Hey guys... how you doing? this Anthony Tejada again and we're here today with my business
business partner Dolores Paredes and Genny with a G Esteves with Stewart
Title and today we're going to talk about what is Title Insurance on a home.
so question number one Genny is. What is titled insurance? Great question
Dolores. Title insurance is a special type of insurance that protects the ownership
of the home against any defects on title. So Jenny, question number two do you need
Title Insurance and why? That is one of my favorite questions, Anthony. Yes you
do need title insurance so as we mentioned the title company does all the
research to make sure that when you purchase the title or the ownership of
your home that everything has been thoroughly inspected making sure that
there were no gaps or in a defects on title. Let's translate
that what that means is even some buyer if you're thinking a policy from
Stewart title company showing in fact that you are the real owner of the
property. This can be an issue since land has been here since forever, so it's good to
know that a title company will look into any defects such as liens, any issues
with the previous heirs to the property and is ensuring that anything done
before you purchase your home has already been taken care of
so title insurance is very much necessary. So Jenny so what if somebody
says to you... you don't need title insurance like how do you respond to
that. You know Anthony I would safeguard away from that because title insurance does
all the homework to make sure that your property is in fact your property so if
someone is trying to make it like flats I would say be very careful there may be
issues on title or perhaps they're not the real owner so that is part of
our job at Stewart Title. We make sure that we gather social security number of
private information for both the sellers and the potential buyers to make sure
that everything is being disclosed and properly done. Okay Genny the number trhee
what are the most common problem that faces title insurance. Oh there are so
many Dolores so when you purchasing a home we're going to verify that
everything is being taken care off such as liens.
Lien are any unpaid dues on the home many time as property owner that is
considered your asset so you're not paying certain things on time
for example a roofing repair or perhaps an electricity bill those types
of charges are going to become liens against your home which means they can
actually take ownership of that home. The great thing is is that all these common
problems we go ahead and look into them and we do a title search as well as a
municipal lien search. What does that mean for your clients. As Realtors you know
that you're going to be issued something that has been thoroughly inspected and
that will have no problems. Meaning that when they receive their title it's going
to be their name and you have security. Can ask a question pretending to that
one and what happens when somebody has a permitting issue when the title comes up.
There's a lot of problems that occur permitting is one of them so just rest
assured that we will go ahead and take a look at any permits that are open and
before we issue title we're going to address them. Sometimes Anthony we can
either sign a hold harmless where they no longer have to worry about the permit
and they cannot be insured on that portion but that's a perfect underwriter
question and it's case by case basis. Here's a funny story.. Abraham Lincoln's
family owned many estates and when one of them burned down there was no actual
documentation for the home so there were lots of americans in the eighteen hundreds
who have no record of the previous owners that is how Title Insurance
came about. The United States wanted it regulated so we have track record of
previous heirs. Now you can go on public records and see who are the owners in fact.
Awesome, so the last question is that I get a lot from my customers is
is my money save from title and how does that work. Absolutely, yes your money is
100% safeguarded. We are regulated by the government since they're the ones who
came up with this title insurance so we are regulated by the state of Florida
here for you. Now what's really neat is when you submit that escrow deposit
we go ahead turn that money into title company that money is safeguarded.
We have a separate account just from all our escrow deposit. It's not interest-bearing so
rest assured that the money is in fact going towards the purchase of your home. Two things I want on that.
Never bring cash to a closing. We do not accept cash
has there no way of tracking it. Number two if you're wiring any money, please contact
your Realtor and your title company. so okay so Genny I have a lot of
customers and sometimes we have to do wire transfer and we call
them on the phone and tell them what to do but you are Title Company
representatives of what is your advice to us to the Realtors when that happens. Yes, the best advice that
we can give you as a consumer watching this is to call your Realtor and make
sure you speak with them and the title company. Wire Fraud we all
know is on an all-time high so there are a lot of hackers that they spent their
days diligently transferring our emails to make sure it looks like its coming from the Title company and some are even hacking into the realtors emails and
You many never know because their signature may be the same. So great question, if you're looking
tips to save guard during a closing two very simple things. Number one is call your
realtor their your representative and have build a relationship with a title company so call your Realtor and ask them at the beginning of the transaction
to let you know the contact information of the title company. Make sure that those wiring
instructions that you receive have been read to the title company. Call them again
so if you're at the end of the transaction Dolores like you said
you have your client call us make sure they reference the phone number that
you initially provided to them. Many times like we said it may get transposed
where the hacker might get into those wire instructions later on and change
that phone number. so while you done both verification
they already changed that phone number so very important you guys if you're
watching this video we want you to be safe wire fraud is happening right now.
Make sure you contact your Realtors they're great point of contact and we
thank you so much for trusting our title insurance company, Stewart Title.
Perfect Thank You Genny so once again this video was what is
title insurance on a home and I want to thank Genny Esteves. Genny with a G
from Stewart title and my business partner Dolores Paredes and we will see you
guys on the next one. Have Great Day.
you
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