This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
If this problem can’t be resolved, an appraisal contingency in the contract allows the buyer to cancel the agreement and retain their earnestmoneydeposit. Problems with the title. Minimizing clouds in a titlesearch requires the seller to be proactive. Shortsale. How it can delay closing.
Your agent can help you find a title company to handle the titlesearch, and title insurance, which is always recommended. This task can happen while you’re obtaining the funds verification (if you didn’t do that in advance), as your bank will need information on where to transfer the money. Titlesearch: 3 days.
Earnestmoneydeposit. As is the case with a regular retail home purchase, a cash buyer should provide an earnestmoneydeposit (EMD) as a show of good faith that they will indeed purchase the property. If you still owe money on a mortgage, the title company will also determine the payoff amount.
If you’re obtaining traditional financing, waiving the financing contingency can put your earnestmoneydeposit at risk. Review the detailed settlement document provided by the closing attorney and you’ll see a line item for a property titlesearch. Shortsale or bank approval contingencies.
Before you bid, it’s a good idea to run a titlesearch , which will give you an indication of any liens on the home. For the best chances at a winning bid, you’ll need to have cash in hand — or at least a cashier’s check that includes a significant earnestmoneydeposit ready to be paid out that day.
Chain of title is an historical record of previous owners of a property that’s essential in establishing the legal ownership of the property. An established chain of title helps protect the buyer from future challenges to ownership. A titlesearch helps create that chain and is usually conducted by a lawyer or title company.
We organize all of the trending information in your field so you don't have to. Join 144,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
Let's personalize your content