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Title-related fees: Home sellers in many areas are responsible for paying the costs of a title search and title insurance, which protect against potential ownership issues.
There are two types of title insurance: a mandatory lender's policy, whose cost is based on the mortgage amount, and an optional owner's policy, whose cost is based on the home purchase price ...
The first title insurance company, the Law Property Assurance and Trust Society, was formed in Pennsylvania in 1853. [1] Typically the real property interests insured are fee simple ownership or a mortgage. However, title insurance can be purchased to insure any interest in real property, including an easement, lease, or life estate.
For example, if a buyer pays a $2,000 down payment and borrows $8,000 for a $10,000 parcel of land, and pays off in installments another $4,000 of this loan (not including interest), the buyer has $6,000 of equity in the land (which is 60% of the equitable title), but the seller holds legal title to the land as recorded in documentation in a ...
An earnest money deposit from the buyer(s) customarily accompanies an offer to buy real estate and the deposit is held by a third party, like a title company, attorney or sometimes the seller. The amount, a small fraction of the total price, is listed in the contract, with the remainder of the cost to be paid at the closing.
The latest report from the Wisconsin Realtors Association shows November was another month of tight inventory. "The inventory of available homes remains very tight even as solid demand conditions ...