Buy a Home – Page 2 – Texas Homes For Sale & Real Estate

Tell us a little bit about your company and its foundation.

Jack Rattikan III: Rattikin Title Company is one of the largest independent title insurance agents in Texas. Founded in 1944 with its corporate headquarters in Fort Worth, Texas, Rattikin Title has a large, professional team with convenient office locations in Tarrant County to serve our commercial and residential client base.

In general, what is Title insurance supposed to provide for homeowners?

Title insurance is a very unique insurance policy that protects you and your lender if someone challenges the title to your property because of unknown title issues when you bought the property. Unlike other policies, title insurance protects the owner from past errors related to ownership history rather than future risks such as fire, flood or other physical damages. Title insurance doesn’t guarantee you will never have a problem, but it does give you the assurance and peace of mind that the title company will be there to address a problem if there is one.

What is the difference between an owner’s policy and a loan policy?

An owner’s title policy protects the purchaser of the property, while the loan policy offers protection to the lender or mortgage-holder. When purchased in conjunction with an owner’s policy, the cost of a loan policy is usually offered at a discounted rate.

Who is responsible for payment of the owner’s policy and loan policy?

Although negotiable, it is customary for the property seller to pay for the owner’s policy. It is usually the borrower/buyer who pays for the loan policy. You may have the option to purchase additional endorsements with your policy.

What are some common title claim defects/concerns that may rise from my title policy?

A thorough title search can help uncover any title defects tied to your property. Some of the common title concerns often covered by an owner’s policy of title insurance includes: errors in public records, unknown liens, illegal deeds, missing heirs, undiscovered easements, boundary/survey disputes, undisclosed heirs and forgery. When you buy property, make sure you’re protecting that investment with title insurance.

How long is a Title Policy in effect and do I pay an Annual Premium?

Unlike other types of insurance, the premium for your title policy is paid only once, at closing, and your policy remains in effect as long as you own the property.

What items are included in the title insurance premium rate in Texas?

Texas has an “all-inclusive” premium rate. This means that in addition to the risk covered by the title insurance company, the rate also includes the title search, examination, closing and funding the transaction, and issuance of the title policy.

What are some factors that influence the rate charged for my title insurance policy?

In Texas, the Department of Insurance is the state agency charged with oversight of title insurance. Premium rates are established by the commissioner of the Texas Department of Insurance through a public hearing process, and all title agents and companies are required to charge the same rate. The rate is based on the amount of coverage provided by the policy.

May I choose the title agent or the insurer that underwrites my title policy?

Yes. One of the few choices you have is which title company to use. You are not required to use a title company selected by the builder, real estate agent or mortgage lender.

Where can I find more information about title insurance in Texas?

The Texas Department of Insurance (http://www.tdi.texas.gov) has a variety of resources and links to help you learn not only about title insurance in Texas, but also other useful information valuable to you as a homeowner.

What is the best way for people to get in contact with you or your company?

When it’s time to close on your property, ask your real estate professional to call Rattikin Title, a well-known and highly respected Fort Worth title company since 1944. Go to www.RattikinTitle.com for not only a complete listing of our Fort Worth title insurance offices, but also the services we provide and many other valuable resources to help you prepare for closing on your property

By Jack Rattikan III

There are many people who think that if you own land in Texas you have the unquestionable legal right to access it, but this is not the case. In fact, as the population continues to grow in Texas, more and more land is becoming landlocked-inaccessible to it owners. Understanding easements is critical to ensure you do have the legal right to access your property, and that the easement attaches to the land so that you can sell the property in the future without access problems.

In Texas there are two types of land access easements. The first is an easement appurtenant. This type of easement attaches to the land and benefits the owner. The owner has the legal right to use the easement to access the property. When the owner sells the land, the easement remains attached to the property and benefits the next owner of the property. The second type of land easement is an easement in gross. Easements in gross attach to and follow a specific individual. It stays with the individual who receives the easement even if ownership of the land changes hands. It is really a personal right as opposed to ownership in the real property. Easements in gross cannot be transferred or assigned unless the right is actually stated or granted in the easement itself. To protect your land from becoming landlocked the appurtenant easement is the best type of easement.

Easements can become very complicated depending on the number of properties involved in the easement. It is best to involve legal assistance to ensure your easement is legally tight and that your property will have free and unobstructed access now and in the future. There have been court cases where one property owner decides to erect a gate or fence that cuts off access for another property owner so the details of the easement and the proper recording of the easement are all issues you need to research carefully and properly document. The language of the easement must also be extremely detailed and accurate for your protection and the protection of anyone you may ultimately sell to. Ambiguous language opens the door to legal suits and future access issues.

Apart from land or use easements Texas also has conservation easements. Conservation easements are voluntary legal agreements that ensure a property will be maintained according to the landowner’s wishes for a period of years into the future and can qualify the landowner for tax benefits.

The holder of the conservation easement must be a governmental entity or a qualified conservation organization. With a conservation easement, the landowner retains the legal title to the property and determines the types of land uses to continue and those to restrict. As part of the agreement, the landowner grants the holder of the conservation easement the right to periodically assess the condition of the property to ensure that it is maintained according to the terms of the legal agreement.

With a conservation easement, a landowner limits one or more of his rights to manage resources, change use, subdivide or develop the property. When a landowner donates a conservation easement the owner may choose to limit the right to further develop the property but retain the right to build a house or grow crops. The landowner can continue to use the property as long as the resources the conservation easement is intended to protect are sustained.

Understanding easements is vitally important to ensuring your rights of access and use are fully protected now and in the future.

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An Overview Of Title Insurance – What You Should Know

Tell us a little bit about your company and its foundation.

In general, what is Title insurance supposed to provide for homeowners?

What is the difference between an owner’s policy and a loan policy?

Who is responsible for payment of the owner’s policy and loan policy?

What are some common title claim defects/concerns that may rise from my title policy?

How long is a Title Policy in effect and do I pay an Annual Premium?

What items are included in the title insurance premium rate in Texas?

What are some factors that influence the rate charged for my title insurance policy?

May I choose the title agent or the insurer that underwrites my title policy?

Where can I find more information about title insurance in Texas?

What is the best way for people to get in contact with you or your company?

Buying Texas Property: The Importance of Checking Easements

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Archive for category: Buy a Home

Tell us a little bit about your company and its foundation.

In general, what is Title insurance supposed to provide for homeowners?

What is the difference between an owner’s policy and a loan policy?

Who is responsible for payment of the owner’s policy and loan policy?

What are some common title claim defects/concerns that may rise from my title policy?

How long is a Title Policy in effect and do I pay an Annual Premium?

What items are included in the title insurance premium rate in Texas?

What are some factors that influence the rate charged for my title insurance policy?

May I choose the title agent or the insurer that underwrites my title policy?

Where can I find more information about title insurance in Texas?

What is the best way for people to get in contact with you or your company?

Powered by Ready Real Estate, LLC