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Why Do You Need Title Insurance? Title Insurance.
It's a term we hear and see frequently -- we see reference to it in the Sunday real estate section, in advertisements and in conversations with real estate brokers. If you've purchased a home before, you're probably familiar with the benefits and procedures of title insurance. But if this is your first home, you may wonder, "Why do I need another insurance policy? It's just one more bill to pay."
The answer is simple: The purchase of a home is most likely one of the most expensive and important purchases you will ever make. You, and your mortgage lender, want to make sure that the property is indeed yours -- lock, stock and barrel -- and that no individual or government entity has any right, lien, claim to your property.
Title insurance companies are in business to make sure your rights and interests to the property are clear, that transfer of title takes place efficiently and correctly and that your interests as a homebuyer are protected to the maximum degree.
Title insurance companies provide services to buyers, sellers, real estate developers, builders, mortgage lenders and others who have an interest in a real estate transfer. Title companies routinely issue two types of policies -- "owner's," which cover you, the homebuyer; and "lender's," which covers the bank, savings and loan or other lending institution over the life of the loan. Both are issued at the time of purchase for a modest, one-time premium.
Before issuing a policy, however, the title company performs an extensive search of relevant public records to determine if anyone other than you has an interest in the property. The search may be performed by title company personnel using either public records or more likely, information gathered, reorganized and indexed in the company's title "plant."
With such a thorough examination of records, any title problems usually can be found and cleared up prior to your purchase of the property. Once a title policy is issued, if for some reason any claim which is covered under your title policy is ever filed against your property, the title company will pay the legal fee involved in defense of your rights, as well as any covered loss arising from a valid claim. That protection, which is in effect as long as you or your heirs own the property, is yours for a one-time premium paid at the time of purchase.
The fact that title companies work to eliminate risks before they develop makes the title insurance decidedly different from other types of insurance you may have purchased. Most forms of insurance assume risks by providing financial protection through a pooling of risks for losses arising from an unforeseen event, say a fire, theft or accident. The purpose of title insurance, on the other hand, is to eliminate risks and prevent losses caused by defects in title that happened in the past. Risks are examined and mitigated before property changes hands.
This risk elimination has benefits to both you, the homebuyer, and the title company: it minimizes the chances adverse claims might be raised, and by so doing reduces the number of claims that have to be defended or satisfied. This keeps costs down for the title company and your title premiums low.
Buying a home is a big step emotionally and financially. With title insurance you are assured that any valid claim against your property will be borne by the title company, and that the odds of a claim being filed are slim indeed.
Isn't sleeping well at night, knowing your home is yours, reason enough for title insurance?
Article by CLTA
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Real Estate, Houses , Homes, Cottages, Lake Huron Waterfront Property, Waterfront Property on Inland Lakes,Land, Tawas, East Tawas, Tawas City, AuGres, Oscoda Michigan
TO SEARCH LISTINGS
GO to www.all-northern-michigan.com
WELCOME TO NORTHEASTERN LOWER MICHIGAN!
Best Choice Realty, Inc. means this sincerely and knows that once you visit NORTHEASTERN LOWER MICHIGAN you, too, will feel the same way we do about the abundance of nature and beauty to be found in NORTHEASTERN LOWER MICHIGAN!
Iosco County, Arenac County and Ogemaw County are just an hours drive north of Saginaw, but offer a full range of recreational activities for those seeking an escape from city life. The Huron National Forest offers excellent hunting and the AuSable River has great fishing. Near Hale, Sand Lake Heights and the surrounding areas there are hiking, snowmobile and cross country ski trails and many all sports lakes for swimming, water skiing and fishing. And, of course, Au Gres is on the shore of Saginaw Bay and Tawas, East Tawas and Oscoda are on the shores of Lake Huron. So come up to Iosco County, Arenac County and Ogemaw County, check out the real estate available here and enjoy life!
Best Choice Realty, Inc. maintains an outstanding reputation in the real estate profession and we can assure you that YOU and YOUR needs are our #1 priority. Our real estate office and associates are members of real estate multi-list services (RMLS) covering Iosco County, Arenac County, Ogemaw County and Alcona County.
Our high quality staff of professional Real Estate Consultants have been trained to make your real estate move go as smoothly as possible. Each real estate associate is kept up to date with the real estate market and the changes in the real estate industry by ongoing real estate training and informational meetings. We're proud to have real estate agents that go the " extra mile " to provide you with the utmost in professional real estate service. We are locally owned and staffed by individual real estate agents who have spent years living and working in this area. We know the area and we know the real estate market.
We are a full service real estate company offering sellers agency, buyers agency, broker price opinions and real estate consulting. We have residential, commercial, resort, lakefront, acreage, hunting land and recreational properties available. If you are considering a move, or just have a question concerning real estate, don't hesitate to contact us. We personally guarantee the highest level of professional service...
Sincerely,
Michael D. Fournier
President/Associate Broker
BUYERS: "LOYALTY PAYS OFF"
Some buyers like to leave their name with three or four sales people. Although it may seem to be to the buyer's advantage to have a number of real estate agents to work with, it is usually a very ineffective approach. The assumption is that many real estate agents will produce more results than working exclusively with one. THIS IS NOT TRUE! YOU NEED THE TOTAL COMMITMENT OF ONE REAL ESTATE AGENT. My advice to you is to find a Realtor whom you feel will get the results you need. Tell this real estate agent that you will work exclusively with him or her ( SIGNING A BUYERS AGENCY CONTRACT IS RECOMMENDED ) as long as you see the effort required to get the job done. In this way, you will have a dedicated real estate agent who will take on the personal responsibility of handling all the details of your home purchase.
REAL ESTATE AGENTS are paid on a straight commission basis. They don't receive a salary. They are not on an expense account. They don't get paid unless they SELL YOU SOMETHING. This is why working with more than one agent is not a good idea. None of the real estate agents know if their efforts will result in any income. If a agent knows that you will be loyal to them that is all the motivation needed to provide, a real estate agent, dedicated to getting the job done right.
PRICING YOUR HOME TO SELL
Get a comparative market analysis.
EXPIRED
Out of range. Up to 35% of all homes put on the market never sell. The prices at which these homes expired represent the overpriced range. IF YOU PRICE HERE, THEN YOUR LISTING WILL ALSO EXPIRE!
CURRENTLY FOR SALE
Represents the upper end of the market. These are asking prices only. They have not been attained in the real estate market. Examine the number of days on the market and if it has been a long time, the homes(s) is/are priced to high.
SOLDS: - TRUE MARKET VALUE.
NEVER SELECT A REAL ESTATE AGENT BASED ON THE PRICE THAT THEY TELL YOU!
A real estate agent has no control over the price the market will allow. SELECT YOUR REAL ESTATE AGENT FIRST based on competence of the real estate agent, company and services provided. Don't encourage or allow the real estate agents to " bid the price up", by telling you what they think you want to hear, to get the listing. True professional real estate agents will give you candid feed back and factual information, based on "SOLD PROPERTIES", so you can price within the "MARKET".
BENEFITS TO PROPER PRICING
1. FASTER SALE
2. LESS INCONVENIENCE
3. EXPOSURE TO MORE PROSPECTS
4. BETTER RESPONSE FROM ADVERTISING AND DRIVE BY CALLS
5. INCREASED SALESPERSON RESPONSE
6. ATTRACTS HIGHER OFFERS
7. MEANS MORE MONEY TO SELLERS
REASONS SELLERS USE WHEN OVERPRICING
1. WE'VE MADE IMPROVEMENTS: Improvements should be made for enjoyment, not for sale. You cannot add an item to a home, select it to your style, use it, then expect a buyer to pay the original cost.
2. WE NEED THE MONEY: An owners need for money does not increase the value of the home.
3. BUYING IN A HIGHER REAL ESTATE MARKET: Real estate values are location specific. High real estate values in the destination market/home do not increase the value of your existing home.
4. WE PAID THIS MUCH: Chances are you paid market value. It's not that the price was too high, but sometimes the market experiences subsequent changes. The real estate market is effected by interest rates, the economy and supply and demand.
PRINCIPLES OF VALUATION
1. COST - The amount actually paid for a property plus any capital improvements made since the purchase.... 2. PRICE - The stated amount an owner is willing to accept for a property.... 3. VALUE - The amount a single buyer is willing to pay given a certain set of circumstances.... 4. MARKET VALUE - The amount many buyers would pay a reasonable, willing, seller. It is based on the history of similar real estate recently sold in the area.
Office is Locally Owned and Operated.
1106 Bay Drive, Tawas City, Michigan 48763 - 1-866-585-5980
FULL SERVICE NORTHERN MICHIGAN REAL ESTATE COMPANY, RESIDENTIAL REAL ESTATE, RESORT REAL ESTATE,WATERFRONT PROPERTY, INLAND LAKEFRONT PROPERTY, LAKE HURON PROPERTY, COTTAGES, HOMES, HOUSES, ACERAGE, COMMERCIAL REAL ESTATE, NORTHERN MICHIGAN PROPERTY, INVESTMENT PROPERTY, BUYERS AGENCY, SELLERS AGENCY
Marketing Areas: TAWAS, SAND LAKE HEIGHTS, OSCODA, GREENBUSH, HARRISVILLE, HALE, AUGRES, EAST TAWAS, TAWAS CITY, ROSE CITY, WEST BRANCH, NATIONAL CITY, WHITTEMORE
Marketing Zip-codes: 48763, 48748, 48730, 48750, 48703, 48654, 48738, 48661, 48739, 48740, 48770
Tawas Michigan Real Estate, Tawas City Michigan Real Estate, East Tawas Michigan Real Estate, Oscoda Michigan Real Estate, Au Gres Michigan Real Estate, AuGres Michigan Real Estate, Hale Michigan Real Estate, Iosco County Michigan Real Estate, Arenac County Michigan Real Estate, Alcona County Michigan Real Estate, Ogemaw County Michigan Real Estate, National City Michigan Real Estate, Sand Lake Heights Michigan Real Estate, Hale Michigan Real Estate, Lake Huron Michigan Real Estate, Northern Michigan Real Estate, Northeastern Michigan Real Estate. Providing a superior level of informed, professional real estate services, CMA'S, BPO's, Consulting, to buyers and sellers in the greater Northern Michigan Real Estate Market, Tawas City, East Tawas, Sand Lake Heights, National City, Oscoda, Au Gres, Hale, Greenbush, Tawas, Iosco County, Arenac County, Alcona County and Ogemaw County, Michigan.
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Other Best Choice Realty, Inc. web sites: www.lakefront-waterfront-property-east-tawas-michigan.com , www.tawasmi.com , east-tawas-realestate.com , www.all-northern-michigan-real-estate.com
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