Title insurance is provided to ensure that the buyer is obtaining clean and marketable title. Title insurance policy Insures against losses due to defects or problems not identified by the title search or examination. No Title Policy covers everything. An example of an item that they would not cover would be zoning.
Chain of Title
Chain of Title provides a recording of any prior transfers and/or encumbrances that pertain to a particular parcel of land. It is important when deciding to issue the title insurance.
Uniform commercial Code
Documents that are used to secure personal propertyt when a loan is made are regulated by the uniform commercial code. A financial statement must ordinarily be filed when personal property is used as collateral for a loan.
RESPA (Real Estate Settlement Procedures Act)
require disclosure of closing cost. RESPA covers federally related mortgage loans made on one to four family dwellings or land that will be used for residential one-to-four family dwellings
involves the accounting of the buyer's and seller's credits and debts. A debit is a charge- an amount that must be paid; a credit is given in favor of a party.
are charged as a percentage of the loan. An origination fee is a charge for doing paper work to start the loan process. other expenses may include insurance fees, prorated items, discount points and interest adjustments.