Homeowners insurance is a must if you have a mortgage. Here’s a guide to why you need homeowners insurance, and how it differs from other types of insurance.
Great question. In real estate terms, there’s a difference between ownership and title, and to properly own something in full you need to have both. When you purchase a new property, the title is passed down from the previous ownership to you. However, that doesn’t mean that someone el...
For most homeowners, this type of title insurance is required. In general, you as the homeowner will be the first person responsible for claims against your property – so if you also want protection against potential legal issues that could arise, you’ll need to purchase owner’s title ...
Title insurance is specialised insurance designed to protect home buyers and homeowners from any risks that affect the property title. These risks may arise during the conveyancing process and throughout the term of your ownership that affects. It can cover anything from the financial loss incurred ...
Mortgage insurance is normally required when the borrower is unable to pay a 20% down payment. Homeowners insurance protects the borrower, and mortgage insurance protects the lender, though the borrower will pay both premiums. Is Home Insurance the Same as a Warranty?
Types of title fraud Fraudsters that attempt title fraud tend to target specific types of homeowners, including senior citizens, vulnerable homeowners, people who own a vacation home or rental property, individuals who have been a victim of identity theft, and those with paid-off properties. Once...
Nonetheless, taking the plunge is worth the effort. Real estate is the only form of investment that appreciates while you live in it. You will be able to proudly call yourself an investor. Both renters and homeowners possess a roof over their heads. The difference is that, as a homeowner,...
A homeowners' association (HOA) is usually a not-for-profit organization established by a community that governs rules regarding what can and cannot occur in homes, and also determines the rules and money spent on shared property. Many condominium andtownhousesavailable for purchase are part of ...
It is packaged with your homeowners,renters, or dwelling insurance policy. Most personal insurance policies include this coverage, which is also called "comprehensive personal liability." It is purchased as a stand-alone policy—often by individuals who do not own or rent physical property (and so...
or there can be a paperwork error that leads to a document being overlooked. Mistakes can happen, and these mistakes can be costly if you discover there’s an issue with the property after you complete the purchase. This is why buyers often purchasetitle insurance, which can protect...