A title or deed is often used as proof of ownership of land. In many cases, a title is needed in order to sell, lease, or borrow against the property. A deed is generally needed to transfer ownership of the property. The chain of title for a piece of property can be traced back to…
When you buy a house, you want to be sure that the property is yours and that no one can take it away from you. To do this, you need title insurance. Title insurance protects you and your lender from any legal problems that may arise from the ownership of the property. This includes things…
A title search is a check of the public records to ensure that the seller is the legal owner of the property and to identify any liens or claims against the property. The title search is important to protect the buyer’s interest in the property. The title search will reveal any outstanding liens or claims…
The underwriting process is used to determine loan approval. This process involves evaluating the property and the borrower’s credit and their ability to pay the mortgage. Lenders use this information to determine whether the loan presents an acceptable level of risk. If the loan is approved, the lender will provide the borrower with a commitment…
A loan that is not backed by collateral is called an unsecured loan. The interest rate on an unsecured loan is usually higher than on a secured loan, such as a mortgage, because the lender is taking on more risk. An unsecured loan can be a good option if you don’t have any assets to…
A mortgage loan that’s guaranteed by the U.S. Department of Veterans Affairs is known as a VA loan. These types of loans are available to eligible veterans, service members, and retirees. VA loans can be used to purchase a home, build a home, or make improvements to an existing home. VA loans are attractive to…
A walk-through is a common clause in a sales contract that allows the buyer to examine the property being purchased at a specified time immediately before the closing. For example, a buyer may have the right to a walk-through within the 24 hours before closing. This allows the buyer to confirm that the property is…