Archive for category: Helpful Resources

Best Ways to Leverage Your Home Equity

Home equity is clearly a good thing to have; it’s one of the perks of home ownership.  Steady appreciation of real estate values for eighty years has made home equity a powerful contributor to the economy, either after selling the house or via home equity loans.  This article presents six smart strategies for using home equity, including the risks of each strategy.

Using Home Equity to Pay For College

Home equity loans sometimes have lower interest rates than student loans, so using home equity for college makes sense in that regard.  Paying off your student loan with home equity may save money in the long run; however, it is still a loan that must be paid back, and if you don’t follow the terms of payback, you could lose your house.  On the other hand, student loans backed by the federal government contain many options for slow payment tolerance: forbearance, deferment, and repayment based on income; therefore, they are easier to handle when times are rough.

Using Home Equity For Home Improvements

Making home improvements is a popular way to both make the home more enjoyable and to increase its value.  For example, replacing an old garage door can improve convenience and security, while increasing the home’s value.  New roof shingles, on the other hand, may stop leaks, but may not affect much the home’s value. Improving curb appeal by installing stone veneer, new siding, or adding a beautiful paint job will likely raise the market value of the house when it comes time to sell.  If you have $30,000 in home equity, and you use all of it for the most expensive flooring, you most likely will not recoup the $30,000 at selling. Doing the work yourself is an intelligent way for using home equity, provided you know what you’re doing and don’t cause more problems.

Using Home Equity To Consolidate Credit Card Debts

Convenience and impulse buying have made the credit card companies rich from the interest and fees charged.  Over the years, credit card users often pay two or three times more than the purchases prices of card uses. And with an average interest rate of 15%, using home equity loan at 5% APR to pay off your unsecured debts makes sense with a few caveats of caution.  If you don’t get rid of your credit cards or change spending habits, you’ll run up the debts again and be worse off than before. It takes commitment to stop using credit cards and borrowing unsecured money, so formulate a plan for sticking to the payment of only the consolidation loan and not adding new payments with their strangling interest.  Another drawback to using home equity to pay off credit card debts is that it typically lengthens the time in debt. It will take longer to pay off, though at a lower interest rate.

Using Home Equity to Pay Off Medical Expenses

Medical bills are a fact of life, even with good health insurance.  They can eventually be reported to credit bureaus, lowering your credit score.  So, paying off medical bills with home equity can be a good thing; however, remember that you’re transferring a debt with no collateral to one with your home as collateral. This means that if you default on the home equity loan, you could lose your house.

Using Home Equity to Improve Retirement

Retirees can smartly use home equity to benefit their retirement years.  One way is to open a “heloc” (home equity line of credit) for quality of life expenses or home improvements.  Another strategy is to downsize the home. Using equity to buy a less expensive home will either reduce the house payment or eliminate it completely.  This increases discretionary income for improving lifestyle. Some retirees enjoy enhancing their lifestyle with a reverse mortgage, and if they borrow less than what is owed, then less obligation is passed on to heirs at the owner’s passing.

Best Ways to Leverage Your Home Equity

Article By: Clear Content Marketing

 

Defining Foreclosures, Bank-Owned Properties, and Short Sales

There are three common terms in real estate that are often confused with one another: bank-owned properties, foreclosures, and short sales. They are all different from each other even though people sometimes incorrectly use them interchangeably. After reading this article, you will know the individual definition of each term so that the next time you searching online for homes on the market, you’ll know exactly what it means when some are listed as St George short sales, foreclosures, and so on.

Foreclosure

When you see the word “foreclosure”, view it as an extension of the word “forced”, because “forced” is an accurate description of what happens to a property during foreclosure. When homeowners fail to pay their mortgages and having fallen considerably behind (due to whatever reason), they are violating (otherwise known as defaulting) on their agreement with the lender. The bank (lender) steps in and quite literally forces the home to be sold. When a buyer purchases a foreclosed home (aka; a foreclosure) they are doing so with no
contingencies whatsoever. Essentially, they are purchasing the home “as-is”, no matter what faults the property may have. St George foreclosures are usually acquired via a bidding process wherein the highest bidder takes ownership of the property. The winner gives the deposit right then and there, signs the paperwork, and takes full responsibility of any liens, outstanding taxes, or necessary evictions associated with the property. Granted, bidders often have been educated on the overall status of the foreclosed property in advance. Not always, though. Now, if the new owner of the foreclosed property defaults on their purchase, they can be sued for damages. Banks are not likely to reverse a transaction involving a St George foreclosure if the buyer gets cold feet. Any parties interested in purchasing a foreclosure must be meticulous about being informed about the property beforehand.

Bank-owned property (also known as real estate-owned, or REO)

A bank-owned property is a home that is officially owned by the lender through the process of foreclosure and a subsequent unsuccessful auction. Another way the lender can become the owner of a property is by a deed in the place of foreclosure, such as when house keys are turned over to the bank by the buyer. When a home becomes the property of a bank, they prefer to sell the property as soon as possible knowing they are typically overburdened with inventory. Now lets discuss St George short sales.

Short sale

St George short sales are properties where the amount the owner owes on their mortgage is more than the market value of the property. For example, a person has a $750,000 mortgage but the property is now worth $600,000. In this scenario, if the person is unable to make up the $150,000 difference, they will typically seek approval from the lender that in selling the property, they will accept less than what is owed. Not all St George short sales short sale request made by homeowners who are upside-down on their mortgage are accepted by the lender. More often than not, homeowners in this situation have to be flexible and patient as they seek approval, which can sometimes take a long time – months, even years, in some cases. It is recommended that folks who find themselves in this situation don’t pursue St George short sales alone but rather obtain help from a real estate agent who knows what their doing, who are experienced in dealing with St George short sales. Though there are obvious risks involved in purchasing St George short sales, foreclosures, and bank-owned properties, just like any investment, if done wisely, they can be a wonderful opportunity to acquire a desirable home at a reduced price.


Defining Foreclosures, Bank-Owned Properties, and Short Sales

St George Short Sales

Article by Clear Content Marketing

Four Nightmares Which Title Insurance Can Prevent

We’re not talking about dreams of the boogie man, your family abandoning you, falling, or being chased by the bad guy.  Or, are we? In some cases, this type of nightmare is exactly what we’re talking about. Read on to find out why. This article presents four nightmares that title insurance can prevent for Saint George home buyers.

First Nightmare

Suppose you bought a house, painted it, moved in, fixed its broken whatevers, landscaped the yard, and started raising a family.  You’re a proud St. George home buyer. After a few years, you get a call from the County Assessor’s office, telling you that the person who sold you the house did not have the right to sell it on that property because he did not have a proper deed/ownership.  The grandson of Joe homesteader, from 60 years ago, is now claiming ownership of the property that the house is sitting on. Now, the fun begins! First, you try to talk to the grandson, but that goes nowhere. Next, you talk to a lawyer, but any advice from the lawyer is bad because it is either “You have to move,” or “You can fight it in court.”  Both are nightmares, and both cost money.

Second Nightmare

As a Saint George home buyer, you may be one of the many who are buying new construction.  St. George is considered among the fastest growing cities in the USA, and there is plenty of land and lots being developed for new construction.  Suppose the house gets completed, and you are given approval from the inspectors to occupy it. After a few weeks, you get a letter from the plumber who claims partial ownership of the property because the general contractor failed to pay the plumber for his work on the house.  You call the contractor, and he has filed bankruptcy. So, you either pay the plumber to release the lien on the house or get a lawyer involved. Just what you always wanted!

Third Nightmare

The third nightmare happens occasionally to St. George home buyers when they build or place something at the back of their property to enhance quality of life, such as a basketball court, chicken coop, shed, or swimming pool.  Suppose you built a mansion for your chickens. A few weeks go by while you’re humming and whistling to the cackling of the hens, and enjoying your new facility. Then your fun comes to a screeching halt with a hard knock, knock, knock at your front door, The man in a hard hat says, “There’s supposed to be an easement at the back of your property, Mr. Coop, so utility vehicles can access electricity and phone lines.”  What? Yep, it’s a pre-existing easement (space) which you didn’t know about because you did not buy the right title insurance.

Fourth Nightmare

Finally, we get to the literal nightmares.  If you fail to get a good records search on your property, as a St. George home buyer, you may find out later that the lot upon which your house stands was many years ago used for dumping toxic waste, or even better, was a cemetery.  Now, you have something to dream about: poison chemicals passing from the soil of the garden into your vegetables, or zombies reaching up through the ground, climbing out, and stomping around your yard. If you’re lucky, the zombies will mow the lawn and feed your chickens.

Four Nightmares Which Title Insurance Can Prevent

Article By: Clear Content Marketing

What To Know About Using Home Equity

A common real estate transaction is one that involves using home equity to make an additional investment. When done wisely, leveraging home equity can be a wonderful investment with many great benefits. But like any investment, there are risks involved when it comes to dealing with St George home equity. One must equip themselves with the appropriate knowledge and be smart about what strategies to take.

What is Equity?

First of all, what is equity? It’s the difference between how much a property is worth and how much is still owed on the loan. For example, if a $500,000 home had a $250,000 outstanding loan on it, the St George home equity would be worth $250,000.

So when and how should St George home equity be leveraged, and how much? The type of investment that a person chooses to make using a percentage of their equity is up to them. Lenders typically set a limit on the percentage of equity that a homeowner can use – usually around 80%. This is because the lender wants a buffer to exist just in case interest rates or property prices suddenly fluctuate, or the loan unexpectedly needs to be discharged. These limits instituted by lenders allow them protection from risk.

Revisiting our $500,000 home example – let’s assume that the lender has an 80% limit on equity usage. This means the amount of St George home equity available to the homeowner for investment would be $200,000 (80% of $250,000).

The Process

The process of using money from St George home equity is not as complex as the loan application procedure due to the fact that the property now exists as security to the lender. The value of the property will have additional funds borrowed against it assuming that the lender considers both the loan suitability criteria and credit assessment satisfactory. The method by which the homeowner pays the mortgage will not change. The difference is that the value of the property can be dipped into for whatever uses the homeowner has in mind. A new contract – called a line of credit loan or a home equity loan – will be signed.

To access your equity, there are a few different avenues that can be taken, such as a mortgage refinancing, additional advances, and redraw facilities. For further information on these topics  contact a representative at Eagle Gate Title.

The Risk

Remember that there is financial risk involved when tapping into your St George home equity. The property market changes continually and unexpectedly despite meticulous calculations. When you leverage home equity, you’re risking the chance that you may not get a return on your investment, or that the existing property may not maintain its capital growth. Also important to remember is that percentage of the property that you own decreases when funds are borrowed from your St George home equity.

The reason we mention these potential negative possibilities is to persuade you to be thorough in your market research and in the understanding of your personal finances so that you you account for as many potential risks as can be foreseen so that you feel comfortable with your final decision to invest with your St George home equity. On the positive side, in addition to the hopeful success of your investment, there are tax benefits when homeowners use portions of their home equity. The interest that is paid on it is tax deductible in some cases. We recommend that you communicate with your tax advisor or accountant on this aspect of tapping into your St George home equity. They will be able to help you with your decision- making process from their perspective.


What To Know About Using Home Equity

St George Home Equity

Article By: Clear Content Marketing

Six Things Every First-Time Home Buyer Should Know

Exciting and scary are the most common adjectives used by first-time home buyers.  Buying your first home engages your emotional, mental, and financial worlds like no other decision, with the possible exception of marriage.  You can go into it blindly or with savvy. Knowing these six tips can save a lot of heartache, stress, and money. This article presents six of the most important things every first-time home buyer should know.

Stable Employment and Good Credit

1. Build a steady employment record and strong credit score.  First-time home buyers need a solid record of work and payment history on other debts.  Prepare for at least one to two years. Mortgage lenders (underwriters) want to see six months to two years of employment and income, so be able to show a steady track record.  If you’re self-employed (1099), you’ll need one or two years of tax returns, showing a profit. Wage earners (W-2) sometimes need to show only six months of steady income. Be sure to pay all debts on time every month.  If you have a car payment, never let it go past 30 days late because that’s usually when a negative mark hits the credit bureaus. Making your secured and unsecured loan payments on time will raise your credit score, which helps you to qualify for a mortgage with a good interest rate.  (A FICO score over 700 will make getting a good loan much easier than a 630 score will.) Save as much money as you can for a down payment, closing costs, etc. A down payment will give you instant equity and lower the interest rate of your loan.

Public Programs For First-Time Home Buyers

2. Talk to people and check the internet for programs that help first-time home buyers.  Most of them are administered by government or non-profit entities.  They’re in most cities, and they offer assistance on down payments and low interest rates.  If that pursuit meets a dead end, talk to the private mortgage companies.

Buy Less Than You Qualify For

3. If you qualify for $250,000, aim for less than that.  For example, if you get a house for $200,000, you’ll have more discretionary income for home improvements, lifestyle, and savings.  You don’t want your house payment to be shackles around your ankles.

Be Smart About Where You Want To Live

4. In deciding where you want to live, experts recommend considering family, work, health, convenience, and investment.  If your disabled mother needs you, it’s probably not good for anyone if you move far away from her. Consider your work life, what you enjoy doing and where you can make a living.  Location can affect allergies, illnesses or pain, stress, hobbies, and mental health. For example, if you tend to get depressed in cold, dark winters (SAD, seasonal affective disorder), don’t move to Alaska, no matter how much the job pays.  Do you want the convenience of the city, or do you value more the quiet and the freedom to keep animals, which the country offers? Do you want your home to appreciate fast in value for profitable resale, or is long-term stability more important to you?  First-time home buyers sometimes get so excited about a particular house that they neglect to consider how living there will affect the other aspects of their lives.

Make A Smart Offer

5. Low-ball offers are ok, if you don’t expect any help from the seller in paying for closing costs, and if you have a good down payment.  If you are going to ask the seller to contribute to closing costs, then offer closer to their asking price. You can also include a clause that you will beat anyone’s offer by $1,000, if you really don’t want to lose the house to another buyer.  After inspection, you can continue to negotiate when there are repairs to be made.

Research The Property Boundaries And Development Plans

6. Check with the city, or get a land survey to identify the exact boundaries of the property.  You may be surprised. This is a common mistake by first-time home buyers.  You have to know your property boundaries before dedicating time, work, and money to landscaping.  Also, ask the HOA or developer about any future plans for facilities near your house so you can decide if that facility is acceptable to you or not.

Six Things Every First-Time Home Buyer Should Know

Article By: Clear Content Marketing

 

What Does a Title Company do for you in the Real Estate Transaction?

What Does a Title Company do for you in the Real Estate Transaction?

 

Have you ever wondered exactly what title companies do? A St George title company is one of the most important aspects of any real estate transaction and provides services that are more intricate and involved than you may have thought. Title companies are mainly responsible for assuring that real estate properties have valid titles as well as title insurance. The management and care of escrow accounts is also a common service that a St George title company provides. A brief description of each of these tasks, including why they are important to the real estate transaction, will be discussed here.

The process of validating a title

When a person purchases a property, they must be confident that the title associated with the property is authentic in order to know that they are the new and legal owner. A St George title company will verify the validity of the property’s title. They will perform a comprehensive title search that involves examining property records for the purpose of verifying who is the true and legal owner of the property. This search will also make absolutely sure that there are no unresolved financial obligations associated with the property such as unpaid taxes, judgements, liens, outstanding mortgages, leases, easements, and any other potential restrictions. Another important aspect of this title verification process involves a property survey which dictates the size and boundaries of the property and addresses any possible property encroachments by nearby property owners.

After this process is completed, the St George title company will provide a document called the abstract of title which essentially lays out the property’s ownership history, after which they will provide another document called a title opinion which notifies the prospective owner whether or not the title is valid.

Explaining title insurance

At the point when a title is determined valid by a St George title company, the next step is to supply title insurance. Title insurance is extremely important because this is how a homeowner and lender protect themselves in the event of a title-related dispute, claim, or lawsuit concerning the property. Two types of title insurance exist: lender’s and owner’s. Lender’s title insurance exist so the mortgage company is protected and owner’s title insurance exists so the property owner is protected. Typically, when you close on a property you simultaneously pay for lender’s title insurance. Owner’s title insurance, on the other hand, is technically not mandatory but you should always consider it as such.

Managing escrow accounts

An escrow account is vitally important in a real estate transaction because it is where closing funds are kept. These funds are to be used exclusively for costs associated with the formal closing and settlement of the property. When a person is ready to close on a property, a St George title company will provide a settlement agent. This person is responsible for a number things that are designed to organize and simplify the closing process such as securing the closing costs using funds in the escrow account and explaining all relevant documentation to everyone involved. 

A St George title company will also ensure that all important documents such as deeds and titles are filed appropriately. Poorly or misfiled title documents can result in enormous amounts of time-consuming work when engaged in future transactions having to do with a property. Title companies will make sure this doesn’t happen.

Conclusion

Eagle Gate Title in St George, UT is dedicated to providing the most professional and friendly customer experience. If you have any questions about what title companies do and how we can help you, we would be happy to answer them. Visit our homepage for further information.



  

What Does a Title Company do for you in the Real Estate Transaction?

St. George Title Company

Article by Clear Content Marketing 

A Beginner’s Guide to Title Insurance-Part 2

This article is a continuation of the Saint George UT title insurance post A Beginner’s Guide to Title Insurance – Part 2.

In Part 1 we established the nature and importance of Saint George UT title insurance. Now we’ll discuss how to go about acquiring it and the process behind being covered.

Disclaimer: Remember that no matter what, you need to consult a representative from Eagle Gate Title to make sure you understand what is and isn’t covered, regardless of what’s said here, what is said on sites, or what friends and family may tell you. Policies sometimes change and there are so many different circumstances that yield different types of coverage.

Primarily, a title search needs to performed before a policy can be issued. A title search assures that there are no problems with the title in question. In the scenario where title issues are found, the responsibility to take care of them falls on the seller. And in the very unlikely scenario where the seller decides that they won’t clear the title, the Saint George UT title insurance company will be unable to provide coverage on the title of their new property. Again, this is an unlikely scenario, but it still bears mentioning here.

More often than not, the title search will come back positive at which point the Saint George UT title insurance company will issue the buyer a policy. This policy will come with three assurances. The first is that the title search was performed satisfactorily. The second is that the new title insurance policy has accounted for any problems that may have arisen during the title search. And the third is that the policy will cover the buyer in the event of any future mishaps as laid out in the document. Also remember that Saint George UT title insurance policies do not cover any claim that is greater than the home’s purchase price.

Depending on what state the property that needs title insurance is in, the nature of coverage can differ. Even different counties and certainly different insurance companies themselves differ in what is and isn’t covered and at what amount. However, almost all Saint George UT title insurance companies cover the following: documents that weren’t filed properly, unknown heirs, forged documents, other issues overlooked by a title search.

There are additional circumstances involving a property title that can come up and may not be covered by a standard Saint George UT title insurance policy. Sometimes policy extensions can be purchased to include some of the following scenarios, but here are some things that are usually not covered under a standard policy: post-policy claims, environmental protection laws, zoning problems, boundary line disputes, issues off public record. Be sure to go over fine printand ask questions before signing off on your title insurance policy so you exactly what is and isn’t covered.

In Utah, the seller is generally responsible for paying the owner’s policy and the buyer is generally responsible for paying the lender’s policy. But in other states, these responsibilities can vary. Georgia, for example, requires both insurance’s to be paid for my the seller. In Illinois, the buyer (rather than the seller) pays for lender’s insurance. Different forms of Insurance costs are also affected by location. Title insurance regulation varies depending on what state the property is in. Contact Eagle Gate Title for cost information regarding Saint George UT title insurance policies.

We conclude by reminding readers that Saint George UT title insurance protects homeowners not from potential, future problems but rather from past problems that have taken place before the policy was purchased. For instance, in the event that a self-declared property heir files a suit after the Saint George UT title insurance policy was purchased, no coverage will be provided. But if, during the title search, a lawsuit by an heir was overlooked that existed prior to the purchase of the insurance policy, coverage will be provided.


A Beginners Guide to Title Insurance- Part 2

St. George Title Insurance

Article By: Clear Content Marketing

 

10 Ways To Protect Yourself In A Home Closing Process

For 99% of the civilized world’s population, buying a house is the largest financial deal they will ever make.  It affects quality of life, safety, social life, monthly bills, and long-term financial health. Going into a closing process blindly will undoubtedly bring both emotional and financial stress to concerned parties; however, there are ways to prepare and things to know so the transaction is not only much less stressful, but also exciting—a day to celebrate.  This article presents ten ways to protect yourself in the closing process of buying a home.

  1. It would be irresponsible not to mention of the effect that buying a home can have on personal relationships.  So, if you have a spouse or partner, they should be in agreement with the purchase and aware of the terms in the transaction; otherwise, you could be headed for trouble.  Talk, listen, ask, listen again until you understand your partner’s point of view, read this article, and come to consensus on the purchase before entering the closing process.

2. Get a pre-approval letter from a mortgage lender for a purchase price you qualify for.  This not only helps you decide on your suitable price range, but also strengthens your offers when the sellers see your ability to get financing.

3. When you are ready to make an offer to purchase a property, hire a real estate agent to monitor things from offer to the closing process.  Share wants and needs so he or she can offer smart suggestions to avoid unnecessary headaches.

4. Next, open an escrow account, usually through the help of your real estate agent.  The escrow account is held by a third party to protect the money of both the seller and the buyer (including earnest money submitted with the offer).  At the right times in the closing process, the neutral, custodian of the escrow funds will distribute them properly.

5. Do a title search, and obtain title insurance.  These protect you from any liens against the property, ownership claims by another party, and any hazards which may be contained in the property itself.  This step in the home closing process is a must.

6. Lock in a good interest rate.  Mortgage loan rates fluctuate, so check them regularly, and lock in a rate with your lender when the interest rate is satisfactory to you.

7. Order the inspections—both home and pest.  A home inspector will visit the house you want to buy and search, thoroughly we hope, for problems that need repair.  A pest inspector will look for signs of termites, carpenter ants, and any other critters that may have or will damage the structure.  After getting the results of the inspection, you can renegotiate the price of the house or ask the seller to pay for the repairs.

8. At least three days before the closing date, you should have in your hands the closing disclosure, which indicates the terms of the loan, the closing costs, and any other fees.  Some states even allow you to read all the closing documents, which you can get from the escrow account officer, before attending the closing day arrives. That way, you don’t feel pressured to hurry through and sign them while the seller, agent, notary, and perhaps other people are silently biting their tongue, “Just sign ‘em so we can get paid.”

9. One of the last steps in the closing process before you sign the papers should be to walk through the property one last time. You want to make sure no damage has occurred since your last home inspection, the required repairs have been completed by the seller, no new problems are found, and nothing has been removed that is included in the purchase papers.

10. Bring three things to the closing appointment: your real estate agent, your money, and your wits. Your agent or mortgage lender can clarify any questions which might come up. If you have any closing costs or if you need to pay a down payment, usually a wire transfer is required. The title company will coordinate that in a safe and secure manner. If you come prepared and have read the closing disclosure, you can be calm and happy about the event.

10 Ways To Protect Yourself In A Home Closing Process

Article By: Clear Content Marketing

What Should You Expect From Us As A Buyer?

At Eagle Gate Title, we put extra effort into making sure that those we serve rest assured that they are dealing with the most trustworthy and efficient of all St George title companies. Because we know that our customers expect the best when they choose us, we maintain high expectations for ourselves. What should you expect from a really good title company? Here are some things that we do at Eagle Gate to stay at the top of our game that we feel potential customers should always expect from St George title companies in order to know that your closing process will go smoothly.

No Paper

There are very few industries left in the modern world that truly require physical filing cabinets full of paperwork. Technology has allowed the filing of documents to be more efficient than ever before as most companies have gone almost exclusively digital when it comes to files and documents.

Great Customer Service

Because St George title companies provide a necessary service that can’t be skipped in order to complete a real estate transaction, there are some out there that don’t prioritize customer service. This is unfortunate because we believe that there is nothing more important than making a concerted effort to be as friendly as possible to our clients while meeting all of their needs. Buying property is one of the most important decisions that we all make in our lives and St George title companies should treat each customer experience with an equal level of respect and importance.

Punctuality

Being punctual in the title industry is considerably complicated and requires a significant amount of planning and determination. This is because there are so many different parties involved in the closing process that are all on their own timetable; title insurance agents, lenders, underwriters, real estate agents, buyers, and sellers. With so many individual minds playing essential roles, only the best St George title companies manage to consistently meet deadlines with precision.

Safe and Efficient Escrow Transfers

The process of transferring Escrow funds must be rigidly secure so that each and every customer knows without a doubt that their money is protected. A title company’s escrow transferring process should be executed with precision.

Speedy Underwriting

A great indicator of a really good title company is the speed and efficiency at which they execute the entire underwriting process. This is a sure sign of an organization that is well-versed in mortgage lending and real estate law, and one that has its operations down to a science.

Adept at Handling Disputes

Unforeseen problems such as claims or disputes do arise from time to time despite the best efforts of everyone involved and in these situations, it’s up to the St George title companies to defend them against the written policy. Organizations that are more than capable of expertly handling any legal matter that may come up is another great indicator of a title company that is worth working with.

Strict Compliance

This goes without saying, but you should never choose a title company that doesn’t adhere to industry regulations and the law. Even when choosing among St George title companies it’s best to do a bit of research, ask around, read reviews, and make sure the folks that you’re considering using have a reputation of being honest and trustworthy.

Conclusion

At Eagle Gate Title, we implement each and every one of these industry best-practices including many others not mentioned. When it comes to St George title companies, you can be sure that when you work with us, you’re working with the best.


What Should You Expect From Us As A Buyer?

St George Title Companies

Article by Clear Content Marketing

5 Things a Title Search Can Tell You About a Property

Obtaining a Certificate of Title by conducting a St George title search is recommended and/or required in numerous situations, such as when refinancing a mortgage, when proving ownership, when selling or buying property, and more. A Certificate of Title (CT) is a record of land ownership. It includes legal and public information concerning restrictions and interests on the land, like lease and mortgage details, names of property owners, and much more property information. For the most part, CTs are acquired electronically today in conjunction with a St George title search.

Of all the things that a St George title search can show you about a property, here 5 of the most important.

Owners

All land owners are listed on a property title by name. Some properties have multiple owners in which case the St George title search would reveal either joint tenants or tenants in common. In the case of joint tenants, if one passes away, the other retains full ownership. In the case of tenants in common, a portion of the land is owned by a person who has the option to leave their share of the property to someone in a will or simply sell it.

Easements

An easement is when a property owner gives specific property rights to someone who doesn’t have ownership, such as for right of way or services. If you need city workers to have the ability to service a piece of city property -such as an electrical pole – that resides on your property, an easement would be arranged. This is an example of a service easement. If a neighbor or service worker needed to cross your property to access something on the other side – such as a road or electricity infrastructure – this is when a right of way easement would come into play. A St George title search can reveal preexisting easements that a property may have, which in some cases could prevent or hinder certain uses of the land if not discovered and addressed.

Covenants

St George title searches also disclose covenants which are land restrictions and guidelines that can put limits on certain aspects of property use, such as materials that must or cannot be used in construction, or what can or cannot be built on it. Property developers create covenants to retain the feel, look, and quality of a neighborhood or building. Types of covenants include those that limit the number or type of structures that can be built on a property, as well as specifying paint colors that must or cannot be used on a home, or limits on driveway size, things like that. Obviously, a person would want to know if such limitations existed on a property they were considering purchasing.

Caveats

In some scenarios, another person who claims that all or part of the property rightfully belongs to them may have expressed official interest in the property, which shows up in a St George title search as a warning in the form of a legal notice that the person would have lodged with the state land registry. This is called a caveat. In a situation where a St George title search brings up a caveat, the existing owner is prevented from selling. Caveats can be lodged by builders who are owed money, relatives or heirs of existing or previous owners. Caveats will not clear the title, as expected.

Mortgages

The Certificate of Title is held by the bank, not the property owner, if the property has a mortgage on it. In this case, the St George title search will show the lender listed on the title. This can delay the purchasing process as the mortgage must be discharged by the seller before going forward.


5 Things a Title Search Can Tell You About A Property

St. George Ut Title Company

Article By: Clear Content Marketing

 

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