The process of Clearing Title
Last modified June 7, 2023This is a process the Title goes through to make sure the title of the property is free and clear of "clouds on title. Clearing Title is a critical step for the sale of any home is the review of the property’s title report. A buyer, their mortgage lender and the title insurance company will want to review the current title history of the property to make sure that the next buyer can purchase the property free of any unnecessary liens and encumbrances. Property taxes are an ongoing lien that cannot be removed, and there are many title restrictions that will stay with the property if it has easements, condo restrictions or other agreements with neighbors or municipalities. It is important for all Buyers, not just first time homebuyers to make sure they have clear title before closing on their new home.
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Top 10 terms for First-Time Home Buyers:
- VA funding fee
- Buyers Closing Costs you'll want to know about.
- ALTA (American Land Title Association) Closing Disclosure Statements
- Title company Escrow account
- Survey Fee
- Buy Down
- Buyers market definition
- Lender Inspection Fee
- Homeowner's or Hazard Insurance policy
- Government Sponsored Entity or GSE