Title 101
The rights that accompany owning land and property
What is a Title?
All the fees in excess of the cost of the home: lender costs, taxes, impounds, title costs, appraisal, insurance, etc.
What are Closing Costs?
Agent that represents the sellers of the property
Who is the Listing Agent?
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What are Dogs?
The sequence of historical transfers of property. This reviews the present owner back to the original owner of the property
What is Chain of Title?
Deposit paid by the buyer, held in escrow. The contract controls who keeps it if the sale does not go through.
What is the Earnest Money Deposit or EMD?
This is used when a party to the transaction is unable to sign
Who is a Power of Attorney?
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What is Running?
Title Insurance has been around this long
What is 140 years old?
The lenders title policy is paid for by this party in the transaction
Who is the buyer?
The process by which a parcel of land is measured to establish property lines
What is a survey?
Universal Title has been in business this long
What is 50 years?
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The best title company in the DMV
What is Universal Title?
He laid the groundwork for the model and concept of insurance as we know it today
Who is Ben Franklin?
An impartial third party who works with all participants to facilitate a successful closing of a real estate transaction. Represents the contract.
What is the Settlement Company? (Heidi)
Universal Title covers these areas / states
Where is Virginia, Maryland, and DC?
Protects real estate owners and lenders against any property loss or damage they might experience because of liens, encumbrances or defects in the title to the property
What is a Title Policy? (Insurance)
The difference between the value of the property and outstanding mortgage debts
What is equity?
Works on behalf of a lender and provides a market analysis of the property.
Who is the Appraiser?
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Who are Real Estate Agents, Loan Officers, Anyone Looking to Buy or Sell?