Why Do You Need A Title Insurance?

Title Insurance. This term is heard and seen frequently. It is mentioned in the real estate section on Sundays, in advertisements and in conversations with real estate brokers. If you have bought a home before, you probably know the benefits and title insurance procedures. On the other hand, if it is the first house, you might wonder. Why do I need another insurance policy? Is it just another receipt?

The answer is simple: Buying a home is probably one of the most expensive and important you will ever make in life. Both you and the mortgage lender will want to make sure that the property really belongs to you – completely – and that there is no person or government entity that has any right, right of retention, claim or encumbrance against the property. Title insurance companies are dedicated to ensuring that your rights and interests regarding a property are clean, that title transfer is performed efficiently and properly, and that your interests as a homebuyer are protected to the maximum. This is realized more if you will utilize real estate closing solutions.

Title insurance companies provide their services to buyers, sellers, developers, builders, mortgage lenders and others who take part in a transfer of real estate. Title companies routinely issue two kinds of policies – the owner"s, which covers you, the homebuyer, and the lender"s, which covers the bank, savings and loan company, or other lending institution. Both policies are issued at the time of purchase in exchange for a single low-cost premium.

However, before issuing a policy, the title company conducts an extensive search by reviewing the relevant public records to find out if there is anyone other than you who has any interest in the property. Company personnel can carry out such a review using public records. They are most likely to use aggregate, re-organized, or indexed data at the company"s title plant.

Through such a meticulous inspection of the records, every title problem is usually found and clarified before the purchase of the property. After issuance of a title policy, if for any reason any claim is filed against the property that is covered under the title policy, the title company will pay the legal fee for the defense of its rights, as well as any covered loss That arises from a valid claim. Such protection is in effect as long as You or your heirs own the property and it is yours in exchange for a single premium paid at the time of purchase.

Because title companies are dedicated to eliminating risks before they arise, they are sharply distinguished from other types of insurance they may have purchased. Most insurances assume the risks by providing financial protection by combining the risks of loss arising from unforeseen events, such as fire, theft or accident. On the other hand, the purpose of title insurance is to eliminate the risks and avoid the losses caused by the title defects that happened in the past. Such risks are inspected and remedied before the property is transferred.

You, the homebuyer, and the title business take advantage of risk elimination. This reduces the probability of filing claims and by doing so decreases the number of claims against which a defense has to be raised or satisfaction reached. This process keeps the costs for the title company and the title bonuses for you at a low level.

Buying a home is a huge step both emotionally and financially. Title insurance assures you that any valid claim against your property will be borne by the title company. In fact, there is little likelihood of a claim being filed.

Things You"ll Find in a Title Insurance Binder

The real estate world becomes overwhelming especially when you have a lot of things to consider such as mortgages, negotiation and closing services. One thing that truly needs to be considered is opting for title services that have a great impact on your purchasing process. Today, we"re going to take a closer look at what a title insurance binder is.

houseA binder of title insurance is a commitment made in writing for a property. This insurance protects the adhesive property owners and real estate lender against errors or omissions in the register of title. This insurance binder protects against a lawsuit during such occasions. There are different types of insurance binder used. These fundamentals are the owner"s policy and the lender.

Although title insurance binder is not required any area or transaction, you should have written so you can be protected. There are several requirements that must be included in the binder of insurance. The requirements vary depending on local laws in your area.

Here are more details about what is included in the insurance policy title:

Title Abstract. The abstract title contains an overview of the property and also a general idea of what is in the title insurance binder. The summary should contain all the essential elements of the binder.

Mortgage from the seller. Distribution of mortgage seller must be in the document. This ensures the buyer that everything that is paid by the transfer of ownership takes place. This will provide security for the purchaser of the property and also to avoid future disputes between the buyer and the seller of the property.

Buyer mortgage. Mortgage rates for the buyer must be included in the title insurance binder. This will help the seller to ensure that everything is done and the buyer has the option to pay the loan.

Taxes and assessments. Taxes and assessments for the property are important things to have in the title insurance binder. Details of evaluations are important for the buyer of the house. This will ensure that there are no problems with the outstanding taxes and other charges associated with the property.

Deed of transfer. A real transfer must be made in writing to clarify that the property is transferred to the buyer. The seller of the property must ensure that the transfer of title deeds made clear so that the next owner of the property will have no problems with taxes, liens and other important issues related to the home.

Limitations. Restrictions or conditions are also included in the title insurance binder. The restrictions include things that are not included in the insurance on the property. It may also include restrictions based on an event that does not fit in the application for insurance. This shall be stated clearly to avoid accidents in the future.

These are some of the factors that must be included in the title insurance binder. This differs from the accident. Title insurance will help both owners and buyers if there are allegations of defects in title to the property, omissions that are not spoken or seen in the title search. This will prevent any difficulties in transferring ownership from one person to another. If there are events happening, title insurance helps the person who owns the title to the property to be defended in court free of charge.

Checklist For Couples Before Retirement

Everyone wanted to retire early and be financially stable. While some dream about it, it is not easy to make it possible. This needs planning. When a couple starts to plan their retirement, they need to have a retirement plan which is achievable. It is never a bad thing to dream, but make sure to plan something that is achievable. The logic behind this is the capacity to make it real. The success lies in your planning and implementation. Picture the things that you can do or wanted to do in your retirement.


After thinking what you wanted to do, it’s time to focus on your action plan. How to achieve them is the next thing to. With this, you need to figure out the who, what, when, where, and the how.

Below is a pre-retirement checklist that you need to focus. During the initial stage of planning, the following questions have to be taken into consideration. These have to be discussed with your spouse.

  • What are the things that you wanted to do?
  • Where are you going? Do you plan to travel abroad or move to a different place?
  • When do you want to begin?
  • How are you going to pay for it?

It is always a rule that the more you are realistic with your plans, the more that it is achievable. Never afraid to try new things/plans that you might think best for you.


Always Measure Twice

To make your plan achievable, you will need to compute your monthly and annual expenses when you retire. This may include your rent or mortgage payments, electrical and gas bills, car payments, all insurances, as well as Medicare or other health insurance costs. After that you need to plan how are you going to finance those expenses.

  • Does your employer provide a good retirement program or benefit?
  • How much is the total amount you will receive from social security?
  • Do you have savings or any other income?
  • Do you have any plans for leisure like a budget for fun activities, traveling, etc?

Be ready always for all circumstances

You cannot assure perfection. With all the things that you do, you can still commit a single accident. With this, make sure to create a plan that is flexible enough to go with unforeseen circumstances. For married couples, make sure you know what to do when one of the spouses passes. If the primary breadwinner dies first, you should know what happens to the retirement provided by the employer. The surviving spouse should not be left with anything.

Choosing Real Estate Attorneys in Salt Lake City

If you are trying to buy or sell a property in Salt Lake City, then you would do well to deal with a local real estate agent and also an excellent attorney. Local real estate agents have many benefits; they have the kind of local knowledge that will be of great interest to you, and this will serve you well when it comes to working out prices working out what amenities are nearby and identifying the best areas to buy property in.

If you"re a family looking to move to Salt Lake City, then a real estate agent will help you to find the houses that are near schools, parks, and doctors. If you"re a young professional, then they will help you find the up and coming areas that are close to public transport links, driver friendly, and offer easy access to nightlife.

So, where do real estate attorneys in Salt Lake City come in? Well, once you"ve found the right property or your property has found a potential buyer, it is the real estate attorney that will seal the deal. There is an enormous amount of paperwork associated with real estate transactions. You need to negotiate not just the transfer of the deed, but also a lot of the expenses associated with it. Who will pay the fees and surcharges that go into signing the deal? What if there"s a chain?

Real estate attorneys are one of those people that you don"t notice when they are doing their job well. You might even resent paying their fees because they make their job seem easy, but those legal tasks are not easy, and if you recruit a good attorney they could protect you from some stressful delays and potentially costly mistakes such as property tax disputes.

So, how can you choose an attorney? Well, if you are dealing with a company that does ‘we buy your house fast" services, then you might end up having to work with the attorney that they choose since they will cover all of the expenses. The cost of the legal fees is factored in to what you are doing for the house. If you are selling a house through an estate agent, it could be that the buyer pays, again and that you don"t have to worry. If you"re the buyer,t hen you will want to make sure that you"re getting a good deal, and good service. Your bank or mortgage lender might be able to recommend you a legal professional, but there"s no need to choose their particular real estate attorney service. You could get a better service for a lower price from someone else. Ask friends and family who they used, read reviews online, look at testimonials, and look at who has worked with various properties in the area to see who might be a right choice. You will locate that there is a bewildering list of attorneys out there, and the final decision may come down to one of convenience or preference, as much as credentials.

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Disputing Your Property Taxes

Your home is a huge investment but it can cost less as well if you can. You may now wonder if you can dispute your property taxes. Now the good news is that you can.

A property tax is a levy on property that an owner of a house is required to pay. The tax is levied by the governing authority of the jurisdiction in which the property is located. This may be paid to a national government, a federated state, a county or geographical region, or a municipality.


The tax assessment is a tool local governments use to exact a property tax rate on residents. The local government determines your home"s worth by reassessing the homes in your area you live in periodically and some areas reassess every 2 to 3 years.

A property tax is based on relative value – homes in the area, and specifics like your home"s size, condition, features, defects, and more. Below are the different basis for challenging an assessment.

Assessor"s mistake

The first thing that you need to do is to look for a challenge to your property tax assessment is in the basics. The house should be properly characterized according to number of rooms, bathrooms, lot size, etc. It can be that the numbers given are wrong and you are asked to pay for a bigger or better home.

With this, you need to calculate everything. Make sure to calculate all the number correctly. Review the regulations to make sure that you are being taxed at an applicable rate for your area and property type. Never assume that all documents are correct. There are a lot of areas that an error can occur. Have some time to review and you can find that your challenge is a simple matter.



Value judgments

You may also ask an assessor to lower your property tax valuation by basing on the flaws of the property but make sure to consider carefully before telling that your place is a mess.

Property tax assessments are public documents so if your tax is way off-base then there is a possible mistake that was made. There are some places that allow for tax deferrals if you are having difficulty paying them. However, rules differ from one state to another.

Ask for an assistance

If you are not sure of what you are doing and you are having the difficulty reviewing all the documents then you can ask for an assistance. You can contact a licensed attorney that specialize in handling property taxes.

Driving In Flip Flops: Is It Allowed?

Summer is always a flip flop season. It is something that you can have for your footwear that can make you sweat free. You can enjoy walking without thinking a smelly sweat on your feet. It is hot out there and no one wanted to have the bad smell of sweaty feet. When you are working from home, nothing is more comfortable than a pair of a flip-flop. It is easy to wear and very relaxing. But what about in the car? While driving barefoot is legal, it comes with safety risks. Do you think this also true for driving in flip flops?


There are no driving laws that prohibit people from driving in flip flops. States don"t list what are the acceptable and unacceptable footwear in their traffic statutes. Only drivers are required to drive in a safe and responsible manner. As long as you don"t cause an accident or violate any other traffic laws, you can wear something that you are comfortable.

According to California Highway Patrol Officer Raymus Payton, it is actually is legal to drive barefoot or with flip-flops. On the other hand, while driving in flip flops is legal, it is not a perfect idea at all. A DMV commissioner said that when their customer service representatives who conduct road tests have seen flip-flops and sandals come off and get stuck under the gas or brake pedal. Of course, there are no accidents recorded yet with driving in flip flops but it is better to prevent it.


A 2013 study showed that ten percent of drivers have gotten a flip flop stuck underneath a pedal while driving. It was also shown that driving with flip flops is more dangerous than wearing high heels. Some research also showed that drivers wearing flip flops were 0.13 seconds slower when applying the brakes than those wearing the regular footwear. This may not sound like a lot of time but this means a 30-foot difference if you are traveling 60 miles per hour.

As confirmed, driving your car barefoot or with flip flops is legal and this is for all 50 states. Acccording to A NASDAQ article, The footwear you drive in can affect the control you have over your vehicle. Like for instance, flip-flops offer zero heel support and this tend to slip off and become wedged under a pedal, then can be a major distraction.

Be comfortable, choose a comfortable footwear when driving. Enjoy your Flip Flop Day when driving if you are into it as well. Jjust do it responsibly. If you do get into an accident while wearing flips flops or any other footwear, make sure to contact a licensed attorney who can help you with the appropriate legal claims.