FAQs

Home Title Questions

The most frequent questions asked by homeowners and home sellers.

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Do I need title insurance if I pay cash for a house?

Paying cash for a property can speed up the transaction process and can eliminate a number of closing costs, including the expense of purchasing title insurance. Generally, title insurance is a requirement for a buyer when lender financing is involved and is only optional — but often recommended — when it isn’t.

Do I need title insurance on a newly built home?

You may think you are the first property owner when you are constructing or buying a newly built home. However, there were most likely many prior owners of the unimproved land. … Since your lender wants to be sure the property has clear title, they will require that a Loan Policy of Title Insurance be purchased.

What is the role of the title company when purchasing a home?

Title companies generally act as the combined agent of the insurance company, the buyer, the seller, and any other parties related to a real estate transaction, such as mortgage lenders. The title company reviews title, issues insurance policies, facilitates closings, and files and records paperwork.

What do you need to bring to closing on a house?

Certified or cashier’s check made payable to the title or closing company, if these costs are not being deducted from the sales price. Each seller needs a government issued photo I.D., such as a driver’s license.

Is buying a home in cash a tax write off?

There are no tax deductions for making improvements to a residence or paying for a home with cash. That may not seem fair when compared to homeowners who get to deduct the cost of their mortgage interest and purchase points. However, not having a mortgage allows you to save a huge amount of money.

Is a title insurance necessary?

Title insurance is not required by law, however almost all lenders will require a lender’s title insurance policy as a condition of making their loan. A lender wants to protect their interest in the property and a title insurance policy is one way in which they can do this.

How much does it cost to do a title search on a house?

Title search companies will perform the work of researching the history of a title on a piece of real estate. This fee is typically included in the closing costs for a mortgage. It is a necessary step in purchasing a piece of property. The fee is typically $75 to $100.

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