Click Here to Find Out the Top 4 Benefits of Homeownership 

Common Real Estate Scams

1. Escrow Wire Fraud  

This happens when fraudsters get ahold of an email or phone number and give instructions on where to wire money. There are fake websites created by scammers to make them seem legit. Therefore, it is important to carefully read through information regarding payment for an indication of fraud. For example, a fake document may try to impersonate our website as exprestitle.com when it’s actually expresstitle.com. Did you spot the difference? Just one “s” was missing, and this vital detail could lead you to a fake site run by cyber criminals.   

The best way to protect yourself from this type of scam is to review the original documents you received from us and your lender. Also, don’t click on links or messages without verifying that they are real by comparing them with original documents.   

2.Fake Listings and Rental Scams  

When searching for a home, you can find one you like with images and an address provided. However, some scammers can post pictures of properties that don’t exist, aren’t available, or aren’t owned by the person listing them. These scammers may charge you to see the house and disappear once they receive the money. Other scammers might charge buyers for the house without the chance to view it in person. Once the scammer receives the money, they disappear, leaving the buyer losing a huge sum of money for an unavailable house. And surprise, surprise! The seller won’t respond to the email.  

How to prevent this? First of all, always be cautious when making these kinds of purchases. Before starting any business dealings, verify that the seller indeed owns the house by conducting research online. Verify that the real estate agent is legitimate by taking a picture of their license and researching them online. Always see the house, the real estate agent, and the actual owner of the property before purchasing the house. Do not pay digitally or in cash. Instead, use a check to make the transaction because it will serve as an automatic receipt. 

3. Faulty Home Inspection  

A thorough house inspection is a necessary procedure in the process of purchasing a new home. Having a third party evaluate the condition of the house is important to determine the value of the house and identify possible hazards in the house, like leaks or mold. It is important to have a knowledgeable expert conducting the inspection, or else the buyer might end up paying a lot of money later for damages from before they owned it. However, some unqualified scammers pose as house inspection companies. Looking to make money, these scammers are inexperienced in-house inspections and will not provide the full inspection the buyer needs. Other home inspection scammers might be qualified and provide a full house inspection, but they might have additional hidden fees that will make the cost of home inspection much higher than the original price.  

A real estate agent usually knows a couple of good home inspection companies but doesn’t immediately assume that they will be the best companies. Conduct your own research on the recommended companies and look for reviews, experience, and reputation to ensure you get a high-quality home inspection for a reasonable price.  
 

4. Home Mortgage Scams 

Some mortgage scams can come from seemingly legitimate companies. The trick comes in the interest rates. In advertisements, the companies may advertise low-interest rates and no closing costs. As customers apply for the mortgage, they realize that suddenly the rate has increased, or they don’t qualify for the closing cost benefits advertised. This is a scam by the company which leaves customers feeling cheated. But why can’t the customer just pull out of the mortgage? Some companies might require a nonrefundable upfront payment that leaves the customer feeling unwilling to back out of the deal and just proceed through it. 

To prevent these types of scams, it is important to be aware of the mortgage buying process. Consider seeking help from an expert in this field. Conduct research on lender companies and read reviews by other customers. This can help you avoid businesses that utilize unfair business practices. 

When you are thinking of buying a home, it is an exciting moment and a huge investment, that is why it is important to acquire knowledge and conduct research beforehand. Buying a home isn’t easy and you can’t automatically trust the things you are being told. Therefore, learning about steps of the process of purchasing a home is important.  

The post 4 Common Real Estate Scams and How to Protect Yourself   first appeared on Express Title Company.

What Do You Need for a Mortgage Loan? Click Here to Learn More 

1. Stronger Financial Future 

With homeownership, you can build a financial future. As you build equity in your home over time you are increasing your net worth. Putting money into homeownership versus renting an apartment, you are building an investment as time goes on. Over time equity is built up and if enough equity is built you can use your house to borrow for expenses such as college, home improvements, or any other life emergencies. 
 

2. Tax Benefits 

In most cases, the interest you pay, and property taxes can be deducted from your tax returns. Comparably renters do not have this advantage. While some states allow rent to be included in taxes, homeowners can claim a much larger exemption from the homestead exemption and other tax exemptions depending on the county they reside in. 
 

3. Payments are Stable 

Most homeowners take out a 15-year or 30-year mortgage and the payments are the same each month. If interest rates decrease, you can refinance, thus lowering your payments even further. When all payments are made 15 or 30 years, or even earlier when paying to principal above your normal payments, you have no payments after that. Now your cost of ownership becomes just yearly property taxes and property maintenance. The cost of rent increases and can be unpredictable according to your landlord’s decision. 
 

4. Community, Freedom, and Pride of Ownership 

With homeownership, there is a sense of belonging to a community thus forming relationships with neighbors. Whether it is outdoors or indoors, you have the freedom to do “whatever” you want; you can redo the floors, paint the walls, garden, create an outdoor patio, and much more. There is a sense of “pride” that comes from homeownership.  

Aside from getting a place to call home, there are numerous benefits of homeownership, these are just some of them as the market continues to grow. Maybe right now is the best time to consider finally investing in a home. If the time is now to purchase your dream home, contact Express Title today, to help you protect your new home with title insurance.  

The post Top 4 Benefits of Homeownership  first appeared on Express Title Company.

Want to Learn More about the Different Types of Title Insurance Policies? Click Here

Spring Maintenance Tips   

Spring maintenance can happen inside and outside your home, but again, it might seem overwhelming. However, taking the time and breaking it up over a few weekends, you can tackle these easily.  

1. Inspect the Outside of your Home for Damage  

Winter storms can easily leave some damage on the outside of your home, so it is important to keep an eye out for damage. Here is a list:   

Check the Gutters to see if anything is loose or leaking. Improper drainage can lead to leakage in the basement or crawlspace. Make sure to check that the downspout drain is away from the foundation and that the gutters are free from debris. Maybe consider installing gutter screens to help keep the debris out of the gutters.  

Examine Roof Shingles to see if there were any shingles lost or damaged during the winter weather. Shingles that are cracked or loose need to be replaced, especially before the summer when the sun can really damage the roof.  

Inspect Concrete Slabs for any sign of damage, cracks, or movement. Fill any cracks with a concrete crack filler or silicone caulk. Once everything looks good, go ahead and power wash your driveway and seal the concrete.   

Check Windows and Doors to see if your home’s windows and doors are caulked around the trim.  The purpose of caulking windows and doors is to help keep the summer heat and humidity outside and the winter cold and draft outside. This saves money on your utility bills.   

Clean Windows and Screen using a mixture of vinegar, dish soap, and water to spray and scrub your windows to bring some of that sunlight into your home.   

2. Spruce up Outdoor Spaces  

Nothing says spring better than spring gardening. Sprucing up your outdoor space can help bring a warm feeling to your home, so here are some tips to spruce up your yard: 

Cleaning up the Yard by getting rid of any debris like leaves that might have been left from the winter.   

Give your Garden a Facelift by tidying up your plants. Trim shrubs and trees so that they can bloom and grow healthier. Spring is the best time to start planting flower seeds, so you can start spicing up your garden.   

Lawn Maintenance by getting your grass ready for the summer weather. Do this by getting rid of any dead grass by raking it, then adding a fresh layer of topsoil, seeding the area, and adding nitrogen fertilizer. Doing this would make your lawn green and lush for the summer.  

Preparing Patios, Decks, and Balconies by sweeping and power washing the space. Maybe brighten up your deck by applying some stain. 

3. Inspect the Interior of your Home  

General Cleaning in areas of the house that often go neglected such as window casings, tops of wall-mounted cabinets, ceiling fans, and carpeting. Go through your home and start decluttering, including your rooms, kitchens, and garages.  

Inspect Attic Space to check for any signs of insects or critters, presence of mold, and proper insulation of the room.   

Basements are prone to dampness and insects, so it’s important to check for any signs of these to prevent any furthermore expensive damage.   

Leaks can lead to lots of problems so it’s a good time to check for any leaky faucets, clogged drains, and sweaty pipes under the kitchen sink, bathroom sinks, and washing machines.   

Spring is the perfect time to get home in tip-top shape. As a homeowner, it may seem like there is always something to do around your house, but by taking one task at a time and breaking it up over a few weekends, you can get the tasks done more easily. What are you waiting for? Start your spring maintenance!   

The post 3 Spring Maintenance Tips for Your Home   first appeared on Express Title Company.

What Do You Need for a Mortgage Loan? Click Here to Learn More 

What is Title Insurance? 

The purpose of title insurance is to protect the insured against losses that occurred in the past before you even owned the home. During a home buying process, a title insurance company, such as Express Title, will perform the title search and examination that will provide the basis for the title insurance policies that will be issued to you and your lender.  

Title insurance is not required for homeowners, but it is often required for lenders. Even though it is not required for homeowners it is recommended, because without it the buyer will be responsible for any legal costs and may potentially lose the property.  

Types of Title Insurance  

Owner’s Policy:  

• Not required but recommended 
• Protects the equity of the property 
• Protects the buyer 
• Lasts for as long as you or your heirs own the property  

Lender’s Policy:  

• Required by most banks and mortgage lenders 
• Protects lenders until the mortgage is paid off 
• Expires once the mortgage is paid in full 

Benefits for Buyers with Title Insurance 

Being a homeowner without title insurance is risky as you may not be protected from claims against ownership of the property and may lose the investment. With an owner’s title policy, homeowners also receive the following rights:  

• You would be able to use the property as you wish 
• Be free from debts or obligations that were not created or agreed upon you  
• Be able to freely sell or pledge your property as security for a loan.  

It is recommended to invest in title insurance because it will protect the buyer if any title defects occur in the future. Buying title insurance will help you have peace of mind knowing that you will be protected from expenses and legal suits.  

Types of Claims or Risks Covered by Title Insurance 

At Express Title, we offer two levels of coverage: Standard and Enhanced. 

Standard Coverage Covers: 

• Forgery and Impersonation 
• Lack of Competency, Capacity, or Legal Authority of a Party 
• Deed not joined in by a Necessary Party including 
  • co-owner, heir, spouse, corporate officer, or business partner 
• Undisclosed Prior Mortgage or Lien 
• Undisclosed Easement or use Restriction 
• Erroneous or Inadequate Legal Descriptions 
• Lack of Right of Access  
• Deeds not Properly Recorded 

Enhanced Policy will Cover all the Risks of Standard Coverage Plus: 

• Off-Record Matters – claims for adverse possession or prescriptive easement 
• Deed to Land – buildings encroaching on land of another incorrect survey 
• Silent Liens – such as mechanic’s or estate tax liens 
• Pre-existing violations of subdivision laws, zoning ordinances, or CC&R’s  
• Post-Policy Forgery 
• Forced removal of improvements due to lack of building permits 
• Post-policy construction of improvements by a neighbor onto insured land 
• Location and Dimensions of Insured Land 

Protect Your Home with Title Insurance 

Homeownership is a monumental event and an investment worth protecting. At Express Title, our team provides knowledge and expertise to ensure that your home and family are protected now and into the future. If you are interested in learning more about title insurance, please contact us today! 

The post What is Title Insurance? Benefits for Buyers  first appeared on Express Title Company.