorrect legal descriptions, missing documents, or misfiled deeds, these can all cast doubt on who legally owns the property.
Result: You might face delays in refinancing, selling the home, or even legal challenges to your ownership.

Unpaid Liens: Tax, Mortgage, Contractor, or Judgment Liens

If previous owners left unpaid debts, creditors may place a lien on the property. When you buy, you may inherit that debt. Without clearing liens first, you could be responsible for repaying them or face foreclosure risk.

Fraud, Forged or Defective Deeds

Sometimes deeds were forged, signed under duress, or improperly executed making those transfers invalid. That means someone else could legally challenge your ownership, leaving you vulnerable.

Unknown or Missing Heirs & Undisclosed Claims

If a prior owner passed away and heirs were unaccounted for, someone could emerge later claiming a share of the property. These claims can trigger legal disputes or force you to defend your ownership, often at significant cost.

Boundary Disputes, Survey Errors, or Undiscovered Encumbrances

Old, inaccurate surveys or unclear boundary descriptions can result in overlapping property lines or disputes with neighbors. Easements or other encumbrances (rights others have to use parts of your land) may also be buried in old documents or never recorded properly, restricting your use of the property.

How True Concept Title Helps You Address (and Avoid) These Issues

At True Concept Title, we don’t just check the surface, we dig deep. Our process ensures your title is as clean and clear as possible before you sign.

Detailed Title Search & Review

We examine decades of public records, deeds, mortgages, tax filings, judgments, surveys to uncover liens, encumbrances, or record errors before closing.
We flag any uncertain or unusual issues (like missing heir claims or improperly filed documents) so they can be resolved early.

Issue Resolution & Clean-Up

When we find unpaid liens, we work with sellers or lien holders to get them cleared before you take ownership.
For clerical or survey errors, we coordinate corrected deeds, updated records, or boundary clarifications, so there are no surprises later.

Your Protection Against the Unknown

Even with the most diligent search, some problems aren’t visible in public records. That’s why we offer robust title insurance, which covers ownership challenges, fraud, undiscovered liens or encumbrances, and more even years down the road.

With both full due diligence and insurance, you get a double layer of protection.

What YOU Can Do to Protect Yourself

Ask for a full title search report : don’t be satisfied with a basic check.
Review the report carefully : check for liens, claims, easements, and clear boundaries.
Buy owner’s title insurance: to safeguard your financial interest, not just the lender’s.
Request corrections or clarifications before closing : better safe than sorry.

Keep your title documents safe: you may need them if issues arise down the road.

Why Skipping This Is a Risk And Why It’s Worth It

Think of title insurance and a comprehensive title search as a safety harness for your biggest investment. Skipping them might save money now, but the cost of a title dispute, lien claim, or fraud years later? That can reach tens of thousands of dollars or more.

You're not just buying a home. You're buying a future. And a clean, insured title makes sure it stays yours, no matter what comes up later.

Want to Learn More Or Get Started With a Search?

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Final Thoughts

Every property has a past, but with True Concept Title on your side, you don’t have to worry about its mistakes becoming your problems. From liens and record errors to fraud and hidden claims, we catch it, fix it, and insure it.

Ready to make sure your ownership is rock-solid? Contact True Concept Title today , we’ll run a full title review and set you up with the protection you deserve.

Don’t just hope your title is clean. Know it is. And own your future with confidence.

Eminent Domain Tips and Title Insurance Protection

Wed, 05 Nov 2025 16:00:01 GMT

Tips for Dealing with Eminent Domain and Title Insurance

Property ownership signifies permanence, a financial investment, and autonomy. However, what about a public entity like the government making a claim on your property for a utility project, road program, or redevelopment? This is when eminent domain , the right to take private property for public use, is exercised, so long as the owner is “justly” compensated.

Eminent domain is an imposed right, but the process can leave property owners agitated and significant, and, ultimately, at the mercy of any given circumstance. Thus, being educated about eminent domain and the role of title insurance provides an understanding to ensure one’s legal and financial footing is in order.

This guide outlines actionable steps that owners can take to protect themselves if any property is a part of the eminent domain process and how title insurance can play a role in ensuring the protections and rights of ownership are still in place.

Understanding Eminent Domain

Eminent domain is what allows the government to seize private property for a public purpose. The most common examples are for the purpose of building schools, expanding highways, or creating public services. Eminent domain is supposed to come with "just compensation," but what exactly "just" can be very murky.

Property owners may face issues such as partial takings when just a portion of the property is taken for a public use, or access restrictions when a public use in the area reduces the property's value, even without taking the land. In these situations, it is possible that property owners would be entitled to more compensation to consider the burden caused or the impact on the remaining property.

If you're interested in a better understanding of how it works and the rights you have, you can read this explanation of eminent domain, which discusses evaluation of public use and compensation standards.

Reviewing Your Property Title Before Negotiation

Before any eminent domain proceedings commence, property owners should examine the title report . The title report identifies any liens, easements, or restrictions already affecting the property in question. Existing easements, such as access easements in favor of a utility company or neighbor, affect how compensation is calculated or what part of the property is taken.

Having a clear title enhances your bargaining position against the government (or public agency). On the other hand, if your title has open issues, such as a hidden easement or conflicting claims on ownership, such issues may negatively influence the value of the property or the timing of the government giving you compensation for your property. Having title insurance will support you and provide some protection against these threats before you negotiate.

The Role of Title Insurance in Protecting Property Owners

Once eminent domain is involved, title insurance is no longer just a formality; it becomes a form of protection against unexpected claims or title defects that may affect your compensation or ownership rights. Title insurance can confirm ownership, whether another party has a legitimate claim to the real estate or not, and can protect against problems that can arise during eminent domain litigation, such as fraud, errors in recordation, and claims from subsequently discovered heirs. If a title defect comes to light while your property is being negotiated or as you are under condemnation review, the title insurer will provide legal defense to either protect your ownership or to recover damages from the condemnation process, as well as financial coverage for eligible claims.

Even when the government only takes a part of your property, title insurance can assist in confirming that the remaining property is free from boundary disputes or encroachments, as your property goes through condemnation, as these can complicate future sales or financing opportunities for the remaining land.

Steps to Take if You’re Facing Eminent Domain

If you have been informed that your property could be subject to eminent domain, do not enter into any agreements immediately. Here are some steps for you to take to limit your exposure to what has become a typical process. Getting good advice will help you.

Review your notices: Official notices will describe the public purpose of eminent domain, property information, and the compensation proposed. Verify the documents conform to your property information.
Contact a real estate attorney: Eminent domains can have complicated questions of value or legal arguments. Consult a qualified attorney familiar with property rights to assist you with determining whether you are being offered a truly fair value for your property after valuation and damages.
Ask for an independent value of your property: A property owner has a right to a value done independently of the government's offer. If the offer seems low, your attorney will procure a second opinion of value for negotiation or litigation.
Look over your title: Review your title policy or recorded documents before you sign. You want to find any issues or deed restrictions like easements or encroachments that might affect compensation or other property rights.
Keep records: Keep copies of letters, independent appraisals, and communications regarding your property. Documentation is important in a valuation or eminent domain process dispute.

By following these steps, you can ensure that your rights as a property owner remain fully represented and protected throughout the process.

Why Title Issues Matter in Eminent Domain

When land is taken through the eminent domain process, any and all recorded interests in that land, including mortgages, easements, and others, must be paid off or compensated for. If your title has not been maintained, or if there are old liens or errors still on the title, they can complicate the process of receiving compensation and, ultimately, reduce your payout.

This is why thorough title research and insurance are so important. A clean title means that the compensation you receive is the full, uncontested value of the property. If there are disputes or unrecorded claims related to the title that arise, your title insurance company may intervene to resolve the disputes or provide financial protection while the title issues are being determined.

Additionally, if only a portion of your land or property is taken up during the eminent domain process, your insurance will outline new boundary lines on your title, and ensure your remaining property continues as a "clean" title, which is essential if you want to refinance or sell in the future.

Managing Easements and Property Access

Easements are a factor that commonly arises in both title insurance and eminent domain cases. They provide a third party with limited use of your land, such as an access road for drainage or utility lines, or a shared parking system.

In an eminent domain case, existing easements can make valuing your property more complex. Imagine a new public project will cross your property along a utility easement. This can affect compensation or how your property can be used in the future. The title documents can be reviewed to understand where easements exist and how they can change.

If you would like to learn about property rights with regard to easements and what this means for ownership and compensation, you will want to read this overview of property easements that explores how an easement works and what property owners should know before negotiations.

Maintaining Ownership Clarity After the Process

After the conclusion of an eminent domain case, you need to make sure to update the title records to verify any changes in ownership or property lines. By recording your final settlement agreement, you can guarantee that your recorded ownership and your legal ownership do not differ from the physical boundaries of the property by reviewing legal descriptions.

The title experts can review updated plats, remove stale liens, and issue new title insurance coverage for your remaining land. This process will ensure the preservation of your ownership and the preservation of the accuracy of the property records in the event the property is sold in the future.

The Bottom Line

Eminent domain can seem scary, but knowledge and preparation are your best weapons. Understanding your rights, getting your title reviewed early, and ensuring you have sufficient title insurance coverage all go a long way in keeping you informed and protecting you throughout the process.

At True Concept Title, we help property owners protect their investment through reviewing titles in detail, obtaining insurance coverage, and educating property owners on the complicated nature of titles. If you are dealing with an eminent domain project or simply just want to make sure your title is in place, expert support will help you navigate and understand the process.

Learn more about title insurance and property protection with True Concept Title.

Types of Title Insurance Policies and Coverage

Fri, 17 Oct 2025 15:34:15 GMT

Types of Title Insurance Policies and Their Coverage

Buying property is one of the most significant investments you will ever make. It is not just about securing a place to live or a piece of land to build on. It is about protecting your financial future, your plans, and your peace of mind. Yet, many buyers focus so heavily on the visible aspects of a home, like location, renovations, or square footage, that they forget about what is hidden in the paperwork. That is where title insurance comes in.

Title insurance exists to protect you from risks you cannot see, but that could cost you thousands of dollars if overlooked. These risks often include undiscovered liens, conflicting ownership claims, easements, recording errors, or even fraudulent activity buried in a property’s history. Without protection, you may find yourself dealing with expensive legal battles or limits on your ownership rights long after closing.

Why Title Insurance Matters

When you purchase property, you are not just buying the structure or the land, you are also buying its legal history. Imagine buying your dream home only to find out later that a contractor filed a lien for unpaid work by the previous owner, or that an heir claims they still own part of the property.

These issues are not always visible during a standard property inspection. They live in the records, legal filings, and past ownership transfers tied to the property. Title insurance provides a financial safety net, ensuring that you are not left handling these problems on your own.

The Two Main Types of Title Insurance Policies

When it comes to title insurance, there are two primary types of coverage: lender’s policies and owner’s policies . While they share a common goal of protection, they serve different purposes.

Lender’s Title Insurance Policy

Also known as a loan policy, this type of insurance is required by most mortgage lenders . It protects the lender’s financial interest in the property in case any title issues arise after closing.

Key points about lender’s policies:

Coverage is usually issued for the loan amount.
Protection decreases as the loan is paid down.
It ends when the loan is fully repaid.
The borrower typically pays for the policy as part of closing costs.

While this policy protects the lender, it does not protect you as the buyer. This is where the second type of coverage becomes essential.

Owner’s Title Insurance Policy

An owner’s policy protects the buyer from risks that could threaten their ownership rights. Unlike the lender’s policy, which ends when the mortgage is paid off, an owner’s policy generally lasts as long as they own the property.

Key points about owner’s policies:

Coverage is typically issued for the purchase price of the property.
It protects against both recorded and certain unrecorded claims.
It ensures you are financially covered if someone disputes your ownership.
It can extend protection to your heirs if the property is passed down.

For most buyers, this is the most important policy to secure because it directly protects your investment.

What Title Insurance Covers

Both lender’s and owner’s policies offer protection, but the scope can vary. Some of the most common issues covered include:

Unknown Liens: Debts tied to the property, like unpaid taxes or contractor bills.
Errors in Public Records: Filing mistakes, incorrect indexing, or missing documents.
Fraud/Forgery: False signatures, fraudulent deeds, or illegal transfers in the property’s history.
Conflicting Ownership Claims: Heirs or other parties claiming they still have rights to the property.
Easements: Legal rights allowing others access to or use of your land.

In short, title insurance is about protecting you from surprises that no amount of physical inspection can uncover.

Enhanced Coverage Options

While standard policies cover many issues, enhanced owner’s policies are also available. These provide additional protection against risks such as:

Zoning violations
Building permit violations from previous owners
Subdivision law violations
Certain unrecorded liens or encroachments

These upgraded policies are especially valuable for buyers planning significant renovations or property changes, as they provide a broader safety net against legal and regulatory problems.

When Coverage Comes Into Play

It is easy to assume title problems are rare, but they are more common than most people realize. For example:

A homeowner discovers years after purchase that a previous owner had unpaid property taxes, resulting in a lien.
A buyer plans to build an addition, only to learn there is a utility easement running through the backyard.
An heir surfaces years later claiming rightful ownership of part of the property.

In each case, the right title insurance policy ensures that you are not left paying the price or fighting the battle alone.

Secure the Right Protection

At True Concept Title, we do more than just issue policies. Our team takes the time to explain the differences between coverage types, walk you through your options, and uncover any potential risks before you close.

Our process includes:

Thorough Title Searches : Reviewing deeds, liens, easements, and legal filings.
Clear Explanations: Translating legal jargon into plain language.
Custom Recommendations: Guiding you on whether standard or enhanced coverage is the right fit.
Ongoing Support: Standing by you even after closing if issues arise.

The goal is simple: to make sure you understand what you are buying and how to protect it.

Protecting More Than Just Property

A house or piece of land is more than just real estate, it represents your future, your family, and your financial security. Title insurance ensures that your investment is truly yours, free from hidden legal risks that could undermine your ownership.

Both lender’s and owner’s policies play a role, but together they provide full protection. Without them, you may be leaving your largest purchase vulnerable to challenges you never saw coming.

Ready to Protect Your Investment?

When it comes to property ownership, peace of mind starts with the right coverage. At True Concept Title, we break down the fine print, uncover hidden risks, and guide you through every step of securing both lender’s and owner’s title insurance.

Don’t leave your rights to chance. Contact True Concept Title today and let us help you protect what matters most, your property, your future, and your peace of mind.

Forfeiture Act & Title Insurance | True Concept Title

Tue, 07 Oct 2025 15:04:03 GMT

Title Insurance and the Forfeiture Act: What you need to know

Buying property is one of the most significant investments you will ever make. It is not just about securing a place to live or a piece of land to build on; it is about protecting your financial future and plans. Yet, many buyers focus so heavily on the physical aspects of a home, like location, renovations, or square footage, that they forget about hidden complications that are within the paperwork.

Title insurance exists to protect you from risks you cannot see, but that could cost you thousands of dollars if neglected. These risks often include undiscovered liens, conflicting ownership claims, easements, recording errors, or even fraudulent activity buried in a property’s history. Without protection, you may find yourself dealing with expensive legal battles or limits on your ownership rights long after closing.

What is the Forfeiture Act?

While most title issues fall into categories such as liens or unrecorded claims, some are far more complicated. The Forfeiture Act is a set of laws that allows the government to seize private property under specific circumstances, most often when it is connected to a crime. For example, if a property was purchased with the proceeds of illegal activity, or if it was used to facilitate a crime, it could be subject to forfeiture to the government.

This legal process can be initiated by either federal or state authorities. When it occurs, it can create a serious and lasting legal defect on the property's title.

Types of Forfeiture: Understanding the Process and Its Impact

The potential title risk caused by the Forfeiture Act is caused from the nature of the legal process itself. Not all forfeitures are handled the same way, and the specific route a governmental agency takes dramatically impacts the title company’s ability to guarantee a clear transfer of ownership. Understanding the main types of forfeiture is crucial for recognizing why a title review must be so meticulous. The main types are:

Criminal: This type is part of a criminal prosecution and requires the defendant to be convicted of a crime. The forfeiture action is against the person, and the government must prove the property was used in or derived from the crime.
Civil judicial: This process is against the property itself. This is a court action that does not require a criminal conviction of the owner.
Administrative: The government agency seizes and forfeits property without judicial involvement. This is generally reserved for personal property and only if it is uncontested.

Why Forfeiture Creates a Title Problem

When a property has been forfeited and then sold by the government, it can be a red flag for future buyers. A forfeiture in the chain of title can be an "extra-hazardous risk”. This is because there can be issues with the forfeiture process itself, such as:

Lack of Proper Notice: The original owners or lienholders may not have been properly notified of the forfeiture proceedings.
Procedural Errors: Mistakes in the legal process can invalidate the government's claim to the property.
Unresolved Claims: Unwary buyers may not realize that certain innocent parties, such as a spouse or a lender with a mortgage, could have a claim to the property.

These hidden defects can surface years later, creating a legal nightmare for the new owner. They can lead to a challenge of the property's ownership, which is exactly what title insurance is designed to protect against.Years after a purchase, defects can emerge, creating a legal dilemma for the new homeowner. These issues can result in challenges to the property's ownership, which is precisely the kind of risk that title insurance is intended to mitigate.

The Role of Title Insurance in Forfeiture Cases

Title insurance is your best defense against the unique and complex risks presented by a forfeiture in a property's history. When you buy a property that has been through a forfeiture, a thorough title search and a strong owner's title insurance policy are non-negotiable.

Here's how title insurance addresses forfeiture-related risks:

Title Search : The initial step involves an in-depth title search by an experienced title company to identify any history of forfeiture.
Specialized Underwriting Review: Standard policies typically do not cover forfeiture cases. Instead, these require special underwriting approval from the title insurance company. This includes a meticulous examination of the forfeiture proceedings to confirm all legal requirements were met.
Comprehensive Coverage: If approved, your title insurance policy provides protection against financial losses and legal expenses that may arise from a forfeiture claim. This ensures you are not left to address potential prior claims on the property's title independently.

Title insurance offers essential protection against the complex and specific risks associated with properties that have undergone forfeiture. For such properties, a comprehensive title search and a robust owner's title insurance policy are absolutely critical.

Securing Your Investment with True Concept Title

Navigating a real estate transaction can be complicated, and adding a forfeiture to the mix requires expert guidance. At True Concept Title , we do more than just issue policies. Our team takes the time to explain the intricacies of complex cases, such as those involving forfeiture, and walk you through your options.

Our process includes:

Thorough Title Searches: We review deeds, liens, easements, and legal filings, paying special attention to potential red flags like forfeiture.
Clear Explanations: We translate complex legal jargon into plain language, so you understand exactly what you are buying and what you are protected from.
Custom Recommendations: We guide you on the necessary steps, including the need for specialized underwriting, to ensure your investment is fully secured.
Ongoing Support: We stand by you even after closing if issues arise, providing the peace of mind you deserve.

The goal is simple: to make sure you understand what you are buying and how to protect it.

Protecting More Than Just Property

A house or a piece of land is more than just real estate; it represents your future, your family, and your financial security. Title insurance ensures that your investment is truly yours, free from hidden legal risks that could undermine your ownership. When it comes to something as complicated as a forfeiture, title insurance provides the ultimate protection.

Don't leave your rights unprotected. Contact True Concept Title today to secure your property, your future, and your peace of mind.

Protect Your Property Rights from Hidden Easements

Tue, 07 Oct 2025 14:55:59 GMT

The Hidden Risk You Can't Afford to Ignore: Easements & Your Property

Before you fall in love with the perfect property, take a moment to protect what matters most, your control, your investment, and your future plans. Not every risk is visible. Easements are hidden legal rights that can give others access to your land, impacting how you use your property, what you can build, and even how much control you truly have as an owner.
Understanding easements upfront is critical to protecting your property rights, avoiding future disputes, and ensuring the land you’re buying is really yours to use the way you intend.

Why Easements Matter More Than You Think

You wouldn’t buy a home with broken plumbing or a crumbling foundation, so why risk buying one with a legal restriction you can’t even see?

They come in many forms, including:

Utility Easements : These allow companies to run lines or pipes underground or overhead, and often give them the right to access your property for maintenance.
Shared Driveways : You and a neighbor might share access, but legal clarity matters, especially when repairs or disagreements arise.
Access Easements : These give someone else the right to pass through your land to reach their own.
View Easements : In some cases, a neighbor may have the right to prevent you from building anything that blocks their view.
Drainage Easements : These allow for the natural or engineered flow of water, often affecting landscaping or construction plans.

And the worst part? Many homeowners don’t know about them until after closing, when it’s too late to back out.

These rights can be binding and permanent, even if they were granted decades ago by previous owners. These easements can interfere with your ability to renovate, build, or fully enjoy your property. They may lower property value, create legal obligations, or result in future conflicts if not discovered and addressed early. Knowing what easements exist before closing is essential to making a fully informed purchase.

Where Easements Come From and Why They’re Easy to Miss

Easements can be created in several ways, and not all of them are easy to spot in a typical property walkthrough or basic title check. Some are written into deeds or subdivision plans . Others develop over time based on long-term use, even without written agreements.

Prescriptive easements, for example, are created through repeated use over time, even without the owner's permission.

Because not every easement is formally recorded, and some may be decades old, it takes a detailed search, and experienced review, to uncover them all.

How Easements Are Caught Before They Become a Problem

Easements often aren’t obvious, and that’s exactly why a thorough title review matters. At True Concept Title , identifying these issues early is a core part of our process, not just a box to check. When we review a property, we:

Dig into recorded documents like deeds, plats , and municipal filings
Trace the property's legal history to uncover any long-standing access rights
Examine past transfers and use patterns that might signal a prescriptive easement
Flag any unrecorded or questionable items that could interfere with ownership or future use

We also coordinate with underwriters and, when needed, legal professionals to fully assess the impact of discovered easements.

If we find something, we don't just report it, we clarify what it means for you. Whether that’s outlining the impact on your ability to build, recommending legal review, or coordinating with the seller to resolve it before closing, our job is to catch the issues that others might miss.

Why Title Insurance Is the Protection You Can’t Skip

Even the most thorough search can’t uncover every risk. That’s where title insurance comes in. Your policy gives you :

Coverage for unknown or hidden easements that appear later
Protection from legal costs if someone challenges your ownership rights
Peace of mind knowing you’re not stuck handling surprises on your own

It also ensures you have professional legal support on your side when unexpected title issues surface, not just financial reimbursement.

Without it, you’re on your own for any legal, financial, or structural problems tied to an easement. With it, you’re backed by experts who can handle it all.

Can Easements Be Removed or Changed?

Not always, but in some cases, yes. It depends on who holds the easement and what rights it grants. If the easement benefits a utility company or municipality, it’s unlikely to be removed. But private easements, like those involving neighbors, may be modified or terminated through:

Mutual agreement and formal release
Legal action (in specific situations, like abandonment or misuse)
Changes in property configuration that make the easement unnecessary

Public utility easements are the hardest to remove, given the community benefit they provide. Private or shared-use easements may be more flexible, depending on how they were created and whether both parties agree to changes.

The key takeaway? Don’t assume easements are fixed or harmless. Always seek clarity before closing.

Final Thoughts: What You Don’t Know Can Cost You

Every piece of land comes with a history, and sometimes, that history includes quiet legal rights that can disrupt your plans. Easements may be invisible, but their impact is very real. Whether it’s limiting how you build, reducing your privacy, or creating legal confusion down the line, ignoring them can cost far more than you expect.

That’s why doing your due diligence before closing is critical. Because once you sign the papers, those problems become yours.

At True Concept Title, we believe your property should come with clarity, not question marks. We uncover what others might miss, translate complex legal language into simple terms, and help you move forward with confidence.

Ready to Make Sure Your Property Is Really Yours?

The goal is simple: to give you a clear understanding of what you're buying and to help prevent costly surprises down the road.

If you’re planning to buy, sell, or just want a second look at your title, get in touch with True Concept Title . We’ll help you understand exactly what’s on your land, so you can protect what matters most.

How Title Insurance Protects Your Property

Tue, 22 Jul 2025 17:30:00 GMT

How Title Insurance Protects Your Property

Buying a home involves more than just signing paperwork. It's also about securing your legal right to the property. It is a monumental moment, a commitment that carries weight for years, perhaps even decades. Title insurance plays a key role in this process by protecting your ownership from potential title issues, both known and unknown. At True Concept Title, we’ve seen firsthand how effective it is at protecting homeowners from hidden risks and unexpected claims that lurk beneath the surface of any property transfer.

What Is Title Insurance

Put simply, title insurance is a one-time policy that protects your legal ownership of a property. Unlike other types of insurance that cover future events, title insurance shields you from past issues tied to the property's history.

There are two main types:

Owner’s Title Insurance: Protects you as the buyer. It covers hidden risks such as fraud, pending liens, undisclosed heirs, or ownership claims that may arise after closing. This policy covers the cost of legal arguments or claims.
Lender’s Title Insurance: Protects the mortgage lender's financial interest. It is typically required for lending institutions and covers their exposure, but it does provide protection for you personally.

While a detailed title search is performed to uncover potential problems, some issues are so obscure that they may go unnoticed. Title insurance acts as a safety net, covering legal costs or financial losses if something unexpected arises after you have moved or taken ownership.

Why Title Insurance Matters

One of the biggest mistakes a homeowner can make is believing that a clean title is guaranteed by the deed alone. The truth? The title is constantly under review, and the past has a way of sneaking back into the present. No matter how well you think you know a property, there’s always a chance that some hidden problem could surface years later. Securing clear and legal ownership of your home is one of the most important steps in the buying process.

Title insurance protects you by verifying ownership rights and guarding against hidden issues that could threaten your claim. Before a policy is issued, a thorough title search is completed. This involves reviewing public records, legal documents, and ownership history to identify any red flags. Title professionals examine deeds, mortgages, court records, and other records to ensure the title is clear and transferable. If problems are found, they are resolved before closing.

Once the review is complete and any concerns are addressed, a title insurance policy is issued. This guarantees your ownership rights and provides financial protection if future claims arise.

Common Title Issues You Might Not See Coming

Even properties that look clean on paper can harbor hidden problems that may not surface until years later. Hidden title issues can lead to serious legal or financial complications.

Here are some examples of issues that often go unnoticed:

Unknown Liens: Previous owners may have left unpaid taxes or contractor bills behind. If these aren’t caught, they can attach to the property and become your responsibility.
Errors in Public Records: Mistakes like misspelled names or incorrect boundaries can lead to disputes. Fixing these errors often requires legal action or new surveys, which can be costly and time-consuming.
Illegal Deeds: Past transactions involving forged documents or individuals not legally authorized to sign can invalidate a title. If caught early, they can be corrected; if not, they could lead to disputes.
Missing or Undisclosed Heirs: When a previous owner passes away without a clear will or proper record-keeping, heirs may emerge years later claiming part of the property. Without a title insurance policy, resolving these disputes can be complicated.
Title Fraud: This involves someone falsifying documents or impersonating the owner to transfer or sell the property. These crimes are more common than most realize, and they can take years to detect.

The bottom line: just because everything seems fine on the surface doesn’t mean there isn’t a hidden problem waiting to surface.

How Title Insurance Protects You

Coverage Against Forgery & False Claims

Title insurance protects you from fraudulent activity such as forged signatures, altered documents, or individuals impersonating someone else to transfer or sell a property.

Ownership Disputes

If someone challenges your ownership due to fraud or another issue, title insurance covers legal costs, manages the court process, and helps restore your property rights so you are not left to handle it alone.

Coverage for Hidden Past Issues

Many title problems come from previous errors, such as misfiled paperwork or undiscovered heirs. Title insurance helps uncover these risks and protects you from issues that may surface long after closing.

Step-by-Step Protection Guide

Purchase Title Insurance:

The first step in protecting your property is securing an owner’s title insurance policy. This one-time purchase offers long-term protection for your legal ownership.

Understand the Difference Between Owner’s and Lender’s Policies

Lender’s title insurance protects the mortgage provider, not you. Only an owner’s policy covers your personal investment and rights as the homeowner.

Review Your Policy Carefully

Ensure your coverage includes protection against common risks, such as forgery, impersonation, undisclosed heirs, and post-closing claims.

Ensure a Thorough Title Search

Before your policy is issued, a detailed review of public records helps uncover potential problems. Work with a trusted title company to ensure this step is handled with care.

Choose a Trusted Title Partner

A reliable title company like True Concept Title guides you through every step, from research and risk resolution to issuing a policy that protects your investment

Ready to Protect Your Property?

Title insurance is more than just another closing document. It is your first line of defense against fraud, forgery, and surprise ownership claims. If something goes wrong, your policy steps in to protect your home and your rights.

True Concept Title combines thorough research, flexible coverage, and real support when it matters most. We help you close with confidence and stay protected long after.

Do not leave your investment vulnerable. Contact True Concept Title today to explore your title insurance options, confirm coverage for fraud and forgery, and ensure a secure, confident transaction from search to signing.

Protecting Your Property Investment with Title Insurance

Tue, 08 Jul 2025 17:27:28 GMT

Protecting Your Property Investment with Title Insurance

If you have ever bought a home or invested in real estate, you know it’s more than just a transaction. It’s a monumental moment, a commitment that carries weight for years, or even decades. We’ve been in this industry for a long time, and we have seen what can happen when people overlook one small detail: title insurance .

You don’t want to go into ownership blind. Title insurance is all about the peace of mind you get from knowing your rights are protected. It’s a shield, a safety net, a way to avoid messy surprises that could turn your dream investment into a nightmare.

Why Bother With Title Insurance?

Think about it. You’ve signed the paperwork, handed over your earnest money, and maybe even moved in. Yet, lurking in the background, there might be claims, liens, or disputes that could threaten your ownership. Sometimes, these problems sit unnoticed for years, until suddenly, they’re not so minor anymore.

Without title insurance, buyers can find themselves in lengthy, costly legal battles that threaten to undo everything they’ve worked for. It’s a risk, one that’s entirely preventable with the right coverage.

When you choose us at True Concept Title , it’s not just about a policy. It’s about protecting your future, safeguarding that asset you’ve worked hard to gain.

How We Do It

We start with a simple but thorough search of the property’s history. This isn’t just a quick check of records. This is an intense, meticulous process. We trace ownership back through decades, pull up liens, judgments, and anything that might raise a red flag. Sometimes, we find issues, and sometimes, everything comes up clean. Either way, it’s better to know earlier, not later.

Once we’ve identified anything that needs fixing, we work swiftly. Clearing a lien, correcting a record, or settling an inherited claim. These are all part of what we handle before the deal closes. Our priority is to make sure nothing jeopardizes your ownership rights, because once you walk away from closing, that’s your property. No questions asked. And if we find nothing, we’re able to confidently issue your policy. Simple as that. It’s that peace of mind, knowing you’re covered.

What Does Title Insurance Really Cover?

When we explain this to clients, we say: imagine all the tiny cracks in the foundation of your house, those unseen issues that could cause big problems. Here’s what your policy steps in to cover:

Liens and unpaid taxes: Sometimes, the previous owner left unpaid bills or taxes. If these aren’t caught beforehand, you might be responsible after closing.
Ownership disputes: Maybe someone claims they own a part of your property. This conflict often occurs because of complicated inheritance issues or missing records. A good policy helps resolve these disputes, so you’re not thrown into a legal fight.
Forgery or fraud: It sounds like something out of a crime drama, but it happens. Forged signatures, fake deeds, these can put your ownership at risk if not caught early.
Claims from unknown heirs : Sometimes, a relative or heir appears years later claiming they deserve a part of your property. Your title insurer defends your right.
Errors in public records: Mistakes happen. Missed recordings, clerical errors. These can cloud your title and create problems down the road.

In our experience, many of these issues are avoidable. The key is catching them before closing, not after.

Why Work with a Trusted Title Partner?

Anyone can perform a basic search, but few can do it like a seasoned professional. That’s where experience counts. When you work with True Concept Title, you get a team that’s seen it all, resolved complex issues, caught hidden problems, and made sure clients’ ownership rights are protected.

We’re not about rushing through. We’re about doing thorough work, being transparent, and protecting what’s yours. The difference shows in the number of issues we find early, saving clients time and money, and most importantly, keeping their ownership safe.

Don’t Skip Something That Could Cost You

We hear it all the time: “I’ll skip title insurance, I trust the seller,” or “It’s just a small fee, why bother?” That’s a gamble we don't recommend taking. Because the minute you waive off title insurance, you’re leaving a lot to chance.

Real estate isn’t simple. Titles get tangled, records can be wrong, and bad actors can forge documents. If something does come up after it’s too late. The legal battles, the delays, the possibility of losing your property, that’s not something you want to gamble on. That small premium you pay during closing? It’s a disproportionate safeguard against problems that could cost thousands or more if they happen down the line.

What’s the Process Like?

When you work with us at True Concept Title, it’s straightforward but thorough. First, we do a deep dive into the property’s history. Checking deeds, liens, taxes owed, and any other issues that could raise a flag. We look for gaps, errors, or anything that might undermine your ownership rights.

If problems surface, we address them immediately, working with previous owners, filing corrections, or negotiating with claimants. Our job isn’t finished until your title is as clear as it can be. Only then do we issue a policy that guarantees your protections.

And if everything is clean? Good. You’re protected. The policy delivers peace of mind, and you can move forward confident that your ownership is secure.

Why It’s an Investment, Not Just an Expense

Buying title insurance is one of the smartest investments you can make during a property transaction. It’s not just about ticking a box, it's about protecting your future. Consider it a safety harness for the journey ahead.

Your property? It’s probably the biggest asset you own. Protecting it shouldn’t be an afterthought. When you partner with us at True Concept Title, you’re choosing experience, care, and rigorous attention to detail. We’re here to brace you against the unknown so you don’t have to.

Final Thoughts

Every property has a story, and some of those stories include unresolved chapters. Whether it’s a lost heir or a hidden lien from years past, these issues could come back to haunt you. That’s why proper title insurance isn’t just a smart choice, it’s an absolute necessity.

So, if you’re preparing to buy, refinance, or even if you simply want a review of your current title protections, reach out to us at True Concept Title. We’re dedicated to helping you protect what matters most, your ownership rights.

Because in the end, it’s not just about the paperwork. It’s about the security, the confidence, and the peace of mind that come with knowing your property is truly protected.

Ready to Protect Your Property?

Don’t wait until a problem crops up. Contact True Concept Title today. Let us handle the details so you can focus on what really matters: your home, your future, your peace of mind.

Tips for Seniors on Reverse Mortgages and Title Insurance

Tue, 27 May 2025 12:25:59 GMT

Tips for Seniors Considering a Reverse Mortgage and Title Insurance

It is important to take different financial strategies into account when approaching retirement. One option that should be considered is a reverse mortgage . This financial tool offers a way for older homeowners to leverage their home equity without selling the property. However, understanding reverse mortgages and the interplay with title insurance is important for making informed decisions. In this article, we’ll provide essential tips for seniors considering a reverse mortgage and the title insurance implications.

What is a Reverse Mortgage?

Homeowners, 62 or older, can convert part of their home equity into cash through a reverse mortgage. The cash can then be used for various purposes, such as paying off debts, covering medical expenses, or supplementing retirement income. Unlike a traditional mortgage, where the borrower makes monthly payments to the lender, a reverse mortgage pays the homeowner. The loan is repaid when the homeowner sells the house, moves out, or passes away.

Understanding Title Insurance in the Context of Reverse Mortgages

Title insurance is a form of protection that safeguards property owners and lenders against claims or disputes over ownership. It ensures that the title to the property is clear of any liens, encumbrances, or disputes. When considering a reverse mortgage, having title insurance is crucial for several reasons:

Protecting Your Investment

Title insurance protects the financial investment made in your home by addressing potential issues that could arise regarding property ownership. This assurance is even more critical for seniors considering a reverse mortgage, as they are leveraging their home equity to secure funds.

Ensuring Clear Title

Before a reverse mortgage can be obtained, the lender will require a title search to confirm that there are no existing liens or claims against the property. Title insurance mitigates the risk of undisclosed claims affecting your ability to obtain a reverse mortgage.

Tips for Seniors Considering a Reverse Mortgage

1. Evaluate Your Financial Situation

Before proceeding with a reverse mortgage, assess your overall financial health. Consider how a reverse mortgage fits into your larger financial plan. Speak with a financial advisor to understand how this option may impact your long-term financial goals.

2. Research Different Lenders

Not all reverse mortgage programs are the same, and lenders may have different terms and fees associated with their products. Take the time to compare rates, fees, and terms from various lenders to find the best option that suits your needs.

3. Understand the Costs Involved

Reverse mortgages have fees such as origination fees, closing costs, and insurance premiums. It's important to understand these fees and how they will impact the equity of your home in the long run. Ask if the fees can be added into the loan or if they must be paid out of pocket.

4. Consider Your Future Plans

Think about how a reverse mortgage could affect your long term plans. Will you want to pass your home onto future generations? How do you plan to handle repayment of the loan? Understanding these aspects will help you make a well-informed decision.

5. Consult with Family Members

Discussing reverse mortgages with family can provide additional insights and perspectives. Talking to those who may inherit the property, will appreciate being included in the discussion. This transparency can help prevent misunderstandings in the future.

6. Seek Counsel and Guidance

When it comes to a reverse mortgage, consider seeking advice from a housing counselor who is HUD (U.S. Department of Housing and Urban Development) certified. A HUD counselor can help provide valuable information regarding reverse mortgages and help you decide whether it is a beneficial option for you.

The Importance of Title Insurance

As you consider a reverse mortgage, make sure you have the right title insurance coverage. Here are a few things to consider in regards to the importance of title insurance:

1. Protection Against Claims

Title insurance protects you from financial loss from claims on your property. These claims may include liens or ownership disputes which can occur after receiving a reverse mortgage. This is particularly important to seniors who may not have the resources to cover these unexpected costs.

2. Ease of Transaction

Having title insurance simplifies the process of obtaining a reverse mortgage. Lenders typically require proof of title insurance as part of their due diligence process. By already having title insurance, you expedite your transaction and enhance your credibility in the eyes of the lender.

3. Understanding Coverage Types

When obtaining title insurance for a reverse mortgage, be aware of the types of coverage available. Standard policies generally cover issues such as undisclosed or missing heirs, forgery, or fraud. However, it’s essential to review the specific terms of your policy to ensure adequate protection.

Final Thoughts

It’s important to thoroughly understand all aspects of a reverse mortgage. This includes the role of title insurance in protecting your financial future. Ultimately, this financial tool can be beneficial when approached with care and consideration. Be proactive in seeking information, asking questions, and surrounding yourself with trusted advisors . With the right preparation, you can take advantage of a reverse mortgage while safeguarding your home and investment through proper title insurance.

If you're a senior considering a reverse mortgage or need guidance on title insurance, reach out to True Concept Title today . Our experienced team is here to provide expert advice tailored to your unique needs. Let us help you navigate this important decision and secure your financial future with confidence.

10 Essential Questions to Ask Your Title Company Before Closing

Sat, 12 Apr 2025 13:52:11 GMT

10 Questions to Ask Your Title Company Before Closing

Are you prepared for the biggest investment of your life? Understanding the title and closing process is crucial when buying a home. To ensure a seamless experience, it's essential to ask the right questions of your title company. In this article, we’ll outline ten vital questions to pose to your title company before you close, helping you navigate the title process with confidence and clarity.

What You’ll Gain from This Article

By the end of this article, you will have a comprehensive understanding of the key questions to ask your title company, empowering you to make informed decisions and avoid pitfalls in the home-buying process. You will learn about important aspects to consider that may affect your closing and ensure a smooth transaction from start to finish.

What Services Do You Provide?

Understanding the range of services your title company offers is vital. Not all title companies provide the same services, and knowing what to expect can set the stage for a smoother transaction. Ask your title company if they offer:

Title search and examination
Title insurance
Document preparation
Closing and escrow services
Additional legal support

A comprehensive title company, like True Concept Title , should provide all necessary services to streamline your real estate transaction.

How Much Will the Title Insurance Cost?

Title insurance is a crucial component of the closing process. Its cost can vary significantly based on the property’s location and the amount of coverage. Make sure to inquire about the title insurance premium upfront and whether it will be included in the closing costs.

A reputable title company should provide a detailed estimate that breaks down the costs associated with title insurance. Understanding these costs early on will help you avoid surprises at the closing table.

What Does the Title Insurance Policy Cover?

Not all title insurance policies are created equal, so it’s essential to ask specific questions about what your policy will cover. Common items to clarify include:

Are you protected against existing liens , judgments, or claims against the property?
Does the policy cover issues such as fraud or undisclosed heirs?
What are the exclusions from coverage?

Understanding the details of your title insurance policy will give you peace of mind knowing you are protected against significant financial loss.

Can You Provide a Sample Title Commitment?

A title commitment is a document outlining the terms of the title insurance policy. Requesting a sample title commitment before closing can provide insight into the types of issues that may be uncovered and how they will be addressed. By reviewing a sample, you can better understand the policy's language and ensure all necessary coverages are included.

What Is the Timeline for Closing?

Understanding the timeline for closing is essential for effective planning. Ask the title company about their typical timeline and any factors that could affect your specific timeline for closing. Knowing the expected time frame will help you coordinate with your lender and real estate agent to ensure everything is in order.

Will You Handle All Aspects of the Closing Process?

Ask your title company whether they will manage the entire closing process or if they will rely on other parties, such as attorneys or third-party escrow companies. Knowing who to expect at the closing and who will handle documentation can help you prepare better for the closing day.

A title company that manages all aspects of the closing provides continuity and a single point of contact, reducing the risk of miscommunication or delays.

What Happens If There Are Title Issues?

Issues can arise even with thorough title searches. Inquire about the process for resolving any title issues that may appear before closing. Small problems can usually be addressed quickly, but larger issues may require more time and effort to resolve.

A proactive title company should guide you through this process, outlining their approach to resolving any identified title issues and protecting your investment in the property.

Are There Any Additional Fees I Should Be Aware Of?

It’s essential to clarify any additional costs associated with the title and closing process. Title companies may charge for services like document preparation, courier fees, or recording fees. Request a detailed estimate of all costs upfront, so you're prepared and can budget accordingly.

Transparency in fee structures is crucial, and a trustworthy title company will provide you with a clear understanding of all potential expenses .

How Do You Support Buyers and Sellers During Closing?

Understanding how the title company supports both buyers and sellers during the closing process can provide valuable insight into their operations. Ask them about their communication practices, availability for questions, and overall customer service philosophy. A responsive title company should be approachable and eager to answer any questions you may have.

What Should I Bring to the Closing?

Lastly, ask your title company what documents or items you need to bring to the closing. Common documents include:

A valid ID
Homeowner's insurance policy
Any additional paperwork related to the sale
Closing Disclosure Statement
Any required funds for down payment or closing costs

Clarifying these requirements upfront will help you be well-prepared for the closing day, ensuring a smooth and efficient process.

Conclusion

Asking the right questions is vital when selecting a title company and preparing for your closing. By understanding the services they offer, clarifying costs, and knowing what to expect, you can mitigate risks and navigate the complexities of the home-buying process with confidence.

At True Concept Title, we pride ourselves on our dedication to transparency, client education, and ensuring that each transaction is handled with care. If you’re in the process of buying a home or need title services, reach out to True Concept Title today. Our experienced team is here to answer your questions and guide you through every step of the closing process. Contact us now to secure your title needs and enjoy peace of mind throughout your real estate journey!

Exploring the Role of a Title Insurance Underwriter

Tue, 25 Mar 2025 11:49:40 GMT

Exploring the Role of a Title Insurance Underwriter

When it comes to real estate transactions, ensuring the security and legitimacy of property titles is crucial. Title insurance serves as a safeguard for buyers and lenders against potential defects in property titles. At the heart of this process are title insurance underwriters, professionals whose expertise and diligence ensure that the title insurance policies are sound and reliable. In this blog, we will explore the vital role of title insurance underwriters, their key responsibilities, and how they contribute to the real estate transaction process.

What is Title Insurance?

Before diving into the specifics of the underwriter's role, it's essential to understand what title insurance is. Title insurance is a form of indemnity insurance that protects property buyers and lenders from financial loss due to defects in a title to a property. This could include issues such as unpaid taxes, undisclosed heirs, fraud, or legal disputes over ownership. Unlike other types of insurance, which cover future events, title insurance protects against past events that could affect property ownership.

Key Responsibilities of a Title Insurance Underwriter

Assessing Risk
One of the primary responsibilities of a title insurance underwriter is to assess the risk associated with insuring a specific property. They review the title search results, which include public records and any documentation related to the property’s history. Thorough evaluation of these factors helps underwriters determine the level of risk involved and whether to issue a title insurance policy.
During this process, underwriters might examine several elements, such as the property's current ownership, any outstanding liens, and any historical claims against the title. Understanding the past events affecting the property is crucial for making informed decisions. For example, if a title search reveals unpaid property taxes, it could indicate potential financial responsibilities for the new owner, impacting the underwriter's decision.
Reviewing Title Searches
Title insurance underwriters work closely with title agents and abstractors to review title searches, which provide detailed histories of property ownership. The underwriter examines any findings to identify potential issues, such as liens, easements, or encroachments that could pose a risk to the title. This thorough review ensures that all relevant factors are considered before insurance is issued.
Underwriters must pay close attention to any discrepancies found in the title search. For example, if the title reflects a name different from the seller’s legal name, the underwriter needs to delve deeper to find out why. Understanding these discrepancies is crucial in preventing future claims or legal disputes.
Determining Policy Terms
Once an underwriter assesses the risk associated with a property, they determine the terms of the title insurance policy. This includes deciding the coverage amount, exclusions, and specific conditions that may apply. It’s within the underwriter's purview to ensure that the policy aligns with the company’s guidelines while meeting the needs of the lender or buyer.
The terms must balance adequate coverage for the insured while also mitigating risk for the title insurance company. For instance, an underwriter may compile a list of exclusions based on the property's history, such as failing to cover potential claims against unknown heirs.
Ensuring Compliance
Title insurance underwriters must stay updated on state regulations and compliance requirements. Each state has specific laws governing title insurance practices, and underwriters need to ensure that all policies adhere to these standards. This involves regular training and monitoring of legal changes, which ultimately protects the integrity of the title insurance process.
Compliance not only protects the title company but also ensures that clients are treated fairly throughout the transaction process. By understanding legalities, underwriters can better navigate potential red flags that may arise during their assessments.
Collaborating with Industry Professionals
Underwriters often collaborate with various stakeholders in the real estate transaction process. They may work closely with real estate agents, lenders, attorneys, and other title industry professionals to clarify details and resolve any discrepancies in the title. Effective communication is vital, ensuring a smooth transaction for all parties involved.
By fostering solid relationships with these professionals, underwriters can access important information quickly and streamline the transaction process. Working closely with title agents helps identify potential issues before they escalate, leading to a more efficient closing process.
Managing Claims
In the unfortunate event that a title claim is made, the underwriter plays a critical role in managing the claims process. They investigate the claim, gather necessary documentation, and determine the validity of the claim presented. This responsibility requires a keen understanding of title insurance policies and the ability to assess legal merits to reach a fair resolution.
An underwriter's responsiveness during a claim can significantly impact the outcome for involved parties. Their attention to detail not only contributes to resolving claims but also reinforces the confidence clients have in the insurance policy.

The Importance of Title Insurance Underwriters

Mitigating Financial Risk
Title insurance underwriters are crucial in mitigating financial risks for homebuyers and lenders. By thoroughly assessing properties and identifying potential issues, underwriters help protect clients from future legal disputes and financial liabilities. This security fosters trust in the real estate process, allowing buyers and lenders to make informed decisions without fear of unforeseen complications.
Enhancing Due Diligence
Underwriters ensure that due diligence is executed meticulously. Their attention to detail and commitment to investigating potential title issues help prevent problems from arising after a transaction has been completed. This proactive approach reduces the likelihood of claim disputes and enhances the overall reliability of the title insurance system.
Supporting Industry Standards
Title insurance underwriters are essential in upholding industry standards and best practices. Their dedication to compliance and risk assessment ensures that title insurance remains a trusted option for safeguarding property ownership. By contributing to a consistent process that evaluates potential risks, underwriters help create a healthy real estate market where buyers feel secure in their transactions.

The Educational Background of Title Insurance Underwriters

Typically, title insurance underwriters have backgrounds in fields such as real estate, law, finance, or insurance. Many possess degrees in these areas, and a strong understanding of the law is particularly beneficial since they often navigate complex legal documents and requirements.

In addition to formal education, many underwriters undergo specific training within title companies to familiarize themselves with the unique aspects of title insurance, including software systems used for title searching and policy management.

The Future of Title Insurance Underwriting

As the real estate landscape evolves, so does the role of title insurance underwriters. Advancements in technology are facilitating changes in risk assessment. For example, many title companies now use automated systems that utilize big data analytics to evaluate risk faster and more accurately. While these technological innovations encourage efficiency, they also place a premium on the underwriter’s ability to interpret and assess the nuances of the results provided by these systems.

Additionally, the growing importance of cybersecurity has introduced new challenges for underwriters to consider. With the increasing digitization of sensitive data, underwriters must be vigilant about identifying potential security risks that could impact title integrity. This involves ensuring that the processes and tools used in the underwriting process comply with high standards of data security.

The role of a title insurance underwriter is essential within the intricate world of real estate transactions. From assessing risks and reviewing title searches to ensuring compliance and managing claims, underwriters are integral to the title insurance process. Their expertise not only protects the financial interests of buyers and lenders but also helps maintain the integrity and trustworthiness of the real estate industry.

At True Concept Title, we understand the critical responsibilities of title insurance underwriters and are committed to delivering reliable and comprehensive title insurance solutions. As you navigate the complexities of property transactions, partnering with a reputable title company that prioritizes thorough underwriting practices will ensure a smooth and secure experience.

In this evolving landscape of real estate, the expertise of title insurance underwriters will continue to be pivotal. With their commitment to quality and due diligence, these professionals play an indispensable role in securing peace of mind for homebuyers and lenders alike.

If you have any questions about the role of title insurance underwriters, or if you're looking for assistance with title services , reach out to True Concept Title today. We’re here to help you every step of the way on your property journey.

The Importance of Data Security in Title Companies:

Wed, 05 Feb 2025 12:20:36 GMT

The Importance of Data Security in Title Companies

In today's fast-paced digital world, data security has become a focal point across all industries, but it holds a particularly significant role in title companies. The nature of work within the title industry involves handling sensitive personal and financial information, making it an attractive target for cybercriminals. As a trusted partner in real estate transactions, True Concept Title recognizes the importance of data security to protect not only our business but, most importantly, our clients.

Why Data Security Matters in the Title Industry

Protecting Sensitive Information
Title companies manage a treasure trove of confidential information, from client personal details and financial records to property ownership documentation. This data is essential for a smooth transaction but poses a risk if mishandled. A data breach could expose this information, resulting in identity theft, financial loss, and a disruption of the client’s real estate journey. By implementing stringent data security measures, title companies can effectively safeguard this vital information.

Building Client Trust
When clients choose a title company, they expect professionalism and integrity, particularly regarding handling their private information. Having robust data security protocols in place reassures clients that their sensitive information will be protected. Trust plays a crucial role in business, especially in an industry where clients may be dealing with significant transactions. Enhanced data security leads to increased client loyalty, positive word-of-mouth endorsements, and repeat business.

Compliance and Legal Obligations
The title industry is subject to laws and regulations that mandate strict data privacy and security measures. Title companies must adhere to the Gramm-Leach-Bliley Act (GLBA) , the Fair Credit Reporting Act (FCRA) , and various state laws that regulate the handling of consumer information. Non-compliance can lead to severe consequences, including hefty fines, legal action, and damage to the company’s reputation. By prioritizing data security, title companies not only safeguard their operations but also ensure compliance with these essential regulations.

Understanding Common Data Threats in the Title Industry

To effectively protect sensitive information, it’s essential to understand the types of data threats that exist within the title industry:

Phishing Attacks
Phishing remains one of the most widely used tactics by cybercriminals. Fraudulent emails or messages appear to come from reputable sources, tricking individuals into providing sensitive information or clicking on malicious links. Title companies must actively educate employees about recognizing and reporting suspicious emails.
Ransomware
Ransomware attacks involve malicious software that encrypts a user’s files, rendering them inaccessible until a ransom is paid. These attacks can bring operations to a halt and lead to significant financial losses. Title companies must implement robust back-up systems and security protocols to guard against such threats.
Insider Threats
While external cyber threats are a concern, insider threats can also pose risks to data security. Employees or contractors with access to sensitive data may unintentionally or intentionally cause data breaches. This highlights the importance of maintaining strict access controls and regular monitoring of user activities.
Unsecured Networks
Using unsecured networks can expose sensitive data to interception by cybercriminals. Title company employees should be trained to avoid accessing company information on public Wi-Fi networks and instead use secure connections, such as Virtual Private Networks (VPNs).

Best Practices for Data Security in Title Companies

Encryption and Secure Storage
Implementing encryption protocols ensures that sensitive information remains protected, even if it falls into the wrong hands. Data should be encrypted both at rest and in transit. Additionally, secure storage solutions—whether cloud-based or on-premises—should be utilized to safeguard confidential documents.
Access Control
Access to sensitive information should be carefully managed and restricted to authorized personnel only. Role-based access control (RBAC) can be implemented, allowing employees only to access the information necessary for their job functions. Multi-factor authentication (MFA) adds an extra layer of security, making it more difficult for unauthorized individuals to gain access.
Regular Security Audits
Performing systematic security audits allows title companies to evaluate their data protection measures and identify potential vulnerabilities. These audits should encompass software assessments, network security tests, and reviews of internal policies and procedures. Regular assessments ensure compliance with regulations and industry standards.
Employee Training and Awareness
Employees are often the first line of defense in maintaining data security. Regular training sessions should be conducted to enhance awareness of data security practices, focusing on recognizing phishing attempts, safeguarding sensitive information, and understanding best practices for data protection. Empowering employees with knowledge is key to reducing the risk of security breaches.
Incident Response Planning
Despite the best efforts in data protection, data breaches can still occur. Title companies should develop a robust incident response plan detailing the necessary steps in the event of a data breach

Utilizing Technology Solutions
Investing in advanced cybersecurity solutions can significantly enhance data protection. Security Information and Event Management (SIEM) systems, for example, provide real-time monitoring of network activity, identifying potential threats before they escalate. Additionally, firewalls, antivirus software, and intrusion detection systems can help protect sensitive data from unauthorized access.
Regular Software Updates and Patching
Keeping software up-to-date is crucial in defending against vulnerabilities that cybercriminals may exploit. Regularly patching operating systems, applications, and security software ensures that known security issues are resolved swiftly, reducing the risk of cyber threats.

The Role of Title Companies in Data Security

As a leading provider of title and escrow services , True Concept Title understands the responsibility that comes with handling sensitive client information. We are committed to continually developing and enhancing our data security practices to protect our clients' information. Our data security measures include not only implementing the best practices discussed above but also being proactive in identifying and mitigating potential risks.

Conclusion

Data security is no longer just an IT issue; it is a fundamental aspect of running a responsible title company. By recognizing the potential threats and implementing effective strategies, title companies can protect sensitive information, build client trust, and ensure compliance with legal obligations.

At True Concept Title, we prioritize data security as a cornerstone of our operations, committing to providing our clients with a secure environment for their real estate transactions. As we continue to innovate and enhance our services, our clients can have peace of mind knowing that their sensitive information is safeguarded at every step.

Choosing the right title company is crucial for a successful transaction. As you embark on your real estate journey, remember to prioritize data security alongside the service quality. Partnering with a company that prioritizes data protection will not only help you navigate the complexities of real estate transactions but also protect your investment and personal information.

If you have any questions about our data security practices or would like to learn more about our title and closing services, visit our website . At True Concept Title, we’re here to assist you every step of the way while keeping your data secure.

Benefits of E-Closings & Digital Signatures

Sun, 12 Jan 2025 19:36:26 GMT

In an age where technology continuously reshapes how we conduct transactions, e-closings, and digital signatures have emerged as transformative forces in the real estate industry. These innovations streamline the buying and selling process, offering numerous advantages over traditional paper-based closings. At True Concept Title Company , we embrace these advancements to provide clients with a seamless and efficient closing experience. Here’s a closer look at the key benefits of e-closings and digital signatures.

Convenience and Accessibility

One of the most significant advantages of e-closings is their unparalleled convenience. Digital transactions eliminate the need for all parties to gather in person, allowing buyers, sellers, and agents to close deals from virtually anywhere in the world. This flexibility is particularly beneficial for individuals with tight schedules or those living in different locations.

E-closings also empower you to review documents at your own pace. You can sign digital documents securely at a time that suits you, reducing the pressure to finalize everything in a meeting. This convenience translates to a more relaxed and stress-free experience for everyone involved.

Enhanced Security Measures

Digital signatures offer enhanced security features that protect the integrity of your documents. Electronic transactions often utilize encryption and secure identities to ensure that signatures are genuine and documents aren't altered post-signature.

Many e-closing platforms offer audit trails , allowing you to trace every step of the signing process. This transparency provides peace of mind, as both parties can verify the authenticity of the documents and who accessed them. Additionally, digital storage of these documents reduces the risk of loss or damage compared to physical papers.

Increased Efficiency and Speed

E-closings significantly expedite closing, reducing the time to finalize real estate transactions. By eliminating the back-and-forth associated with mailing documents, closings can be completed more rapidly. This speed is particularly useful in competitive markets where timing can influence the success of a deal.

Furthermore, e-closings streamline communication between all parties involved. Any changes or updates can be managed in real time, ensuring everyone stays informed and on the same page and reducing the likelihood of miscommunication.

Environmentally Friendly Practices

The shift from paper-based transactions to digital signatures contributes to more sustainable and environmentally friendly business practices . By minimizing the need for printed documents, e-closings help reduce paper use and the carbon footprint of transporting physical documents. This eco-friendly approach is becoming increasingly important to clients conscious of their environmental impact. By adopting digital solutions, you contribute to a more sustainable future while enjoying the benefits of modern technology.

Cost Savings

E-closings can also lead to significant cost savings. By reducing the need for physical resources such as paper, printing, and postage, you can cut down on these expenses. Additionally, the increased efficiency of digital processes can save on administrative and labor costs. Moreover, fewer errors occur in digital processing, reducing costs associated with correcting mistakes commonly encountered in manual paperwork processing.

Conclusion:

As the real estate industry evolves, embracing e-closings and digital signatures represents a move towards greater efficiency, security, and convenience. At True Concept Title Company, we are committed to leveraging these technologies to enhance your closing experience. Whether buying or selling, consider opting for an e-closing to enjoy its many benefits.

Ready to experience the convenience of e-closings and digital signatures? Contact True Concept Title Company today to learn how we can simplify your home transaction process with the latest digital solutions. Embrace the future of real estate with us!

Tips for a Smooth and Stress-Free Closing Day

douglas@riveravenuedigital.com (Douglas Piccinnini) — Mon, 02 Dec 2024 16:07:42 GMT

Introduction: Preparing for Your Closing Day

Closing day is the final step in the home buying or selling journey, transitioning you from negotiations to home ownership. While it’s an exciting milestone, it can also bring a mix of stress and potential anxiety. Preparation can help ensure this big day is straightforward and stress-free. At True Concept Title Company, we aim to give you the knowledge and tools to streamline your closing process.

Organize All Necessary Documents

Having all necessary documents systematically organized is key to ensuring an efficient closing day. These typically include:

Purchase Agreement: A critical document that outlines the terms agreed to by both parties.
Proof of Homeowner’s Insurance: Lenders require proof of insurance to confirm that the property is insured, protecting your and their investment.
Government-issued identification, Such as a driver’s license or passport, to verify your identity.
Closing Disclosure Statement : Provided at least three days before closing, this statement outlines your loan's final terms, payments, and costs.
Financial Documentation: Recent bank statements, pay stubs, or other financial information as your lender requires.

Properly organizing these documents prevents last-minute scrambles and ensures that all parties move through the process fluidly. Consider creating a checklist and using a secure folder to keep everything organized and accessible.

Also, please make sure to have copies of your documents in physical and digital formats in case anything needs to be found.

Review the Closing Disclosure Carefully

The Closing Disclosure is a document indicating your mortgage's final costs and terms. Receiving it at least three days before closing gives you ample time to review thoroughly:

Interest Rate and Loan Terms: Confirm that these match the earlier Loan Estimate you received.
Itemized Fees and Closing Costs : Validate all entries to ensure accuracy and reasonableness.
Cash Needed at Closing: Verify the required amount and ensure it aligns with your financial arrangements.

Discrepancies or unexpected figures should immediately be brought to your lender or title company’s attention. By addressing these questions early, you can avoid potential stress on closing day.

Conduct a Final Walk-Through

A final walk-through is your last opportunity to inspect the property before taking ownership. This step is typically scheduled 24 hours before closing and allows you to confirm that:

Repairs : Any modifications or repairs agreed upon have been completed satisfactorily.
Condition of the Property: Check that the property is in the expected condition, with no significant changes since your last visit.
Presence of Fixtures and Appliances: Ensure that everything included in the sale is present and functioning.

If concerns arise during the walk-through, raise them with your real estate agent right away to find a resolution before the closing meeting. This proactive approach can mitigate any last-minute surprises on the big day.

Ensure Funds Are Ready

On closing day, you will need to have all necessary funds ready to facilitate the transfer. Here’s what to consider:

Exact Amount Required: The Closing Disclosure outlines the exact cash required at closing, which may include your down payment and closing costs.
Payment Method: Most transactions require a wire transfer or certified cashier's check. Personal checks are typically not accepted, so you must ensure you have the proper format.
Bank Arrangements: Give yourself ample time to arrange for fund transfers. Plan for potential delays in processing, and confirm payment methods with your escrow company.

It’s crucial to coordinate with your bank and escrow officer to ensure the financial transaction goes off without a hitch.

Confirm Your Appointment Time and Location

Logistical details like the time and place of your closing should be confirmed well in advance:

Location: Typically held at your title company’s office or your real estate attorney’s location. Confirm this with your agent ahead of time.
Punctuality: Arriving on time allows the process to begin smoothly and prevents unnecessary delays.

If your closing involves electronic signatures or remote participation, ensure you understand the technology requirements and have a reliable internet connection. This preparation helps facilitate a seamless virtual closing experience.

Prepare for Signing Documents

Closing entails signing a multitude of documents, each vital for formalizing your purchase. Key documents you’ll encounter include:

Deed of Trust or Mortgage Document: This legally binds your property to the loan agreement, protecting the lender's interest.
Promissory Note : Details your commitment to pay back the loan you’re receiving from the lender.
Affidavits and Declarations: Various legal affirmations that may require your signature. They typically confirm the accuracy of the information provided during the loan application process.

As you prepare to sign these documents, take your time to read each one carefully. It’s important to understand what you are agreeing to before signing. If you encounter any terms or clauses that are unclear, don't hesitate to ask questions for clarification. This is your opportunity to ensure that you are fully informed about your mortgage and the associated obligations.

Anticipate Closing Costs

Closing costs can significantly impact your finances, accounting for 2% to 5% of the purchase price. It’s crucial to understand what these costs entail, as they can include:

Loan Origination Fees: Charges by the lender for processing the loan.
Appraisal Fees: Required to assess the property’s value.
Title Insurance: Protects against potential claims against the property title.
Attorney Fees: If required in your state, these cover legal services for reviewing documents.
Inspection Fees: These may include pest inspections and other assessments depending on the type of loan.

Please make sure you know about all closing costs detailed in your Closing Disclosure. Understanding these costs allows you to plan your budget effectively and avoid any financial surprises on closing day. If needed, discuss with your lender whether any of these costs can be rolled into your loan amount to ease the upfront financial burden.

Prepare for Any Last-Minute Changes

The closing day can sometimes bring unexpected changes or needs for adjustments. Be prepared for any last-minute requests or changes in documentation as the closing process unfolds. Whether it’s a last-minute adjustment in figures or a request for additional paperwork, remaining flexible and responsive can help navigate these challenges.

Keep communication lines open with your real estate agent, lender, and title company. Quick responses and collaboration can help manage any unforeseen complications that may arise.

Celebrate Your New Home

Once you’ve signed all documents and the transaction is complete, take a moment to celebrate your achievement. Closing day marks not only the culmination of a significant commitment but also the beginning of your journey as a homeowner. Collect your keys, take a few moments to relish this milestone, and envision the memories you will create in your new space.

Conclusion: Embrace the Excitement of Closing Day

Closing day is a remarkable occasion that signifies the fulfillment of your goal of homeownership. By following these tips, you’ll be equipped to handle the process smoothly and confidently. From organizing documents to preparing for financial obligations, thorough preparation can minimize stress and enhance the closing experience. Remember that True Concept Title Company is here to support you every step of the way, ensuring a seamless transition from contract to closing.

By staying informed and organized, you can turn what may initially seem like a daunting task into an enjoyable and celebratory experience. Contact True Concept Title Company today for expert guidance tailored to your needs.

Tips for a Successful Refinancing Process

Wed, 30 Oct 2024 16:19:38 GMT

Refinancing your mortgage can be a great way to adjust your financial standing, whether you're looking to secure a better interest rate, modify your loan term, or tap into your home's equity. At True Concept Title, we understand that the refinancing process can seem daunting, so we’ve compiled a set of insightful tips to help you navigate this journey successfully.

Understand Your Refinancing Goals

The foundation of a successful refinance lies in understanding why you want to refinance in the first place. Regardless of if your goal is to lower your monthly payments, lock in a lower interest rate, change your loan term, access your home’s equity, or eliminate private mortgage insurance (PMI), having clear goals can help you choose the right refinancing option that aligns with your financial plan.

Review Your Credit Profile

Your credit score plays a pivotal role in refinancing , influencing the interest rates for which you qualify. It's crucial to examine your credit reports from the three major bureaus—Equifax, Experian, and TransUnion—for any discrepancies. Correct any inaccuracies you find to ensure your score reflects your true creditworthiness. If your score is lower than expected, consider steps to improve it, such as timely bill payments and reducing debts, to enhance your refinance options.

Assess Your Home Equity

It is crucial to consider your home equity when planning for a cash-out refinance. Home equity is calculated as the difference between your home’s market value and your mortgage balance. Typically, lenders require you to maintain a certain percentage of equity post-refinance, especially with conventional and FHA loans. Be sure to understand your equity position by reviewing your mortgage statements and calculating how much equity is potentially available.

Plan for Closing Costs

Refinancing comes with its own set of closing costs, akin to those involved in purchasing a home. These may include application, appraisal, inspection, and title fees, along with potential legal costs. Typically these fees range from 3% to 6% of the loan amount, these costs should be factored into your refinancing budget. Discuss the possibility of rolling these costs into the loan with your lender, but remember that this option may increase your long-term interest payments.

Consider the No-Closing-Cost Option Carefully

While a no-closing-cost refinance seems appealing, it often results in a higher interest rate, which could offset the initial savings over time. It’s important to perform a cost-benefit analysis to determine if the higher interest rate justifies the upfront savings.

Enhance Your Home's Appraisal Value

The appraisal of your property is a key element in the refinancing process. Be prepared to highlight any improvements made since appraisers assess upgrades that enhance your home's value. Document all repairs and upgrades, showcasing permanent enhancements that can positively influence your appraisal, boosting your refinancing potential.

Respond Promptly to Lender Requests

Time is important during the refinancing process. It typically takes about 30 to 45 days to complete. Expedite the process by promptly providing any additional documentation or information your lender requests. This efficiency can prevent delays, ensuring a smooth transition to your revised mortgage terms.

Evaluate Rate and Fee Flexibility

Negotiation can play a crucial role in refinancing, especially if you have a strong credit score. Don’t hesitate to shop around and obtain multiple quotes from different lenders. Use these offers to negotiate better terms with your preferred lender, potentially securing lower rates and fees.

The Bottom Line

Refinancing your mortgage is a strategic financial move that can yield significant benefits when approached thoughtfully. By understanding your goals, scrutinizing your credit and financial situation, and remaining engaged with lenders, you can successfully manage the refinancing process and enhance your long-term financial outlook. At True Concept Title, we're here to support you with expert guidance every step of the way, ensuring your refinancing journey is as rewarding as it is efficient.

Interested in learning more about how we can make the refinancing process a breeze?

A Step-By-Step Guide to the Title Search Process

Mon, 30 Sep 2024 17:49:00 GMT

Step-by-Step Guide to the Title Search Process

Buying a home is often seen as a dream come true, but it can also feel overwhelming. Among the many steps involved in this significant financial decision, one of the most important is the title search. A title search helps ensure that the seller has the legal right to sell the property and that there are no hidden issues that could affect your ownership. Let’s break down the title search process step-by-step so you know exactly what to expect.

What is a Title Search?

A title search examines public records to confirm the legal ownership of a property and uncover any liens, easements, or other claims that may impact your rights as a homeowner. The goal is to provide a clear understanding of what you are purchasing and any financial obligations that may come with it.

Why is a Title Search Important?

Completing a thorough title search is crucial for preventing unexpected legal troubles and financial liabilities after your purchase. The last thing you want upon acquiring your dream home is to discover hidden issues, such as unpaid taxes or unresolved liens, that could threaten your investment. By conducting a comprehensive title search, you can sidestep these potential pitfalls and ensure that your investment is secure, allowing you to fully enjoy your new property without any lingering worries.

Step 1: Hire a Professional
Most buyers enlist the help of title companie s or real estate attorneys to conduct the title search. Title companies or real estate attorneys specialize in navigating the complexities of legal documents and public records, saving you time and reducing the risk of mistakes.

Step 2: Begin the Search
The title professional will review various public records, including:

Deeds: These documents show past ownership
Tax records: They confirm whether the property has any outstanding taxes
Judicial records: These reveal any legal disputes related to the property
This initial search helps identify the current legal owner and any claims associated with the property.

Step 3: Check for Liens
Liens are financial claims against the property, such as unpaid taxes or contractor fees. The search must uncover any existing liens, as they must be resolved before purchasing the property.

Step 4: Investigate Ownership History (Chain of Title)
This step traces the history of ownership, known as the chain of title. This step ensures that all transfers of ownership have been legitimate and that there are no gaps in the chain that could cloud your title.

Step 5: Look for Easements or Restrictions
Easements can allow others to use parts of your property, which can affect your privacy or future plans for modifications. Similarly, restrictions may limit your rights regarding property modifications. Identifying these issues ensures that you know how they may impact your property use.

Step 6: Review Results and Resolve Issues
Upon completion of the title search, you'll receive a report detailing any findings. If issues arise, the seller will typically need to address them before completing the sale. If significant problems are discovered, you may need to renegotiate the terms of the purchase.

Step 7: Don’t Forget Title Insurance
Title insurance protects you against any future claims on the property, providing a safety net in case something fails to appear during the title search or new issues arise. Generally, this one-time fee can be included in the closing costs.

Conclusion

Understanding the title search process is essential when buying property. It not only safeguards your investment but also ensures you are legally protected. Always consider hiring a professional to conduct this crucial task, as it serves as an investment in your peace of mind.

Have more questions about the title search process or buying a property?

5 Reasons You Need Owner’s Title Insurance

josh@riveravenuedigital.com (Josh Irons) — Wed, 21 Aug 2024 13:14:18 GMT

Purchasing a home is often the most significant financial investment a person makes in their lifetime. However, this process carries inherent risks, especially those related to the title of your new property. Title issues can arise even after the most thorough research and due diligence. Owner’s title insurance is an invaluable asset in guarding against unexpected claims and ensuring that your ownership rights are fully protected.

Imagine completing the purchase of your dream home, only to discover undisclosed liens or claims from unknown heirs, threatening your ownership. Title insurance is designed specifically to prevent such worst-case scenarios. It steps in to defend your ownership rights, covering legal expenses and potential financial losses. Whether correcting errors in public records or resolving boundary disputes, title insurance is your ally in securing a clean title transfer. Here's an in-depth look at how this insurance mitigates risks and offers peace of mind during and after your home purchase.

Comprehensive Protection Against Title Defects

Errors in public records, undiscovered liens, or other encumbrances can arise even after a thorough title search. These mistakes can be as simple as a misfiled document, owner’s title insurance covers any such issues that could otherwise result in financial loss or impact ownership rights

Example : Imagine purchasing a home and later discovering that the previous owner left unpaid property taxes, resulting in a lien on your title. Title insurance would cover the claim, freeing you from the burden of unexpected financial responsibility.

Legal Defense Against Ownership Claims

One of the most daunting challenges a homeowner could face is a legal claim questioning their ownership. Whether it’s due to a forgery in past transactions or heirs who suddenly emerge with claims to the property, title insurance provides vital legal backing.

Example: Suppose an heir emerges years after you purchase the home, armed with a will that asserts ownership rights to your property. With title insurance, the insurer provides legal defense, covering costs associated with protecting your ownership.

Assurance During Boundary Disputes

Boundary and survey disputes are quite common and can significantly impact your enjoyment of the property. Issues may arise if previous surveys were incorrect or if property lines are contested by neighbors. Such disputes might affect your ability to use, alter, or sell your property. Title insurance assists in covering costs and resolving these disputes effectively.

Example: If a neighbor contests the boundary defined by your fence, title insurance can cover the expense of a new survey or legal negotiations to ensure fair resolution.

Financial Security and Policy Coverage

Title insurance guarantees reimbursement for any covered financial losses, minimizing out-of-pocket costs, and provides coverage for as long as you own the property.

Example : In the event of a successful claim against your ownership, the policy ensures you are reimbursed for financial losses up to the coverage amount.

Peace of Mind in Property Ownership

The assurance that comes with knowing your property rights are protected allows you to focus on enjoying your home without lingering legal worries.

Example : Confidently transfer or sell your property in the future, knowing any potential title issues are covered and resolved, making your property more attractive and easier to sell.

Conclusion: The Assurance of Owner’s Title Insurance

Securing owner’s title insurance is a prudent step for any homebuyer, offering security and peace of mind against potential title defects. By partnering with a reputable title company, you ensure a stress-free purchase process, safeguarded against unplanned challenges. From past errors to future enjoyment, owner’s title insurance is the cornerstone of a secure homeownership experience—celebrate your new home, knowing your investment is protected.

Call True Concept Title today for all of your title needs!

866-651-6224

HELOC: Expectations vs Reality

Wed, 21 Aug 2024 13:05:35 GMT

A Home Equity Line of Credit (HELOC) can be an attractive option for homeowners looking to access their home’s equity. But like with any financial product, having a good understanding of what you’re getting into is essential to make the right decision. In this article, we’ll break down the expectations vs. reality of HELOCs – what you can expect when you apply for one and how it may differ from what you had envisioned.

What to Expect: Qualifying for a HELOC

To qualify for a HELOC, specific criteria must be met. You’ll typically need at least 20% equity in your home, a good credit score, and proof of income. The lender may also require other documentation, such as tax returns and bank statements.

Once approved for the loan, the lender will place a lien on your home for the amount of money borrowed. If you default on the loan, the lender can take your home to recover their money.

What to Expect: Interest Rates and Fees

HELOCs usually have adjustable rates that are based on the prime rate. This can be beneficial because you won’t be locked into a fixed rate, but your payments could change depending on market conditions. Be sure to understand the terms of your loan’s terms and any potential interest rate hikes or changes.

It’s also important to remember that additional fees may be associated with a HELOC, such as origination fees and closing costs. Be sure to ask about these upfront so that you’re not surprised by any unexpected charges later on.

What to Expect: Repayment Terms

Typically, HELOCs have a repayment period of 10-15 years, with the first few years focused on paying off interest only. After this initial period, you will begin making payments toward both the principal and interest.

It’s important to remember that if you cannot make payments on a HELOC, the lender can take action against your home. As such, it’s essential to plan how you will repay the loan and be sure you’re comfortable with the terms before signing any agreements.

Conclusion

A Home Equity Line of Credit (HELOC) can be a great way to access your home’s equity, but it’s important to know what to expect before you apply. Be sure to do your research and understand the terms of the loan and any potential fees or repayment terms. With a good understanding of what you’re getting into, you can make an informed decision that is right for you.

Thank you for taking the time to read this article. We hope that it has been helpful in understanding the expectations vs. reality of HELOCs. If you have any questions or need further assistance, please don’t hesitate to contact us.

Best of luck!

The True Concept Team.

Why it’s Important to Use a Trusted Source for Your Clearwater Real Estate Home Closing

Wed, 21 Aug 2024 13:05:31 GMT

When it comes to finding the right Clearwater real estate home, it pays to be choosy. Your home demands a level of trust that isn’t easily found in just any random source. You want someone who will provide you with detailed information on specific developments and features while also considering your unique needs. That’s why turning to a trusted source for Clearwater real estate homes is so important; you can ensure that your chosen property is perfect for your lifestyle and future value prospects and that you’ll have access to dependable services during each step of the process!

The Benefits of Working with a Trusted Real Estate Agent

When searching for a new home, having the help of an experienced and trustworthy real estate agent can be a huge advantage. A good agent will have in-depth knowledge of the local market and what it takes to make a successful real estate deal. They will be able to guide you through the entire process, from showings to the closing table, ensuring your time and money are wisely spent. Beyond that, they can provide invaluable insights into neighborhoods, schools, and any area amenities to ensure you know exactly what you’re getting when you sign on the dotted line. Working with a trusted real estate agent is critical to finding the perfect home.

How to Find Reputable Agents in Clearwater

When finding a reputable agent in Clearwater, you should start researching online. Check out customer reviews and see what past clients have said about the company. You can look into local organizations such as the Better Business Bureau or the local Chamber of Commerce to get an idea of any complaints that may have been made against the agents in the area. Ask friends and family who have previously worked with agents for their recommendations. Meeting with your potential agents in person is also highly recommended to get a feel for whether they’re genuinely trustworthy. Doing thorough research upfront will save you time and money, so you must take your time when searching for reputable agents in Clearwater.

Tips for Choosing the Right Property for Your Needs

Choosing the right property for your needs can be a daunting process. Before committing to a new property, take the time to research each option thoroughly so that you can choose an accommodation that meets your requirements without any hassle down the line. You want to ensure you have all the necessary information about the neighborhood and any potential problems with traffic, crime rates, and access to services and amenities. Additionally, it would be best to consider things such as the size of the home or apartment building you’ll be living in, whether or not there are parks or playgrounds nearby that you and your family can enjoy, and other factors that will impact your quality of life.

Understanding Financing and Mortgages for Home Buyers

It can be daunting for first-time home buyers to understand all the financing and mortgage options available. Educating yourself on these details can save you money in the long run and ensure you can find a loan payment option that is right for your budget. Knowing what kind of interest rates, terms, and restrictions to expect from different mortgages helps make sure you don’t end up paying more than necessary or committing to a long-term agreement that doesn’t meet your needs down the line. With so many online resources and experienced real estate professionals, getting informed about financing and mortgages should be easy for anyone contemplating buying a home.

The Benefits of Working with an Experienced Real Estate Lawyer

Working with an experienced real estate lawyer is essential to a successful transaction. An experienced lawyer can advise on complex laws and regulations, negotiate contracts, review title searches, and provide guidance through complex real estate deals. With their deep knowledge of the law and ability to think strategically throughout the process, an experienced real estate lawyer can help protect buyers from unexpected costs, identify potential risks from the start, and ensure a smooth closing. Working with a professional partner in each complex legal transaction is critical to providing the best possible outcome in real estate transactions.

What Documents to Look For When Buying a Home

Purchasing a home is a significant investment, and while the process may be exciting, it’s essential to ensure that the paperwork is handled correctly. When buying a home, ensure you’re provided with all the critical documents such as title deed or purchase agreement, warranty deed, mortgage papers, land survey or property map, and insurance policies. Reviewing these documents carefully can help protect you from future disappointments and financial risks associated with ownership – so don’t forget to thoroughly examine them before signing any contracts. Additionally, ensure that all outstanding taxes are paid before you sign any contracts, and always provide you get copies of contracts for your records.

In conclusion, purchasing a home is significant and should be made carefully. Working with an experienced real estate agent can be a great asset throughout the process. They can help identify the right property for your needs, assist in understanding mortgages and financing, and inform you about essential documents for buying a home. Additionally, having an experienced real estate lawyer available to review records is invaluable as they know any legal matters that may arise. With research and due diligence every step of the way, you can ensure you purchase the perfect home for your family. Use these tips to ensure you find a trusted real estate agent in Clearwater who will help guide you throughout your home-buying journey.

How To Avoid Real Estate Wire Fraud:

Wed, 21 Aug 2024 13:05:30 GMT

Real estate wire fraud is a serious issue that can result in significant financial loss. Here are some steps you can take to protect yourself:

Confirm All Information Directly: If you receive wiring instructions via email, even if it appears to be from a trusted source like your real estate agent or title company, call them to confirm the details. Do not use the phone number provided in the email – instead, use a number you’ve used before or one you can find on their official website.
Use Secure and Encrypted Communication: When sending any sensitive financial information, use encrypted email or a secure portal. Never send sensitive information through unsecured methods, like a regular email or text message.
Be Wary of Last-minute Changes: Fraudsters may try to rush or pressure you into sending a wire transfer by claiming there are last-minute changes to the wiring instructions. Be suspicious of any such changes, and always verify.
Educate Yourself About Phishing Techniques: Many fraudsters use phishing techniques to gather sensitive information. They may use email addresses, graphics, and language that appear to be from legitimate sources. Always double-check email addresses, and be aware that fraudsters often try to create a sense of urgency to pressure you into providing information or making a wire transfer.
Use Two-Factor Authentication: If available, use two-factor authentication on your email and financial accounts. This adds an extra layer of security by requiring a second piece of information (like a temporary code sent to your phone) in addition to your password.

Regularly Monitor Your Accounts: Keep an eye on your financial accounts and report any suspicious activity to your bank as soon as you notice it. This can help you catch fraudulent activity early.
Get Transaction Insurance: There are certain insurance products that protect against wire fraud during real estate transactions. These can provide an additional safety net.
Work With Reputable Professionals: Make sure you’re working with a reputable real estate agent, title company, and mortgage lender. These professionals should have robust security measures in place to protect your information and your money.
Trust Your Gut: If something doesn’t feel right, it probably isn’t. If an email seems strange, or if you’re being pressured to wire money quickly, take a step back and investigate before proceeding.

If you fall victim to real estate wire fraud, contact your bank and local law enforcement immediately. Also, report the incident to the FBI’s Internet Crime Complaint Center (IC3). Time is crucial in these situations to increase the likelihood of recovering your money.

Call True Concept Title today and work with real experts!

How to Resolve Property Title Disputes Amicably

Wed, 21 Aug 2024 13:05:28 GMT

Real estate ownership, while rewarding, can sometimes lead to complex legal challenges, particularly when it comes to title and boundary disputes. At True Concept Title, we understand the intricacies of these disputes and are committed to helping you resolve them amicably. Let’s explore what these disputes entail and how you can address them effectively.

Understanding Title Disputes

Title disputes revolve around the legal ownership or rights to a property. They can stem from various sources:

Unclear Ownership Records: Historical records that are incomplete or ambiguous can cast doubt on who rightfully owns a property.
Document Errors: Mistakes in deeds, surveys, or legal documents can cloud the title.
Fraudulent Transactions: Illegal property transfers can lead to competing ownership claims.
Missing Heirs: Disputes can arise when a property owner dies without a clear will or designated heirs.

Navigating Boundary Disputes

Boundary disputes, in contrast, relate to the physical limits of a property. Common causes include:

Unclear Property Lines: Over time, property boundaries can become vague, especially if they were not officially surveyed.
Inaccurate Surveys: Faulty surveys can create disputes by failing to define property lines correctly.
Misplaced Structures: Fences or buildings that encroach on a neighbor’s land can lead to disagreements.
Adverse Possession: Someone might claim a portion of your property through adverse possession, sparking a boundary dispute.

Steps to Resolve and Prevent Disputes

Consult a Professional: Facing a title or boundary dispute? It’s wise to seek advice from a real estate attorney. They can evaluate the situation and offer legal guidance.
Review Property Records: Dive into your property’s history. Examine deeds, surveys, and other documents to understand the land’s background and boundaries.
Communicate with Neighbors: Often, a candid conversation with your neighbors can peacefully resolve boundary issues. They might be unaware of the problem.
Hire a Surveyor: To accurately define your property lines, consider enlisting a licensed surveyor. They can provide definitive documentation to support your stance.
Consider Mediation: Before heading to court, mediation can be a less confrontational and more cost-effective solution, potentially avoiding a lengthy legal process.
Legal Action as a Last Resort: If other methods fail, legal action might be necessary. Your attorney can guide you through this process to protect your rights.

Title and boundary disputes require a delicate balance of professional insight and personal diplomacy. By understanding the causes and taking proactive steps, you can navigate these challenges effectively. Remember, maintaining clear and accurate property records and boundaries is key to avoiding future disputes. Should you face such issues, True Concept Title is here to offer guidance and support, ensuring your property rights are well-protected.

Need Help Resolving Title Disputes?

If you’re dealing with a title or boundary dispute, don’t navigate these waters alone. Reach out to True Concept Title today for expert advice and support in resolving your real estate disputes amicably and effectively.

Understanding Mineral Rights and Title Insurance: A Guide from True Concept Title

Wed, 21 Aug 2024 13:05:26 GMT

In the realm of real estate, the significance of title insurance is widely recognized as a means to protect buyers from various pitfalls. However, a less understood aspect is how mineral rights intertwine with title insurance, particularly in the context of the burgeoning oil and gas industry. At True Concept Title, we aim to clarify this intricate subject, helping you understand the implications of mineral rights on your property purchase.

The Overlooked Aspect of Mineral Rights

When buying property, especially in states like Ohio, Illinois, Michigan, Pennsylvania, and West Virginia, it’s crucial to realize that standard title insurance policies do not automatically include mineral rights. This means that if someone else holds these rights, you won’t acquire them with your property purchase, and, importantly, your title insurance won’t cover them. This exclusion typically falls under Schedule BII of the policy.

Implications for Property Owners

If another party owns the minerals beneath your property, this could significantly impact your surface rights. The mineral rights holder may have the legal entitlement to use your land’s surface as necessary to access these minerals. Additionally, if you purchase a property with existing mineral leases, like an oil and gas lease, your title insurance won’t offer protection against the leaseholder’s rights to access and extract these resources.

Navigating the Risks in Mineral-Rich Areas

Buyers of significant land tracts in areas rich in minerals often face risks due to a lack of complete understanding. To mitigate these risks, it’s essential to:

Request Deletion of Mineral Exceptions: When acquiring property, ask your title insurance company to remove the mineral exceptions in your title policy, or at least understand the implications of these exceptions.
Seek Legal Advice: In areas prone to oil and gas exploration, obtaining general advice or a title opinion from a law firm with experienced oil and gas counsel is crucial.

The Role of a Title Opinion

A title opinion offers a more in-depth examination than a standard title commitment, delving into the property’s history as far back as the mid-1800s. This legal opinion covers ownership matters, surface estate, and mineral-related issues, including existing and expired oil and gas leases, coal leases, and restrictions on oil and gas activities. It also interprets relevant laws and statutes, such as the Dormant Mineral Act, which can be complex and ever-evolving.

Understanding and managing mineral rights in real estate transactions is a complex yet critical aspect, especially in mineral-rich regions. As your trusted title company, True Concept Title is here to guide you through these nuances, ensuring you are fully informed and your investments are protected.

Exploring Property in Mineral-Rich Areas?

Before diving into a property investment in a mineral-rich area, let True Concept Title help you navigate the complexities of mineral rights and title insurance. Reach out to us for expert guidance and ensure your real estate decisions are sound and secure.

Navigating Real Estate Transactions with Title Companies

Wed, 21 Aug 2024 13:05:25 GMT

Navigating the complexities of a real estate transaction can be daunting. This is where a title company, like True Concept Title, becomes invaluable. Acting as a linchpin in property transactions, a title company plays multiple critical roles – from conducting title searches to ensuring a smooth closing process.

Title Search and Review: The First Line of Defense

At the heart of a title company’s work is the title search and review. This process involves meticulous examination of public records relating to the property in question. The goal is to inform all parties involved – buyers, sellers, and lenders – about the status and condition of the property’s title. This investigation is crucial in identifying any issues that could jeopardize the transaction, such as liens or foreclosure proceedings. The outcome of this search is typically presented in a preliminary title report or a commitment for title insurance, laying the groundwork for the next steps.

Closing Agent: Orchestrating the Transaction

Title companies often serve as the closing agent in real estate deals. This multifaceted role means they represent each party involved in the transaction. As a closing agent, the title company is responsible for gathering signatures on all closing documents and handling the financial aspects of the deal. They ensure that funds are correctly distributed and that vital documents, like deeds and mortgages, are accurately recorded at the local land records office.

The Role of Escrow Officer

In many transactions, the title company also acts as an escrow officer. They hold crucial documents and funds in escrow, following the specific instructions of the buyer and seller. For instance, the buyer entrusts the purchase money to the title company, while the seller provides a signed deed. The title company, in its role as an escrow officer, only releases these assets according to the agreed-upon terms, ensuring a fair and secure transaction.

Issuing Title Insurance: A Shield Against Future Risks

One of the most critical roles of a title company is issuing title insurance. This policy protects against future discoveries that could challenge the buyer’s property ownership. While the title company issues the policy, it acts as an agent for the insurance company, earning a commission. The insurance company itself bears the risk and receives the actual premium. This insurance is vital in safeguarding both the buyer and the lender against potential title-related losses.

The role of a title company in real estate transactions is multifaceted and indispensable. At True Concept, we pride ourselves on delivering these services with precision and care. Whether you’re a buyer, seller, or lender, our expertise in managing title searches, facilitating closings, acting as an escrow officer, and issuing title insurance ensures that your real estate transactions are secure and seamless.

Embarking on a real estate journey? Let True Concept be your guide and protector. Contact us today to ensure your transaction is in the best hands.

Protect Your Home’s Title: Overcoming Public Record Errors – True Concept Title

Wed, 21 Aug 2024 13:05:23 GMT

Navigating the Shadows: The Impact of Public Record Errors on Your Home’s Title

Purchasing a new home is an exciting journey, fraught with complexities and historical baggage that could impact your title. It’s crucial to understand that even though your property is new to you, it might come with a past that includes errors in public records—a common issue identified during the title search process.

Errors in public records, stemming from clerical or filing mistakes, can significantly affect the legal status of your property. These inaccuracies might relate to the property’s description, such as incorrect square footage, which can influence the loan amount a buyer is eligible for, potentially derailing the purchase process.

During a title search, various documents are scrutinized for mistakes. This includes judgments, tax assessments, and other records that could affect the property’s title. Unfortunately, buyers have limited control over these historical errors. However, a beacon of hope exists in owner’s policy and title insurance.

Title insurance is pivotal in protecting your ownership rights against errors and defects found in public records. It’s designed to cover legal costs and losses stemming from title defects, providing a safety net for buyers against the unforeseen consequences of public record errors.

The journey of home ownership is layered with potential pitfalls, but with the right guidance and protection, you can navigate this terrain safely. At True Concept Title , we understand the complexities of title insurance and its critical role in your real estate transaction. Our expertise lies in identifying and mitigating risks associated with errors in public records, ensuring a smooth path to ownership for our clients.

If you’re stepping into the world of property ownership or have concerns about your home’s title, reach out to True Concept Title . Our team is dedicated to providing the clarity and protection you need to secure your investment and peace of mind. Discover how we can assist in safeguarding your property rights against the hidden dangers lurking in public records.

Safeguarding Your Dream Home: The Essential Guide to Understanding House Titles

Wed, 21 Aug 2024 13:05:19 GMT

In 2023, a surge in Americans aiming to buy, sell, or refinance homes has spotlighted the critical role of understanding house titles for first-time homebuyers. Embarking on the journey to homeownership brings its share of excitement and learning curves, particularly when it comes to the intricacies of house titles.

What Are House Titles?

House titles are the cornerstone of property ownership, representing the owner’s rights to the property. Unlike the physical deed, which is the document transferring title from seller to buyer, the title itself is a conceptual representation of ownership. Ensuring you have complete ownership free from liens or claims by others is crucial, as these can impede your ability to sell the property in the future.

Common Complications with Titles

The path to clear ownership can be complicated by liens against the property or claims from third parties, such as a distant heir of a previous owner. Title companies play a pivotal role in identifying such issues through title searches before the sale concludes, ensuring the buyer doesn’t inherit unresolved debts.

How to Hold a Title

Ownership can be held in several ways:

Sole Ownership: Ideal for single homebuyers or spouses wishing to hold full ownership individually.
Joint Tenancy: Allows ownership to be shared equally, typically between spouses, with rights of survivorship.
Tenancy in Common: Offers flexible ownership shares that can be divided in any proportion among owners, who can independently control their share.

The Importance of Title Searches and Insurance

Before finalizing your home purchase, conducting a title search through a reputable title company is essential. This process uncovers any defects or issues with the title, ensuring the seller has the right to transfer ownership. Additionally, investing in title insurance protects against future claims or legal issues, safeguarding your investment.

True Concept Title: Your Partner in Homeownership

As you navigate the complexities of buying a home, True Concept Title is here to guide you. Our expertise in conducting thorough title searches and providing robust title insurance means you can move forward with confidence, knowing your dream home is truly yours.

Conclusion

Understanding house titles is vital for anyone stepping into the real estate market, especially first-time buyers. With the right knowledge and the support of a trusted title company, you can secure your home’s title against potential future complications.

Reach out to True Concept Title to learn how we can help protect your piece of the American dream.

Mastering FSBO Sales: A Title Company’s Guide to Closing Without an Agent

Wed, 24 Jul 2024 11:46:16 GMT

Selling your home by yourself, commonly known as a For Sale by Owner (FSBO) transaction, can seem daunting at first. However, with the right preparation and understanding of the process from a title company’s perspective, you can confidently navigate through the complexities and successfully close the deal. Here’s a comprehensive guide to help you through each stage of the FSBO process.

The Importance of the Title Company in FSBO Transactions

The image of you and your buyer, surrounded by attorneys, sitting at a large table filled with forms inside a title company’s office, is not just the culmination of the home-selling process but a critical juncture ensuring the legality and security of the transaction. A title company plays a pivotal role in FSBO transactions, offering services ranging from title searches to handling escrow accounts, ensuring that the property is free of liens, and facilitating a smooth transfer of ownership.

Accepting an Offer to Closing: Your To-Do List

Once you’ve accepted an offer on your home, the real work begins. This phase involves several key steps:

Hire an Attorney (If Necessary): Depending on your state’s laws, you might need an attorney to prepare certain legal documents or oversee the closing. Even if it’s not a legal requirement, having an attorney can help ensure your paperwork is in order, protecting your rights throughout the transaction.
Order Title and Arrange for Escrow: Negotiate who will hire the title company and pay associated fees. Typically, the seller pays for the owner’s title insurance policy. Using your title company as an escrow agent can streamline the process, holding funds and important documents until the transaction is complete.
Prepare for the Appraisal and Inspection: Ensure your home is in its best condition to facilitate a smooth appraisal and inspection. Address any minor issues beforehand to avoid complications.
Negotiate Repairs: Based on the inspection results, you may need to negotiate with the buyer over repairs. Focus on addressing major defects rather than cosmetic issues.
Get Your Paperwork in Order: Essential documents include the title to prove ownership, property taxes, loan documents, property survey, plans and permits, and homeowner’s insurance information.

Closing with Confidence

Closing involves reviewing the HUD-1 settlement statement, which details all financial transactions. Ensure you have all necessary documents, a photo ID, and your checkbook ready. Payments you might need to cover include your mortgage balance, any applicable commissions, and closing costs.

Closing Costs in FSBO Transactions

Closing costs are an integral part of the selling process, typically amounting to two to four percent of the purchase price. These can include escrow or closing fees, origination fees, home protection plans, attorney fees, transfer taxes, recording fees, notary fees, and title policy costs.

Tying Up Loose Ends

After closing, ensure all utilities are transferred or canceled, submit a change of address form, and arrange for the final payoff with your mortgage company. Collect all keys, remotes, and important documents for the new owners.

Conclusion: The FSBO Journey from a Title Company’s Viewpoint

Selling your home as an FSBO can be a rewarding experience, offering significant savings and a deep understanding of the real estate transaction process. By following this guide and working closely with a trusted title company, you can navigate the complexities of FSBO transactions with confidence. Remember, each step, from accepting an offer to closing the deal, is an opportunity to ensure a smooth and successful sale.

Celebrate your accomplishment; you’ve not only saved money but also gained invaluable experience for future real estate endeavors.

Understanding the Crucial Role of Title Insurance in Property Transactions

Thu, 11 Jul 2024 11:54:06 GMT

Discover the critical role of title insurance in safeguarding your real estate investments. Learn from True Concept Title how to avoid legal, financial, and ownership risks in property transactions. Expert insights for consumers and Realtors.

Navigating the real estate landscape requires more than just a keen eye for good deals; it demands protection against unforeseen legal claims. That’s where title insurance comes into play. At True Concept, we offer a full range of title and escrow services nationwide, tailored to meet the unique needs of home buyers.

The Hidden Dangers of Foregoing Title Insurance

Think about this: you’ve just poured your savings into buying the perfect home, only to discover legal claims against it. Unfortunately, this isn’t just a cautionary tale but a reality for some homeowners who didn’t realize the value of title insurance. Skipping this crucial step or having the wrong partner can lead to significant financial and emotional turmoil. Title insurance isn’t just paperwork; it’s a vital safeguard in the unpredictable realm of property ownership.

Costly Legal Entanglements and Financial Strain

Imagine the scenario where, without title insurance, you’re caught up in expensive legal disputes due to previous owners’ unresolved debts or liens. These hidden problems can escalate into full-blown legal battles, depleting your finances and peace of mind. The costs of resolving such disputes are often substantial, far exceeding the cost of title insurance.

Ownership Risks

The absence of title insurance can also put your home ownership at risk. Issues like boundary disputes or past claims can threaten your ownership, leading to the potential loss of your home. This can be a shattering experience for any family. Title insurance is your safety net, safeguarding your property rights.

Mortgage Approval and Refinancing Hurdles

For those seeking a mortgage, title insurance is typically a lender’s requirement. It provides lenders with confidence that their investment is secure against title-related issues. Without it, getting a mortgage can be challenging. Similarly, unresolved title issues can complicate or even derail selling or refinancing efforts, causing missed opportunities and financial stress.

Why Choose True Concept

True Concept can guide you through these complexities. With our blend of national reach and local expertise, we provide custom solutions to the unique challenges of title insurance. Our goal is to ensure property rights are well-protected, making transactions smooth and worry-free.

Title insurance is an indispensable part of any real estate transaction. It’s the shield that guards against unexpected legal claims and ensures a secure, trouble-free property ownership journey. Protecting your investment with expert guidance is our top priority.

Don’t take risks with your property investment—partner with True Concept for dependable title insurance services. Reach out to us today and secure the protection your home deserves.

Navigating Real Estate Transactions with Title Companies

Title Search and Review: The First Line of Defense

Closing Agent: Orchestrating the Transaction

The Role of Escrow Officer

Issuing Title Insurance: A Shield Against Future Risks

Embarking on a real estate journey?

Let True Concept be your guide and protector. Contact us today to ensure your transaction is in the best hands.

Call our title agents and escrow experts to get the process started – (813) 263-7168 .

What is a VA Cash-Out Refinance?

Tue, 09 Jul 2024 15:34:55 GMT

If you are on a mission to refinance your mortgage to a lower rate in order to take advantage of your home’s equity and you are a former or current military member, a cash-out refinance may be just for you. A cash-out refinance loan exists specifically for military members thanks to the U.S. Department of Veterans Affairs (VA).

Do you qualify for a VA cash-out refinance? Keep reading True Concept Title’s guide to find out if this loan option is for you and how it could help you achieve your financial goals.

Understanding VA Cash-Out Refinancing

If you are an eligible service member, veteran, or military spouse, you likely qualify for a VA cash-out refinance loan. In this scenario, you can refinance your home to receive a larger loan while using the extra cash to create home improvements, cover closing costs, pay for title insurance, and more.

If you already have a VA loan, you may be able to receive an interest rate reduction refinance loan (IRRRL). This could help you get a lower interest rate or update other terms of your agreement.

Consult with our title and refinance experts at True Concept Title to cover your various refinancing possibilities. Regardless of what kind of loan you choose to obtain, True Concept Title will assist you with filing related documents and disbursements. Contact our title and escrow team today.

Do You Qualify for a VA Cash-Out Refinance?

In order to qualify for a VA cash-out refinance, you need a Certificate of Eligibility to show prospective lenders that you meet the following VA loan requirements:

You met the minimum required length of service
You were honorably discharged if you had left the military
You have a minimum credit score of 620
You have a stable income and/or employment
You are borrowing 80% to 100% of your loan-to-value (LTV) ratio

Is a VA Cash-Out Refinance Right for You?

There are several circumstances in which a VA cash-out refinance could help you meet your financial goals. This may include instances when you:

Need Cash to Pay for Closing Costs

Although you aren’t allowed to roll closing costs into your loan balance through a VA cash-out refinance, you can use additional cash you take out to cover them. Since closing costs are normally 2% to 5% of your total loan value, this can be very helpful. No need to drain your savings!

Require Extra Cash for Other Expenses

If you need money to cover significant expenses such as high-interest debt, college tuition, or home improvements, a VA cash-out refinance can provide you with the cash to cover these at a relatively low-interest rate.

Want to Replace a Non-VA Loan with a VA Loan

You don’t have to take out cash from your new loan. You may simply just want to refinance, and that’s perfectly okay!

If you’ve decided a VA cash-out refinance is best for your finances, True Concept Title will help you process any related documents and disbursements.

Learn More > Mortgage Refinancing Tips

Do Yourself a Service with True Concept

As a former or current service member, you have many benefits that you should take advantage of, especially when it comes to purchasing and owning a home. With a VA loan or cash-out refinance,

If you need a quick and reliable company to help you with loan document processing, loan disbursements, and other title and escrow services, True Concept Title has your back. When you’ve decided on how to proceed, we make closing convenient with mobile closings anytime, anywhere. Contact our experts today – (813) 263-7168.

How Is Title Insurance Calculated In Florida?

Tue, 09 Jul 2024 15:34:52 GMT

Although True Concept Title offers our services nationwide, this one goes out to our homeowners in our home state of Florida! One of the most common questions we get from buyers, sellers, and industry professionals alike is how title insurance cost is calculated in our sunny state.

While you may feel tempted to try and save costs by not purchasing title insurance, we heavily encourage you not to slip into this mindset. Plus, if you’re taking out a home loan, your lender will likely require you to purchase a lender’s insurance. Today’s article will explain title insurance, why you need it, and how much it costs in Florida.

What is Title Insurance?

Now before we explain how much it costs, you might be wondering – what even is title insurance? To put it simply, title insurance protects the legal ownership of a property. ‘Title’ refers to the legal deed authorizing you as the rightful owner. In some cases, clouds on the title may come up out of nowhere, potentially invalidating your rights as the owner. That’s where title insurance comes in.

Title insurance protects both you and the lender from any liabilities or issues that may arise in the future.

We’ll use the following example to explain.

Say you close on a house and later find out that the previous owner had a huge pile of property tax debt. Title insurance takes that tax burden off of your shoulders. Without title insurance, you would have to settle the tax liability on your own or risk being kicked to the curb.

What Does Title Insurance Cover?

When you purchase an owner’s title insurance policy, you are personally protected as the owner from the following:

Legal Claims

These might impact your right to the property. Title insurance guarantees the company will defend your ownership and pay any resulting legal fees.

Liens

There are many types of liens, but they all refer to a debt that has yet to be paid. A title insurance agency will complete a thorough investigation of possible liens during a title search, but you will remain protected after closing.

Title Defects

Your title policy will keep you and your property safe if defects in ownership documents or unpaid taxes arise. You also may be protected from title theft.

Forgery and Undisclosed Heirs

In some cases, certain issues remain undisclosed at the time of purchase. This may include undisclosed easements or heirs as well as forgery.

How is Title Insurance Cost Determined in Florida?

The cost of title insurance in Florida ranges from $500-$1500, but several factors come into play. These may include:

The property’s location
Whether the property has the former owner’s insurance
Whether you are refinancing or purchasing a new property
Whether you are purchasing owner’s and seller’s title insurance

How is Title Insurance Calculated?

The state of Florida has defined five premium categories for paying title insurance.

Policy Amount / Rate per $1000

$0.00 up to $100,000 / $5.75

$100,000 up to $1,000,000 / $5.00

$1,000,000 up to $5,000,000 / $2.50

$5,000,000 up to $10,000,000 / $2.25

Over $10,000,000 / $2.00

For example, assume you have an insurance liability worth $500,000, so we can calculate the title insurance cost. You can calculate the premium for the first $100,000 at $5.75 for every $1,000. This means you will multiply $5.75 by 100, so the first premium will cost $575.

Since the remaining liability is $400,000, you will multiply at a rate of $5.00 per every $100,000. Therefore, you will multiply $5.00 by 400 to calculate the second premium value of $2000.

Your total cost will be $575 + $2000, making your title insurance $2,575.

Additional Costs

On top of the owner’s coverage cost, you may have extra costs to acquire the property. This may include:

Title Search Costs – you may have to pay an additional fee for this process
Simultaneous Issue Costs – If you take a lender’s and owner’s policy out at the same time, you may have to pay extra fees
Reissue Rate – If the previous owner had a title policy, you may have to pay a reissue rate

Learn More > What Kinds of Title Insurance Do You Need?

Title Insurance: Worth the Cost

While you might feel reluctant to pay the price of title insurance, you’re much better off without the risk of paying the price if you don’t have it. Fortunately, title insurance is a one-time premium charge that will remain in effect until you are ready to sell.

Since the payment is less than one percent of the appraised value, it is certainly worth the investment. If you’re purchasing a new home or refinancing, and you need title insurance, True Concept Title is ready to serve you.

Our quick, organized, and reliable team of agents will help make the home buying process as smooth as possible so that you can get settled into your new home in no time. Contact our team today!

What is a Home Equity Line of Credit?

Tue, 09 Jul 2024 15:34:50 GMT

What is a Home Equity Line of Credit?

A home equity line of credit (HELOC) loan allows homeowners to access the equity they’ve built up in their property. It is an essential tool for many homeowners who need access to funds quickly, and it has become increasingly popular in the mortgage industry over the last decade. This blog post will look at what a HELOC is and how it can benefit you.

How Does a HELOC Work?

At its core, a HELOC works like any other line of credit. Borrowers are given a certain amount of money they can use as needed, up to their credit limit. The lender keeps track of the balance, and borrowers must pay back the amount they borrow plus interest. With a HELOC, however, borrowers use their home equity as collateral. If borrowers fail to pay back their loans, lenders have the right to foreclose on their homes and take ownership of them.

The Benefits of Using a HELOC:

Given its potential risks, why would someone choose to use a HELOC? One reason is convenience—with most loans, lengthy application processes and underwriting requirements can delay approval or even deny your application altogether. A HELOC can be approved much quicker than other types of loans because lenders already have access to your home equity and don’t need additional information. Additionally, you can use only what you need up to your credit limit, so you won’t be paying interest on money that isn’t being used. Finally, HELOCs typically have lower interest rates than other loans, so you could save on interest payments overall.

Conclusion:

A home equity line of credit is essential for many homeowners who need access to funds quickly for unexpected expenses or home improvement projects. Though it does come with some risk due to its collateralized nature, it also offers several benefits, such as convenience and lowers interest rates compared to other types of loans. For these reasons, it has become increasingly popular in the mortgage industry over the last decade as an effective way for consumers to access funds when needed without having to go through lengthy application processes or wait extended periods for approval.

At True Concept Title , we maintain a presence across the U.S. by providing a complete line of title and escrow services in every state. Our local approach to meeting your business’s needs complements our national strength, enabling you to expand your client relationships to reach a broader spectrum of opportunities.

Closing Costs: What to Expect with a Reverse Mortgage

Tue, 09 Jul 2024 15:34:49 GMT

When you creep up into your later years, you’re probably thinking more about the best ways to spend retirement. Maybe you’ve been saving up for a lifetime and are ready to cash out for that luxury home upgrade or new boat to take out on the lake. Although getting older may feel like a burden, there are many ways you can benefit as a senior.

If you’re a homeowner over the age of 62, you are likely eligible for a reverse mortgage. This kind of loan allows homeowners to take advantage of their home’s equity to make the most out of retirement. Throughout this month, True Concept Title is exploring the reverse mortgage process and its benefits.

In today’s post, we dive into what costs to expect when applying for a reverse mortgage. These include:

Upfront MIP
Origination Fee
Title Insurance
Appraisal
Additional Fees

Let’s get into the details!

What is a Reverse Mortgage?

A reverse mortgage is a type of loan where instead of the borrower paying the bank each month like for a normal mortgage, the bank pays the borrower based on the home’s equity. When the home is sold or the owner passes on, the bank is paid back any due principal and interest.

A reverse mortgage can be a great way for older homeowners to utilize the increased value of their home as it has increased over the years. However, as with any closing process, there are important costs to keep in mind. A reverse mortgage isn’t “free.”

Upfront MIP

The Upfront MIP, or mortgage insurance premium, is the most expensive fee when closing on a reverse mortgage. This fee covers any risks on the lender’s end regarding the transaction. Typically, this fee is 2 percent of the appraised home value. This may seem like a small percentage, but it can become a big number quickly.

This fee is required by federal law, so if you plan to get a reverse mortgage, make sure you set the appropriate amount aside!

Origination Fee

This second fee is for the lender to complete the transaction. HUD, which is the federal organization that regulates reverse mortgages, limits this fee to $6000, but it is still based on the value of the home similar to the Upfront MIP.

The fee is typically 2 percent of the first $200,000 of the home’s cost plus an additional 1 percent of the second $200,000.

Title Insurance

In any kind of closing on a mortgage, title insurance is a necessary part of the transaction. The cost of this fee will depend on the state and county in which the transaction is being completed. This price will also vary depending on the company you choose to work with.

At True Concept Title, our reasonable prices are hard to beat, but our exceptional services are even more challenging to beat! To ensure you have coverage for both yourself and the lender, contact our title experts today – (813) 263-7168 .

Learn More > What Documents Do You Need for a Reverse Mortgage Close?

Appraisal

Any mortgage transaction requires an appraisal to determine the appropriate value of your home. This will cost between $350 and $550.

Other Small Fees

While the previously mentioned fees are the main chunk of change associated with a reverse mortgage, there are several other smaller fees that vary depending on where you live. Before being approved for a reverse mortgage, the borrower must receive HUD counseling, which will cost a certain fee or may even be free depending on where you live.

Other fees include, but are not limited to:

Credit report fee
FEMA flood certification
Recording fee
Notary & documentation preparation fees
Settlement or escrow fee
Property inspection fee
Payoff calculation fee
Courier fee
Wiring fee

When purchasing a reverse mortgage or any kind of mortgage, our team at True Concept Title suggests getting quotes from multiple lenders to compare costs with different companies.

Retire Easy with True Concept Title

After decades of hard work and determination, you’ve earned a well-deserved break. What better way to relax than by enjoying the fruits of your labor through a reverse mortgage ?

If you’re a homeowner over the age of 62, you should take advantage of the equity your home has accrued. Our team of reliable and knowledgeable experts at True Concept Title will help make the process sweet and simple. Enjoy an easy retirement by contacting our pros today – (813) 263-7168 .

Our Title Insurance Guide for Realtors, Homebuyers, and Lenders

Tue, 09 Jul 2024 15:34:47 GMT

If you’re not actively in the process of closing on a home, you likely don’t think much about title insurance. However, if you are involved in a home sale, you should make sure the parties involved have the necessary protection in the event that a cloud on the title appears.

There are a variety of circumstances to how title issues could cause serious problems, both financial and emotional. True Concept Title is here with a guide to help realtors, homebuyers, and lenders understand title insurance and why it’s so important.

What is Title Insurance?

When you decide to buy a home, you should be aware that the down payment is only one of the costs you will have to pay on closing day. Another important closing cost is title insurance. This protection can save you from massive future losses, so it is well worth the investment.

Title insurance protects you and your assets in the event that there are unforeseen clouds on your title. You will need to buy two different kinds of title insurance if you want the best protection: a lender’s policy and an owner’s policy . Purchasing both of these policies ensures you and your bank lender are protected.

Why is Title Insurance Essential?

While a title agent like ours at True Concept Title will perform a thorough search on your title, certain defects may be hidden and not reveal themselves until later. This could result in another party having legal claim against your property. Examples of these defects include:

Mistakes while examining records
Errors in deeds
Liens for unpaid taxes or by contractors
Encroachments and easements
Forged identity
Undisclosed heirs
Missing heirs

These instances occur more often than you might think. While these defects might be out of your goal, title insurance is something you can depend on. That’s why you should work with our reliable agents at True Concept Title. Call today – (813)-263-7168.

How Title Insurance Can Save You

While we hope you never have to face a cloud on your title, you can feel secure knowing it will simply be a nuisance instead of a financially debilitating nightmare if you’re protected with title insurance. True Concept Title will help you save time and money by:

Providing a corporate guarantee against defects
Covering any legal costs to remove any title clouds
Paying any claim that is the result of errors in title examination and recording
Paying any loss from hidden clouds

How Does Title Insurance Work?

Before closing on the home, the buyer or seller must purchase lender’s title insurance in order to receive a finalized home loan. This protects the bank from any hidden defects in your title that may prevent them from regaining their loan. This is typically a requirement to receive a mortgage and costs between 0.5 percent and 1 percent of the loan. It does not protect the buyer.

Around this time before closing, the buyer or seller should additionally purchase an owner’s policy so that they are personally protected. While purchasing this policy is technically up to you, we highly recommend you make the investment to save yourself from a lot of money down the drain.

While you technically don’t have to purchase an owner’s policy, we strongly suggest you make the investment so you don’t end up in a financial nightmare.

Are you making the move to purchase a new home but need help in the process? Our national title and escrow team will help you through the process so you can settle into your new home ASAP!

Learn More > 8 Misunderstandings About Title Insurance

Keep Your Title in the Clear with True Concept Title

Purchasing title insurance is essential to keep your property and your belongings safe from a financial crisis. Don’t let yourself slip into the mindset of: it probably won’t be me . While the extra cost may be a nuisance, it is nothing compared to the costs that could accrue if a hidden defect comes to the surface.

The home buying process doesn’t have to overwhelm you. We know there is so much to keep track of, but that’s why you should have a reliable team of experts who can help guide you through with minimal stress. Buying a home is no small step, but with T rue Concept Title , you can cover the distance, no problem.

Call our title agents and escrow experts to get the process started – (813) 263-7168 .

Reverse Mortgage Closing Documents: What Do You Need?

Tue, 09 Jul 2024 15:34:46 GMT

If you own a home and are over the age of 62, you may qualify for a reverse home mortgage. This can be an incredibly valuable route to take in order to fully enjoy your retirement.

If you are a senior homeowner and want to take advantage of your home’s equity so you have an additional source of income, True Concept Title can help you through the process! Keep in mind, that there are certain documents you will need to get in order to finalize closing.

Throughout this month, our real estate experts at True Concept Title will explain the reverse mortgage closing process and what documents you need to prepare. In this article, we dive into the following questions:

What is a Reverse Mortgage?
What Happens During a Reverse Mortgage Closing?
What Documents Do You Need at a Reverse Mortgage Closing?
What Documents Do You Receive at Your Reverse Mortgage Close?

Keep scrolling for the answers!

First, What is a Reverse Mortgage?

When you apply for a reverse mortgage, you are essentially applying for a loan depending on the value of your home. The difference between this kind of loan and a regular mortgage that you might apply for when first buying a home is that you don’t have to make loan payments.

Instead, the balance that you borrowed is due when the indebted person permanently moves out, sells the home, or passes away. This can be a great way to obtain a reliable source of income once you’ve retired – doesn’t that sound like a nice cushion?

What Happens During a Reverse Mortgage Closing?

Closing is the last step of the process when acquiring a reverse mortgage. Any parties involved will need to meet either in person or virtually (depending on the state it’s taking place in) to finalize the loan. There are four main steps to this process:

The homeowner(s) must complete reverse mortgage counseling to fully understand the terms of the agreement.
They must then submit a reverse mortgage application.
A professional must conduct an appraisal of the home in order to open escrow.
Lastly, they must wait for the underwriter to give the go ahead for the official closing.

Once these steps are complete, you can begin the final closing steps with a title agent, like one of our team members at True Concept Title. Keep in mind that you may need an attorney present at the closing in certain states.

What Documents Do You Need at a Reverse Mortgage Closing?

After your loan application is approved and you’ve confirmed your payment plan with your lender, you’ll be able to meet up with your title agent and any other involved parties to close. On closing day, there is a set of documents you need to bring to the table.

This includes:

Driver’s license, state-issued ID, or another form of identification (make sure it isn’t expired!)
Social Security card
Social Security awards letter
Home insurance policy
Proof of property tax payments
Property title
Current mortgage statements, if applicable
Certificate of reverse mortgage counseling
Bank statements from the previous two months
Financial statements for all assets (401K, pension plans, annuities, and savings)
Death certificate of spouse, if applicable
Durable power of attorney, trust agreement, and conservatorship, if applicable

Make sure to gather all of the appropriate documentation well in advance so that closing day runs as smoothly as possible.

Gathering the necessary documents ahead of time will ensure your reverse mortgage closing runs as smoothly as possible.

Looking for Other Loan Options? > VA Cash-Out Refinance

What Documents Do You Receive at Your Reverse Mortgage Close?

Once you’ve received all of the necessary approvals and compiled the appropriate documents, it’s finally time to close! Work with a title agent at True Concept Title to plan the most convenient close for you and your family – whether that be in-person or over the phone.

When you sign, you will be given a package with the following documents:

HUD-1 Settlement Statement

This form communicates the closing costs, interest rates, mortgages, and net profit of your reverse mortgage.

First and Second Deeds of Trust

The first deed of trust is for the lender, while the second is for the Federal Housing Administration (FHA). This protects you as the holder of the reverse mortgage in the event that the lender fails to fulfil their contractual obligation and allows the FHA to step in. After closing, you must file these documents at your county courthouse.

Reverse Mortgage Agreement

This packet explains the terms of your agreement, how your reverse mortgage will work, and your responsibilities in addition to the lender’s.

Truth in Lending Disclosure and Right of Rescission Form

This allows you as the borrower the right to change your mind and cancel the transaction within 72 hours. Once this period is over you will begin receiving payments depending on the type of reverse mortgage you are receiving.

More Ways to Optimize Your Finances > How Refinancing a Mortgage Works

Make the Most of Retirement with True Concept Title

Applying for a reverse mortgage can be a great way to make the most of retirement as a senior homeowner. But in order for the process to run as smoothly as possible, you’ll want to make sure you have the right documents in order. Otherwise, benefiting from your home’s equity may take much longer than you’d like.

There is a lot to think about at this stage of your life, so we know a reverse mortgage can be an overwhelming process. That’s why we at True Concept Title want to help you make the process as stress-free as can be.

Seniors: You deserve to relax. If you think this kind of loan is right for you, contact our national title specialists based in Tampa Bay today – (813) 263-7168 . We can’t wait to help you through this exciting step of your life!

Should I Consider Buying a Real Estate Owned (REO) Property?

Tue, 09 Jul 2024 15:34:43 GMT

Buying a new home is a very exciting process, but with that, it also tends to be very expensive. Fortunately, if you are looking to purchase a home on a budget, there are a variety of options that won’t completely drain your bank account. One potential option to explore is a real estate-owned, or REO property.

Our national title and escrow experts explain what real estate-owned property is and explore the benefits of investing in REO property. Keep reading to learn more!

What is REO Property?

A real estate-owned property is a house that has been acquired by the mortgage lender or investor, usually because it was unable to sell at auction. Several circumstances may lead to a property becoming real estate owned, but the most common reason is that the home went into foreclosure.

When a home faces foreclosure , the lender repossesses the property and will attempt to sell it at auction. If the property fails to sell at this point, then ownership falls on the lender. In this case, the lender wants to sell the REO property as quickly as possible in order to remake lost money.

What Qualifies a Property as Real Estate Owned?

It’s important to realize that foreclosed does not equate to REO. Even though REO properties tend to be the result of homeowners missing mortgage payments or taxes and then facing foreclosure, this doesn’t automatically qualify the property as REO.

Another way that a property becomes real estate owned is if the home is repossessed by the lender after a previous owner moves out or passes away after a reverse mortgage. If the heirs do not want to pay off the mortgage, refinance, or sell, they can give the property to the lender.

The Positives & Negatives of Buying REO

There are pros and cons to consider when purchasing an REO property, and you must evaluate case-by-case. Here we share in general terms.

Pros

One of the greatest appeals of buying an REO property is that they are typically priced low. It is not in a lender’s best interest to hold onto these properties, so they typically will price them to sell as quickly as they can. This is good news for you as a homebuyer – quick and hassle-free!

It is not in a lender’s best interest to hold onto an REO property, so they typically price them low to sell them quickly.

REOs can be particularly lucrative for investors interested in flipping homes or serving as a landlord. They additionally will not have any outstanding taxes on the title because this all is cleared when the property is repossessed by the bank.

Cons

While the low price point makes REO properties very appealing for homebuyers on a budget, keep in mind that these homes are sold as is, warts and all. They may need substantial repairs, so be sure to have an inspection before you buy so you know what you’re getting into.

Where to Find REO Listings

If you’ve decided that an REO property may be the best option for you, you’ll have to do some digging to find the best home for your needs. Fortunately, it’s easy to search publicly available listings from the Department of Housing and Urban Development (HUD) as well as federal agencies such as the Department of Veterans Affairs, the Department of Agriculture, and even the IRS.

Learn More > What is REO Title Insurance?

Other Factors to Consider

Once you’ve made an offer on an REO home that meets your needs, you should consider some important factors before moving forward, such as:

Hiring a Real Estate Agent with REO Experience

Our real estate experts at True Concept Title suggest working with a real estate agent who is very familiar and experienced working with REO properties. They will understand how to present an offer that a lender will be satisfied with and will also be able to provide advice regarding what improvements need to be made before the house is livable.

Getting a Home Inspection

Hiring a home inspector to conduct a thorough exam of your potential REO property is a crucial step in the process. You want to know exactly what problems exist in the house before buying because the lender is unlikely to fix any existing problems.

Buying Title Insurance

When you buy an REO property, you will most likely be required to buy a lender’s title policy to protect the lender’s investment in the case that an ownership claim against your home is made. You should additionally purchase an owner’s policy to protect your personal investment. Since many properties have been foreclosed on, there could be hidden clouds on the title that aren’t revealed until down the road without this protection.

If you plan on investing in a new property, call on our team at True Concept Title for a seamless in-person or mobile closing as well as protection of your assets.

Make the Smart Move with True Concept Title

If you are on the hunt for a home on a budget, an REO property may be the perfect option for you, especially if you are willing to make a few repairs. As with any home purchase, make sure to do thorough research and consult with the appropriate experts before committing to a purchase.

Whether you are purchasing REO or a regular home, you need title insurance to protect your investments. Call True Concept Title at (813) 263-7168 today to learn more about how we can help you navigate this complex yet rewarding process.

How to Protect Yourself from Title Fraud

Tue, 09 Jul 2024 15:34:42 GMT

We hate to say it, but title fraud is a real threat that you need to be aware of if you are a homeowner or plan to purchase a home in the future. The FBI has discovered situations across the United States where home titles have been stolen. Identity theft reports have more than doubled since 2019, and more of these criminals are forging titles and stealing property.

Do you know what home title theft is and how to ensure you avoid it? In the unfortunate circumstance that your title is stolen, do you know the appropriate actions to take? In this post, True Concept Title provides answers to these questions to help you stay protected from title fraud.

What is Home Title Fraud?

Home title fraud , also called title theft or deed theft, occurs when a home title is fraudulently transferred to another individual’s name. The criminal first steals your identity and then counterfeits a title document in your name.

Several situations can be a gateway for title theft to occur:

The title thief can refinance your mortgage, steal the cash from the equity, and walk away without making payments on the new loan. This can result in your home facing foreclosure.
They can use your name to open a home equity line of credit (HELOC) and steal the cash without making any payments.
The thief can target your vacation home or rental property, using the forged title document to sell the home and make money without you noticing.
They can manipulate seniors or struggling homeowners with a “refinancing offer.” This deal is put on record as an actual sale that transfers ownership to the criminal.

Actions to Take if Your Property Title is Stolen

Having your title stolen is incredibly overwhelming and stressful. If this happens to you, first stop, and take a deep breath. Your life is not over . It is important that you compartmentalize the emotional aspect of this situation so that you can act quickly and move strategically.

It’s important that you are aware of what can happen if your title is stolen, so you can know what to expect and how to react. If your title is stolen and you don’t know, you can lose your property as a result of the thief selling or not paying the mortgage, which leads to foreclosure.

Title theft is one of the ways criminals use a stolen identity. If your home title is stolen, you should follow the Federal Tade Commision’s steps to handling identity theft. Here’s what to do:

Call the companies where fraud took place
Contact your creditors to place a fraud alert and pull your credit reports
Report identity theft to the FTC
File a report with your local police

Calling the appropriate companies where fraud occurred is a crucial step in this process. Reach out to your mortgage lender, your title insurance company, and perhaps your real estate attorney.

Should You Be Worried About Your Title?

In 2017, the FBI reported 9,600 victims lost over $56 million dollars as a result of title fraud. Your home is a big target for identity thieves, as it has more value than a stolen credit card. The most likely victims of this crime are those who are not watching out for fraud, such as seniors, or people who own a second property.

The more closely you pay attention to what’s coming in and going out- such as bills, notices, and bank statements- the smaller window a thief will have to commit a crime, meaning you’re a less likely target.

Learn More > Protect Yourself from Wire Fraud

Tips to Protect Yourself from Title Fraud

There are many ways you can protect yourself from title theft. These criminals are seeking out easy targets, so make yourself formidable and not worth attacking. Being aware is the number one thing you can do to protect your title. This entails:

Watch Out for Missing Bills

If routine bills stop showing up or randomly change, your identity and title may be compromised. If you notice you never received a bill or automatic charge to your account, contact the company as soon as possible.

If you miss important bills, your home could be at risk of foreclosure. Even if it’s just a small clerical error, you can make your life much easier by being proactive.

Regularly Check Your Credit Report

Monitoring your credit report on a consistent basis can save you from missed payments, fraudulent charges, and identity theft. If you are regularly checking your credit, you can catch signs of title fraud before it cascades into a serious and life-altering problem.

Invest in Title Insurance

Working with a title company ensures that the home title is free of any clouds such as claims or liens against the property. Lender’s and owner’s insurance are the two kinds of title insurance that will guarantee both you and your mortgage broker are protected in the case that any clouds on the title are discovered after the title is transferred to your name.

Our title experts at True Concept Title will do everything in our power to ensure your title is clear of any problems and that issues with your title moving forward won’t negatively impact you.

Secure Your Assets with True Concept Title

The digital age has brought great benefits to society, but unfortunately, as with all tools, it can be used for both good and bad. The lack of security around our personal data leaves it at risk of being leaked to people who will take advantage of our information and commit cyber-crimes that can ruin lives.

This reality doesn’t mean you need to waste energy worrying about title fraud. Fortunately, there are many steps you can take to secure your assets and prevent your title or identity from being stolen. Stay aware, monitor your bills and credit, and take the steps to be insured against title issues with True Concept Title .

Rely on a team you can trust to keep your assets safe and secure. Call True Concept Title today – (813)-263-7168 .

Who Will You Work with When Buying a Home: Real Estate Attorney

Tue, 09 Jul 2024 15:34:41 GMT

The home buying process is complex, so it’s important you hire the right team of specialists, especially if this is your first time purchasing a property. Throughout the journey, you will likely have to work with the following people:

Mortgage lender
Real estate agent
Title insurance/escrow agent
Real estate attorney
Home inspector
Appraiser

As national title & escrow specialists , we know the ins and outs of the industry. Today, we share more on the legal side of a property transfer, what a real estate attorney does, and if you may need one.

Do You Need a Real Estate Attorney to Buy a House?

Buying a home is rarely a simple process but rather a complex transaction with legal strings attached and many steps of the process. Since the legal aspects of a home purchase can quickly become confusing for many to understand, home buyers or sellers may question if they should hire an attorney to protect them from any legal issues that can arise.

This is a large investment and we believe you should do all you can to protect it. There are times that having a lawyer on your team can help you have more confidence in the purchase. Their guidance may help to ultimately reduce the costs of buying your new home.

What Does a Real Estate Attorney Do?

A real estate attorney, or a real estate lawyer, is licensed to practice real estate law. They have the expertise and legal authorization to provide advice to the parties in a real estate transaction. A real estate attorney will prepare documents and contracts regarding the sale.

The buyer, seller, or even a mortgage lender can hire a real estate attorney to protect their interests.

When Do You Need a Real Estate Attorney?

There are many factors that can influence whether or not you need a real estate attorney. Your location may impact if you need to hire a lawyer based on local or state laws or the specifics of the transaction.

If you do end up requiring a lawyer, there are several instances during the home buying process during which they can provide help. A real estate attorney can:

Draft and finalize purchase contracts
Write amendments to a standard contract utilized by your real estate agent
Complete a standard title search for property issues such as liens (you’ll want to choose title specialists like us to do a more comprehensive search and secure escrow)
Organize and manage the property closing with your real estate team

If you’re in the home buying process and need legal assistance, our team at True Concept Title is here to help. Call our nationwide title experts today – (813)-263-7168.

State or Lender Necessity

Keep in mind, that depending on where your property transaction is taking place, your state laws may vary. Certain actions in the real estate process are considered “practicing law” in some states, which prevents real estate agents and other industry professionals from giving legal advice that they aren’t licensed to provide.

In many states, compiling legal documents for the sale of a property can only be done by a licensed attorney. However, in some cases, a non-lawyer real estate agent may be able to complete a standardized form contract on their own.

Conducting a home closing is also considered a legal practice in certain places, and therefore, an attorney must be present. In rare cases, a mortgage lender may even require that a real estate attorney performs the home closing. In this case, it’s important to note that you have a choice in title and should lean on all areas of expertise when you buy a property.

Complications with the Purchase Contract

If any aspects of your home purchase involve any factors that could cause complications, a real estate attorney can help you navigate potential legal concerns. If contractual issues do surface, you are likely better off with an attorney at your aid.

Learn More > Types of Disclosure Documents

Removing Anxiety from the Process

Hiring a real estate attorney can ensure you’ve covered your bases and adds another layer of protection in the event of potential legal issues during closing.

If you have a gut feeling that issues could come up during the home buying process or simply want to ensure you are protected in case of an emergency, a real estate lawyer can give you peace of mind that you have help in case of a tough situation.

Protect Your Home Purchase with True Concept Title

While there are many expenses to keep track of when purchasing a new home and you’re likely doing all you can to reduce your costs, investing in the right real estate team can actually help you save money in the end.

At several points when purchasing a new property, you will likely need professional help and advice. Our team at True Concept Title has an array of real estate expertise to help you through several phases of the process, whether you are in need of an attorney referral, a title report , escrow services, or a virtual/mobile closing.

If you are ready for a seamless and hassle-free home purchase with a team you can trust, contact our national title specialists based in Tampa Bay at (813)-263-7168 . The team at True Concept Title would be proud to be a part of your property purchase.

How Long Does Title Insurance Last?

Tue, 09 Jul 2024 15:34:39 GMT

Purchasing title insurance is an essential step in the homebuying process. Oftentimes, many mortgage lenders will even require that the buyer has a title insurance policy as a stipulation for receiving a loan. When you buy a title insurance policy, you will learn that it is just a one-time cost without additional monthly premiums.

This may lead you to wonder, ‘ How long will my title insurance last if I’m not constantly paying for it? ’ A completely reasonable inquiry! The longevity of your title insurance policy will depend on what type of policy you purchase. Our team at True Concept Title reviews these different policies and provides an answer to how long they will last.

Why is Title Insurance So Necessary?

If you plan to invest in real estate in the near future, it’s important that you select a title company to conduct a thorough search on the history of the property to look for any ‘clouds’ on the title. This will verify that the seller is the legal owner of the house and therefore has the legal right to sell the property to you.

A title company like True Concept Title will conduct a thorough investigation of the title while also helping you with the closing process. However, situations may arise after purchasing the home that reveal public record errors, third parties claiming ownership of the property, and more. This can lead to incredibly costly legal issues.

Fortunately, if you purchase title insurance, the burden of legal issues from clouds on your title does not rest on your shoulders.

The title company who you purchase insurance from will assume responsibility to resolve any title issues for you.

Policy Types and the Length of Their Terms

There are two types of title insurance policies that serve different purposes.

Lender Policy
Property Owner’s Policy

Lender Policy

A lender policy, also known as a loan policy, is the kind of title insurance that will be required by your lender in order for you to receive a mortgage loan. This kind of title insurance protects the lender’s investment in the property through the mortgage.

If a problem ever arises with your rights to ownership, a lender policy will protect your lender from losing any money from the mortgage loan and guarantees they will receive payment for the unsettled balance.

This type of policy lasts until the mortgage loan is paid off. If you have a 30-year mortgage on your home and live in that house for the full 30 years, then your lender policy will last – you guessed it – 30 years. If you’re able to pay your mortgage off early, the insurance will end at the time of payoff.

If you sell your home before your mortgage is paid off, you still have to pay the remainder of what you owe. This is typically done at closing, and then the lender policy ends.

In the case you decide to refinance, the lender policy will terminate along with the previous loan. However, you will need to purchase a new lender policy for the new loan.

Property Owner’s Policy

The previously described lender policy protects your mortgage lender, but it does not offer personal protection for you as a homeowner. A property owner’s policy is equally as important as a lender policy for protecting your own title interests. Your lender may not require you to buy an owner’s policy, since it does not affect their own assets.

With an owner’s policy, your title company assumes responsibility under any circumstance that you face problems with your home’s title. This policy will last the entire amount of time that you own the property.

If you own a property with an owner’s policy for 30 years and decide to sell, the policy will end at closing. If you pass away while you own the property, the title policy will transfer to your spouse or children and last until they decide to sell the house.

Learn More > How Long Does It Take to Get Title Insurance?

Cover Your Interests with True Concept Title

When buying a home, it’s important that you purchase both kinds of title insurance to protect your assets and satisfy the requirements of your lender. Fortunately, these policies are both one-time costs that last as long as you own a property or owe money to your lender.

If you are planning to purchase real estate in the United States, contact our team at True Concept Title . Our experts are licensed across the nation and can help ensure your homebuying process is smooth and seamless. You won’t regret making the right choice in title.

Steps in the Title Process

Sun, 07 Jul 2024 11:59:54 GMT

You’re buying a home, congratulations ! All the steps, inspections, and paperwork can feel like an overwhelming process. We are here to help and walk you through the steps in the title insurance process. Protect the biggest purchase of your life with True Concept Title .

The process starts with the title agency ordering a preliminary report to request title insurance. This can be done with minimum information; without even identifying the buyer or the terms of the sale. The time frame on the initial response is typically within 24 to 48 hours.

Title Search

There are three searches your title officer will perform: property, name, and tax searches. A preliminary report is then created from the search information. This process of obtaining hard copies of recorded documents can be expedited with our full range of title and escrow services.

True Concept Title is a national provider constantly seeking out the most innovative products and services to serve our clients in the most efficient way possible. We are committed to developing a customized client service agreement to suit each client’s unique needs, give us a call to help with your title closing at 866-651-6224 .

Documentation Prep

Technical Review

At True Concept Title, the title report will be prepared by a skilled title officer. The review will begin with a technical analysis of the documents once the report is issued. To evaluate their impact on the title to the property an interpretive view of all recorded matters is made.

The examiner will ask: Would any of the recorded materials prevent the buyer from using the property for its intended purpose? Per a review of the current leases can antiquated leases be eliminated from the policy.

Inspection Analysis

A site inspection is ordered in anticipation of ALTA coverage. The initial title result is complemented to show any violations or other off-record concerns that would ultimately impact the title from the inspection report.

Documents in the Title Process

Preliminary Report
Commitment – Confirms the condition of title in the way we are desiring to issue it.
Pro Forma – Specimen of what the requested policy, as requested, will look like. Underwriting issues not completed. Not binding upon the company.
Policy – Final contract of indemnity between the company and named insureds.

We can assist you with all the required documents for your title closing check us out and give us a like on Facebook .

Other Types of Title Insurance

Reinsurance and Co-insurance are used by national title insurance companies and insured parties to spread the risk of large real estate transactions. These processes help protect against potentially catastrophic losses for a single title company. In the case of jumbo loans, these types of insurance may be needed:

Reinsurance

Up to the total sale price or loan amount can be insured by the title insurer, another title insurance company will be employed to re-insure the first title company. There isn’t an additional charge for the premium paid to the re-insurance title company.

The re-insurance is then deducted from the title fee and handled by the Title Department when it is required based upon self-imposed or statutory title insurance limits or requested by the proposed insured.

Coinsurance

The title insurance company to insure up to a particular amount (i.e. not the total sale price or loan amount). To ensure the remainder of the sale price or loan amount, the insuring company must employ another title insurance company.

Customers are charged based upon each company’s filed rates for the portion of the total liability covered by that company when there is co-insurance. The customer may choose the co-insurance company.

Trust our National Title Agents

We can help you every step of the way to ensure your biggest purchase is protected from day one. True Concept Title upholds excellence across the U.S. by providing a complete line of title and escrow services in every state. Accompanying our national strength is our local approach to sustaining the needs of your business that in turn enables you to expand your client relationships to reach a broader spectrum of opportunities.

We understand the sensitive balance of the interests of the parties to a transaction and by professionally and gallantly managing concerns as they arise, we can proficiently guide a transaction to a successful conclusion. Reach out to our national title company today, 866-651-6224 .

Explaining Escrow

Sun, 07 Jul 2024 11:59:54 GMT

Whether this is your first time buying a house, or you’ve gone through the process multiple times, escrow can be a little confusing. It’s unavoidable when purchasing a home, True Concept Title dives deeper to explain escrow.

Escrow + Home Offers

The time has come! You’ve found the perfect house, and you are ready to make an offer on it! When you make this offer, you write an earnest money check that will be then placed in “escrow.” But what is escrow? What it all boils down to is that your house and the money that you paid for it are in a sort of limbo.

Escrow is a bond, deed, or other document kept in the custody of a third party and taking effect only when a specified condition has been fulfilled.

When you buy a house, this means that the money isn’t just going directly into the seller’s bank account, but it is being held by an impartial third party until the contract is negotiated, and the deal is closed. You can’t touch the money, and neither can the seller. It’s in escrow .

Escrow protects both parties and ensures that everyone gets what they are due when the deal is done. If you put down earnest money that went directly to the seller, and then couldn’t reach a sale agreement or purchase, the seller could then hold the money hostage as a negotiating ploy. On the other hand, the seller won’t want to sign over the deed to their home unless you have paid for it. This is why escrow is so important!

Escrow + Lenders

When you begin talking to your mortgage lender, you’ll inevitably hear about escrow again. You might hear the terms, “escrow,” “impound,” account, or “reserves,” used interchangeably.

The lender will hold onto these funds and make payments towards your homeowners’ insurance and property taxes with them. These are collected by your lenders monthly, along with your loan payment, which allows them to then pay the tax and insurance bills when they come due. Why ? Well, your lender has a vested interest in making sure your house insurance and taxes are paid.

Escrow + Closing

When your house purchase is complete, you might hear the term “closing of escrow.” A closing or “escrow officer” will oversee the final paperwork, and then handle the exchange of the funds and deeds before closing escrow. Once escrow is closed, the deal is closed!

Through our centralized escrow division at True Concept Title , we manage and coordinate order entry, escrow, funding, and disbursement for all loan types!

Tips about Escrow:

If you’re buying a newly constructed house, your funds might be held in escrow until all work is complete, and you’ve approved it.
Once escrow is closed and all funds have been disbursed, you and the seller of the property will receive a final closing statement and other documents, Be sure to check these statements carefully for any errors and file them in a safe place, as you will need them when you file your next income tax return.
Escrow generally costs about 1% to 2% of the cost of the home.
Escrow can be a safeguard for any home inspection contingencies. If the buyer did not fix the issues that they said that they would, escrow works as a safeguard for the buyer. The closing will not go through until all contingencies are met.
Sellers benefit from escrow too, especially if the buyer starts to get cold feet at the last minute before closing. If the buyer backs out, they forfeit the 1-2% of the purchase price that has been held in escrow.
After closing, you can expect to pay monthly payments equal to one-twelfth of the costs of your yearly property taxes and house insurance to keep your escrow account funded.

Call our Escrow & Title Company

True Concept Title Company offers full escrow processing services in all 50 states. We work directly with you to manage and coordinate order entry, escrow, funding, and disbursement of all loan types.

Contact True Concept Title for all of your title and escrow needs! Call us today, 866-651-6224 .

Reasons to Refinance

Sun, 07 Jul 2024 11:59:54 GMT

With interest rates at an all-time low, you might be wondering if it’s time to refinance your home. When you refinance your mortgage , you are essentially paying off your existing loan, and replacing it with a new one with better terms to reduce your monthly payments.

There are multiple reasons why you might want to refinance your mortgage:

to obtain current low-interest rates
to shorten the term of your mortgage
to convert from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage
take advantage of your equity to deal with a financial emergency (ex. put a new roof on your house) or to build an improvement (ex. build a new pool)

Wondering when is the right time to refinance your mortgage ? Well, it depends on your financial situation and the reasons that you want to refinance. Refinancing can save you money—but in some, cases it may not. True Concept Title delves deeper into all the reasons to refinance.

Considerations When Refinancing Your Home

Refinancing can have many benefits. Reducing your interest rate not only can help you save money on your monthly mortgage payments, but it can also increase the rate at which you build equity in your home. But, you’ll want to make sure that the process makes sense for you.

Consider refinancing to shorten the term of your mortgage and enjoy lower interest payments
Depending on how long you plan to live in your home, switching to a fixed-rate mortgage or an adjustable-rate mortgage can make financial sense
Using equity to consolidate debt can be a good reason to refinance, but be aware, doing so could make your debt worse and just be a band-aid on a bad financial situation.

When you’re ready to refi, choose our experienced agents. With our national title company, we are with you every step of the way when you refinance your home! We coordinate order entry, escrow , funding, disbursement of loan funds, and much more. Call us today for all your title, escrow, and mortgage processing needs – 866-651-6224 !

Refinancing To Take Advantage of Lower Interest Rates

Refinancing to take advantage of lower interest rates is the most common reason that homeowners refinance. Generally, if you can reduce your current interest rate by at least 2%, then refinancing is most likely a good idea. Keep in mind that refinancing can cost between 2%-5% of your loan’s principal and requires a real estate appraisal, associated fees, title search, etc.

Ask your mortgage lender to make sure that it is a financially-wise decision before starting a home refinance application.

Refinance to Shorten Your Loan Term

The good thing about refinancing is that you might have the opportunity to change both the monthly payment and the length of your loan term. Why continue paying towards a 30-year mortgage when you can have it paid off in 15 or 20?!

Keep in mind that changing the length of your loan might increase your payment slightly rather than causing it to be less.

Refinancing to Convert to an Adjustable-Rate or Fixed-Rate Mortgage or Vice-Versa

While your ARM mortgage might start with a lower rate than you might find with a fixed-rate mortgage, these loans go through periodic adjustments which can increase the interest rate over time. If you have noticed an increase in your interest rates with an ARM mortgage, it might be time to switch to a fixed-rate mortgage that offers a lower interest rate and eliminates the worry of future interest rate changes.

On the other hand, converting from a fixed-rate loan to an ARM can be a good idea if you notice interest rates falling, because they often have a lower monthly payment than fixed-rate mortgages. This is a great option for those who don’t plan to stay in their home for more than a few years.

Tip: If interest rates continue to fall, an ARM loan can be beneficial because the periodic rate adjustments would result in decreased rates and smaller mortgage payments, which eliminate the need to refinance when rates drop. But, this can go the other way. Be aware that interest rates might rise again in the future!

Refinancing to Tap Equity or Consolidate Debt

Many homeowners refinance to pay for a large expense, like putting a roof on their house, adding a pool, or even sending a child to college, or to consolidate debt.

When you look at it on paper, replacing your high-interest debt with a low-interest mortgage sounds like a great idea. Unfortunately, refinancing isn’t a fix-all for financial situations. Don’t give up your hard-earned equity easily! In some cases, it can take years to recoup the 3-6% of the principal that refinancing your home costs. If you don’t plan on staying in your home for more than a few years, it might be wise to skip on refinancing.

With You Every Step of Refinancing

Refinancing your mortgage can be a great financial move if it reduces your interest and monthly payments, shortens the term of your loan, or helps you build equity in your home more quickly. Before refinancing, take into account your current financial situation and consider how long you plan to live in your current home, and how much money you can save with refinancing.

We support mortgage processing with national titles and escrow service; True Concept Title does it all! Choose us for quick turn-around times, centralized processing, and loan disbursements you can trust. Call 866-651-6224 today to speak with a specialist!

Transferring Real Estate Property

Sun, 07 Jul 2024 11:59:54 GMT

We’ve seen it time and time again. Loved ones of a deceased family member put a house on the market, the house attracts a potential buyer, it goes through the process, and suddenly there’s an issue with probate.

Often, it is assumed that a loved one’s estate is rock solid… until it comes time to pull the title and deed .

Here we touch on how probate can affect title rights and provide suggestions on how to minimize closing delays on the sale of a home that is in probate.

How Probate Can Affect Title Rights

If listed incorrectly, even the smallest detail can have a huge impact on title rights. At True Concept Title, these are the most common mistakes our national title agents come across: Incorrect legal description in the court order

Improper recordings after divorce
Improper Notice to Beneficiaries
Not recording Disclaimers of Interest
Missed heirs or beneficiaries

Homes being sold by loved ones of a deceased family member often cross state lines – yet another complication in the home-selling process. Even when clients are utilizing title and escrow service in multiple states or areas, True Concept Title can help. Call us today at 866-651-6224 for more information.

Signing the Listing Agreement

One of the first steps when selling a home is signing the listing agreement. Simple enough, right? Not so fast.

When it comes to selling a property of a deceased loved one, a common misconception is that the surviving spouse, children, or another family member of the deceased homeowner have the authority to sign the listing agreement. This is not the case.

Before the listing agreement is signed, a realtor must pull the vesting deed to ensure the person listed on the title is the one signing! If this is not the case, the home will go into probate. The ONLY person who has the legal right to sign documents on behalf of the decedent is the personal representative, a.k.a. the Executor of the Will.

The Language of Survivorship Rights

It is important to note that the language applied within titles and deeds is incredibly important. Many times, a co-owner of a home is listed as a “tenant-in-common” on the deed, leading the co-owner to believe he or she has the right to use and dispose of the property. Again, this is not the case.

To avoid probate, the default language in the deed must make mention of “survivorship rights”. By doing so, the share of the decedent’s interest in the property is automatically transferred to the other owner or owners listed on the deed.

Responsibilities of the Title Agent During Probate

A title agent plays a key role during the home selling process, especially if the home goes into probate. If this is the case, one of the main functions of a title agent is to ensure the personal representative has been properly appointed.

Additionally, a title agent must have the Letters of Administration recorded, have the title transferred to the personal representative, and have the deceased person removed from the deed. This is just among the many services provided by our national title agents.

Common Documents Required by Underwriting as Related to Probate

At True Concept Title, we have the experience and national presence required to effectively handle the complex process of selling a home that has gone into probate. In order to minimize delays with the closing process, the following documentation is required:

Proof that the probate administration has been opened
Affidavit of continuous marriage
An official recorded death certificate
Tax exemption forms *Proof that the decedent’s estate doesn’t owe taxes, varies by state.
The signature of heirs, personal representative, or other beneficiaries *Probate may reopen probate is this was not originally executed properly.

Title & Escrow Services at True Concept Title

True Concept Title maintains a presence across the United States by providing a complete line of title and escrow services in every state. For more information on our services, please contact us today at 866-651-6224 .

Is Title Insurance Required?

Sun, 07 Jul 2024 11:59:54 GMT

Title insurance is a type of insurance that protects mortgage lenders and homeowners against any claims that question the legal ownership of a home or property. If there is a dispute over title ownership, the title insurance policy covers the legal expenses incurred to resolve the dispute.

Title insurance is designed to protect any party who has a financial stake in the sale of a property from any past title discrepancies that might be uncovered during or after the purchasing process. Here’s the million-dollar question, “Is it required?”. Insurance will most likely be required from your mortgage lender to secure a loan , but there’s more than one type of title insurance. Our title experts explain the insurance differences and requirements:

Title Insurance Coverage

With any real estate transaction, a title company runs a title search – a public records search that checks if the home being purchased is free and clear of any liens or ownership disputes and confirms the seller’s legal right to sell a home.

While a title search is typically a smooth process, unforeseen issues may arise. This is when title insurance comes into effect, offering coverage for the following:

Title forgeries
Back taxes
Filing errors
Unknown heirs who claim ownership to the property
Inconsistent or conflicting wills
Liens, i.e. unpaid contractor bills or home equity lines of credit
Undocumented easements

Title disputes ? As a national provider of a full range of title and escrow services, True Concept Title can help! Call our national title company today at 866-651-6224 .

Types of Title Insurance

There are two types of title insurance – lender’s title insurance and owner’s title insurance – both of which offer the same kind of protection but cover the different parties involved in the sale of a property.

Lender’s Title Insurance:

This type of policy is designed to protect the mortgage lender from potential title claims that would put their financial stake at risk.

Almost all lenders require borrowers to purchase title insurance on the lender’s behalf as part of the loan-approval process. Most often, this is considered part of the closing costs .

Owner’s Title Insurance:

An owner’s title insurance policy protects the new owner of a property should a claim arise. While this type of policy is not required, it is highly recommended. Good news for buyers…sellers often agree to pay for the policy as part of contract negotiations.

Warranty of Title:

If the purchase of a home or property is a cash transaction or if the lender doesn’t require title insurance, the buyer can request that the seller provide a “warranty of title.” This guarantees the seller is the sole party with a right to sell the home.

Title Insurance: Do I Need It?

To summarize, title insurance will most likely be required from your mortgage lender in order to secure a loan, a.k.a. lender’s insurance. Owner’s insurance is not required, but is highly recommended and can be purchased by the seller of the property as part of contract negotiations.

Cost of Title Insurance

A title insurance premium is generally a one-time charge that is paid at closing and may include other charges such as wire transfer fees or courier charges. The cost of title insurance typically ranges between $500 and $3,500 per policy and is based on certain factors:

The insurance policy provider
Property location
Purchase price
Extent of coverage

In many states, buyers can compare the prices of different title insurance companies. However, in Texas and Florida, all title companies are required to provide the same level of coverage at the same price.

Getting Title Insurance

Title insurance is a small price to pay for peace of mind for one of the largest investments of your life. Your mortgage lender will most likely require it to secure a home loan. Owner’s insurance while not required is recommended to sellers to have in place for contract negotiations on the piece of real estate.

At True Concept Title, we are fully integrated and have a proven track record of success in handling a full range of title and escrow services across the U.S. For more information or to speak with one of our title and escrow representatives, please contact us at 866-651-6224 .

Payoff Ordering

Sun, 07 Jul 2024 11:59:54 GMT

What Does “Request Payoff” Mean with Regards to a Mortgage Loan?

Buying a home is an exciting adventure, and looking towards the future, homeowners can’t wait until they own their home free and clear of a mortgage . This is where payoff ordering comes in. Essentially, this is a formal request from the homeowners to “request payoff,” from their lenders for the amount they owed on the house.

For some homeowners, the process can get confusing because both when you go to sell your home even refinance your home before paying off your mortgage, you will also need to request a payoff. Today, we take a closer look at the ins and outs of payoff ordering and what it entails:

What is a Payoff Letter?

A mortgage payoff letter or payoff statement is an itemized document that shows the balance that you must pay to close your loan. This document may also include details such as:

Amount of rebated interest due at prepayment
Total amount due
Remaining payment schedule
Rate of interest
Money saved for paying early
Per diem
Good through date

Payoff Amount vs. Mortgage Balance

In many cases, the payoff amount will exceed your mortgage balance, but not by much. This amount will include any missed payments, late fees, and any interest that is owed through the scheduled payoff date.

The payoff date is the actual day that you pay off the full payout amount or the day that the bank mails or wires funds to your account.

Reasons to Request a Payoff Statement

You can request a payoff statement from your lender when you want to know how much it costs to pay off your home. This information is very important as you need these numbers before you sell your home, refinance your mortgage, or pay off your loan.

Related > Is it time to Refi?

Payoff Statement Protocol

Who can request a payoff letter? You, an attorney, escrow officer, or a new lender in a refinance situation can request the payoff statement from your current mortgage lender. You may have to fill out a form or send a formal letter to your lender requesting the payoff statement.

This payoff statement request should include:

Borrowers names
Signatures
Contact information
Property address
Account number

You will also need to specify if the loan is a primary or first lien, a second mortgage, or equity line of credit, as well as the anticipated payoff date. Keep in mind that it can take several weeks to receive your payoff statement and may be subject to a fee.

Unsure of how to request a payoff letter? Give the experts at True Concept Title a call ! We manage and coordinate order entry, escrow, funding, and disbursement for all loan types in all 50 states from our centralized production center!

After Loan Payoff

After you’ve paid off your house, what happens next? There are a few things that you must do after sending the payoff amount to your lender.

Here are some things to anticipate:

You should receive a letter from your lender stating that you have no balance.
You should receive another letter that states that your loan is paid in full, along with your promissory note and mortgage agreement.
The lender will release the lien that was placed on your home’s title.
The lien will be released via a release of deed of trust document, which in turn is recorded with the county.

Make sure to keep all of these letters and documents in a folder together so you can easily access them in the future!

Why True Concept Payoff Ordering?

True Concept Title maintains a presence across the U.S. by providing a complete line of title and escrow services in every state, including payoff ordering services. We stand ready to assist you throughout the process loan payoff for refinancing or selling your home. Contact us today for all your payoff ordering needs — 866-651-6224 .

Liens 101: A Primer on the Various Types

Sun, 07 Jul 2024 11:59:54 GMT

As a leading provider of a full range of title and escrow services, we come across liens all the time. The bad news? Liens are one of the most common conditions that slow down a real estate transaction. The good news? In most cases, there is no need to panic, especially when you are working with an experienced and reputable title company like True Concept Title. Keep reading to learn about the many different types of liens and their impact on your real estate transfer…

What is a Lien?

In general, a lien is a legal notice that is put on file as the consequence of an unpaid debt. It is a process created by legislature designed to secure debts that most often include real estate, and in rare cases, other personal property.

A lien is a tool used by creditors to collect payment which is a requirement before a property can be sold. A property lien may come from either unpaid taxes, a judgment made in court, or from past unpaid construction bills, for example, pool subcontractors.

Is a lien holding up your real estate transaction ? True Concept Title can help! Learn more about our full range of title and escrow services, call 866-651-6224 !

A property lien may come from either unpaid taxes, a judgment made in court, or from past unpaid construction bills, for example, pool subcontractors.

Different Types of Liens

It is important to note that lien procedures vary state-to-state. The most common types of liens include:

Judgment Liens

A judgment lien can be placed on real estate or other property when a creditor files a lawsuit and wins the court judgment. A judgment lien may also be imposed by an attorney who was not paid for legal services.

Property Tax Liens

If an individual fails to pay federal, state, or county taxes, the government can file a property tax lien for the amount that is owed on the property. Regardless of when the property tax lien was placed, it will always take precedent over other mortgages and/or liens on a property. Because the government can sell your property to cover unpaid taxes, lenders will often pay the taxes themselves to protect the mortgage – a dollar amount that will be added to the existing debt.

IRS Liens

If an individual fails to pay taxes, the IRS can place a lien on the property especially if they are unable to garnish wages due to unemployment.

Mechanic’s Liens

If a general contractor, carpenter, plumber, or other repair company isn’t compensated within one to six months upon completion of the job, a lien can be placed on a property. In addition, a contractor has the legal right to sue and have the lien enforced within one month to six years and potentially force the sale of a property.

Child Support Liens

The recipient of unpaid alimony or child support can put a lien on a property until he or she is paid or if the property is sold (via lien sale) or refinanced.

Family Law Real Property Liens

In certain states, such as California, a spouse may file a lien against his or her real estate interests to pay attorney fees in a marital action.

While the homeowner will be notified if a lien is placed on their property, they may not always let the buyer know before it gets to transfer the title for a sale to be completed. Our national title experts will do a thorough search to make sure that you have a clear title for the property upon purchase. Our attention to detail is what sets us apart from others in the industry, and why many mortgage brokers and real estate agents recommend us to their clients every day.

Preparing for a Clear Title & Property Transfer

If you are selling a home in which a lien has been placed, it is critical to contact an experienced title company who can help resolve lien issues so the real estate transaction can move forward. At True Concept Title, we specialize in a full range of title and escrow services , including the retrieval of documents such as recorded and unrecorded liens.

To learn more about our services, contact our nationwide title and escrow service at 866-651-6224 !

How to Self-Generate Mortgage Leads by Building a Custom List

Sun, 07 Jul 2024 11:59:54 GMT

If you’re a new loan originator (L.O.), starting a mortgage company, running a branch, or want to capitalize on the refi boom, what do you do? You know there are consumers in need of your help, saving them thousands if not hundreds of thousands of dollars over the life of their loan, but how do you find them?

Everyone knows the best time to secure a client is before they enter the marketplace. Here we share some of the best ways we’ve found to self-generate more mortgage leads.

How to Stay RESPA Compliant

Today, consumer protection is taken very seriously. While in a competitive industry where you’ll need to set yourself apart, you need to make sure you stay in compliance with all industry standards too. Being RESPA compliant is highly important for new LOs and those who have been in the mortgage field for a while.

For those new to the industry, the Real Estate Settlement Procedures Act (RESPA) is a consumer protection statute, first passed in 1974. RESPA covers property loans secured with a mortgage placed on a one-to-four family residential unit. This will include most purchase loans, refinances, property improvement loans, assumptions, and equity lines of credit. HUD’s Office of Consumer and Regulatory Affairs, Interstate Land Sales/RESPA Division enforces RESPA.

RESPA Requirements

RESPA compliance requires that borrowers receive disclosures at certain times of the lending process . These disclosures explain the costs associated with the settlement, outline lender services, review escrow account best practices, and describe business relationships between settlement service providers (ex. mortgage lenders and title companies).

As a loan originator, you’ll need to be in communication with borrowers:

at the time of the mortgage loan application
before the settlement (AKA closing) occurs
at the time of the settlement
after the settlement

But all of these disclosures tend to come once you have found a qualified lead – let alone converted them into a client…

How We Help Mortgage Loan Originators Self-Generate Leads

At True Concept Title, our national title and escrow team has a RESPA compliant system capable of helping you reach potential clients at the start of their search. With this technology, loan originators can identify homeowners by loan type, rate, equity, loan amount, home value, household income, and hundreds of other filters.

The best part, once you complete your list, you own the data. You can export your custom list, smile, and dial or use a program to help you, forward to a mailing company for direct mailers, write articles like this one, and/or set up your custom list of Facebook Ads. This helps you to communicate with potential buyers before they enter the market and are potentially inundated with outreach by other LOs.

Set yourself apart; by self-generating new and consistent mortgage leads, you can help increase your conversions and get in front of the competition. We’re here to help you be more successful; learn more best practices by contacting our nationally respected title company at 813-263-7168 .

Mobile Closings: Close Anytime, Anywhere

Sun, 07 Jul 2024 11:59:54 GMT

In our fast-paced world, it can often be a challenge to pick the right time to close on a house. Will you have to leave work? Find a sitter? With mobile closings, these questions are a thing of the past! No need to leave work, we come to you to close on your house or refinance. Our mobile closing service is safe and efficient to help you whenever, and wherever, is convenient for you.

Let’s look at some of the best aspects of mobile closings with True Concept Title:

How Does a Mobile Closing Work?

Generally, a mobile closing follows the same format as a traditional closing, except that the notary will come to you, which in turn streamlines the process.

Our title clients and real estate partners appreciate these benefits of mobile closings:

Easier to coordinate schedules with those involved.
Flexibility to choose the location.
After-hours closing appointments to fit your schedule. No need to take the day off!
Quicker turnaround-you or clients will be able to move into your new house sooner!

Choosing the Location

Generally, a closing will take place at the office of the mortgage lender, attorney, or title/ escrow company M-F between 9 am-5 pm. When clients use a mobile closing service, you can choose the time & location of the closing 24/7/365. Do you want to close at your kitchen table? A restaurant? Or an office? You can choose! Isn’t that convenient?

Title Tip: When buying a home for cash without a mortgage loan, you can also pick the closing spot. Make sure to have an attorney or mobile notary present for the loan document disbursement. This is considered a “witness-only” title closing.

If you or a client are looking to close quickly, you can trust the team at True Concept Title to do the job right. Our national title company is well-known for our service and attention to detail. Our mobile closings make it even easier to get your property transfer or refinance completed as soon as possible. Call us today to speak with an experienced title agent!

Flexibility

Obviously, being able to choose the time and place of your closing is ideal, and with mobile closings, you are able to do just that. Flexibility is the best part of mobile closings. No need to pay a sitter or ask for the day off, having the ability to choose the time of your closing takes some of the stress out of the title and closing process!

Quicker Timeline

The average home closing can take around 52 days. However, mobile closing services cut down on this time! You could be moving into your house sooner with a mobile closing.

And, to top it off, it actually saves time for you, but also the lenders and title agents as well so it’s a benefit for all parties involved in real estate property transfer.

Close with True Concept Title

Take the guesswork out of closing, and choose True Concept Title. Since we are licensed nationally, we can close practically anywhere. Of course, if you’re near our offices in Dunedin, FL or Anaheim, CA, we’d be happy to help you there too.

With mobile title closings, we can close anytime, anywhere. We also can provide an attorney or notary if needed. We build our title services around YOUR needs! Contact us today: call 813-263-7168 or toll-free at 866-651-6224 or reach out to our title experts here .

Types of Disclosure Documents (and Why They Matter)

Sun, 07 Jul 2024 11:59:54 GMT

Mortgage loan originators, do you feel like your interactions with your title companies are an endless game of paper and details – especially at month-end ? We believe the loan application process and closing should be easy.

We all know the end of the month closings (settlements) can be a time full of stress. As your borrowers’ clamor to close within the last two weeks of the month, it can make for a very busy and stressful time for loan officers. If you’re struggling to adequately keep up with demand, it not only hurts your company financially, but it can also affect your reputation.

Just imagine if you could scale up your production, increase your financial outcome, all while reducing your overhead and stress, and still staying focused on your clients . With the right partners in place to help you, that can be a reality. Let’s discuss disclosure documents…

Dealing with Disclosures & Keeping Up with Demand

Throughout the loan application process, there are many types of loan disclosure documents. Disclosures are a type of document in which you—the lender—are obligated to be completely transparent about all the terms of the mortgage agreement you are offering to your borrowers.

Since the information provided to your borrowers happen at different times throughout the mortgage transaction, the disclosures are spread out accordingly.

AT THE TIME OF THE LOAN APPLICATION

When your borrower applies for a loan, there are several documents you need to have on hand. Within 3 days of your borrower applying for their mortgage loan, lenders need to provide them with a loan estimate.

The loan estimate is a part of a newly revised mortgage disclosure that combines four different forms into the TILA-RESPA Integrated Disclosure (TRID. The Loan Estimate, now part of the TRID, combines the previous Truth-In-Lending Statement and the Good Faith Estimate . The Loan Estimate helps the borrower understand the risks and the costs of the mortgage on their new home purchase or refinance.

DISCLOSURES AT SETTLEMENT

Three days before closing, your borrowers will receive the other half of the TRID, the Closing Documents . Included in these disclosures are the HUD-1 Settlement and the final Truth-In-Lending Statement .

These are similar to the first documents that went out at the beginning of the loan application process, but instead of giving an estimate of the costs that would be incurred, they now tell the client the actual costs.

The Closing Disclosure is a five-page form that includes the loan terms, projected monthly payments, and closing costs.

Related > Mobile Closings: Close Anytime, Anywhere

ADDITIONAL MORTGAGE DISCLOSURES

As you know, in addition to the Loan Estimate and the Closing Disclosures there are a lot of other small, yet significant, mortgage disclosures that will need to be properly filled out, accounted for, and filed on time.

By allowing, True Concept Title to handle your disclosures, this is an extra headache you do not have to worry about.

Appraisal Report Disclosure
ARM Rider
Attorney Selection Notice
Authorization to Release Information
Consumer Privacy Policy Notice
Escrow Account Waiver
Fair Credit Reporting Act Notice
IRS Forms W-9 and 4506-T
Name Affidavit
Servicing Disclosure
Tangible Net Benefit Worksheet

Additionally, there are some government loan disclosures if your client has a government-backed loan:

FHA Informed Consumer Choice Disclosure Notice
Important Notice to Homebuyers
HUD/VA Addendum to Uniform Residential Loan Application
For Your Protection: Get a Home Inspection
HUD Appraised Value Disclosure
HUD Amendatory Clause

As a mortgage lender, you know just how many disclosure documents there are to keep up with and how important timing truly is to each one. At True Concept Title, we know this too.

That’s why we offer your loan officers a one-stop-shop portal that allows for a cohesive point of data exchange. Through this platform, your loan officers will save hours off of the lending workflow as well as courier costs. This will in turn allow your company to focus on more mortgages. Contact us today at 813-263-7168 to speak with our national title and escrow experts.

Let Us Help Process Your Loan Documents

We are here to help you be more successful and allow you to focus on your borrowers and not the software. We all want them to be able to call a place home or to have the funds to make changes they need to by refinancing.

Whether your business needs help with loan document processing, payoff ordering, file funding, or loan disbursements, True Concept Title can help your mortgage business no matter what state you are located in. Our national title company also offers full escrow processing. Our centralized escrow division will help your business throughout the entire process.

Call our Tampa, FL based title company at 813-263-7168 to see how we can streamline your workflow when it comes to processing loan documents and disclosures.

Difference Between A Title And A Deed

Sun, 07 Jul 2024 11:59:54 GMT

Deed. Title. What’s the difference?

When it comes to buying and selling, our title company knows these words can be a common source of confusion. While often used interchangeably in real estate, they have two very different meanings.

It is important to know the difference between the title and the deed to avoid unforeseen ownership problems. The experts at True Concept Title explain:

What is a Title?

A title is a concept and indicates ownership of something—whether it is a home, property, vehicle, or business. A title will determine who has the power to transfer or use the property.

Think of a title as a legal right to use something. A possessor of the title has a right to do something with, in this case, the real estate property. This can include enjoying the use of their property, accessing the land and modifying it as they see fit, and/or disposing of the property as the titleholder sees fit.

A title can be full or partial . More than one party can claim ownership of the property. And since a title is the ownership of the property, homebuyers and lenders can purchase title insurance that protects against false claims of ownership by other parties.

A mortgage lender holds the title until the property is paid off financially.

What is a Deed?

Unlike a title that shows the actual right of ownership, a deed is a legally binding document that shows a change in ownership has occurred through a sale. Think of the deed as the physical representation of the transfer of ownership.

A deed will state the names of both the seller and buyer of the property, and this document also requires signatures and a witness. This document shows a legal transfer of the property from one person to another.

Finally, a deed contains a description of the property so all parties involved know exactly and precisely what is being transferred. The deed is then filed as a public record. Depending on the location of the sale, it can be filed with the city, county, or state and is often accessible online through a local tax assessor’s office.

It is possible to hold the title to a property without possessing the deed.

How is a Title Company Involved?

A title company, like True Concept Title, will verify that the title to the real estate property being sold is legitimately given to the new homebuyer. In other words, a title company will make sure the seller has the right to actually sell the property to the buyer.

Once the title company verifies this process, it will provide title insurance as a guarantee. Having title insurance protects the lender and/or owner on the off chance someone tries to claim or question the legal ownership of a home or property.

The title company is then usually responsible for conducting the closing. Purchasers appreciate our convenient mobile closings. To help mortgage professionals, True Concept Title offers full escrow processing services so you can focus on your client relationships during this closing transaction time.

For All of Your Real Estate Needs

True Concept Title is ready to assist with all of your real estate transfer needs. We maintain a national presence in all 50 states but complement this strength by meeting the local needs of every client.

Our respected title company offers full escrow process services including payoff ordering, loan document processing, file funding, and loan disbursements. We also provide mortgage-processing services, closing and signing services, and document preparation.

To learn more about our national title and deed services and how we can support you, contact us our professionals at 813-263-7168 .

What Does a Title Company Do?

Sun, 07 Jul 2024 11:59:54 GMT

What does a title company do? If you have ever bought or sold a house, or are currently in the process, you know it is not as simple as signing a couple of documents and exchanging money. There is a lot of other behind the scenes work that takes place, and that is where a title company comes in.

In a broad scope, a title company is responsible for making sure the real estate title is legitimate and then will guarantee the title is valid through title insurance. There are some other additional responsibilities a title company can be responsible for as well. Here’s what you need to know.

A title company orchestrates the legal transfer of property rights between the seller and the buyer.

Verifying and Validating A Title

The primary responsibility of a title company is the transferring of property rights from one owner to the next. A title company, like True Concept Title, will verify that the title to the real estate property that is being sold is legitimately given to the new homebuyer.

There are many reasons why a title may not be legitimate and it is up to the title company to make sure that the seller actually has the rights to sell the real estate. During a title search the title company will look for:

Liens
Prior mortgages
Prior unpaid taxes
Court judgments
Fraudulent transfers
Unknown heirs
Restrictions on the property such as easements and right-of-ways

Protection Through Title Insurance

Without a legitimate title, the new buyer could have unimaginable legal issues. This is why a title company will provide title insurance after verifying the title. Title insurance acts as a guarantee and protects the owner (or lender) if someone tries to question or claim legal ownership of the real estate. Title insurance not only protects borrowers against recorded and unrecorded liens that could attach to a property, but may also provide savings for future refinances and/or sales of a property. Additionally, title insurance can protect the owner and/or their heirs against future litigation, from a prior owned property found to have clouds on title, for years after a property sale.

Other Services Our Title Company Offers

Title companies can assist with many additional services that make selling or buying a home more efficient, effective, and secure.

Maintaining Escrow Accounts

Title companies oftentimes manage and maintain escrow accounts on behalf of the sellers and buyers. An escrow account contains the funds needed to close on the home. They will ensure that the money is only being used for settlement and closing costs.

All parties rely on the title company to be honest and impartial when it comes to handling monies. We offer full escrow processing services through our centralized escrow division. Our title company coordinates order entry, escrow, file funding, and disbursement for all loan types nationwide. Real estate professionals appreciate our centralized production center can also manage:

• Payoff Ordering
• Loan Document Processing
• Loan Disbursements

Document Preparation

This service can be used in conjunction with full loan processing, or independently. When you choose this level of support from True Concept Title, your property reports include:

Current Vesting Information
Assessments
Legal Description
Parcel Number
Tax Information
Open Mortgages/Judgments / Liens
Recorded Bankruptcy Proceeding Information

Some of our property reports may include an abstract of title or a title opinion. These two documents focus on researching the history of the property, and if any issues arise during the research, they will need to be taken care of before a buyer can get title insurance.

An abstract of title is a good source for determining the history of the property. It outlines the ownership of the property by looking at when that particular property has been sold as well as looking at records that may show any applicable inheritance, court litigation, and/or tax sales.

After the abstract of title is complete, the title company will then write an opinion of title . This document states that the title company thinks the seller has a valid title to the property and they feel comfortable insuring the title through title insurance.

Mortgage Processing

True Concept Title develops customized processing that meets your business needs. This includes:

Quick Turnaround Times
Centralized Mortgage Processing, Available in all 50 states
Customized Processing Options
24-7/365 Access to Files

Conducting the Closing

At the closing, a settlement agent from the title company will conduct the formal closing on the real estate property. The settlement agent will bring all the necessary documentation, explain it to the parties, collect closing costs, and distribute monies.

We offer clients and partners a way to close loans quickly. More importantly, we build our processes and services around your needs. From attorney services to notarizing documents and document processing to mobile closings, our title and escrow experts can help with a successful closing experience.

After the closing, the title company will ensure the new titles, deeds, and other documents are filed with the appropriate entities.

Related > Convenient Mobile Closings

True Concept Title is Your One-Stop-Shop

A title company plays a large role when a property seller and a buyer enter into a formal purchase agreement, and at True Concept Title we want to be there every step of the way. Our job is to cater and build our title and escrow services around your customers’ needs.

At True Concept Title, we maintain a national presence, as well as local to the Tampa Bay area. We work with many mortgages, real estate, and legal partners across the country. We are ready to assist you in developing your customer relationships, no matter where they are located. Contact us at 813-263-7168 to get started today!

Location, Location, Location & Today’s Real Estate Market

Sun, 07 Jul 2024 11:59:54 GMT

Location. Location. Location. This real estate phrase is used all the time, but what does it mean and how can affect the value of a home in today’s real estate market?

Location is a very important aspect when it comes to investing in property. The same home in a different place can affect the total value. ‘Location, location, location’ is not just about what is desirable to you as a new homebuyer, but also objective factors that help to ensure your home investment makes sense long-term.

True Concept Title recognizes the importance of location and today’s real estate market. Y ou can change almost every aspect of a house from its shape to its condition but you cannot change its location. The location and value of your home are important not only when you close on a property, but also should you choose to refinance your mortgage loan later.

How Can Location Impact My Property Value?

When it comes to what a good location means, it can clearly represent different things to different people. That said, some definite objective factors remain across the board. Remember, that not all these factors may align with your personal needs and preferences, and that is okay.

When looking for a new home, keep these in mind as they may impact the overall property appraisal now and in the future:

6 Locational Factors To Consider In Today’s Real Estate Market

1. Nearby Schools

Is the home zoned for quality public schools? Even if you don’t have children, this is a key factor that should be an important consideration when researching the best home location.

Owning a home in a good school district is one of the biggest factors that drive up the property value. One of the safest ways to invest in real estate is to invest in a great school district.

2. The Neighborhood

Although the typical mortgage is for 30 or 15 years, on average, a person lives in their home for just 7 years. Thinking ahead for future resale value, you should consider what future potential buyers might think of the neighborhood as well.

A neighborhood could also encompass a certain geographic location. After all, once the land is developed and there is no more space to build upon, this makes the value of the current homes much higher. For instance, there are only so many homes that can be waterfront, near city amenities, or backing up to a golf course or lake.

3. Transportation

Transportation can mean many things, but in the end, the main factor in raising property value is the ease of transportation and the daily commute. No one wants to spend a lot of time commuting to their jobs, schools, or even to shop—time is the most valuable asset in the world and people are always willing to pay more to save time.

Walkability is also important to a lot of potential buyers and current homeowners. Do you feel safe walking around after dark? If the area is more urban, make sure local bus or train stops are nearby and there is an easy walking or biking path to get to them. Living near a major highway is convenient as well.

No matter where in the country you choose to call home, True Concept Title is here to help you close on the perfect property.

Call our national title company if you have questions about your upcoming closing or loan refinancing; we’re happy to help you. You don’t even have to worry about transportation. Our title experts will come to you for a convenient mobile closing .

4. Local Amenities

Amenities are important. In general, proximity to amenities improves a home’s value. Where are major stores, restaurants, and hospitals located in relation to the property…ideally these should all be within a few miles unless you are looking at buying a vacation home or a home in a rural area.

Many times, we help clients close on a home in a planned neighborhood that has its own set of amenities (ex. Pool, gym, etc.). While this may not be important for all potential homebuyers, these exclusive community benefits may have a positive impact on property value as well.

5. Crime Rates

Crime and safety should always be on top of the list when it comes to evaluating a home’s location.

To find crime information on a specific location, visit www.CrimeReports.com and input the home’s zip code to search. You can also visit the city’s official government website, the FBI website, and we suggest reading posts on sites like Nextdoor. The latter site will allow a potential buyer to get a feel for how the people who live nearby feel safety-wise, instead of just going off statistics.

6. Lot Location

Making a decision based on the home itself, instead of the location, could lead to another move sooner rather than later or could impact your refinancing amount later.

The actual infrastructure of a home is a depreciating asset. Therefore, an appraisal will look at property factors that include the lot being near a busy road/highway, next to a commercial property, or is on a street with an unusual amount of traffic. These things can be hard on the home’s property value even if all the other location factors mentioned above are in its favor.

Close on A Great Piece of Real Estate

Our title agents want you to feel comfortable with every aspect of your real estate purchase.

When it comes to buying and closing on a new home remember you cannot change a house’s location.

The real estate market is always changing. Where you live and the condition of the property can affect value overtime. While you may not be able to ensure your home will appreciate in the future, you can find a great location that can suit your lifestyle.

Choose True Concept Title for all your real estate services and needs. We support the entire home buying and selling process from start to finish. With offices based on both the East and West Coasts, you can reach our national title experts anytime. Call 813-263-7168 today to speak with a specialist.

Homebuyer Tips for Hot Real Estate Markets

Sun, 07 Jul 2024 11:59:54 GMT

The housing market is HOT right now, which can make it even harder to secure your dream home. Buying, selling, or both – you need a top-notch title team to help transfer the property’s title. While home inventory is low, and competition is high, you can still purchase a place you’ll love with these tips from True Concept Title:

Spotting A Hot Real Estate Market

It’s plain to see that right now we are living in a hot real estate market basically nationwide. New home sales are steady and refinancing to take advantage of rates are increasingly popular.

In general, if the unsold housing inventory has been on the market for four to six months, the market is considered balanced between buyers and sellers. Less than that is considered a seller’s market, and more than that favors buyers. Beware of an “overheated” market where housing prices can soar to unsustainable levels and demand for homes outstrip supply.

Ready to Buy a New Home

If you’re trying to buy a house in a hot market, you’ll want to make sure you have the best real estate experience from start to finish. Try these tips:

Window Shop

Before you set your hopes on a property, spend some time looking over what is available in your market. Scan the new listings every day. Tour open houses. While no property will be perfect, take your time to find what kinds of homes and neighborhoods that you like, and what features matter most to you in a home.

You’re buying a home, congratulations! All the steps, inspections, mortgage loans, and paperwork can feel like an overwhelming process. We’re here to help you through every step in the title insurance and escrow process. Protect the biggest purchase of your life with True Concept Title !

Have the Help of a Good Real Estate Agent

Having a good real estate agent on your side is key to purchasing your dream home in a hot market. You want someone that knows about listings as soon as they hit the market, if not before. Your agent should also know how to make your offer stand out from the crowd.

Decide on a Compromise

Some buyers see a dated kitchen or living room and make a run for the door. That may mean less competition for your property purchase. Home finishes and appliances can easily be changed, but it’s harder to change the floorplan, and of course, location matters.

Know when and where you can make small compromises, such as an outdated kitchen or bathroom, or a smaller lot. You might just get a great home in a neighborhood you otherwise wouldn’t be able to afford the mortgage on!

Don’t comprise on a great title experience. Call True Concept Title for national service to make your new home buying experience go seamlessly. We’ll even come to you for convenient mobile closings for your new property.

Line Up Financing

Get preapproved for a mortgage and talk to several lenders. You want a mortgage broker on your side that can close a loan quickly (and take advantage of great rates), especially in a hot market.

Offer a Quick Closing

Some sellers are in a hurry, and if you can put in an offer that closes quickly, you may set your offer apart. Some sellers might even accept a slightly lower offer in exchange for a quick close.

When you work with industry experts like us, the real estate agent, mortgage loan originator, and title/ escrow company will use our on-going relationships to do everything we can to help ensure a fast closing.

Ready to close on the go? True Concept Title’s national title specialists can close anytime, anywhere. We offer mobile title closings and fully support you at every step of the title process. Contact us today: call 813-263-7168 or toll-free at 866-651-6224 to speak with our title experts .

Get A Pre-Inspection

You’ve found your dream home that you want to make an offer on. Great! Now, have an inspector look it over. An inspection can help reveal problems that might impact your offer price, or that you might want the buyer to fix before purchasing.

In a competitive market, a seller is probably unlikely to agree to fix minor problems, so be warned. A pre-inspection also allows you to make an offer that is not subject to an inspection contingency.

Waive Contingencies Where Possible

If you are able, waive other contingencies such as for financing. This means that if your financing falls through, you will lose your earnest money. If going this route, it is wise to stipulate that a lender’s appraiser needs access to the home, otherwise you won’t get your mortgage.

Some things like liens on a property may also make it more difficult to get your mortgage, but a title company will make sure that everything is in place for the property purchase and make sure your investment makes sense.

Remember: even though waiving contingencies can help speed things along, you want to be careful because they are put in place to protect your rights and your money during the sale!

Be Patient

In a hot market, you might make several offers before winning on the right home. The house of your dreams is out there if you have the patience to find it!

Close on the House of Your Dreams

While the pursuit of homeownership can be daunting, our title agents at True Concept Title want you to feel comfortable throughout the entire process of your real estate purchase. The real estate market is always changing, be ready to put an offer on a home you love while interest rates are still low!

Choose True Concept Title for all your real estate title services and escrow needs. We support the entire home buying process from start to finish, and with offices based on both the East and West Coasts, you can reach our national title experts anytime. Your dream home is waiting for you! Call 813-263-7168 today to speak with a specialist.

Total Guide to REO Properties

Sun, 07 Jul 2024 11:59:54 GMT

Today’s current home buying market is HOT with interest rates at an all-time low and homes going for more money than in previous years. If you are ready to get your feet wet and purchase a home, but are worried you cannot afford a traditional home, it might be time you think outside of the box and consider purchasing a home through a nontraditional avenue.

Real estate-owned properties are a great option for potential buyers and investors who are interested in buying a home for a discounted price. Read more as our title & escrow experts elaborate:

What is an REO Property?

A real estate-owned property (REO) is a property that is no longer owned by the mortgage lender but is owned by the bank . Generally speaking, a bank does not want to own a property. Banks are not in the business of holding onto loans that aren’t making money, so oftentimes banks are more than willing to sell REO properties at a discount.

While banks are simply not going to give away these properties for next to nothing, these properties are generally sold at discounted rates. A savvy investor who knows the market can make an attractive profit if they go about buying an REO property the right way.

How a Property Becomes an REO

The process that takes a once customer-owned property to a bank-owned property generally goes through the following three stages:

1. Payment default

When a homeowner—the borrower—defaults on their mortgage payments they will start to receive notices, such as a Demand Letter notice and then a Notice of Default. When the homeowner does not make any attempts to resolve the outstanding payments and restore the loan, the property goes into foreclosure .

A foreclosure is when more money is owed on the house than it is worth. REO properties are often the result of a foreclosure. An REO and foreclosure are NOT synonymous terms.

2. Foreclosure auction

For the mortgage lender to recoup its losses, the lender will try to sell the home at a public auction. However, sometimes the lender may not be able to sell the property at the auction.

3. Bank-owned

When a property does not sell in the foreclosure auction it automatically becomes an REO property. At this part of the process, the bank will then try to sell the property on its own. With the use of a broker, the bank will prepare the property for sale, remove any occupants or liens on the property, and determine a price.

REO Properties Can Be a Smart Investment

There are often a lot of misconceptions when it comes to buying an REO property. Homes that were once bank-owned are often viewed unfairly as money pits packed full of costly repairs or entrenched in legal problems, such as difficult contract negotiations and liens.

While all this can be true, buying a real estate-owned property can still offer an extraordinary opportunity. Here are some reasons why buying an REO property is likely a smart investment:

1. Bargain prices

Who doesn’t love a great deal? When purchasing an REO property, consider the bank’s asking price and the amount of repair work that may be needed. Most of the time you may be able to walk away with a ‘steal’.

2. Opportunity for a home inspection

A potential buyer can request a home inspection before contract—this is something that is not allowed in a foreclosure auction.

Having the opportunity for an inspection will allow the potential buyer to understand exactly what they are getting into with the home’s current conditions and necessary repairs. This will allow the potential buyer to decide if the property is financially worth their time. Additionally, a home inspection report may also assist when it comes to negotiating the home’s price.

3. No outstanding taxes

When an REO property is sold it is generally sold free of title liens and any outstanding claims and/or issues such as delinquent taxes or HOA liens. This can help potential buyers save a lot of money.

4. No homeowners

A favorable consequence of buying an REO property is not having to work with the homeowners. This saves time and energy during the negotiation period since an investor will not be dealing with a seller that has personal attachments to the property.

In most cases, the owner—the bank—is ready to be relieved of the property so it can recoup its losses.

Complete the Purchase of an REO Property with True Concept Title

Ready to take the next step as a savvy real estate investor with an REO property?

At True Concept Title, our national title experts will support you and guide you throughout your entire REO purchase. With offices on the East and West Coasts, we are there for all your real estate services and needs. Call 813-263-7168 today to speak with a top-rated title specialist.

Differences Between Title & Mortgage Companies

Sun, 07 Jul 2024 11:59:54 GMT

Getting ready to buy a home can be a confusing time. From securing financing to going through the process of escrow , we understand there is a lot to do, and many moving parts to keep track of.

In real estate, mortgage and title companies play key roles in insuring home loans, and although we carry out very different functions, one can’t operate without the other. Before you wade into the home-loan market, True Concept Title explains the difference between title and mortgage companies & why both are key to buying property:

The Risk of Homebuying

Both title and mortgage companies must work together. Without the services of title companies, mortgage loans would be much riskier for both parties involved. If you were to buy a house without knowing about a claim or lien on the property, you would risk taking on much more debt than you were bargaining for and even litigation over ownership.

All while, the lender could risk default on the loan as well as costly fees incurred by any legal action over the title, property taxes, etc. Title insurance repays the FULL amount of the mortgage if the borrower loses the title to the property, and it also indemnifies the homeowner for the market value of the property.

Home Loans and Mortgage Companies

A mortgage is a loan that you secure to buy a property or a home, and the mortgage company works to create these loans by screening applicants and obtaining financing from banks and other financial institutions to cover the loan.

The mortgage company will run a credit report on the prospective buyer and offers loans with interest rates and terms that are acceptable to both the lender and the borrower. In return, the mortgage company earns a fee or commission from the lender based on the value of the loan.

Types of Mortgage Companies

There are four types of mortgage companies that you might work with to secure a home loan:

Banks: This is great if you prefer all your financial accounts in one place. But, it could take longer to close your loan. They also may not offer government-backed loans like FHA, VA, or USDA home loans.
Credit unions: Credit unions generally offer loans to their members only. They might offer lower costs and interest rates, but like banks, they might take longer to close, and they also may not offer government-backed loans.
Mortgage lenders: Mortgage lenders exist for the sole purpose of helping people secure real estate loans. Most mortgage lenders can take care of the entire mortgage process “in-house” which can shorten the time frame involved in obtaining a mortgage.
Mortgage brokers: Mortgage brokers do not lend money directly, instead, they have access to make lenders and loan programs, which can give you more access to many mortgage options. Because of this, they don’t have much control over the speed of loan approval.

Title Companies

A title insurance company, like True Concept Title, insures the legal title of the home you are buying.

The title company carries out title searches that identify the property’s past ownership and also discovers any outstanding title issues, liens, court judgments, or disputes that could stand in the way of you securing and buying your dream home.

The title company will then certify that the title is clear and provide insurance to the lender and the buyer. Your lender has a financial interest in the property, so the title insurance protects them in the same way it protects you: financially and legally.

Generally, the seller of the home pays for the title insurance policy, and you pay for the lender’s policy. You only have to pay title insurance once you close on the property, and you’re covered for as long as you own the home.

Dealing with a lien, probate, or other title dispute? As a national provider of a full range of title and escrow services, True Concept Title can help! Call our national title company today at 813-263-7168 .

You’re buying a home. See the Steps in the Title Process

Title Companies and Escrow

During the process of purchasing your home, a title company will hold and manage money in escrow. This escrow account is a savings account that is managed by a third party – in this case, the title company – and will distribute payouts when certain conditions are met.

Escrow accounts are common in real estate transactions, as your mortgage lender wants to make sure that you have enough money to cover certain expenses. If your lender requires a certain number of months’ worth of expenses in escrow, the title company will manage this account on the behalf of you and the lender.

Confused about escrow? Read this: Explaining Escrow

Protect the biggest investment of your life with True Concept Title! Serving all 50 states, we manage and coordinate order entry, escrow, funding, and disbursement for all loan types!

Protect Your Investment with True Concept Title

While buying a home may feel daunting, our title agents want you to feel comfortable throughout the entire process of your real estate purchase. Our experts help you have the confidence to buy a home while interest rates are still low!

Choose True Concept Title for all of your real estate closing needs. We support the home buying process with superior title insurance, escrow services, payoff ordering , and more! With offices based on both the East and West Coasts, you can reach our national title experts anytime. Your dream home is waiting for you! Call 813-263-7168 to speak with a title specialist.

What Taxes Do You Pay at Closing?

Sun, 07 Jul 2024 11:59:54 GMT

Benjamin Franklin is famous for saying that there were only two things certain in life: death and taxes. And while taxes, including property taxes, are an inevitable fact of life, they can also be quite confusing.

When you are a homeowner there is no way around property taxes—whether you have a mortgage, paid your home off, are buying, and even when selling!

Let’s break down what property taxes are, who pays property taxes, and how paying property taxes may benefit you at tax time.

What are Property Taxes?

Property taxes are fees that are paid to the state, county, and other local authorities. These agencies will then use the money to fund a multitude of services, such as local schools, first responders, law enforcement, road upkeep, and water/sewer line maintenance.

A local tax assessor determines property tax. When you purchase a home, a tax appraiser will assess the property’s value based on many factors including the local government’s tax rate. But generally speaking, the more valuable the land is, the higher the property taxes.

Do not worry though—getting the math right on the exact property tax value at closing is the responsibility of the lender or title company. If you are working with True Concept Title , we will provide you with a “cash due at closing” document that will provide the exact value. Leading up to closing, most lenders will be able to provide you with an estimate that will be pretty close to the exact closing number.

The lender or title company will provide you with a “cash due at closing” document that provides the exact amount at closing.

Who Pays Property Taxes?

There is no way around paying property taxes if you are a property owner. Taxes are not just exclusive to homeowners, but they apply to business owners as well. Even if you were gifted the property, you are still required to pay property taxes in many states including Florida.

Whether you are currently buying or selling a home, you may still be responsible for taxes at closing, and this usually happens with a prorated amount, which is paid at closing. The seller will generally pay a prorated amount for the amount of time they lived at the property that tax year and the buyer will pay the remaining prorated amount of property taxes to cover the rest of the calendar tax year. Remember, anything is negotiable between the buyer and seller, so this may not always be the case, as long as someone pays them.

If you have already purchased your home in a previous year, and you have a mortgage on your property, you will pay for your taxes through your monthly mortgage statement, and this money will be held in an escrow . When the time comes to pay your annual property taxes, the funds will then be available. If your home is paid in full, you will be asked to pay the local tax authority directly.

No matter the value of your property—whether it is $10,000 or $1,000,000—you will still have to pay property taxes.

Tax Benefits for Florida Homeowners

Owning a home in Florida has many perks and at this time of year, there are many tax benefits homeowners can take advantage of. When it comes to filing your tax return make sure to pay attention to these specific tax benefits for homeowners:

Real estate property taxes:

State and local property taxes are deductible in Florida to every homeowner. Whether you pay your taxes through an escrow account set up by your mortgage lender or you pay directly to the taxing authority, make sure you take advantage of this tax deduction.

Purchased a new home last year:

Did you purchase a new home last year? If so, you can deduct the real estate taxes you paid at closing. Make sure to have a copy of your Settlement Statement, or closing statement, as these real estate taxes you paid at closing will not be on the 1098 tax form you received from your mortgage lender.

Florida Homestead Exemption:

While the Florida Homestead Exemption is not exactly an income tax deduction it is still a huge benefit to Florida homeowners. This exemption can decrease the taxable value of your primary resident by as much as $50,000, which in turn means lower real estate taxes.

As a national title company, our experts in partnership with your Realtor and mortgage lender can help you understand the true tax ramifications of owning a new property.

Handling Property Taxes at Your Closing

Buying a home is a huge financial investment. When you are looking to purchase a property, do not forget to take a close look at the property’s tax value and make sure you are in a position to financially cover the mortgage payment and the annual tax payments.

True Concept Title is a professional, full-service title and closing company that understands the little details and how they all come together. We are experts at preparing detailed financial documents so you can be ready and prepared at closing.

If you are looking for help with your real estate transactions and have any property tax questions, call True Concept Title at 813-263-7168 .

Do I Need Title Insurance on a Foreclosure?

Sun, 07 Jul 2024 11:59:54 GMT

Foreclosed properties are at a higher risk for having title defects and issues. If you are interested in purchasing a foreclosed property you need to be proactive. You’ll want to protect yourself, your new property, as well as your money, and any profits you are hoping to gain from the purchase.

Before buying a foreclosed property confirm that the property has been through a thorough title search and that you have purchased title insurance. Our experts at True Concept Title are here to explain the importance of title insurance for a foreclosure:

Before You Purchase a Foreclosure

Purchasing a foreclosure property can be an exciting as well as a profitable endeavor if done properly. Some foreclosure properties are trickier to fix up, you don’t want to feel like you bought a possible money pit. In cases of bank owned properties, you’ll want to do your research first.

It is extremely important to know that any debt, liens , or any other claims do not follow a homeowner—they stay with the property. By ensuring that the title is clear of any of these before you purchase the property, you will help mitigate your risk of inheriting someone else’s costly problems.

Debt does not follow the homeowner; it stays with the property!

If you decide to invest in a foreclosed property, make sure that the title search is done by a reputable and experienced professional, such as the experts at True Concept Title. Remember that title insurance is a one-time fee that covers your property for as long as you and your heirs own it should any issues arise. This is something invaluable and should not be pushed aside. Call our national title insurance team at 813-263-7168 .

Learn more: Total Guide to REO Properties

Foreclosures May Involve Higher Risks

Title insurance is especially important when buying a foreclosed home because there are often more title issues that arise when purchasing a foreclosed property.

Here are some examples of why buying a foreclosure property involves more risk—and why title insurance is important:

Title warranties may not work with a foreclosed home as they do with a new home
Problems may arise after a title search
Outstanding debts and liens may be present, thus resulting in dealing with lien holders and creditors during the foreclosure process
The property may be occupied by tenants that will need to be evicted after the sale

Know your Liens: Liens 101

Title Insurance Protection

Title insurance is a protection for property owners. This is especially important for foreclosed property owners due to these properties being at a higher risk for title issues.

When a homeowner purchases title insurance, the insurance acts as a defense against a possible defective foreclosure. The title insurance company now has the duty and obligation to defend you in court if a problem does arise with the accuracy of the title, regardless of any mistakes that may have been made by previous mortgage service providers. This legal protection is invaluable to a property owner.

Common title discrepancies that title insurance protects are:

Falsifications of title documents
Unknown or undisclosed successors
Errors made during the title search
Any mistakes or oversights in any legalities

Ease Your Title Worries

Buying a foreclosed property is a big investment. Do not let something like forgetting to purchase title insurance be your financial downfall.

At True Concept Title, we are a professional, full-service title and closing company that understands the big legal and financial picture of purchasing a foreclosed property. If you are looking for help with your national title search or insurance, call True Concept Title at 813-263-7168 .

Common Misconceptions About Title Insurance

Sun, 07 Jul 2024 11:59:54 GMT

Buying a home is one of the most exciting and gratifying experiences out there. During the process of purchasing your new home, you might come across a couple of words that you’ve probably not given much thought to— title insurance .

While the home buying process can already be overwhelming, when you throw escrow and title insurance into the mix, it can become quite confusing. To further complicate things, there are numerous misconceptions about what title insurance is, and what it is for, which can keep new homebuyers from fully recognizing its importance.

To better understand how title insurance protects your property rights, let’s dispel common myths about title insurance:

Myth: Title Insurance Only Offers Minimal Protection

Title Truth:

During the purchase of your home, you will receive the title to the property. The title is your legal right to ownership of that property. Early in the home buying process, a title search is conducted to review the history of the property and ensure that there aren’t any liens , title defects, claims, or other issues that might arise.

This is where title insurance comes in, essentially title insurance protects you in the event of a dispute over ownership, or a lien, and will cover the legal expenses incurred to resolve the dispute.

Have greater peace of mind: Is Title Insurance Required?

Myth: There is Only One Type of Title Insurance

Title Truth:

There are two types of title insurance that you may purchase during the home buying process: an owner’s policy, and a loan policy.

The owner’s policy protects you, the property owner, against loss or damage if there is a covered title defect uncovered during the property title search. If you are using a mortgage loan to purchase your home, the mortgage lender may require you to purchase a loan policy or lender’s policy.

This title insurance policy protects the lender’s interests in the property until you have paid off the mortgage in full. Keep in mind, this loan policy provides no coverage to you, the homeowner.

Buying a home? Protect your property rights with title insurance from True Concept Title. Call us today for a consultation: 813-263-7168

Myth: Title Insurance Requires a Monthly or Annual Premium

Title Truth:

Unlike most insurance policies, there is no monthly or annual premium with title insurance. Title insurance is a one-time cost that you pay at closing when you purchase your dream home or refinance a property.

Learn More: What Does a Title Company Do?

Myth: Title Insurance is Expensive

Title Truth:

Generally, the one-time premium that you pay for an owner’s title policy is based on the purchase price of your home and is a small percentage of your closing costs. Coverage from your title insurance policy is provided as long as you or any of your heirs own the property.

When you weigh the benefits compared to the costs, an owner’s title policy is really quite reasonable.

Buying a home can be overwhelming. Don’t worry! We’re here to help you through every step in the title insurance and escrow process. Protect the biggest purchase of your life with True Concept Title !

Myth: Paying with Cash Eliminates the Need for Title Insurance

Title Truth:

An all-cash purchase will eliminate the need for a mortgage, thus eliminating the need for a lender’s title insurance policy.

However, an all-cash transaction does not eliminate the risks of unknown title defects. Ensuring that you have an owner’s title policy will protect you against the loss or damage of a covered title defect.

Myth: Homeowner’s Insurance and Title Insurance are the Same

Title Truth:

Not true. Title insurance protects your right to ownership and your lender’s investment. A homeowner’s insurance policy protects your home against losses or damage to the structure of your home during a covered damaging event.

Myth: Home Buyers Do Not Get to Choose Their Title Company

Title Truth:

Under the terms of the Real Estate Settlement Procedures Act (RESPA), you, the buyer have the right to choose the title company when the property is purchased with a federally regulated mortgage loan.

The seller of the property may not require you to purchase title insurance from a specific title company unless the seller is paying for both title insurance policies associated with the real estate transaction.

Myth: I’ll Never Use My Title Insurance

Title Truth:

Not so fast. In recent years, the title industry spent around $615 million defending the property rights of homeowners due to covered title defects.

Whether or not you think that you will use it, it is wise to have it, because you never know what liens, claims, or titles might arise during your purchase, or further down the line.

Secure Your Property Purchase with True Concept Title

With so many myths and misconceptions about title insurance out there, it is crucial to find a title insurance company that you can trust during your home buying purchase.

We are nationally known as a professional, full-service title insurance and escrow company that will help ensure the security of your property rights. If you are looking for help with your real estate transactions and have any title insurance questions, call True Concept Title at 813-263-7168 . We are truly committed to providing quality title and escrow services.

Closing Time! 6 Steps Every Homebuyer Should Expect

Sun, 07 Jul 2024 11:59:54 GMT

You have finally decided on your new home, put in an offer, and the seller has accepted it! You may feel like your home-buying journey is coming to a close, but before it is official, there is a lot of behind-the-scenes work that needs to happen. You’ll want to ensure nothing goes wrong and you do not lose your dream home or new investment property.

The closing process can take anywhere from 30 to 90 days and can be broken down into six steps. Our agents at True Concept Title want new homeowners to feel confident going into closing. Scroll to see a list of six steps that every homebuyer should expect at closing time.

1. Obtaining A Closing Agent

At this point in your home buying journey, you are most likely working with a real estate agent. And now that the seller has accepted your offer, the first step—with your permission— will be for your real estate agent to select a closing agent. You may also choose the closing agent.

The closing agent can be a title company, an escrow company, or a settlement company. True Concept Title is a title company that handles closings nationwide. We oversee the entire closing process, making sure everything happens on time and in the right order so there are no unnecessary delays or issues in the closing of your property.

2. Escrow Agreement

Once you and your real estate agent have selected a closing agent, a contract or escrow agreement will be drafted. A closing agent at True Concept Title will complete and review the escrow agreement for accuracy.

An escrow account will also be set up at this time. The closing agent will put your deposit into the escrow account where the money will remain until closing day.

3. Title Search

The next step in the closing process is to order a title. A title company will then search all public records to identify any potential issues with the title. These issues may include liens against the property or utility easements. If there are any issues, the title company will handle and resolve these issues before the home sale can move forward.

This is extremely important for a new homebuyer as you want to make sure you are the legal owner of the property and there are no claims or judgments against the property before you purchase it.

4. Title Insurance

Once the title search is complete and is clear of any issues, the title company will provide a title insurance policy. Title insurance protects the homeowner (buyer) and the mortgage lender from any financial loss due to a defect in a title to a property. Common claims filed against a title are liens, back taxes, and conflicting wills.

There are two types of title insurance in a home sale: a policy for the buyer (Owner’s policy) and a policy for the mortgage lender (Lender’s policy). If you are obtaining a loan, the bank or lender will require you to purchase a Loan policy, however, beware this policy only protects them. It is recommended that a new homebuyer purchase an Owner’s policy to protect their new property and financial investment.

5. Closing Disclosures

At least three days before closing, your lender or closing agent must provide a Closing Disclosure (CD). The Closing Disclosure provides disclosures that explain the costs of the transactions. This information includes interest rates, monthly payments, and costs to close the loan.

At this time, you or your lender can make changes to the CD. If these changes are significant, you must provide a new form and wait an additional three-business-day waiting period.

Examples of significant changes to the Closing Disclosure can be:

Changes made to the APR above 1/8 of a percent for most loans (and 1/4 of a percent for loans with irregular payments or periods).
Changes the loan product
Adds a prepayment penalty to the loan

If the changes are not significant, like the ones mentioned above, the changes can be disclosed and revised on a Closing Disclosure form without delaying the closing.

6. Prepare For Closing

As the closing day nears, the closing agent will confirm with all parties a final date, time, and location (even, mobile is an option) for the closing.

On closing day, all the behind-the-scenes work is completed and all the paperwork is in order. You will officially be a new property or homeowner!

Close On Your Property with True Concept

Let the closing agents at True Concept Title manage the entire closing process from start to finish. While you are busy packing, transferring utilities, and coordinating movers our professional, full-service title and closing company is handling the closing process.

Are you ready to close on your new property? Call True Concept Title at 813-263-7168 and let us handle the rest! We’re trusted by homeowners, banks, mortgage loan originators, and other real estate experts nationwide; the best work with the best.

What Realtors Should Know About Title Insurance

Sun, 07 Jul 2024 11:59:54 GMT

There’s no denying that you have a lot on your plate as a realtor from showings to closings and everything in between. What happens when an expected lien is found that needs to be paid right before your client closes on their dream home?

For some, closing can feel like a stressful time, and it’s a good idea to know the ins and outs of title insurance so you can better explain why it is important to your client. Here are some things as a realtor that you should know about title insurance…

Title Insurance Protects Your Clients

Title insurance protects your clients against any problem that might affect the title to the home, including unforeseen liens , title defects, claims, or other issues.

Homebuyers are protected from issues that can arise with ownership by purchasing an “Owner’s Policy” of title insurance, which ensures that the title of their property is free and clear of liens or encumbrances such as unpaid mortgage payments, property taxes, and even child support liens.

Additionally, during the title search, title professionals look for anything that could limit the use of the property such as utility easements.

When the title professionals at True Concept Title find an issue, we work diligently to resolve it. We work hard to make it seamless for you and your client!

One-Time Fee

An Owner’s Policy is a one-time fee that the majority covers the cost for the title company to discover and repair any title issues that might have occurred in the past. Title insurance is fundamentally different from other forms of insurance your clients may encounter due to its preventative nature.

Plus, title insurance has lower loss rates than other forms of insurance. In a claim scenario with title insurance, it is serious, and a loss means that your client’s homeownership could be in jeopardy. Title agents help minimize the fear, disruption, and distress that can occur with a title claim.

Dealing with a lien, claim, or other title dispute? True Concept Title can help! Call our national title company today at 813-263-7168 .

Lasting Protection

One important aspect of title insurance to ensure that your clients are aware of is that an Owner’s Policy provides protection for as long as they, or any of their heirs (in the case of probate ), own the property.

If a claim does arise, the Owner’s Policy will cover the cost of the defense and any legal fees that are incurred.

For Example:

Your client recently purchased a new home in an up-and-coming area of town.

Unfortunately, the builder failed to pay the roofer when the house was built. Of course, the roofer wants to be paid, so he filed a lien against the property. Without a title search that would alert you and your client to this issue, plus an Owner’s Policy to protect your client, they would become responsible for paying off the debt to the roofer when they buy the house.

That’s why it is so important to have title insurance when buying a home or property!

You Can Choose Your Title Company

When purchasing a new home, your client is free to select their own title insurance company . As a Realtor, you can recommend to your clients to work with a title company like True Concept Title that you have a great relationship with.

Title insurance rates are regulated by your state’s insurance department and are also regulated by the Consumer Financial Protection Bureau (CFPB.)

Together, realtors, mortgage professionals , and title insurance professionals can protect consumers and ensure a stress-free experience during the real estate closing process.

Close with ease: Mobile Closings, Anytime, Anywhere .

Protect Your Clients with True Concept Title

Buying a house is a big investment and one that should be protected by title insurance . Ensure a smooth transaction by working with a reputable title company throughout the closing process. By working with our experienced team, you and your clients can avoid unforeseen title issues at closing with our title search services.

From escrow to loan document processing, to title insurance, and more, we handle it all. We are experts at performing title searches to ensure that you and your clients can close with ease.

If you are looking for help with your real estate transactions and have any title insurance questions, call True Concept Title at 813-263-7168 .

Refinancing A Mortgage: Here’s How It Works

Sun, 07 Jul 2024 11:59:54 GMT

Due to the current real estate market , refinancing is a popular buzzword right now among homeowners.

Have you considered refinancing your home, or are you wondering if it is something you should look into? Depending on what your goals are for your home and financial situation, refinancing your mortgage can be worthwhile.

Refinancing may seem confusing and perhaps a little intimidating. Our experts at True Concept Title are here to explain what the process of refinancing looks like.

What Is Refinancing and Why It Makes Sense

Simply put, refinancing your mortgage is changing out your old loan for a new one and can be a smart move for many reasons.

Whether you can save money on your monthly mortgage payments thanks to lower interest rates, or you’re ready to take the next step in a large home improvement project and have enough equity in your home to borrow cash, refinancing can help.

Here are some of the great benefits to why people refinance their home mortgages:

Reduced monthly payments: Lower interest rates or loan-to-value (LTV) ratio is smaller
Improved credit score = lower interest rate
You can afford higher monthly payments: You can reduce your loan term; for example, if you go from a 30-year mortgage to a 15-year mortgage, but may pay more each month, your mortgage will be paid off sooner
The fixed period on your adjustable-rate mortgage (ARM) is ending: When the fixed period of your ARM ends, you will need to refinance and switch to a fixed-rate mortgage
You want to take cash out: You can use the equity that your home has accrued to reinvest back into your home for major renovations or repairs, such as building a pool or upgrading your kitchen/bathrooms.
You want to consolidate debt: If you have more than one type of debt, such as credit card debt, student loans, or a second mortgage, you can consolidate these debts into one, more affordable payment.
If you have credit card debt, consolidating debt can be very advantageous as the average credit card debt in America is 14.52% and mortgage rates are at an all-time low average of around 3%

How to Refinance Your Home

You have decided that refinancing is beneficial to your property, financial situation, budget, and lifestyle. What should you expect next? Here are the steps in the refinancing process.

A typical home refinance can take between 20 and 45 days.

Step 1: Research

Now that you are ready to refinance you need to make contact with a mortgage lender. You may want to start by contacting your current mortgage lender. Some homeowners also contact other local banks and credit unions to see if they can negotiate a lower interest rate. Remember to ask for recommendations for your local neighbors, friends, or even family.

While you are researching, make sure you know and understand what type of refinancing you want to do. Are you trying to reduce your loan rate (i.e. going from a 30-year loan to a 15-year loan) or are you trying to take out cash from the equity your house has accrued?

Step 2: Gather Documents and Apply for the Loan

Once you know you are ready to finance, start gathering all the necessary documents your lender will require to start the process. Most of the documents will be the same ones needed when you first purchased your home:

Pay stubs from the past month
Bank statements from the past two months
W-2s or 1099’s from the past two years
Tax returns from the past two years
Your latest mortgage statement
Your homeowner’s insurance policy

If you are refinancing your home and are married, make sure you have supporting documents for both people.

Take your time filling out the forms, as any mistakes can slow down the refi process.

Step 3: Receiving The Loan Estimate And Processing The Loan

Within three days of submitting your loan application, you should receive a loan estimate that includes all the details of the loan. The loan estimate will include details such as your new monthly payment, closing costs, and any disclosures.

Next, your lender will go through all the documents that you have given them and process your loan.

Step 4: Getting A Home Appraisal

Next, the home appraisal process begins. Your lender needs a home appraisal to ensure that your home is worth enough to qualify for your new mortgage—if you were to back out on your new mortgage, the lender will need collateral. If your home appraises for more or less than what was initially thought, the lender may need to revise the loan estimate.

The lender will normally arrange for the appraiser to come out and inspect your home, but the homeowners are typically responsible for the cost of the appraisal. This can range on average between $300-400. An appraiser will take pictures, notes, and write a report on the property.

Step 6: Underwriting

Next is an underwriting review. An underwriter will carefully examine the documents to make sure everything is accurate and they will verify that you can afford the new loan payments.

This step takes the longest in the mortgage refinancing process and you may be asked to provide additional documents or answer any further questions the underwriter has. If the underwriter finds your new loan satisfactory, you will receive an approval letter that states the final terms and conditions of your loan.

Step 7: Closing

You are now ready to close! You will receive a preliminary closing statement that states the terms and closing costs.

If everything meets your approval, you and your lender will select a date, time, and location for closing. At closing, you will sign the final loan documents in the presence of a notary public or lawyer.

This is the last step in the refinancing process and your loan is now official! You will have a three-day “right of cancel” period after closing if for any reason you change your mind about refinancing (but with the benefits we mentioned, why would you?).

Refinance With True Concept Title

The mortgage experts at True Concept Title can manage the entire refinance process from start to finish. Our national title and mortgage experts handle mortgage loan refinances daily.

Are you ready to refinance your home? Call True Concept Title at 813-263-7168 and let us handle the rest!

What Is Included in a Title Search?

Sun, 07 Jul 2024 11:59:54 GMT

Congratulations! You have found your next home and are ready to start the purchase process. We know there are many stages involved before the home is officially yours, but one of the most critical steps in the process is conducting a property title search.

Why is this step of the home buying process so important? Let’s take a closer look at what a property title search is and how it can protect the purchase of your new home:

What Is A Title Search?

A property title search is a comprehensive examination of local records, documents, and sources related to a specific property. The goal is to uncover all available information about the property. Why would you need this? A title search will tell you anyone who has a claim on the property — not just the current owner.

A property title outlines who legally owns the property, but it does not necessarily include a complete history of the property. The property title may be missing updated information or older information about liens , judgments, unpaid taxes, debts, and bankruptcy, to name a few. This is why you need to conduct a title search.

Without a proper title search, you may be investing in a home that potentially could become a financial nightmare. You may be responsible for old claims against the property’s title. Worse yet … after you buy it, someone else may show up at your doorstep and claim the property is theirs.

Housing debts and liens follow the property, not the previous owners.

How Does A Title Search Work?

A property title search is done either by an attorney or a title company . They usually are called abstractors, and they work to pull all legal documents and relevant information they can find about the property.

The abstractor then creates what is called an abstract of the title. This abstract includes a recorded chronology of all the transactions, documents, and information related to the property.

We will look at these sources during a title search:

Federal and state tax liens
Bankruptcy records
Financial judgments
Child support cases
Divorce cases
County land records
Deeds
Debts (gambling or contractor)
Loans

It is imperative to know that your property has no financial claims or judgments on it before you take ownership. If not, you will be responsible for those claims.

An abstractor may also include information about:

Property boundaries
Easements
Deed restrictions

What Happens If There Are Problems With The Title Search?

If there are issues with the documents that are unearthed during the property title search, there are a few ways to take care of them.

The most common and easiest way of resolving the issue is for the current owner/seller pay whatever debt is owed. This will clear the title.

If the owner/seller does not have enough money to clear the debt, they can negotiate with the buyer. A buyer and seller can agree to split the amount needed to clear the title.

Or in the case of a competitive market with multiple offers, a potential buyer may be willing to pay to clear up the title search and then ask the seller for a discount.

When a property title search is conducted, there is a small chance that something is missed. This is why it is so important to get title insurance when buying a home. This protects the buyer by ensuring the title company will handle any issues that may arise.

Let True Concept Title Conduct Your Title Search

The title search is a key element in the home-buying process. Our national title experts will make you feel at ease through the entire process.

Are you ready to purchase a new home and need help with a professional title search? Call True Concept Title at (813) 263-7168 and let us handle the rest!

Considerations Before Purchasing A Fixer-Upper

Sun, 07 Jul 2024 11:59:54 GMT

Whether you are buying a fixer-upper to flip and sell as an investment or you are planning to live there, there are a multitude of things you should consider before purchasing.

Fixer-uppers can be a lucrative deal or a disastrous money pit. The idea of fixer-upper homes is increasingly popular because they allow you the opportunity to invest your time, labor, and materials into designing your dream home and therefore creating your own equity.

But before you consider jumping in, it is important to understand what it takes to make a fixer-upper worthwhile. The last thing you want to do is find yourself way over your head!

Before You Invest

If you are looking to purchase a fixer-upper home, do your homework. Here are some tips to consider before you invest.

1. Location, Location, Location

As with anything real-estate related, location is one of the most important factors when purchasing a fixer-upper. If you are looking to make an investment or create equity, look for a home that is in a desirable school district or an up-and-coming neighborhood.

A home’s location might be a good indicator of why the property value is low in the first place. Homes located near busy roads or construction zones will not increase a home’s property value even when fixed up.

2. Layout

The layout is another important factor. A home’s internal layout often can be reconfigured for the right price. But are you able or willing to front that much money into the perfect layout? Today, most homeowners want an “open” floor plan with bedrooms close to bathrooms.

Also, consider the home’s external layout; this may be harder to fix. Adding on to the property may be difficult depending on the size of the lot.

3. Condition

The condition of the home is another issue. As with the layout, updating a home is easier when you have more money to invest. But be careful, if you bankroll wads of cash and it surpasses what the house is worth — it might become a “money pit.”

Here are examples of easier repairs:

Painting
Refinishing floors
Installing or updating ceiling fans and/or light fixtures
Replacing broken or old windows
Repainting or refacing kitchen cabinets
Replacing doors

Here are more complex and costly repairs:

Reroofing
Complete kitchen or bathroom remodels
Adding central air conditioning
Add-ons such as a garage or patio
Replacing sewer lines, plumbing, and electrical
Fixing foundation issues

4. Home Inspection

Before making a purchase, have a certified home inspection completed. You must know what you are getting into. A home inspection can make or break your purchase and, after all, there is probably a reason it is such a great deal.

What may seem like basic, less-costly repairs on the outside can morph into extreme issues that eat through your budget when the walls are opened.

A home inspection will examine and report on these major areas:

Roof (age and condition)
Home warranty
Pests present (termites, roaches, rats, ants, etc.)
Sewer lines and septic tanks (if applicable)
Engineering reports (contamination, natural hazards, nearby landfills, etc.)

5. Title Insurance

One of the final factors to consider before purchasing a fixer-upper property is title insurance . It is crucial to acquire this insurance, which protects you and your mortgage lender if issues or defects arise with your house.

This includes unknown liens , property restrictions, encumbrances, public-record errors, and illegal deeds.

If any of these issues were to crop up and you did not have title insurance, you would be responsible for financial issues — or worse. You may find out you do not own the property and lose your new home.

Purchase With True Concept Title

Despite the potential headaches of work and worry, purchasing a fixer-upper can be a wonderful thing. Before you invest, make sure to contact the mortgage and title experts at True Concept Title.

Our team will work with you to make the home-buying process as smooth as possible, including the protection of proper title insurance. To learn more about our national title & escrow services, call us at (813) 263-7168 .

Home-Title Theft: How to Protect Yourself

Sun, 07 Jul 2024 11:59:54 GMT

Losing your home to title theft is real. Technology and the Internet have made our personal information more available than ever to criminals. Identity theft is extremely prevalent, but thieves are turning to title theft and stealing people’s property — a much more profitable crime.

You may be asking yourself what home-title theft is, how it can affect you, and what you can do to prevent it. The title experts at True Concept Title are ready to explain how you can protect yourself – and property – against this crime.

What Is Home-Title Theft?

Home-title theft, or deed theft, occurs when ownership of a property is fraudulently transferred to another person without the owner’s knowledge or consent.

But how could this be done? The thief would first forge the real homeowner’s signature on the title to make it look like the property was sold to them. The document then would be signed as the new homeowner or grantee. The forged title is filed with the county recorder to make it appear official.

Once it is filed, the real homeowner no longer has legal ownership of the property — until they find out and then must fix the title fraud and theft.

Home-title theft can happen when:

The mortgage is refinanced — the thief cashes out the home equity and walks away with the difference. The thief will not pay the new mortgage, meaning the real homeowner can face foreclosure.
A home equity line of credit (HELOC) is opened in the real homeowner’s name — the thief cashes out the home equity and will not pay the new mortgage, again leaving the real homeowner to face foreclosure.
An empty home, such as an unoccupied rental property or vacation home, is targeted — the title is forged, the home is sold, and the real homeowner does not know.
Vulnerable homeowners such as seniors are conned into “refinancing” their home — the property is refinanced or sold, transferring ownership to the thief.

Keys To Protecting Yourself

One of the most important ways to protect yourself from home-title theft is to be vigilant. After all, thieves want to avoid being caught, so they look for an easy target. The experts at True Concept Title want to raise awareness of home-title theft by recommending the following tips.

Watch for missing bills or bills addressed to someone who does not live at your address.

Although it could just be an error, missing bills should be investigated. If your important home-related bills, such as your mortgage, utility bills, tax bill, etc., are missing, the home title thief has likely changed the address.

On the other hand, if you are receiving home-related bills but in someone else’s name, this is a red flag.

Watch and monitor your credit report.

It is important to frequently monitor your credit report. If you notice that your credit score has dropped, you should investigate it immediately. It may be the result of unpaid bills from the change of address/title theft. Also, it could indicate that the thief has sold more of your personal information and you may also be a victim of identity theft.

Make sure you have title insurance.

While title insurance will not prevent the theft from happening, it will protect you afterward.

How Title Insurance Protects You

Title insurance is extremely important. It is a one-time fee that protects against any claims or liens that are made against the property.

There are two types of title insurance — lender’s title insurance and owner’s title insurance. When you purchase a home, the mortgage company requires lender’s title insurance to assure them that the home title is clear at the time of the sale. The owner’s title insurance protects the property after the purchase of the home.

If you are a victim of home-title theft, you will need a lawyer to go to court to prove that fraud occurred. This is time-consuming and can be costly. Thankfully, title insurance will pay the legal fees. Therefore, it is crucial to purchase title insurance before closing on your home.

Shield Your Home With True Concept Title

Do not allow yourself to become a victim of home-title theft!

The best way to protect yourself from home-title theft is to purchase title insurance when you buy your home. If you are purchasing a property or need help getting title insurance, True Concept Title can assist you. Our team offers complete title and escrow services nationwide. Call us today at (813) 263-7168 to see how our team can protect your home today!

How Long Does Title Insurance Last?

Sun, 07 Jul 2024 11:59:54 GMT

Buying a home is a big investment in your future. Therefore, it is imperative to protect your home as much as you can since issues with a property like a lien or bankruptcy can arise even after the purchase is completed.

It is highly recommended that you obtain title insurance to protect you from and resolve any ‘surprise’ issues that may occur during your home purchase.

Our title specialists at True Concept Title are here to answer all your title insurance questions! Let’s start with how long does title insurance last?

What is Title Insurance?

First, title insurance is designed to protect both the homeowner and the mortgage lender from any issues associated with the title to a property, known as “defects.”

The title is a document that proves that you are the legal owner of a property, and is different from a deed , which is a document used to transfer ownership of a house if you sell your home.

More> Closing Time! Steps To Expect

Buying a home doesn’t have to be daunting. With True Concept Title, you have expert help through every step in the title insurance and escrow process. Protect the biggest purchase of your life with us!

How Does Title Insurance Work?

Typically, the process of getting title insurance consists of two steps. First, the title company will conduct a title search to ensure that the home that you are about to buy has a clean title . If they notice any defects such as liens, judgments, or debts, we will notify you.

Next, after the title is confirmed to be clean, the underwriting process begins. Then, the title company will offer you a quote based on the risks of the purchase.

Keep in mind: Most title companies will not offer a title insurance policy if the title is filled with defects until the issues are resolved.

Is Title Insurance Required?

Many mortgage lenders require homebuyers to obtain a title insurance policy to protect them against issues. This is called a lender’s title insurance policy . The exact laws regarding who pays for title insurance will vary by state.

We highly recommend the purchase of title insurance because, without protection, you could become responsible for any prosperity taxes or debts that the previous owner failed to pay.

More> Common Title Insurance Misconceptions

How Long Title Insurance Policies Last

Generally, the duration for which a title insurance policy is valid will depend on the type of policy that you have.

Lenders Policies

A lender’s title insurance policy will typically last until your mortgage loan has been paid in full.

Lender’s title insurance policies are frequently required to receive a mortgage because the mortgage lender faces risks simply by providing a loan for a property whose title may or may not be defective.

Owner’s Policies

An owner’s title insurance policy is valid for as long as you or any of your heirs own the property . This type of title insurance policy protects you from lawsuits from third parties who suggest that there were claims filed against your home before you purchased it.

You can also purchase an extended owner’s policy which can protect you against additional liabilities like encroachments, forgeries, damages, living trusts, and any covenant violations the previous owners may have had.

Purchasing a home? Protect your property with title insurance from True Concept Title. Call our national team based in Tampa Bay, FL today: 813-263-7168 .

Does Title Insurance Have to Be Renewed?

Unlike other insurance policies that are paid monthly, semi-annually, or annually, title insurance is a one-time payment paid upon the closing of a property. If you add any additional coverage later, you will need to pay an additional sum.

It is also important to note that coverage can potentially last indefinitely for any title warranties made upon the sale of your home. Therefore, it is recommended that you do not cancel your title insurance policy, even if you sell your property or transfer the title.

Protect Your Investment with Title Insurance

If you are in the process of purchasing a property, we highly recommend that you obtain title insurance to protect your investment. This is too important of a purchase, and likely the largest in your life. Our national title experts will make you feel at ease through the entire home buying process.

Are you ready to purchase a new home and need to obtain title insurance? Call True Concept Title at (813) 263-7168 today!

How to Get Your Offer Accepted in a Hot Market

Sun, 07 Jul 2024 11:59:54 GMT

Feel like you can’t blink in today’s real estate market? These tips will help get your offer accepted in a hot market.

The housing market is HOT. Summertime is typically the listing season when many people are putting their homes on the market. Low mortgage interest rates and extra savings have many looking to make a move. Add to that, historically low home inventory is driving fierce pricing competition right now.

What does this all mean? That the purchase process is a little more intense for would-be homebuyers.

If you are looking to buy a home in this hot market , you must stand out to the sellers. But how? Our real estate experts at True Concept Title provide this list of six tips that will keep your offer competitive.

Start Strong

You must have a strong opening offer. In a competitive market, a low offer is not welcome.

Everyone wants to get the best possible deal, but make sure you don’t lose your “dream home” over a couple of thousand dollars. If your offer is too low, you may offend the sellers, and if you lowball them, the sellers may not even counter back.

If you know or suspect you are not the only buyers making an offer on a home, you need to start with a substantial initial offer. We suggest working with a top-rated real estate agent to help you know what’s fair for the property.

Be Prepared

When you present your offer, it should be the best proposal you can make. You do not want to give the seller any reason to reject your bid, especially if you were not prepared or the offer was incomplete.

Make your offer as “clean” as you can. A seller with multiple offers will be more interested in a submission that is complete and free of contingencies. Cash offers will put you ahead of the competition, but we know not everyone can afford that. If you need to finance the home, you can offer to put more money down or pay the closing fees .

Use a Professional Real Estate Agent

When the housing market is intense and homes go under contract in hours or days, you need to hire a professional real estate agent with knowledge of the area.

It is worth the money to hire a professional when you are facing a multi-offer situation. A knowledgeable real estate agent will know if the homes you are looking at are priced above or below the asking price and help you make a persuasive, competitive offer.

Understanding the Seller’s Needs

It’s better to go into an offer with understanding and empathy with the sellers and their needs. If you know what the seller’s motivations are and what they want, you can put together an attractive offer.

If you know what may motivate the seller, you can build a relationship with them that sets you and your offer apart.

Are they motivated by price and closing costs?
Do they want a quick close because they have purchased another home?
Are they considering renting back and staying longer?
Do they envision a young family growing up in their home as they once did?

If you know what the sellers are after, you can work with them to create an offer that you both can’t wait to close on.

Related > Closing Time! 6 Steps Every Homebuyer Should Expect

Avoid a Bidding War

When that dream home is caught in a multi-offer situation, it is easy to get into a bidding war. But be careful — no one wants to have buyer’s remorse in an overpriced home.

If you hired a local real estate professional , they could help guide you through the process with unbiased advice. They also can walk you through a potential bidding war or find another dream home that is a better value.

Be Positive!

As you start looking at homes and making offers, stay positive! Remember, the market is hot and you may lose some to win “the one.” It is usual for buyers to lose a couple of homes before they get an acceptance.

Close with True Concept Title

True Concept Title provides lenders and Realtors with the information they need to stay on top of real estate market trends. We are a one-stop-shop for your title and closing needs.

Call us today at (813) 263-7168 to see how our team can help you close on your home in today’s competitive market.

What Is A Home Appraisal?

Sun, 07 Jul 2024 11:59:54 GMT

Are you going through the home buying process or refinancing? If you are, and you are financing (or refinancing ) the home through a lender, you will need to get the property appraised.

But what is a home appraisal, and why do you need it? Why does the lender require it? And how can you get your home appraised? Our mortgage and title experts at True Concept Title have put together an easy overview explaining what a home appraisal is so you can understand the process when the time comes.

Finding Fair Market Value

A home appraisal is an estimate of the fair market value of a home. The appraisal is completed by a licensed or certified appraiser and is based on research of recent sales of comparably nearby homes, an analysis of the property, and the appraiser’s judgment.

An appraisal is required by a mortgage lender when a buyer needs help financing the home. The lender wants to know what the approximate value of the home is, so if the buyer happens to default on payments in the future, the lender can use the home as collateral to recoup their loss. A lender does not want the loan to be worth more than the property’s value.

Typically, the homebuyer will pay for the appraisal (roughly $300 to $400), but the lender will set up the appraiser and oversee the process.

What Does An Appraiser Look For?

When a home appraiser determines a home’s value, there are many details and factors they consider. Using market research, an appraiser will consider:

Characteristics of the neighborhood/surrounding area
Recent sale prices of comparable nearby homes
The lot and home size
Age of home
Condition of home
Appliances
Amenities (ex. fireplaces, decks, or pool)
Home improvements and renovations
Interior and exterior materials
Local housing market trends

These listed considerations are a part of the four-step appraisal process. When an appraiser conducts an appraisal, the process performed includes:

Research the home’s history
Evaluate the market
On-site inspection
Submit a comprehensive report (Uniform Residential Appraisal Report)

Home Appraisal Vs. Home Inspection

A home appraisal can sometimes be mistaken for a home inspection. Both are important and required in the homebuying process when the buyer is financing, but they serve two different purposes.

As we just discussed, a home appraisal is an assessment of home value. It is completed to help the lender gauge the risk of making the loan to the buyer—the bank wants to have collateral that is worth something in case the buyer/borrower defaults on their payments. And while the appraisal does consider the home’s condition as part of the home appraisal analysis, the appraisal does not make recommendations for repairs.

A home inspection is an evaluation of the home’s condition. An inspector, not an appraiser, will walk through the home from top to bottom, inside and out, checking the home’s structure as well as mechanical and electrical systems, appliances, and plumbing. An inspector will also submit a report, with recommendations for repairs. These repairs will usually need to be completed for insurance purposes before the home can be sold.

Do I Have to Have a Home Appraisal?

Unless you are paying cash, you will need to get the property appraised. The lender will have it as a requirement to get a mortgage. They want to make sure the property they are helping you invest in is worth what you’re paying for it.

If the property doesn’t appraise at the price you offered, you may need to bring more money to the closing table to cover the difference in value. The seller may also be willing to renegotiate the purchase price based on the appraisal value.

Close With True Concept Title

A one-stop shop for all your title, loan payoff, and escrow needs nationwide. Our experienced professionals will assist you through the home closing process to make sure your home buying purchase goes smoothly and without any delays.

Call today at 813-263-7168 to see how True Concept Title, or our local real estate, mortgage, and banking partners can help you!

Common Closing Costs

Sun, 07 Jul 2024 11:59:54 GMT

There is a lot that goes on behind the scenes when purchasing a new home. Closing costs is one of those things.

Closing costs: you may have heard about them on TV. Closing costs are not one set number based on the purchase price; they can include a variety of fees and other charges. Whether this is your first time buying a home, or if you have done this a few times, it is important to have a complete understanding of all the costs associated with purchasing a property.

Here, the True Concept Title team outlines the five most common closing costs. Keep reading to get a better understanding of what you can expect at closing time.

Common Closing Costs When Buying a Home

During the closing process, homebuyers can expect to pay for some (or all) of the following fees:

An Appraisal Fee

An appraisal fee is an amount paid to an appraisal company to determine a home’s fair market value. Lenders require a property appraisal before they approve your loan as they want to ensure that the value of the loan does not exceed the value that you intend to buy.

Your lender will require you to pay a professional property appraiser to make this determination.

Your Credit Report

Your lender will require a credit report to check your credit score and history. This report illustrates to the lender your creditworthiness and your capacity to pay back the loan. Your credit score will also affect the interest rate that you will get for your loan.

The fee that you pay for a credit report will be paid to credit agencies such as Equifax, TransUnion, and Experian. Generally, a credit report costs $15-$30 but some lenders do not require a credit report fee as they obtain their credit reports at a discounted rate.

Closing or Settlement Fee

Closing or settlement fees are paid to the title company that conducts a closing.

A title company coordinates the closing process with the buyer, seller, agents, lender, and any other parties involved in the sale.
The fee covers the cost of all the work the title company does to complete the closing including the cost of preparing documents for closing .

Title Search Fee

The fee paid for a title search is paid to the title company to conduct a thorough search of the records of the home that you plan to buy. The title company examines previous deeds, liens , name and property indexes, court records, and a range of other documents.

This is vital to ensure that there are no problems connected to the title of ownership to the property you are purchasing.

MORE > What is Included in a Title Search?

Various Forms of Insurance

You may also need to budget for various types of insurance including:

Private Mortgage Insurance (PMI): Private Mortgage insurance is usually required if you take out a loan that is more than 80% loan-to-value or if the equity is less than 20%. You will also have to pay an upfront mortgage insurance premium if you take out an FHA loan.
Flood Insurance: If your new home is situated near a flood zone, your lender will require you to purchase flood insurance.
Homeowners Insurance: Homeowner’s insurance covers any damages that occur to your home and its contents. Your lender will require you to pay the first year’s homeowner’s insurance premium at closing.
Title Insurance: You must cover the lender’s title insurance costs at closing, which protects the lender from any liens that can arise during a house closing. It is also wise to pay for an owner’s title insurance policy to protect your rights as well.

Close with Confidence

You have a choice! Let our closing agents at True Concept Title manage the entire closing process for your new home from start to finish. While you are busy coordinating your move, we will handle the closing process for you.

Are you ready to purchase and close on a new home and need a professional title search or title insurance? Call True Concept Title at (813) 263-7168 for all your title insurance, escrow , and closing needs!

Refinancing Your Home? Title Insurance Still Applies

Sun, 07 Jul 2024 11:59:54 GMT

Now is a great time to refinance your home to take advantage of lower rates or more favorable terms. Even if you refinance through the lender that originated the current loan, you likely will have to pay closing costs such as service and title insurance fees.

Our title insurance pros at True Concept Title discuss why title insurance is required, even during a refinance.

What is Title Insurance?

Title insurance can seem like a mystery, even if you have bought and sold several homes. Simply put, title insurance is a one-time fee at closing. Title insurance protects your investment against liens, title issues, or legal issues that arise during the closing process. It also helps protect your house against future title theft .

You may need to purchase two types of title insurance policies when buying a home: a lender’s policy and an owner’s policy.

MORE > Common Misconceptions About Title Insurance

Who Is Protected Under the Two Types of Policies?

Each time a property changes hands, a new owner’s policy should be purchased. Title insurance safeguards your investment at different points, including:

When it’s a new-construction home
When you buy a new home
When there is a property resale
When a home is refinanced

For transactions in which a lender is involved, a title insurance lender’s policy is always required. Your lender is not trying to pull one over on you! Even though you may be using the same lender for your refinance, are refinancing the same property, and are the same borrower, you have to purchase title insurance to protect the lender’s investment.

Why? Well, a lot could have happened since you bought your home. The property title could have new liens or claims against it, or other title faults could have come to light. Your mortgage lender can protect its investment with title insurance and issue you a refinance loan with less risk.

A Refinance Loan Is New, Not Old

Many homeowners are surprised by this title insurance requirement because they often misunderstand what a home refinance is — and isn’t.

A refinance loan is NOT a revision of your initial agreement. When a home is refinanced, the original mortgage is paid off, and a NEW loan is originated.

When the original mortgage loan is paid off, the title insurance lender’s policy that you purchased goes with it. Without a new policy, the lender could face significant risk. Therefore, they require title insurance.

Refinancing your home doesn’t have to be daunting. With True Concept Title, you have expert help nationwide through every step in the title insurance and refinance process. Refinance with us today, 813-263-7168! You have a choice.

What About my Owner’s Title Insurance Policy?

If you purchased a title insurance owner’s policy during the home-buying process, the policy remains in effect throughout your refinance. Further, as long as you or your heirs own the property, your owner’s title insurance policy will protect you.

MORE > How Long Does Title Insurance Last?

Title Insurance Is a Necessity

You may not have anticipated paying for a title insurance lender’s policy when you decided to refinance your home, but the purchase is necessary to complete the process.

From your lender’s standpoint, a refinanced loan is like any other mortgage loan, and they must protect their investment.

Refinance with True Concept Title

If you are ready to refinance your home, True Concept Title can help! We support refinance loan processing with national title insurance and escrow services.

Choose True Concept Title for quick turn-around times, centralized processing, and timely loan disbursements. We even offer mobile closings for your convenience. Don’t miss out on lower mortgage rates. Call 813-263-7168 to speak with a title insurance specialist today!

Purchasing a Condo: Do I Need Title Insurance?

Sun, 07 Jul 2024 11:59:54 GMT

What’s not to love about luxury high-rise condominiums with impressive waterfront views, walkable areas, and stunning sunsets?

Before purchasing a condo, however, determining whether title insurance is required is a necessity. After all, this safeguards the property even though you don’t own the land.

Title Insurance 101

Title insurance protects your new investment by covering a buyer against potential legal issues associated with the property. There is a substantial financial risk and the possible loss of the buyer’s investment/property without title insurance.

A clear title is essential. True Concept Title and other title companies examine public records to determine whether claims, liens , conflicting wills, or back taxes are associated with the property. These issues could potentially interfere with the home buying or selling process.

What Makes A Condo Different?

Because there is no land associated with the property, title insurance for a condo may feel confusing. Do you need to purchase title insurance if you do not have to protect your property investment?

Yes, and it’s highly recommended . There are two types of title insurance :

You are required to purchase the lenders’ title insurance. If you borrow money from the bank/lender, this type of insurance protects the mortgage company. Your lender will not approve your mortgage without it.

Owners’ title insurance is strongly suggested because it is a wise investment. It protects the owner against issues such as:

boundary disputes
improperly recorded documents (including conflicting wills)
building code violations
errors on a property deed
liens from taxing entities, contractors, or previous lenders

What if Issues Arises After I Close on My Condo?

If there are title issues that arise after closing, the financial burden of the claims is placed on the buyer, who is responsible for paying outstanding debt or risk losing the home.

Title insurance protects the buyer from financial loss from the claims. You also are protected from costs and expenses related to attorneys’ fees and any additional expenses it may be required to defend your property and title.

How To Purchase Title Insurance

Purchasing a title is relatively simple. During closing , a closing or escrow agent at True Concept Title will initiate the process when the purchase agreement is completed. The one-time fee is unlike other types of insurance that are routinely purchased to continue coverage.

A title insurance policy is relatively inexpensive and is based on the total mortgage loan or property cost. If you are refinancing, your “reissue rate” typically will result in a significant discount.

To learn how much title insurance will cost for your condo, contact True Concept Title to speak with our experts.

Protect Your Condo with True Concept Title

When it comes to buying a condo, title insurance doesn’t have to be confusing. If you are ready to purchase a condo, speak with us to learn more about purchasing title insurance and how to protect your new home.

Call True Concept Title today at (813) 263-7168 to talk with our experienced title and escrow specialists.

Homeowners Guide: Mortgage Refinancing Tips

Sun, 07 Jul 2024 11:59:54 GMT

Refinancing your home can be a great decision as interest rates are at historic lows. It potentially could save you money, and who doesn’t want more cash in your wallet?

When you refinance your home , you essentially replace your current mortgage with a new loan and new terms. But first, you should answer some important questions. What is it that you want out of it? Are you looking to decrease your monthly payments or shorten the timeline of the loan? Are you looking to pull out equity for a home improvement upgrade?

Whatever your reason, you should understand the ins and outs of refinancing so you can get the most bang for your buck. Our experts at True Concept Title share five home mortgage refinance tips so you can make the best financial decision for your home and family.

1. What Is Your Credit Score?

Knowing your credit score is first on the list. That number plays a crucial role in determining what you qualify for in interest rates and loan types. The better your score is, the better rates and loans you will receive.

If you don’t know your score, you can run a credit report through the three major reporting bureaus: Experian, TransUnion, and Equifax. Awareness of your credit score also gives you a chance to focus on improving it before you decide to refinance. If you choose not to run a credit report, the lender will check your scores during the refinance process.

2. Know Your Equity

It is essential to know the value of your home equity when you are considering refinancing. Equity is the percentage of your home that has been paid off. You can find this on your mortgage statement, where the payoff amount of your principal balance is listed.

Some homeowners refinance with the idea of taking out cash to cover home repairs, home improvements, or to pay down debt. If there is no equity or too little in your house, you will not qualify for a cash-out refinance.

3. Be Ready for the Appraisal

Your home will be appraised during the refinance process, which will show that your home’s value matches up with your new loan. If your home is not worth as much as the loan you want, the lender will not approve it. Ideally, you want your home appraisal to be higher than what you paid . Your increased assessment also will help with an increase in home equity.

Our title experts at True Concept Title have listed what a homeowner can do to show off the home to an appraiser:

Make available to the appraiser a list of all the upgrades you have done to your home. Some upgrades are harder to spot.
Improve your home’s curb appeal. The front of the house is the first thing people see, and a tidy appearance can drastically increase the home’s overall value. Before appraisal day, spruce up the landscaping, mow the lawn, and put away children’s toys and yard equipment.
Clean the inside of the home. If it appears clean, organized, and airy, it can influence the appraiser’s assessment. Set the thermoset to a comfortable temperature, open window coverings, make the beds, and put animals out of the way.

4. Respond and Communicate Quickly

Refinancing a home loan can take 30 to 45 days . You can help the process along by being responsive and open to communication. As your lender works through the application, additional supporting documentation such as work or financial history may be requested. Make sure you promptly follow through on phone calls or requests for documents.

5. Remember to Consider Closing Costs

As with a regular home loan, when you refinance, you must pay closing costs . Generally, you can expect closing costs to equal about 3% to 6% of your purchase price.

Closing cost fees often include:

Application fee
Appraisal fee
Inspection fee
Attorney review and closing fee
Title search and insurance

Most of these costs are paid at closing, but a couple of scenarios allow you to work around or build in those closing costs. Talk with your realtor, lender, or our closing team at True Concept Title to determine which plan makes the most financial sense. For example, if you waive immediate closing costs, you may have to take on a higher interest rate, which likely means you will pay more money over time.

Refinance Today with True Concept Title

Now that you have reviewed these mortgage refinance tips, you may be ready to proceed with refinancing, in part due to diminished mortgage rates.

Our True Concept Title team is prepared to guide you through the process to ensure you receive the best interest rate and loans. Contact True Concept Title at (813) 263-7168 or toll-free at (866) 651-6224.

5 Tips To Buy A Home In A Seller’s Market

Sun, 07 Jul 2024 11:59:54 GMT

You keep hearing the phrase “it’s a seller’s market,” but what does that mean? What impact does that have on you as a buyer?

To best understand what a seller’s market is, it is best to first understand that it is simply a matter of basic economics—a rule of supply and demand. In a seller’s market, home inventory is low and the demand to purchase homes is high. The low supply and high demand lead to competitive bidding and higher home prices.

The National Association of Realtors reports that home prices have consistently risen for over 50 consecutive months. In just 6 years the median existing-home price is up 6.3%, and in the last year, home inventory is 3.6% lower. These numbers may be music to your ears if you are looking to sell your home, but how does this affect you if you are looking to buy?

Five Tips For Buying In A Seller’s Market

As a potential home buyer, it is crucial to understand how the seller’s market works. Our experts at True Concept Title have put together some tips to help you understand how to navigate the home buying process.

1. Make Your Best Offer First

In a seller’s market, it is recommended to offer the asking list price quickly to prevent competitive bids. If this truly is the home you want, do not try to come in with a low offer to potentially lose the home to another offer that offered what was being asked by the seller.

Additionally, a seller does not want to write a counteroffer, especially if they have multiple offers all at once. A seller will pick and choose the best offer—so make sure you put your best offer on the table first!

2. Be Ready To Offer More

In a true seller’s market, there may be multiple offers on a home. When going into the home buying process, you need to mentally (and financially) prepare to offer more than asking. Be prepared for your initial offer to not be your final offer.

To make sure you can afford to offer more than asking you should only look at homes in your price range that are up to 89% of your maximum budget. This technique allows you to have extra funds—in your price range—in case there is a bidding war.

3. Offer Cash

If you can offer cash, you will catch the seller’s attention and show how serious you are about purchasing the home.

You can offer cash in two ways:

Offer more cash than normal in earnest money. Earnest money is a deposit by the potential buyer to the seller to show the buyer’s good faith in the transaction. If a buyer can offer more cash towards the earnest money, it will show the seller how serious they are.
If you can, offer and make a complete cash offer. The process of not using a mortgage lender can simplify the home selling/buying process. In a hot market , it is very appealing to a seller to receive cash offers.

We understand this is one of the largest purchases of your life. We’ll protect your purchase with top-notch title insurance and escrow service. When you’re ready to close, we’ll come to you for convenient mobile closing. You have a choice; call True Concept Title today.

4. Offer Non-Financial Incentives

When there are multiple offers, home sellers will look for potential buyers that can offer other non-financial incentives. These incentives can ultimately distinguish you from another offer.

Some examples of non-financial incentives include:

Waiving the home inspection contingency
Purchasing the house “as-is” even after a home inspection brings up issues
Offering flexible dates and deadlines that work for the seller

5. Appeal to the Seller’s Emotions

Oftentimes, there is more to a home sale than money. You may be able to use the seller’s nostalgia for their home as an advantage. While this should not be the first strategy you use to secure a home, it is a smart way to complete the deal.

Adding in a personal letter or video to your offer has the chance to appeal to the emotions of the seller. Before you write your letter or send your video make sure you understand the seller and what will pull at their heartstrings. Did they raise their entire family in that home, just as you want to do? Will you upkeep the architectural heritage of the home, as they did?

Think about what made the home so special to the seller, and what you as a buyer can offer the home once they leave that will make them feel you are the best and only fit for their beloved home.

Buy Confidently in a Seller’s Market

Do not let the idea of a seller’s market dissuade you from purchasing a home. Mortgage rates are at an all-time low so if you go into the home buying process with an open mind and some knowledgeable tips, you will find the perfect home for you and your family.

True Concept Title is ready to take you through that process starting with finding the lowest interest rates and the best loan options. Call 813-263-7168 today to get the home buying purchase process started.

Is It Time To Refinance?

Sun, 07 Jul 2024 11:59:54 GMT

When mortgage interest rates are low, refinancing is very popular. And right now, mortgage rates are at an all-time low, which makes the idea of refinancing tempting for many property owners.

Choosing to refinance your home loan depends on many things —sometimes it can be a smart financial move, and sometimes it just doesn’t make sense right now. Our title experts are here to discuss three factors homeowners should consider when deciding if refinancing is the right choice, right now.

1. Will You Benefit From Refinancing Long-Term?

Just because the mortgage interest rates are low does not mean it is necessarily time to refinance. Refinancing needs to make sense for you and your family and what your reasons are for financing.

Two of the most common reasons people choose to refinance are:

Reduce their monthly mortgage payment or;
Save on their long-term, overall interest

Ideally, the right time to refinance is when you can do both: reduce your monthly payment and save on interest. Although, that does not always happen and that is when you should talk with the title and refinance experts at True Concept Title. We will help you run through scenarios that will show you the cost and potential savings of refinancing. Then, we make closing convenient with mobile title closings anywhere, on your schedule.

2. Do You Qualify For Refinancing?

Just because refinancing makes sense for your personal situation, does not mean you will qualify. Qualifying for a refinanced loan will take more than on-time monthly mortgage payments.

In fact, when you refinance, you will go through an entirely new underwriting process. When this happens, the bank/mortgage lender considers these three factors:

Your home’s equity > Your home needs to be worth more than the loan value. An appraisal is part of the refi process.
Your income > Can you afford the new monthly payments?
Your credit > Are you creditworthy in the bank’s eyes?

Unfortunately, if you—or your home—do not meet any of these factors, it may be difficult to qualify for a refinance.

3. Consider Your Long-term Homeownership Plans

When you are considering the idea of refinancing, make sure you factor in your long-term homeownership plans. In most cases, it makes more sense to refinance if you plan on staying in your home long-term.

Why is this? Most home mortgage refinances can take years before you will break even and start saving. Remember that refinancing is not free, it costs money. On average, refinancing costs several thousand dollars, between paying for application and origination fees, appraisal fees, etc. Talking with a mortgage professional or title expert will help you determine if refinancing now is a smart financial move.

Refinance Today With True Concept Title

Do you feel the time is right to refinance or still have further questions to ask about the process? Let’s figure out if refinancing is a financially smart move for your property.

Remember: you have a choice when it comes to your title and escrow service. Trust the team of True Concept Title and our real estate partners nationwide. Call our Tampa area office at 813-263-7168 and we’ll connect you with a local title representative.

How Do Title Insurance and Escrow Work Together?

Sun, 07 Jul 2024 11:59:54 GMT

Buying real estate is a process that involves a lot of new terms like escrow, appraisals , title insurance, and more. It can be overwhelming if you aren’t properly prepared, informed, or assisted.

Luckily, our team at True Concept Title is here to walk you through the buying process and protect your real estate investment with title insurance .

Read more to learn how title insurance and escrow work together during the real estate process.

In this article we will cover:

What title insurance is and its importance
Escrow’s role in your real estate transaction
How title insurance and escrow work together

What is a Title and Title Insurance?

In the real estate world, a title establishes who owns a property. More specifically, it is an official document that dictates ownership over an asset, in this case, a house.

Though you may have a title in place, protecting yourself with title insurance is crucial to ensure that you safeguard against any negative situation like a lien, judgment, or claim that can endanger your right to ownership.

Protect your investment with title insurance from True Concept Title. Call our national team based in Tampa Bay, FL today: 813-263-7168.

Learn more > Is Title Insurance Required?

Types of Title Insurance

Purchasing a home? There are two types of title insurance that you will likely need to acquire when purchasing a home: a lender’s policy and an owner’s policy.

Both types of title insurance protect the interests of the specific parties that are involved in a real estate transaction.

Lender’s Policy

A lender’s policy offers protection to the lending party and their interests during the real estate transaction. If a claim or lien puts the transaction in danger, the lender’s policy shields the lender from any possible damages.

In most cases, a lender’s title insurance policy is mandatory to acquire a mortgage and complete real estate transactions.

Owner’s Policy

An owner’s policy guards you, the buyer, from any unforeseen circumstances that may arise during a real estate transaction.

These could include the following:

Mistakes in official documents
Tampering of official documents
Any instances of fraud
A tax lien on the property
Any claims or judgments
And more

There is a lot of money at stake during a real estate transaction, which is why it is imperative to protect your interests with title insurance.

What is Escrow?

Escrow is a legal arrangement where a neutral third party holds money or assets temporarily until particular conditions have been met, such as the completion of closing.

When buying a house, escrow ensures that while you are signing documents, getting titles verified, and having housing inspections completed, that your money is in a safe place and that everything is completed smoothly.

Typically, both parties that are involved during the closing process come to an agreed-upon price, then find an escrow company that will step in until closing is complete.

Escrow protects both the buyer and the seller throughout the home buying process as well as throughout the term of a mortgage. The escrow account holds the funds needed to pay for taxes and the homeowner’s insurance.

Closing time! > 6 Steps Every Homebuyer Should Expect

How Do Title Insurance and Escrow Work Together?

The combined efforts of title insurance and escrow offer maximum protection throughout the entire home buying process.

Title insurance protects against any liens, accidents, or malicious acts that can negatively impact the interests of a homebuyer.

An escrow company upholds the contractual terms for both sides involved by holding the money and assets involved in the transaction as a neutral third party until closing is complete.

Navigating the real estate process can feel overwhelming, but reputable title insurance and escrow service can help ensure that your investment is always protected throughout the process.

National Title and Escrow Services

True Concept Title will be with you every step of the way during your real estate transaction, wherever you are. From title insurance to escrow processing, loan disbursements, and mortgage processing, we are your partner in all 50 states for all your real estate transaction needs.

Buying a home? Protect your assets. Contact our Tampa, Florida-based national title, and escrow specialists today — 813-263-7168!

How Errors in Public Records Can Impact Your Title

Sun, 07 Jul 2024 11:59:54 GMT

Every property has a history . When you purchase your new home, you will want to make sure it does not come with its own set of baggage. This history, if not accounted for properly can make your new home purchase a nightmare. Here’s how errors in records may impact your home title.

The Importance of a Title Search

When you go through the process of purchasing a home, one of the steps during the real estate transaction’s closing process is a title search . A title search determines whether any title defects can affect the purchase or the property.

A title search will determine if the title is clear or if there are previous mistakes that have been made in public records. Depending on where you purchase your home, a title search will search the public records of these entities:

Clerk of courts
Office of recorders
Registrar of deeds
Municipal and county documents such as judgments, street and sewer assessments, and special taxes and assessments

Depending on what is found during the title search, the mortgage company can refuse to continue with closing and the purchase, or the issues can be resolved before purchase.

Common Title Search Errors

Title search errors can affect a potential buyer during the homebuying process. In some cases, these issues can make the home purchase fall through. A comprehensive title search by True Concept Title will help determine if any issues are connected to your property.

Some of the most common title search errors found are:

Undiscovered liens
Mistakes in public record
Missing heirs
Forgery
Unlawful deeds
Boundary and survey disputes
Impersonating an owner
Undisclosed owners
Undisclosed easements

These errors can completely change the outcome of the real estate transaction. An undiscovered lien can force the new owner to pay off an unpaid debt from a previous owner. Or a missing heir can result in the loss of ownership even after the property is purchased. You may even find out the boundaries or easements on the lot are not what you were anticipating.

How to Avoid Errors in Public Records

As a buyer, it is nearly impossible to avoid errors in public records. You have no control over the property’s history and/or any mistakes that have been made with previous filings and recordings.

That is why as a new owner you need to purchase an owner’s policy and title insurance. Title insurance protects your ownership rights from any defects and errors. Title insurance may also cover both the legal costs and certain losses that may sustain from a title defect.

Protect Your Title With True Concept Title

A proper title search and purchase of title insurance will help you to avoid any errors that were made in public records regarding the property. Our team of title specialists will work to ensure any errors in public records will not impact your new home’s title.

You have a choice when it comes to your title, call True Concept Title’s Tampa Bay-based office at 813-263-7168. Contact us today for a comprehensive title search or to learn about our escrow, mobile closings , or how we support mortgage partners nationwide.

The Transition from Renting to Buying

Sun, 07 Jul 2024 11:59:54 GMT

Making the change from renting to buying is a big step in anyone’s life. Are you longing for that sense of home and belonging that comes with owning your own house or property?

No matter how far away homeownership is to you – there are important factors to consider before buying a home. It can empower you, but there is some homework that you have to do along the way.

While we focus on the escrow and title processing side of real estate, we want to help you prepare for this transition and feel comfortable with buying a home. We help make buying a breeze all the way through the closing table . Here is True Concept Title’s guide to the benefits of you moving from renter to owner!

Buying a Home Takes Time

Remember – homeownership doesn’t happen overnight – and you wouldn’t want it to. The process takes time, and there are a lot of moving parts along the way. Patience is essential, as well as open communication with your real estate agent and mortgage broker.

Make informed decisions about your mortgage terms and where you want to live before beginning your home search.

When you find that perfect place, make sure to have extra peace of mind – and a clear title – with our team . You have a choice in title just as you have in your dream home, choose True Concept Title.

Renting or Buying: Where Is Your Money Going?

The costs associated with renting and buying can be much different. With renting, your living expenses are typically rent, a security deposit, utilities, and special fees for pets or even parking. In renting, your rent goes to a landlord that is either put towards their mortgage payment or kept for profit.

As a homeowner – your costs include the mortgage payment, property taxes, HOA fees, and any fees associated with the upkeep of your home. Mortgage payments go to pay the principal balance on your loan plus any accrued interest until payoff . The benefit of owning a home is that these payments go towards your own financial growth.

A Lifestyle Shift

This is a big moment – congrats on moving on from renting. This will be a positive shift as homeownership comes with more stability and less moving. You can engage with your community when you own a home.

Another plus to owning your own place is that you can decorate and make your house look exactly how you’d like it to. You can design and renovate your dreams in a space that you own. Make sure to save enough for your closing costs and whatever new décor your home needs!

Looking for Long-Term Financial Growth

Owning a home can also mean financial stability over time. Your money could eventually make it’s way back to you – rather than to a landlord .

You also get to start building equity as well – and equity is an asset. As it grows over time, you can use it for other things – like an investment property, retirement, or as something to will to your family.

This is the biggest financial investment of your life so make sure to protect it. Title insurance will ensure the property is clear of any costly liens or other issues that could put your ownership in jeopardy.

Work With Experts

Before you start your search, talk to a mortgage broker to know what you’re pre-approved for. That way, you can search for homes that suit your location and budget. You should limit your online property search to close to this budget so you don’t tour homes you can’t afford. A pre-approval letter in a hot real estate market is always key.

As you decide to buy a home, it’s important to seek out a real estate professional to help you on your journey. This person should be accessible and have your best interests in mind throughout your professional relationship. They will help make your move as easy as possible.

And remember, the paperwork can be the hard part. Close with confidence! You have options when it comes to your title – make the right choice. Call us today to learn more about our services and how we can help you.

Homeowner’s Insurance vs. Title Insurance

Sun, 07 Jul 2024 11:59:54 GMT

Purchasing a new home is exciting! It may be the first time or the fifth time, but no matter how many times you have purchased or plan to purchase a home, you need to make sure you are protecting your investment.

Whether you purchase your home by cash or take out a loan, we highly recommend you get both homeowner’s insurance and title insurance. When you’re new to this process, they may sound like the same thing, but they are very different.

While we title specialists, not homeowner’s insurance pros, but we do know enough to share the basics. Here we explain how having title insurance when you close and homeowners to protect your property from unforeseen future accidents – are key.

Here’s how these types of insurances protect your home from different things:

What Is Homeowner’s Insurance?

Essentially, homeowner’s insurance protects your home from events that may happen. It is a policy that homeowners pay either monthly, quarterly, or annually. If you are purchasing your home through a loan, you are most likely required to have homeowner’s insurance.

Homeowner’s insurance helps to repair or replace your belongings or home if they are damaged or lost by certain covered perils. Examples of these may include:

Damage to home or its contents
Theft of personal property from within your home
Payment of living expenses if your home is uninhabitable from certain perils
Damage to your home caused by fire, hail, windstorms, and vandalism
Structural damage to the home or any detached structures
Personal liability for bodily injury/ accidents to guests in your home/on your property

You will need to check with your specific insurance policy, as some policies do not cover natural disasters. You may be able to add additional coverage to your standard policy for things like flood insurance.

What Is Title Insurance?

Title insurance protects you from things that have already happened but are unknown or hidden at the time of the property purchase. Title insurance will protect you from financial loss and any legal expenses if it is discovered there is a defect in your title.

When you purchase a home, an exhaustive title search is completed which reviews the history of your property and seeks to eliminate all title issues before the purchase is complete. But sometimes the past, through no fault of the title examiners, unearths past issues that can now complicate your property title. These issues such as filing errors , forgeries, and undisclosed heirs can be difficult to identify during the time of the search.

Homeowner’s insurance protects you from what may happen. Title insurance protects you from things that have already happened but are unknown to you.

Title insurance, unlike homeowner’s insurance, is normally a one-time fee that is paid at closing and covers you throughout the lifetime of your home purchase.

Why You Need Both Types of Insurances

Both homeowner’s insurance and title insurance can have a significant financial impact on homeowners. Without the proper insurance coverage, homeowners can lose financially when having to pay out of pocket for their property and home damages to even losing their home over a title defect.

It does not matter if you purchase your home with cash or take out a home loan, you are able to (and should) get both insurance coverages.

Protect Your Property with True Concept Title

Make sure your home is protected from the past and the future with both homeowner’s insurance and title insurance. Whether you are looking to purchase a new home, or have questions about how title insurance, escrow , or you’re looking ahead and planning for mortgage payoff , contact True Concept Title today at 813-263-7168 and let our national title specialists work with you!

How Long Does It Take to Get Title Insurance?

Sun, 07 Jul 2024 11:59:54 GMT

Title insurance is not just for first-time homebuyers, it is something ALL potential new homeowners should purchase; every time with every home purchase . Without title insurance , you risk losing your new home or being burdened financially fighting to it should an issue arise.

If you are purchasing your new home through a mortgage lender, you will be required to purchase title insurance . But even if you are purchasing your home without financial assistance, it is important that you don’t forget this very important step.

Everyone wants a quick closing but having the extra step of a professional title search will be worth the peace of mind. But how long does the title search process take? The answer can vary on what is found during the title search. Here our national title experts explore in general how you can expect the process to go; keep reading to be prepared for the closing table.

Why You Need Title Insurance

Title insurance is one of those purchases that you never think you need until you need to use it! Title insurance protects an owner from unexpected problems with their home purchase that can turn into a huge financial burden or deed/title issue. These issues generally arise after closing.

Typically, these unexpected problems that arise after closing are due to undiscovered former liens, forgery, or the appearance of unknown heirs claiming the house is theirs . Title insurance, which is required by a mortgage lender, will protect the new homeowner from any of these issues that may arise.

The insurance and guarantee of having a clear title are based on a thorough title search that is conducted by title professionals who scour public records to find any and all lost heirs, defects, liens , levies, encumbrances, etc.

While You’re Here > How Errors In Public Records Can Impact Your Title

Clean and Clear Title

What a novel concept…

When a professional title inspector starts the process of searching public records , they will start looking through records about your new home’s title to find and locate any potential issues.

If the information is readily available in public records and they find nothing wrong in the property’s history, the title inspector will deem that the title is “clear”. This process can take as little as two weeks.

The Curing Period

But not every search comes back with a clear title. When this happens, the timeframe for getting title insurance is longer and varies depending on what the specific details are with the title issues.

All property data is now filed in public records, which makes accessing them easier, but sometimes these title records can have errors or forgeries that now affect the state of the records. Or sometimes, especially with older homes, titles may change quickly or inaccurately amongst heirs and be overlooked.

When a title agent does find these issues, the next step is to remedy these unresolved problems; this is called the “curing” period. In this period, the title agent will work behind the scenes to “clear” the title.

If a lien has been found, the title agent will work to find proof that it was paid off or arrange for it to be paid off. If an heir is discovered, they will contact the heir and work through the process of making sure they have a claim to the property or work on documenting the revocation. Together with your mortgage professional and real estate agent, we make a team that is completely dedicated to making sure you can close on your new home without issue.

Protect Your New Home with Title Insurance

Congrats on buying a new home. We know that homeownership is a big deal whether you’ve bought in the past or this is your first time purchasing a property. Your title search (we hope) will come back clean in just a couple of weeks. But if you must wait an additional couple of weeks to have the title cleared, you can be assured you have the security and insurance to keep your new house without the financial burden of fighting for it in court!

Make sure your home is protected from the past and in the future with title insurance . If you are looking to purchase a new home, contact True Concept Title at 813-263-7168 to start the title search and insurance process!

What Does a Title Company Do During Closing?

Sun, 07 Jul 2024 11:59:54 GMT

When it comes to real estate purchases, buyers and seller’s agents tend to get the most attention. But, here at True Concept Title, we know that the title company is often the unsung hero of the transaction. The title company works behind the scenes to keep the property purchase on track.

The title company has a lot of responsibilities that relate to the closing . Our job begins after the buyer and seller sign their sales contract, and it doesn’t end until after the property sale completes and you get the new keys. To help buyers, investors, and partners like mortgage agents understand the closing process better, we explain what you can expect your chosen title company to do.

Title Search

The title company’s first job is to research the property’s history of ownership, chain of title, and to identify encumbrances on the title. Some examples of this would be a mortgage, a tax lien , or an easement.

If the title search finds any of these potential issues, the title company works to clear them. The title company puts all of its findings together in a report called an abstract of title.

The fact is – the title company is a major part of any real estate sale. We are highly involved in the paperwork needed to make everything official. Accuracy is what’s most important to us above all.

Title Insurance

The title company issues title insurance . This guarantees the title is free from encumbrances. The buyer has to buy enough title insurance to protect the lender against any loss due to encumbrance on the title.

Closing Documents

Closing day can be summarized as two separate transactions: the home purchase and the mortgage loan. These transactions have many documents associated with them. These documents include the deed, the mortgage and promissory note, insurance policies, and disclosures.

It is the responsibility of the title company to prepare each of these documents and obtain the required signatures.

The title company issues title insurance guaranteeing the title is free from encumbrances. For a smooth sale, new home purchase, or mortgage refinancing, it is essential to choose a title company that you can trust.

Escrow Payments

Property tax and insurance are fees that buyers prepay at closing. The title company collects these fees and deposits them in a special escrow account for disbursement to the correct companies and taxing authorities.

Cash Disbursements

During a real estate closing, a lot of money changes hands. The buyer pays a down payment, insurance premiums, and property tax. The lender then pays the seller the amount due after the down payment. The seller then repays the balance on their mortgage in addition to any additional property tax they may owe and to their broker’s commission. Then, part of that commission goes to the buyer’s broker.

The title company and anyone else involved in the sale also need to be paid. The title company figures out how the money is disbursed, records it on a HUD-1 statement, prepares checks, and then disburses the funds to the correct parties.

Deed and Mortgage Recording

Once the closing ends, the title company records the deed and mortgage. This is the step that makes the sale public record to serve as evidence of the property’s ownership.

You Have a Choice, Choose True Concept Title

The fact is – the title company is a major part of any real estate sale. They touch the money and the paperwork needed to make everything official. For a smooth sale, new home purchase, or mortgage refinancing , it is essential to choose a title company that you can trust.

Consider us for your next real estate purchase. True Concept Title works hard to be the best in the business. Our national title specialist will work diligently to make your property purchase as painless as possible. Accuracy is what’s most important to us above all. Contact us to learn more today.

All About Title Insurance For New Construction

Sun, 07 Jul 2024 11:59:54 GMT

Are you in the process of building a new construction home? New homeowners that are building new construction homes often assume incorrectly that they do not need title insurance , as no one has ever lived in their home before.

But that assumption is wrong, and the title experts at True Concept Title explain why title insurance on a new construction home is so important.

Title Insurance 101

To understand why having title insurance is important, even for a new construction home, it is first important to understand the basics of what title insurance is.

If you are purchasing your home through a mortgage lender, you will know that you are already required to have title insurance. Knowing that the mortgage lender requires title insurance, should make a new homeowner want to protect their new home financially as well.

Title insurance also protects your ownership as well as protects you against any unforeseen or hidden title issues. When you purchase a property, even new construction, an exhaustive title search is performed. Sometimes these searches bring up title defects and issues that can be cleared before closing, but sometimes these issues can arise after closing.

Let’s look at your new construction home. Your home’s lot may have been subdivided from the developer who bought a large parcel. It is not uncommon for the entire parcel to be subject to claims post-closing. Some common title defects may include:

Forgeries
Problems with power of attorney
Sale without an heir’s permission
Discovery of will that affects the property
Problems with liens
Undisclosed spouse with an interest in the property

And finally, while you may assume that your developer and builder were of good standing, it could come out post-closing that there is a contractor’s lien (also known as a mechanic’s lien or construction lien) against the property and the lien must be paid by the new homeowner. Without title insurance, if a contractor’s lien is found post- closing , you will be responsible to pay for the costs to resolve the lien out of pocket.

Understanding the Common Misconception of Title Insurance for New Construction

Saving money here and there can add up over time. Who doesn’t want to save money? Often, new homeowners building new construction homes may assume they do not need to purchase title insurance and opt to save the money. After all, it may be worth saving the small expense when no one has ever lived in your new construction home before, so there is nothing to worry about… right ?

Wrong. Many new construction buyers assume that the title to their new property Is free of any disputes. They assume that the developer or builder has taken all the correct steps to resolve any outstanding issues on the title . But that is where you can get into big trouble, a new construction home is just as prone to title issues as an older home, and the cost of disputing it is not cheap.

What Title Insurance Will Do for You

When you purchase title insurance you pay a one-time premium. Once purchased, if there ever are any disputes over ownership, liens, or outstanding payments, the title insurance will cover the legal fees to defend your title interest. In a worst-case scenario, you could lose the property and no longer have the resources to replace it, whereas title insurance would cover that.

Title insurance also protects your heirs. If you own the property, your title insurance remains active and effective. You can safely pass the property to your heirs knowing the rights to the property and home are protected.

Protect Your New Construction Home with Title Insurance

No home—old or new—should be without title insurance! Do not be caught off guard by incorrectly assuming that just because your home is new that it can’t have previous issues or defects that are now questioning your ownership.

Purchasing a home without title insurance is never a good idea. To learn more about protecting your new construction home with title insurance contact True Concept Title today at 813-263-7168!

What is a Title Report?

Sun, 07 Jul 2024 11:59:54 GMT

In the head-spinning process of buying a home, one of the most critical documents to a smooth transition from seller to buyer is the title report . With a legal document called a title, a homeowner can provide proof of ownership and verify the legal status of the property.

A title report is designed to disclose a property’s most important information and is intended to ensure a property is free of any legal defects that could potentially decrease the land’s value. When buying your new home, it is crucial you know who you’re buying from and that they legally have the right to sell it to you.

What is a Title?

A “title” refers to legal rights of ownership. If you are a first-time homeowner, you may be familiar with a title for your vehicle. This ownership is verified by a legal document like a bill of sale, certificate of title, or deed. This title can be owned by a single individual, a married couple, or business partners. The information disclosed in a title report includes:

County information
Zoning laws
Property value
Current tax information
Legal description of the property
Chain of ownership
Unreleased or open mortgages

Reviewing a property’s title is an essential step in the home buying process. This is to ensure the person selling it to you genuinely has legal rights to sell the property. By doing your due diligence, you will avoid any future trouble questioning your ownership.

A “Title” is a legal document proving ownership of a property.

Watch For These Issues in a Title Report

A title report will reveal defects that could interfere with the transfer of property ownership. You have a choice in title, so you’ll want to choose a reputable company that knows what potential issues may be discovered with the home’s history and title.

These are some of the most common issues our title specialists see:

Public Record Errors

Official documents are written by people and people can make mistakes . Make sure to conduct a thorough read-through of the deed to check for any clerical or filing errors. These can affect the validity of the document.

Property Liens

Banks or other financing companies could place a lien on the property as collateral for outstanding debt from the last owner. Make sure there are no outstanding liens on the report.

Forged Documents

It’s unfortunate to say, but many people will go to great lengths to forge documents. False records have found their way into public records , making it challenging to prove rightful ownership of a property.

Estate Plans

Occasionally, a deceased property owner’s assets may be sold if the owner dies without a will. If a will is eventually discovered, the new property owner’s legal claim is put at risk. Often homes may be held up in probate court after a person passes, and the heirs can’t legally sell the property yet.

Stolen Identity

As some people forge documents, others falsify entire identities. If you buy a home from someone who is falsely impersonating the rightful owner, the legality of your ownership is threatened.

Encumbrances

A third party may own or have liability on the property. This may limit the use of the property and lower the value.

At True Concept Title, we will protect you from running into any title defects, liens, or other problems. Contact us today for a smoother home-buying process.

Public Record Problems > How Clerical Errors Can Impact Your Title

Steps to Getting a Title Report

Before taking any other steps, gather the information you currently have about the property. Then, go to the local courthouse and search through the property deeds, working to establish a chain of ownership of the property. The Country Assessor may have more information to help you locate the actual title.

While it is possible to obtain a title report for a property on your own, it can often be a complicated matter that is best checked over by a professional. The language of a title report may not be straightforward. Issues and other technicalities are easily missed.

If you aren’t 100% confident in your ability to complete a thorough title investigation, we recommend hiring an experienced title officer like us to avoid any unspotted defects.

Protecting Your Biggest Asset with True Concept Title

By receiving a thorough title report and purchasing title insurance , you will avoid any potential problems that may arise in the future regarding the ownership of the property. Our team will ensure that your title is protected by law.

For quick, dedicated, and centralized work, call True Concept Title today at (813) 263-7168 to speak with our experienced title and escrow specialists.

What Is REO Title Insurance?

Sun, 07 Jul 2024 11:59:54 GMT

Purchasing a previously foreclosed home from a bank or lender can be a great financial real estate move. This is a great way to secure a home that may otherwise not be in your price range, or it may be a great investment to rent out or flip to resell for a profit.

Whatever your reason is for buying a real estate-owned (REO) home, you should make sure you protect your new investment with REO title insurance. Title insurance is always important when purchasing a home, but with an REO property, it is especially so.

What Are REO Properties?

REO stands for real estate owned and is a real estate transaction term that refers to properties that are foreclosed and are now owned by a bank or lender.

In essence, when a foreclosure property goes to auction and the bank or lender is the highest bidder, it becomes an REO property, and the bank/lender now owns the property.

Typically, REO properties are sold from the bank or lender to the new buyer “as-is” meaning the seller (bank/lender) does not have to disclose anything about the property, and the interested buyer cannot ask for things to be fixed. While an appraisal and home inspection should be considered so the new buyer knows what they are purchasing, they cannot ask the bank/lender to fix anything.

While You’re Here> Total Guide to REO Properties

The Perks of Buying Bank Owned Property

Buying an REO property from the bank/lender has many advantages. The main perk is that oftentimes these properties are sold below market value. The bank/lender does not want to hold onto these properties and is looking to make some money in return to pay off the remaining loan amount. This is good for you as the buyer as the seller will often sell them for lower than regular homes for sale in the same area and may even offer incentives to buyers.

In turn, this allows the buyer to purchase a home for a reduced price. The buyer may choose to use this home as their main residence, or they may choose to update the home—if needed—and resell it for a profit or rent it out as a real estate investment.

Purchasing a bank owned property is usually a win-win financially if the buyer understands the condition of the home and has the means to fix everything that a recommended inspection discovered.

The Importance of REO Title Insurance

While buying an REO home from the bank/lender has many advantages, the new buyers must also realize that there may be some things to consider when purchasing a foreclosed home.

REO homes became REO homes because the previous owner lost possession of the home, most likely due to not paying their mortgage. When a foreclosed home is sold, it increases the likelihood of possession dispute or issues with liens .

A previous foreclosed homeowner may also have other debts in addition to the foreclosed mortgage, and when a new owner takes over, they will be responsible for any outstanding debt or liens, unless protected by title insurance.

Title companies, such as True Concept Title, will do an exhaustive and comprehensive search on REO properties to make sure that there are no disputes over ownership or debts/liens. Once the title search is complete, title insurance will guarantee that there are no issues with the title and if one arises, the new owner will be protected and not have to pay anything.

Before Purchasing a Foreclosure > Do I Need Title Insurance on a Foreclosure?

Protect Your New REO Property with Title Insurance

If you are looking to purchase a bank owned home, make sure to purchase title insurance! You will also want to make sure you choose a knowledgeable title company that handles REO title searches and insurance regularly, such as True Concept Title.

A proper and exhaustive title search will make sure that your new REO property is completely free of debts and liens from the beginning, as well as having no issues with prior or undisputed possession. While title insurance is a must, it also is important to make sure the title search was done correctly in the first place, this is where having a reputable title team comes in.

Contact True Concept Title today at 813-263-7168 and let us help your real estate owned purchase with a comprehensive title search and insurance anywhere nationwide.

New Year’s Resolutions to Be a Savvy Homebuyer

Sun, 07 Jul 2024 11:59:54 GMT

After a chaotic year in real estate full of home buyers scrambling to scoop up properties while prices shot through the roof, economists predict the 2022 market to be slightly more forgiving. Industry groups expect the supply of for-sale homes to increase while home prices rise at a slower rate. However, if you hope to buy a new home this coming year, now is the time to muster up some stamina and a solid strategy.

Have you been searching for a new home but still feel nervous to jump into the deep end? The New Year is the perfect time to create a realistic and achievable game plan to buy a house.

While the 2022 market may be slightly easier to navigate than last year’s market, thorough preparation is key for a smooth home buying & closing experience. Read on for True Concept Title’s tips to be a savvy homebuyer in the New Year.

Save Up for a Down Payment

Depending on the cost of the home you want to buy, you will most likely have to take out a mortgage loan from a bank. You will need to have approximately 3-20% of the loan saved up as a down payment and an additional 1-3% for closing costs .

If you foresee yourself buying a home in the next few years, an effective New Year’s resolution could be a plan to save your down payment in 12 to 24 months. Create a high yield savings account and deposit $500 to $1000 per month by picking up more hours, trading down to a cheaper car, or budgeting better. Over time, you will take a big step closer to your new home.

We want to see you in a new home in the New Year. Call our Tampa-based team at True Concept Title to learn about our mortgage partners and our title, escrow, and closing services.

You will need to have approximately 3-20% of the loan saved up as a down payment and an additional 1-3% for closing costs.

Prepare Your Finances for Homeownership

Before buying a home, you must have a complete picture of your income, expenses, and other finances. Usually, you need to get preapproved for a loan by a lender for an estimate on how much you can spend. Keep in mind that lenders prefer a stable track record of around two years, so don’t make any sudden job or income changes.

When contacting a lender, have the following information prepared:

Your monthly income
The sum of your total monthly debt payments (auto loans, student loans, credit card minimum payments)
Your credit score and any credit issues in the past few years
How much money you have available to put down

Make it a New Year’s goal to organize your finances in a way that can be easily understood by yourself, lenders, and agents. Utilize tools such as Microsoft Excel, Google Sheets, and financial tracking apps to save yourself a headache.

Secure a Real Estate Agent

As soon as you decide you want to buy a home, find a real estate agent who you can trust and rely on. With a thorough search, you will find the agent who suits your needs.

Once you’ve found the right person, place your trust in them and heed their advice. They often have the best recommendations for attorneys, mortgage professionals , and home inspectors and better understand the home buying process than anyone.

Learn More > The Transition from Renting to Ownership

Act Swiftly

If you think a home is perfect, chances are someone else may too – especially in a hot market . If you’ve fallen in love with a particular property, don’t hesitate to make an offer or risk losing it. The New Year is a better time than ever to stop procrastinating on purchasing a property.

Enjoy the Homebuying Process

Although the home buying process can be a daunting experience, remember that it’s also supposed to be fun. This is an exciting time in your life; lighten the pressure as much as possible by leaning on experts in the field.

We’ll work with your real estate team so you can relax and take time to explore your new neighborhood . Check out the local scene—dining, parks, and entertainment—you’ll get a better feel for the area and perhaps make some new friends while doing so.

In a Seller’s Market? > Tips for Buyers

Purchase Title Insurance through True Concept Title

We understand that this is a monumental purchase. For first-time buyers, this is a big life moment as well. Once you’ve found the perfect home and are ready to close the deal, you should do everything in your power to ensure ownership is properly and legally transferred to your name.

Title insurance protects your home investment against potential legal issues that may arise during closing.

When the time comes to close and make the home yours, remember you have a choice in title. True Concept Title is here to protect you throughout the homebuying process. We support you with top-of-the-line title insurance and escrow services. Let us provide our convenient mobile closing services .

Contact our Tampa, Florida-based national title, and escrow specialists at True Concept Title today — 813-263-7168!

Smarts Steps to Buying a Foreclosed Home

Sun, 07 Jul 2024 11:59:54 GMT

Prior to the financial crisis of 2007-2009, buying a foreclosed home was a challenging process that required the patience and time to either follow endless courthouse auctions or flip through stacks of legal paperwork. However, the wave of foreclosures brought on by the real estate bubble burst increased the number of easy-to-find available properties.

Nowadays, the process of acquiring a foreclosed or real-estate-owned (REO) home isn’t all that different from your regular house hunt. The low prices of foreclosed homes make them an attractive investment to many homeowners, but there are steps to take and risks to consider to ensure you make the right decision.

Keep reading for True Concept Title’s step-by-step guide to hunt, bargain, and close for a foreclosed home.

Finding a Foreclosed Home

With foreclosed homes more readily available, there are a variety of resources to help you along with your search, including:

Multiple-listing service (MLS)
Periodicals
Online Real Estate Searches
Bank Offices
Local Newspapers

Oftentimes, the foreclosure status of properties may not be highlighted on the listing, requiring slightly more digging into the property description.

For a more direct path, certain websites specialize in properties in foreclosure while some financial institutions have pages dedicated to the foreclosed home hunt. Take advantage of local real estate brokers for opportunities, since lenders now often sell seized assets this way.

The foreclosure status of a property is often not highlighted in the listing, so be prepared to dig deeper into property descriptions to find the best deals.

Types of Foreclosure

The strategy for buying a foreclosed home will likely be influenced by the stage it’s at in the foreclosure process. Here are the five primary types of foreclosures:

1. Pre-foreclosures

After a mortgage lender notifies a homeowner that they have failed to meet their loan obligation but before the property is offered for sale, the property is considered to be in pre-foreclosure. The owner may avoid foreclosure and the negative effect on their credit score if they are able to sell the home during this period of time.

Typically, pre-foreclosed homes are listed in county and city courthouses, but several online resources may also have these listings.

2. Short Sales

When a lender will accept less than what is owed on a mortgage for a property, this is considered a short sale. This may occur when the homeowner proves financial difficulties that will ultimately lead to default of the mortgage agreement.

Frequently, the homeowner is underwater, meaning their financial contract is worth less than its notational value. In this instance, the lender must agree to accept less than what is owed followed by the home being offered up for sale.

The purchase of a short-sale property is similar to a traditional purchase, but the terms are subject to the lender’s approval.

The type of purchase can often take much longer than a traditional purchase due to waiting on a bank to respond. Many real estate websites often provide the ability to search for short-sale stage homes.

3. Sheriff’s Sale Auction

After a homeowner has been notified of default, they may be permitted a grace period to catch up on mortgage payments. In this case, an auction may be held at a city courthouse managed by local authorities for the lender to quickly make up the money lost from the loan in default.

The property is then sold to the highest bidder. Announcements for these kinds of auctions can often be found in local newspapers and online resources.

4. Bank-Owned Properties

When a property fails to sell at auction, it becomes a real estate-owned (REO) property . Online sources provide countless listings of these kinds of properties that can be discovered based on city, state, or ZIP code.

5. Government-Owned Properties

Many homes are purchased with loans protected by the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA). After these properties go into foreclosure, they are repossessed by the federal government.

In order to purchase a government-owned property, you must contact a broker working for the respective federal agency. These homes are listed on the U.S. Department of Housing and Urban Development website.

The Best Bargain

The most compelling factor of a foreclosed home is generally the significantly lowered cost from comparable properties in the area. Homebuyers may negotiate a substantial discount below the market value along with potential reduced down payments, lower interest rates, and lower closing costs.

Pre-foreclosed or short-sale property homeowners likely do not have time on their side and will often take what they can get to avoid risking full foreclosure. These sellers are not approaching the deal from a position of strength, so buyers will often hold more bargaining control.

If a property has been seized, banks and authorities typically want to rid themselves of the home as soon as possible, which can be advantageous to buyers.

Foreclosed homes are also sold “as-is,” which may entail extensive property damage. This can mean a higher discount, but buyers should be weary and complete an extensive inspection to be aware of what they are getting into.

Learn More > Tips for Fixer-Uppers

The Risks to Watch Out For

While the below-market price may be appealing to buy owners, there are risks and challenges that prospective home buyers should be aware of.

Property problems

While the discount may be worth it, as-is homes may require extensive repair. If the previous owners were behind on their mortgage payments, chances are they were also falling behind on regular maintenance.

Hidden costs

Back taxes and liens are often attached to foreclosed properties, which can add significant costs to a seemingly discounted home.

Slow process

The complications behind a foreclosed home may accrue endless paperwork, which may take substantial time. As mentioned earlier, bank lenders may take extensive time to approve the deal.

Competition

When there is an opportunity to purchase a quality home at a discounted price, the demand may soar and bidding wars will ensue.

Hidden costs and property damage may reveal a foreclosed home is not as great of a deal as initially assumed.

Financing a Foreclosed Home

While you can use a mortgage, private lenders may be reluctant to finance a foreclosure deal. Fortunately, there are several options available to those closing on a foreclosed home, including:

203(k) loans
HomePath ReadyBuyer offered by the Federal National Mortgage Association
HomeSteps

Feel Secure Buying Foreclosed

If you plan to buy a foreclosed home, it is crucial that you purchase title insurance to protect your proprietary rights to your home. With our help at True Concept Title , you can avoid the hassle of any potential problems regarding ownership.

For a smooth sale, it’s essential you choose a title company you can count on. Call us today at (813) 263-7168 to see how our team can help you close on your new home.

How a Lien Impacts a Real Estate Title

Sun, 07 Jul 2024 11:59:54 GMT

A lien is a claim or legal right against an asset, often established by a creditor or judge, that guarantees an underlying obligation. If the owner of the asset does not meet their obligation, such as repaying a loan, the creditor can seize the asset.

Many people have liens placed on their homes if they have a mortgage , but there are several types of liens to be aware of.

In this post, our title and escrow experts explain different types of liens, how they impact title, the damage they can cause, and how to remove them.

How Different Types of Liens Affect Title

A lien on a home indicates there is an unpaid debt, and the lien will remain in place until the debtor pays back all that is owed. Liens must be reconciled prior to transferring a title to a new owner, otherwise, the new title owner risks significant challenges.

Both voluntary and involuntary liens are regulated by the state in terms of their priority, which determines the order in which creditors can acquire assets owed to them. The higher the lien ranks in priority, the more likely the home will have to be sold in order to pay off a debt.

Mortgage Liens

While you may not like the idea of being in debt, the first lien on most homes is very helpful. A mortgage helps individuals afford a house over a period of time instead of requiring the buyer to pay the entire price with cash up-front. It literally gives us something to lean on so that we can dig our roots into our new community without obliterating the bank.

But when you have a mortgage, you pledge your home as security until you pay off the loan. As long as you keep making your regularly scheduled payments, you shouldn’t run into any problems. When selling your home, you must pay off the mortgage to clear the title for a clean transfer to the buyer.

Tax Liens

If an individual fails to pay overdue taxes within 10 days of receiving a demand letter from the Internal Revenue Service, the IRS can place a tax lien against all of that individual’s property. A tax lien has priority over every other kind of lien and can drain a person of their assets; you do not want a tax lien placed on your home.

Avoid tax liens on your property or risk the IRS repossessing your home.

The IRS can repossess a home with a tax lien. This rarely occurs, but oftentimes, the owner is cornered into selling, refinancing, or facing foreclosure on their home. The government is paid for this tax lien when the seller and buyer close on the property.

Mechanic’s Liens

A mechanic lien is placed when the homeowner owes money to a contractor for a home improvement project. These debts for unpaid services can cause trouble with the title, so any mechanic liens must be resolved before the title is transferred to a new owner. The seller and contractor can establish an agreement that the lien will be resolved from the proceeds of the home sale. This will clean the title before it is transferred.

Judgement Liens

Several different kinds of debt can result in a judgement lien, such as child support debts or money owed in an accident lawsuit. In this case, a plaintiff may be awarded a monetary judgement in court and a lien is recorded against the defendant. Like a mechanic’s lien, a judgement lien will obscure the title and need to be resolved before selling the home to a buyer.

Other Mortgages and Debts

Home equity debts and second or third mortgages are additional kinds of liens that can be attached to a property by lenders. Homeowners’ association dues that have failed to be paid can also show up as a lien. The order in which several liens were recorded generally determines which liens have priority.

How to Remove a Lien from a Property

Property title liens can generally be paid either from the home sale or foreclosure sale profits. If there is no established agreement that allows for this and the title remains clouded, the buyer has several options:

Pay the debt and work with the creditor to remove the lien against the title
If possible, negotiate with the creditor to settle the obligation at a discounted price
File a quiet title action, or lawsuit, against the creditor to remove the lien

Buyers: Do Your Due Diligence

If you are considering buying a new home, it is essential to conduct a full title report in order to uncover any unresolved liens on the property. It is NOT a waste of time and money to hire a title company to conduct a thorough investigation into the title.

If a title investigation reveals a lien on the property, the title company will find the date recorded, the creditor, and the amount of debt so the lien can be properly resolved before closing.

Protect Yourself from Outstanding Liens

Ignore a lien on the title of your new home, and you may come to find your property technically does not entirely belong to you. While some liens are common and an anticipated aspect of being a homeowner, other liens can cause significant issues with buying or selling a property.

Whether you are already a homeowner or plan on buying a house in the near future, ensure you understand how a lien can impact your claim to a property. By purchasing a title report and title insurance from True Concept Title, you can guarantee your property belongs to you and remove the stressors of undiscovered liens.

Planning on purchasing a property? Rely on a title and escrow service you can count on. Call True Concept Title today at (866) 651-6224 !

5 Tips to Protect Yourself from Wire Fraud During Closing

Sun, 07 Jul 2024 11:59:54 GMT

When closing day finally rolls around, you are likely to feel a mixture of nervous anticipation and gratifying relief. However, don’t relax too much-not until the deal is officially finished.

Your real estate agent may email you instructions to wire your closing funds to a specific account, but what happens if the payment leaves your bank account but never ends up where it’s supposed to? Unfortunately, cybercriminals are very vigilant to watch out for closing processes, with real estate agents being a hot target.

Protect your money and avoid wire fraud with these tips from True Concept Title.

What is Wire Fraud?

Hackers on the hunt for a closing procedure to take advantage of will break into an agent’s email, track conversations between clients and agents, and ultimately send emails instructing buyers to wire money or provide personal information.

The information you provide to your “agent” will actually facilitate a cybercriminal stealing your money, bank account numbers, credit card information, and identity; This is known as wire fraud.

Wire fraud is any type of fraud that occurs over the phone or through electronic devices. Recent surges in security breaches and attacks prove it is more important than ever to protect your personal information.

More Types of Crime > Protect Against Home-Title Theft

How to Protect Yourself from Wire Fraud

Image spending many years saving money every month to eventually purchase a new home. After a long hunt, you find the perfect property and your offer is accepted, only to have a criminal steal your money. Save yourself from this horrid offense with these tips:

1. Don’t Share Info Over Email or Text

All of those involved in a closing transaction should pass along personal information either in person or over a secure phone call with people whose identities can be confirmed. Your agent’s “assistant” who you have never heard of is probably not their actual assistant. Also, any emails demanding money, both aggressive and composed, are big red flags.

2. Verify Before Clicking Send

Before wiring any money, phone your title agent, real estate broker, lender, or lawyer from the number on their website to ensure you are following the correct instructions. Confirm the following pieces of information:

ABA routing number
SWIFT code
Credit account number

3. Exclude Your Real Estate Agent

With wire fraud scenarios playing out across the globe at an alarming rate, more and more real estate agents are requesting that their clients sign wire fraud notices, completely removing them from the wire-funding process. In this situation, only lenders, lawyers, and title agents are involved with the wiring instructions. With this safety measure, homebuyers are less likely to be scammed into following instructions their agent didn’t actually share.

4. Do it Face-to-Face

If you have any uneasiness about the circumstances, listen to your gut and do the transfer of funds in person. Using a cashier’s check might require a bit more effort, but it can save you thousands of dollars (and a blow to your morale)!

5. Slow Down

Scam artists work hard to coax buyers into a false sense of security so that they don’t take time to scrutinize and truly process requests. Be sure to triple-check the sender’s email address for anything out of the ordinary, such as “I’s” replaced with “l” s. One of those letters was a lowercase “L”, could you tell the difference?

Always verify over the phone if something feels off. When responding, use “forward” instead of “reply” and enter a reliable email to lower your chances of replying to a cybercriminal.

Thoroughly check any suspicious emails for “lookalike” letters and numbers in the sender’s address.

Steer Clear of Fraud with True Concept Title

If you think you have been a victim of wire fraud, there are actionable steps you must take immediately to prevent further damage. Reporting a wire fraud incident within 72 hours of authorizing the transfer provides you with the best possibility of recovering your funds. Call your closing agent, banks, local law enforcement, and the FBI’s Internet Crime Complaint Center; and be sure to secure your accounts and devices as well.

It’s distressing to know that countless people are targeted and taken advantage of by cybercriminals, but by following True Concept Title’s tips, you can avoid becoming a victim. With our team of trustworthy and reliable title and escrow experts, you can count on a smooth close.

In the process of buying a new home? Protect your investment with title insurance. We’ll remove the burden of home-buying stress! Call True Concept Title at 866-651-6224 .

How Much Does a Title Search Cost and Why is it Necessary?

Sun, 07 Jul 2024 11:59:54 GMT

When the big day arrives to close on your new home, you should have a title company, helping you complete the process in order to avoid possible legal or financial obstacles. A title company will manage the transfer of the title document, and the deed to the home.

Before closing day, your title company will also conduct a thorough property title search to review the home’s ownership history and ensure the current owner has the legal right to sell. This step of buying a home is crucial to confirm there will be no legal concerns when transferring the title to the new homeowners.

True Concept Title investigates the importance of a title search and how much this service generally costs. Read on to learn more.

What is a Title Search?

The purpose of a title search is to determine the rightful owner of a property. Additionally, a title search will help uncover any problems associated with the property, such as:

Missing information
Incorrect names on deeds
Unpaid real estate taxes

Once a title search is complete, the items are reviewed by the homebuyer as one facet of due diligence research. Completing a title search before closing guarantees time to object to any items or ensure the resolution of any debt associated with the property.

Why is a Title Search Necessary?

Imagine a scenario where you move into your new home , get settled, begin work on renovations and other home improvements, and then out of nowhere, someone comes knocking claiming they are the rightful owner… Meaning that you have to vacate the property. Doesn’t sound like much fun, does it?

While this is uncommon and usually avoided thanks to the help of title insurance companies, it does happen . One of the main responsibilities of a title insurance company is to verify your new home’s title is “clean.”

A clean title is free from:

Outstanding claims to ownership
Filing errors
Fraud
Liens / judgements

In most cases, a title search will be required by a mortgage lender during the escrow process in order to borrow money from a bank for the home purchase. In order to secure title insurance, which will protect your legal claim to the title in the rare yet possible situation where a hidden problem was missed in the report, a title search must first be completed.

Even if you aren’t taking out a loan from a bank or aren’t required to conduct a title search, we highly recommend taking this step .

Learn More > What is a Title Report?

How Much Does a Title Search Cost?

The cost of a title search largely depends on the type of home being reviewed. The cost for a title search of a small, single-family home is typically a few hundred dollars, but buyers of larger properties and commercial locations can expect to pay more even up to four figures.

Like the cost, the amount of time a title search takes depends on the complexity of the property’s history. Some searches can take as little as a few hours, but others may require up to two weeks to be completed.

Pay for Protection with True Concept Title

The homebuying process can be riddled with confusing procedures and irritating, yet vital costs. While you may feel tempted to forgo a title search to save money, we strongly advise against this in order to avoid any financially and emotionally disastrous situations regarding your homeownership.

Fortunately, the small cost of a title search is well worth the great amounts of suffering that can be avoided. Both title search and title insurance are one-time closing fees, so you can gain peace of mind without having to worry about them impacting your monthly mortgage payments.

With our full escrow processing and title protection services, True Concept Title has the experience and reliability to make your home closing process hassle-free.

Have you found the perfect home and are ready to make a seamless transition to this next phase of your life? Remember you have a choice in title; call True Concept Title today – (813) 263-7168 !

What are the 5 “E’s” of Real Estate?

Sun, 07 Jul 2024 11:59:54 GMT

Buying a new home can be a confusing process. All the different steps and terminology of closing can be really overwhelming, especially if you are a first-time homebuyer.

Fortunately, with the experts at True Concept Title, you can sigh a breath of relief. We can help take care of all the head-pounding details of home closing while helping you understand the steps of the process. Read our guide to grasp the 5 “E’s” of real estate terms.

1. Easements

The simplest definition of easement is that it gives a person or entity the legal right to access a property owned by someone else for a specific purpose without permission . One example is an easement held by a local utility company in case they need to access power lines or cables on your property.

There are many different kinds of easements, and each one can mean different things for a property. The previously mentioned example is a utility easement, but there are also private easements, easements by necessity, and prescriptive easements.

While easements sound like they might be a concerning problem, they are often very practical and can benefit you or even the entire neighborhood. However, it’s still a good idea to research thoroughly whenever you’re buying a house to be aware of any easements on the property.

2. Eminent Domain

Eminent domain is the power of the government to convert private property to public use. As long as the government provides just compensation to the owner of the property, they can exercise the power to seize a property.

This government right is most often exercised when building roads or expanding pre-existing roads. In the case of easements, other individuals can enter your property, but in a case of eminent domain, you may no longer own the property at all.

The government retains the right to seize any private property for the purpose of public use, as long as the owner is properly compensated.

3. Encroachment

Encroachment occurs when someone else utilizes your property for their own purpose without your permission. In some cases, encroachment is intentional. A frustrated neighbor may deliberately build property on land they do not own.

Encroachment may seem harmless in some instances, but it can cause property damage and significant liability issues when it comes time to sell.

Some examples of encroachment include:

A neighbor building a fence that extends onto your property
A structural addition to a neighbor’s home that extends past the boundary lines
An overgrown tree, garden, or bush that crosses over the property lines

While encroachment may not affect your day-to-day life, it can cause complications when you try to sell your home or turn you away from buying a specific property. True Concept Title strongly suggests you always conduct a professional property survey before starting any building projects on your land in order to avoid encroachment.

4. Escrow

Escrow is an essential aspect of the title process that relates to the monetary transaction. The money you offer up as a down payment to show the seller you are serious about purchasing the home is held in escrow by a third-party title company until closing.

After your home loan closes , this initial escrow account is closed and a second account is created by the mortgage lender. This new account exists throughout the entire span of your mortgage loan with the purpose of ensuring you pay property taxes and insurance so that your home remains protected.

If you don’t pay a certain tax, your home may be at risk of foreclosure or being seized, which would entail your lender not receiving the money for your mortgage that you promised them.

5. Endorsement

An endorsement on your title insurance is an amendment that adds additional protection beyond the standard title insurance policy. With almost 100 types of endorsements available to homeowners, you are highly unlikely to need all of them. It’s best to choose the endorsements that are aligned with your specific circumstances.

True Concept Title is available to help you determine which endorsements best suit your needs. We will explain all of your various options and help you decide which is the best fit for your property.

Make Closing E-asy with True Concept Title

Buying a new home doesn’t have to be a highly stressful process. As a highly experienced title insurance company, True Concept Title can help you understand each step of the process so that you feel best prepared to face all of the obstacles of the homebuying process.

Our flexibility and breadth of experience truly sets us apart from other companies. Whether you are buying, selling, or re-financing a home, we have the services and processing capabilities that you need.

If you’re ready to place a down payment on a new home but are unsure of the next steps to take, we’ll make it easy for you! Call our team today – (813) 263-7168!

What to Ask Before Choosing a Title Company

Sun, 07 Jul 2024 11:59:54 GMT

Remember: you have a choice in title.

If you have made an offer on your dream home and are ready to take it off the market, congratulations! You’re on your way to becoming a new homeowner. However, the battle for a smooth close has only just begun. One of the most crucial teammates you can have on your side is a reliable and knowledgeable title agent.

Before hiring a title company to guide you through the home buying process, it is essential that you formulate the right questions to acquire all of the necessary information and feel confident in your decision. Our title experts explain exactly what to ask before choosing a title company. (And we’ll be honest, hope it helps you choose us.)

Why the Right Questions are Important

Unfortunately, there are many title agents who won’t disclose all details concerning the home or property under investigation. When it’s already too late, you may find the property is not legally owned, has unresolved liens , or faces development restrictions.

Before deciding on a title agent, do your due diligence. You should feel confident that you’re choosing the right company for the job, since it dramatically affects the level of stress you will feel throughout the homebuying process. Ask your real estate agent, mortgage company, or even insurance agent if they have any recommendations; after all, they know how important it is for the closing to go smoothly.

What to Ask a Title Company

If you’re unsure of the questions to ask during a consultation with a title insurance company, whether that’s True Concept Title or another firm, the following questions will help you gauge the transparency of the business and bring potential red flags to the surface.

How Long Has the Agent or Company Worked with Real Estate Matters?

Understanding the history and previous experience of both the specific agent and the company is necessary in order to make the best decision. When adequately analyzed, a company’s history can help you determine if they are trustworthy and have reliable results.

A title business should ideally have a diverse portfolio of successful closings and cases to guarantee dependability and dedication.

Does the Team Have the Required Capabilities in Order to Deliver?

The company you choose to work with should have a strong collective expertise in the broad world of real estate. It’s particularly resourceful to work with a team that has strong legal knowledge and has dealt with a variety of real estate matters.

Legal experts will be able to catch illegality issues during any part of a property’s title history. They should also be able to uncover any pending backdated taxes.

Our team at True Concept Title has the qualifications to provide notary and attorney services, loan document processing, comprehensive title reports, and seamless closings. Whoever you choose to work with, they should have all of these competencies.

If you are looking for a reliable, fast, dedicated, and discerning team, True Concept Title is ready to help you with title & escrow concerns in nearly any U.S. state. We want to hear from you! Contact us today .

Before Signing a Title

You should never feel rushed to select or sign a title. Once you provide your signature on a title document, you are accepting legal ownership of that property- and potentially risk running into trouble if you don’t proceed with caution. This is why the right title insurance company is crucial to protect yourself and your new home.

Is the Property Legally Owned?

Determining if a property is legally by the seller is a good enough reason to request a valid title search . Easily avoided legal battles from purchasing a corrupted title could end up costing you a huge chunk of change or even your home. True Concept Title can protect you from this with a thorough title investigation.

If a property is illegally owned when sold to you, you may face legal issues that result in you losing thousands of dollars, time, and stress-free days.

Are there Hidden Liens or Unpaid Taxes?

Unfortunately, there are property owners who intentionally fail to pay property taxes, allowing them to pile up to massive sums before “conveniently” deciding to sell. If you act too quickly when purchasing a home and are unaware of the importance of a title search, you may be sucked into owning a home that is in debt to the government or businesses (ex. Roofing or pool companies).

A professional closing agent will ensure transparency and detect any of these issues before they cause you substantial problems.

Go With the Best at True Concept Title

Your title agent that you decide to work with should have the qualifications to guide you through a hassle-free homebuying process. Through dedication and transparency at the core of our values, we will make sure your new home is transferred to you with legal ease and protection.

Make sure to ask the right questions in your “interview” with a title insurance agent. Don’t hesitate to turn away from any red flags or signs of unprofessionalism.

True Concept Title offers a range of services nationwide from title insurance and escrow to document processing and convenient mobile closings. If you’re ready to move on to the next adventure, call our team today – (813)-263-7168 !

What is a Mortgage Payoff Statement?

Sun, 07 Jul 2024 11:59:54 GMT

If you own a house or are in the process of buying one, chances are you needed to take out a mortgage, a fancy word for borrowing money from a bank to purchase a property. Various factors can contribute to the amount you can borrow, the cost of your monthly payments, and the percentage of interest you must pay. But no matter the price tag, every homeowner looks forward to the day they own 100% of their home and owe no more money.

You may want to better organize your finances if you have multiple debts. Regardless of your financial goals, you should have a clear picture of the amount you still owe on your loan and any other charges to your account. Although an early payoff of your mortgage may seem like an unattainable fantasy, in this scenario, a mortgage payoff statement is the best way to view an overall layout of what you owe.

What is a Payoff Statement?

A payoff statement is a document detailing the specific amount of money needed to pay off your mortgage loan in full. Not only do these number include your outstanding balance, but they provide an interest you owe or potential fees your lender might charge to your account.

The specific amount of outstanding interest will change based on the terms of your loan, so you can’t simply guess how much you will owe. Instead of driving yourself crazy trying to guess and potentially failing to pay the right amount, it’s a good idea to rely on a payoff statement.

Do you know your upcoming monthly interest payments? If you need assistance, True Concept Title can order your payoff statement to have it delivered to your home. Call today to learn more about our title and escrow services – (813)-263-7168 .

When Do You Need a Mortgage Payoff Statement?

There are several circumstances where you may need a payoff statement.

You want to know the exact amount needed to pay off your home
You want to refinance your loan to change the terms, lower your monthly payment, or consolidate debt
You want to pay off your mortgage early

If you decide to pay off your loan, you should also request information regarding your escrow balance . This is essentially a fund you pay into monthly to cover future homeowners’ insurance and property tax. You may be able to receive some of this balance back after covering your mortgage.

If you want to pay off your mortgage or refinance your property to save money, you will need to order a mortgage payoff statement.

How are Payoff Statements Created?

To receive your payoff statement, contact your lender or contact True Concept Title, and we’ll do it for you! You’ll need to provide personal information such as your name, contact information, account number, address, and sometimes why you’re choosing an early payoff.

In the letter you receive, you will discover the following information:

The expiration date of the payoff amount
Interest due
Loan balance
Total amount owed
Where to send the final payment
Who to write the check to
Whether a cashier’s check is required
Charges required along with your payment
Adjusted amount in case you pay after or before the official payoff date

Get Ahead of Payments with True Concept Title

There are a lot of factors and responsibilities to consider when purchasing and owning a home, the most weighted being your mortgage payments. If you’re not careful and get behind on payments, is easy to quickly fall behind and financially burden yourself. Financial struggles can hinder your physical and emotional wellbeing, which is why it’s important to stay organized.

If you maintain structure and consistency in your financials, you may eventually be able to help yourself by refinancing or paying off your mortgage. If you are interested in ordering a payoff state, True Concept Title can keep you ahead of any obstacles.

Our creative solutions, attention to detail, and dedicated customer service can help you manage your homebuying process and homeownership. To learn more about how we can help, contact our team .

Do I Really Need Title Insurance to Flip Houses?

Sun, 07 Jul 2024 11:59:54 GMT

Once you’ve watched enough HGTV, you’ll likely realize the house flipping market is a great avenue to put your designer eye to use and simultaneously try to take home a profit. Although this process may not seem overly complicated, there are steps to take that can easily be overlooked-such as purchasing the correct insurance.

New house flippers may try to work with their personal home insurance provider but fail to realize that flipping houses requires a specific type of insurance coverage. With a little bit of TLC, you can ‘upcycle’ fixer-uppers and see a significant return on investment, but make sure your property is protected with True Concept Title’s guide to the right flipping coverage .

Why Title Insurance is Crucial for House Flipping

Insurance is necessary to protect your property. Since no one is currently living in your fixer-upper, you might not see the point of insurance. And it’s not your forever home, so why bother getting title insurance right? However, flipping a property may be an even higher risk than your personal home, so it’s crucial that you are adequately covered with the proper insurance.

Old homes that have faced foreclosure or were abandoned when a previous owner passed away may have clouds on the title.

Rather than rushing through the process of a ‘house flip’ in an attempt to make some quick cash, make sure to take your time to properly research the property’s history .

Without a thorough title search and title insurance, you could run into serious legal issues that may invalidate your ability to resell the property.

Protect Your Ownership with Title Insurance

When fixing up a home to sell, you may be looking for areas to cut costs. While we totally understand this from a business perspective, make sure you’re being thrifty where it won’t hurt you. You should consider title insurance a fixed cost not to be messed around with – otherwise you risk losing not just a few hundred dollars, but your entire investment . Not worth it.

Title insurance protects your investment in case there is an issue that was missed during a title search due to errors in public error , for example. Your fixer-upper has likely switched owners multiple times over its lifespan, and if it ever faced foreclosure, this only increases the risk of problems.

If you are frequently buying and selling homes, you may benefit from purchasing a title binder. This commitment acts as a normal title insurance policy but can be transferred to the next home you flip.

Buying Foreclosed? > Learn More

Ready for Resale

Oftentimes, ‘flippable’ homes may be located in areas with FHA (Federal Housing Administration) loan buyers. These loans require 90 days between the property purchase date and sell date. Sales made within 6 months of purchase have a strict process for sale that requires a second appraiser.

Additionally, if selling within a year of purchase, FHA lenders may require justifying any increase at least 5% above the original value. Make sure you comply with requirements by hiring an experienced real estate lawyer.

Special Insurance for Property Flipping

In addition to title insurance for your flip, there are other special types of insurance policies to consider when purchasing a house to renovate. While these can be purchased separately, we recommend obtaining all three for maximum security. It’s better to be safe than sorry, right?

Dwelling Policy

A Dwelling Policy is specifically outlined for vacant properties, protecting against direct physical damage to the premises. Your fixer-upper may be at risk of damage from unfriendly parties when no one is occupying the space.

Builder’s Risk Policy

Like a Dwelling Policy, a Builder’s Risk Policy is intended for a vacant property. If your renovation project requires tampering with the structure of the home, a Builder’s Risk Policy will cover any physical damage accidentally caused during construction.

In contrast to a Dwelling Policy, a Builder’s Risk Policy will protect renovation materials as well as fixtures and equipment.

General Liability Policy

A General Liability Policy will protect you if anyone gets hurt during a renovation. If you personally are injured, your General Liability Policy can cover your medical expenses. Keep in mind, a General Liability Policy does not protect other individuals working on the property; however, it protects you in case someone is injured and tries to sue you as a result. The insurance company will deal with expenses that arise in this case.

Secure Your Flip with True Concept

Title insurance is arguably the most critical kind of insurance you should obtain when buying not only a house to flip but any kind of property. You may run into solvable issues on the property while renovating, but none of these challenges will be worth the struggle if you are also faced with legal claims, public record errors, liens, or even someone claiming rightful ownership of the property.

Flipping houses can be an excellent source of income that can offer a significant reward for hard work – work that is often fun and provides room for limitless creativity. However, to avoid debilitating property damage costs, medical expenses, legal fees that cancel out your return on investment, or even losing your property, it is essential to cover your fixer-upper with the right insurance.

Rehabbers and house flippers: remember, you have a choice in title. Get in touch with national title insurance experts like True Concept Title . We can help protect your flip! Call our team today to start the process – (813)-263-7168 .

Closing Checklist: Steps to Take Before Closing on a Home

Sun, 07 Jul 2024 11:59:54 GMT

Whether you’re a first-time homebuyer or simply need a refresh on the process, closing day is an eagerly anticipated finish line that you want to pass with no bumps and/or bruises. There are a lot of steps to take when closing on a home, and you need to cover all your bases.

To help you manage the process, our team at True Concept Title has compiled every action item in one checklist:

Square away contingencies
Clear the title ( with our team at True Concept! )
Acquire a final mortgage approval
Review the closing disclosure
Complete a final walk-through
Bring the right documents

If you follow all of these steps, you’re sure to have a better closing experience. Complete with the satisfying weight of your new keys in your pocket! Scroll for the details on each step to know what you can expect.

Step #1: Carry Out All Contingencies

When you buy a house, there are certain things you may have to do before the real estate transaction can be declared official, called contingencies . The following common contingencies will likely show up in your purchase agreement:

Home Inspection Contingency

Before buying a home, you will want to have it professionally inspected to make sure there aren’t any major issues that may result in a huge hit to your wallet.

You may feel tempted to avoid the average $300 to $500 fee of a home inspection, but we strongly discourage giving into that impulse. Home inspections will help you avoid issues that cost thousands.

Appraisal Contingency

You likely don’t want to pay more than what your future home is deemed worth by a professional. During an appraisal, a third party hired by your mortgage lender will analyze and determine the fair market value of the property.

If this value is less than the listing cost, this contingency allows you to back out of the deal and get back your earnest money deposit.

Financing Contingency

If your mortgage agreement fails to be approved, you have an allocated period of time to back out or obtain another loan.

Many people waive the contingencies to make their offer more desirable. We don’t recommend skipping them as they help your peace of mind.

Step #2: Clear Any Clouds on the Title with True Concept

When you purchase a new property, the title will be transferred to you to establish your legal ownership. Before you close, your mortgage lender will likely require a title search to make sure there are no issues clouding the title.

Even if not required by your mortgage lender, we highly recommend a thorough title search so you don’t risk losing your property or owing thousands in legal fees. You’ll also need to purchase title insurance to protect your ownership moving forward in case errors in public record or unanticipated claims on the title rise to the surface.

True Concept Title is armed with the experience and commitment to help you through the closing process. Call our national title & escrow team today – (813) 263-7168 .

Step #3: Get Your Mortgage Loan Approved

Even though you’ve made a down payment, your home loan needs to be approved by an underwriter who will prove you have truthfully represented your finances. After ensuring all is well with your credit score, your home appraisal, and your financial portfolio, you will at long last be approved for your loan.

Don’t make any large purchases that must be financed too close to closing, this would hurt your credit score and be a red flag to your underwriter.

Step #4: Review the Closing Disclosure

If you’re receiving a mortgage loan to pay for your new house, make sure you read the fine print! This official ‘closing disclosure’ will include specific details such as:

Your exact mortgage payments
Terms of the loan including interest rate and duration
Additional fees called closing costs (around 2-7% of your home’s price)

Compare this disclosure to your original loan estimate and note any discrepancies to discuss with your lender.

Step #5: Complete a Final Walk-Through

Before you finally close , it’s a good idea to complete a walk-through of the home within a day beforehand. This will allow you to ensure the previous owners have vacated and that the home is in the agreed upon condition.

A walk-through the day before closing gives you the opportunity to ensure that the property is in the agreed upon condition and free of surprises.

Step #6: Bring the Right Documents

On closing day, it’s essential that you have the right documents for things to go smoothly. This includes:

Proof of homeowners insurance
The contract with the seller
Home inspection reports (if you had one completed)
All loan paperwork
Government-issued photo ID

You’ll likely be at the table signing paperwork for a while, so be prepared to get comfortable!

Learn More > A Title Company’s Role During Closing

Choose True Concept for a Smooth Close

The title company plays a huge role in any home buying process, providing the documentation and handling the money to set in stone your new purchase. It’s crucial that you work with a title company you feel safe trusting and opening up to.

Connect with True Concept Title for your next real estate purchase. We can honestly say you won’t be disappointed. Our commitment to our clients and our attention to accuracy is why we’re the best in the business. Reach out today to learn more about our services.

8 Misunderstandings About Title Insurance

Sun, 07 Jul 2024 11:59:47 GMT

Buying a new home is an incredibly exciting and rewarding experience. Ensuring that you legally own the rights to the property you buy is an important step to avoiding devastating news in the future. When buying your new home, you’ll come across people telling you to get title insurance – and they’re right!

Like many steps of the home buying process, grasping an understanding of title insurance can be confusing. This is one of the largest purchases of your life; don’t get held up by the many misconceptions out there:

Title insurance offers only a little protection
There is only one kind of title insurance
You have to pay a monthly or annual premium with title insurance
Title insurance is costly
If you pay all cash, you don’t need title insurance
Homeowner’s insurance and title insurance are the same things
Homebuyers don’t select their title company
You’ll never be in a circumstance where you need title insurance

To help you to better understand title insurance and why you need it, True Concept Title unwraps these (all too common) misunderstandings.

1. Title Insurance Offers Only a Little Protection

When you close on a home and the deal is done, you will receive ‘title’ to the property. This title is the legal document stating you own the property.

Long before closing on a house , you should hire a company like True Concept Title to conduct a thorough title search on the property. This will reveal the property’s history as well as expose any legal issues that could complicate your ownership.

Even after a thorough title search, hidden clouds on the title such as tax liens , false signatures, claims by ex-spouses or from wills, and other recording errors could prove to invalidate your ownership of the property months or even years down the road. Title insurance protects you in the event that any of these issues come up.

2. There is Only One Kind of Title Insurance

There are actually two types of title insurance policies:

An owner’s policy
A loan policy

An owner’s policy protects you against loss in the scenario that there is an undiscovered cloud on your title that impacts your legal ownership of the property.

If you are taking out a mortgage loan to purchase a property, your lender will likely require you to purchase a loan policy. This protects the lender’s investment in the property until the mortgage loan is paid off, but this does not provide any protection for you as the homeowner.

3. You Have to Pay a Monthly or Annual Premium with Title Insurance

Although many other kinds of insurance require you to pay a monthly or annual premium, this is thankfully not the case with title insurance. Title insurance is a one-time payment that you cover when closing on your home or r efinancing .

4. Title Insurance is Costly

Title insurance is a one-time premium cost of approximately .5-1% of the price of your home, but it is a small percentage of your overall closing costs and a nominal amount in the shadow of potential looming costs that could arise from hidden liens and record errors .

The benefits of title insurance dramatically outweigh the cost, so you shouldn’t let a few extra thousand dollars prevent you from investing in this pivotal insurance.

5. If You Pay All Cash, You Don’t Need Title Insurance

Not necessarily . .. While paying all cash may eliminate the need for a loan policy, you still aren’t free from the risks of hidden clouds on your title. Purchasing an owner’s policy is necessary to protect you against defects on the title of your home.

6. Homeowner’s Insurance and Title Insurance are the Same Things

Homeowner’s insurance is essential to protect your home against loss or damage that could affect your home as a result of accidents, bad weather, and more. However, it doesn’t protect your legal right to a property or your lender in the event that the mortgage is not paid off. You must have homeowner’s insurance and title insurance for the best protection.

7. Homeowners Don’t Select Their Title Company

You have a choice in title. The home buyer can choose the title company when purchasing a home.

In some cases, the seller may be required to pay for the owners and loan policies for the buyer, in which case the buyer may not be able to select the company.

8. You’ll Never Be in a Circumstance Where You Need Title Insurance

In 2020, the title insurance industry paid $470 million in claims while defending the rights of policyholders. While it’s reasonably unlikely that a thorough title search will miss any clouds on your title, it does happen.

And the outcome isn’t pretty. Trust us when we say that avoiding the cost of title insurance is not worth the potential cost of not having it.

Clear Things Up with True Concept Title

With so many misconceptions surrounding title insurance, we want to help clear the air so you feel confident in your purchase.

When you’re buying a home, especially if it’s your first or you’re investing in a real estate-owned (REO) property , it’s important to thoroughly investigate every step of the process and find a team you can trust and rely on. At True Concept Title, our mission is to provide you with just that – a team of reliable and trustworthy title & escrow experts who will protect your property purchase.

Whatever you take away from this article, remember: you have a choice in title. Contact our national title insurance specialists today to start the process – (813)-263-7168 .

Mastering FSBO Sales: A Title Company's Guide to Closing Without an Agent

Mon, 01 Jul 2024 12:31:10 GMT

Mastering FSBO Sales: A Title Company's Guide to Closing Without an Agent

Selling your home yourself, commonly known as a For Sale by Owner (FSBO) transaction, can initially seem daunting. However, with the right preparation and understanding of the process from a title company's perspective, you can confidently navigate through the complexities and successfully close the deal. Here's a comprehensive guide to help you through each stage of the FSBO process.

The Importance of the Title Company in FSBO Transactions

The image of you and your buyer, surrounded by attorneys, sitting at a large table filled with forms inside a title company's office, is not just the culmination of the home-selling process but a critical juncture ensuring the legality and security of the transaction. A title company plays a pivotal role in FSBO transactions, offering services ranging from title searches to handling escrow accounts, ensuring that the property is free of liens, and facilitating a smooth transfer of ownership.

Accepting an Offer to Closing: Your To-Do List

Once you've accepted an offer on your home, the real work begins. This phase involves several key steps:

Hire an Attorney (If Necessary): Depending on your state's laws, you might need an attorney to prepare certain legal documents or oversee the closing. Even if it's not a legal requirement, having an attorney can help ensure your paperwork is in order, protecting your rights throughout the transaction.
Order Title and Arrange for Escrow: Negotiate who will hire the title company and pay associated fees. Typically, the seller pays for the owner’s title insurance policy. Using your title company as an escrow agent can streamline the process, holding funds and important documents until the transaction is complete.
Prepare for the Appraisal and Inspection: Ensure your home is in its best condition to facilitate a smooth appraisal and inspection. Address any minor issues beforehand to avoid complications.
Negotiate Repairs: Based on the inspection results, you may need to negotiate with the buyer over repairs. Focus on addressing major defects rather than cosmetic issues.
Get Your Paperwork in Order: Essential documents include the title to prove ownership, property taxes, loan documents, property survey, plans and permits, and homeowner’s insurance information.

Closing with Confidence

Closing Costs in FSBO Transactions

Tying Up Loose Ends

Conclusion: The FSBO Journey from a Title Company's Viewpoint

Celebrate your accomplishment; you've not only saved money but also gained invaluable experience for future real estate endeavors.

Reach out to True Concept Title , Today to learn more!