The total amount required to purchase a property, including the price and all associated fees such as closing costs, attorney's fees, loan fees, appraisal costs, title insurance, and discount points.
Various fees and expenses payable by the seller and buyer at the time of a real estate closing; also termed transaction cost. Some closing costs include brokerage commissions, lender discount points and other fees, title insurance premiums, deed recording fees, loan prepayment penalties, inspection and appraisal fees, and attorney's fees.
A *Good Title* refers to a legal concept where a title is free from present litigation, obvious defects, and grave doubts concerning its validity or merchantability. This implies that such a title is marketable to a reasonable purchaser or can be used as security for a loan to a person of reasonable prudence.
An insurable title is a type of title to real estate that a title insurance company deems acceptable for insurance, ensuring the buyer is protected against potential defects or issues with the property title.
An insurable title is a title to real estate that a title insurance company agrees to insure, signifying it is free from significant defects that could result in financial losses to the owner or lender.
A marketable title, also known as a merchantable title, is a property title that is free from significant defects, claims, or liens and is acceptable for purchase.
An Opinion of Title is a certificate, generally from an attorney, which provides an assessment of the validity of the title to property being sold. It serves as a basis upon which title insurance companies decide to insure the title.
A title company is a firm that examines and validates ownership titles of real estate properties, ensures they are marketable, and may also issue title insurance to protect property buyers and lenders against issues or defects in the title.
Title guaranty, often associated with title insurance, is a legal arrangement that ensures real estate titles are free from defects and claims. This protects property buyers and lenders from potential disputes over property ownership.
A Title Guaranty Company is an entity that provides title insurance, ensuring the validity and legality of a property title, thus protecting property buyers and lenders against potential title disputes and claims.
Title insurance is an insurance policy that protects the holder from loss sustained through defects in the title. Mortgage lenders virtually always require borrowers to buy a mortgagee's policy of title insurance. The premiums paid on a business title insurance policy are normally tax deductible.
