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Archive for the ‘Title Insurance’ Category

Starting a new career after 50 is not only possible, but it may be easier than you think. Thanks to modern medical technology, people are healthier and living longer than previous generations. It is conceivable that a career started at 55 could last twenty years or more! Currently the fastest growing labor group is the over 50 candidate. Employers have learned that they benefit by hiring experienced, reliable and dedicated over 50 employees.

Although the current job market has been grim, the over 50 candidate has huge advantages. Analyze your skills and you will find that many are easily transferable to other careers. What are your interests? Think about challenges you faced in previous job situations. How did you handle the challenges and what was the final result? After you have completed the self-assessment, give serious thought to careers that would fit your skills and interests.

Now that you have isolated the career or careers you are interested in pursuing, you need to do some critical research. What are the specific job requirements for the careers you have in mind? How many of your skills and job experiences are transferable? Will you need additional education or training? Perhaps the most important determination you need to make is the outlook for a specific career field. Are you looking at a field that is growing and, as a result, will have more job opportunities? What about geographical location? Will you find opportunities in your area or will a move be necessary?

When you have completed the self-assessment and research, you are ready to take the steps toward making a new career your reality. During the search phase, stay focused on your goal and your value as an employee. Take time to make a job search plan, develop great resumes (you may need more than one), and stay positive. There are some excellent books available that can boost your motivation and self-confidence levels.

Remember, you have valuable assets that you take to a new career. You are mature, dependable, have a great work ethic, job stability, varied experience, and a long list of unique specific strengths and skills. That new career is out there waiting for you.

Q: Is there a magazine or web site that will rate the Kentucky “best car insurance programs”? I am looking for something that is cheap and will cover me if I’m in an accident. Thanks for your advice.

A: There are hundreds of magazines and web sites that will proclaim to do just that, but the title of “Kentucky’s best car insurance” is probably claimed by every company that has ever written a policy in Kentucky. It is is one of those titles that doesn’t really mean anything. It is like when a burger place claims they make the best burger. There is no data that can confirm it and any numbers they do have can be manipulated and reproduced by a rival company in about ten minutes.

It has been written time and time again on this site and every other reputable web site. The only true way to find out the lowest quote in an area is to do the leg work. Call, email, or visit as many online auto insurance companies as you can stand to in Kentucky. The best car insurance policies should definitely stand out when you are finished. It will be the policy that offers you the most coverage for the least money.

Seems so simple to type, but it is a lot of work. Don’t rush into anything and make sure the auto insurance policy you choose is right for you.

Saving money on your auto insurance is not difficult to do, it just takes a little bit of searching and comparison shopping to find the best deals.

1. What is an escrow?

Escrow is defined as a process where parties deposit instructions and funds with a “disinterested” third party until conditions of the instructions are met. This applies whether the purchase is real estate or an expensive eBay item. In a real estate escrow, a title insurance company, escrow company or attorney will traditionally serve as the third party. They will oversee completion of the instructions (or purchase contract), ensure funds are paid to the seller and the title to the property is transferred to the buyer. In a refinance, your escrow closer will ensure that your previous mortgage company is paid off with the new loan proceeds.

2. How is an escrow started?

If you are working with a real estate agent, your agent will “open escrow” for you by depositing your earnest money check and the purchase contract with an escrow/title company or attorney. If you are purchasing a property without the help of a real estate expert, you will have to open the escrow yourself. For a refinance, ask your loan originator for assistance.

3. How will you hold title to the property?

Ways of holding title (such as sole and separate, joint tenancy, community property with right of suvivorship) vary by state. Most escrow/title companies can provide information on what applies for your state, but you may want to consult an attorney for legal advice for your particular situation. This is a decision you should make immediately along with exactly how you want your name to appear on all documents. Provide this information to your escrow expert as soon as possible as it allows them to prepare the documents correctly. If you decide later to change how you want to hold title or how your name should appear, these changes may delay your escrow closing.

4. What is title insurance?

Title insurance protects your investment by insuring you are the only one with a valid claim to that property. During the escrow period, a title company, abstractor or attorney will research historical records that pertain to the property you are buying or refinancing. After examining those records, a commitment for title insurance will be issued, indicating any items that must be cleared prior to closing. The commitment will be sent for your review. Contact your escrow/title officer or attorney if you have any questions about the commitment. You will receive your title insurance policy after the closing.

5. How is the escrow closed?

The escrow officer or attorney will make sure all contract instructions are met. They will monitor deadlines and compliance (such as for home inspection, loan approval, termite report, hazard insurance) and request payoff information for existing loans against the property. If you are the seller, you will sign documents to transfer the property to the buyer. If you are the buyer, you will bring required funds to the closing appointment, and sign loan documents and other legal papers. The seller’s existing mortgages or other obligations will be paid off, the seller will receive any remaining proceeds, and the transfer of title to the buyer will be recorded at the courthouse. The escrow is then closed.

Purchasing your first auto insurance is not as easy a task as it sounds. And if you are one of those people who have never dealt with first time car insurance, then the task becomes twice as hard. In fact, the very act of dealing with any insurance is enough to complicate matters for the layman.

Moreover, most of the insurances come with bulky paperwork which fails to make the fine details very clear. The numerous components, clauses, headings and subheadings are such that they can lead to confusion for the majority of people. For instance, you are sure to be lost, when confronted with the title ‘fully comp’ because it offers you partial cover, and is itself quite confusing.

Thus, the foremost advice for a first time car insurance buyer is to hunt around quite thoroughly. Make sure that you look around and search for the cheapest option available. Do not go for high premiums. Also, remember that cheap car insurances are often the ones which are bought online. That is because; online car insurances do not require a plethora of staff to operate. This cuts down on the overhead cost.

However, after the scourging, make sure to fix one certain kind of insurance which suits you the most. This narrowing down upon one insurance type is very important. Generally, there are three main kinds of car insurance. They are – fully comp, third party, fire and theft and third party only.

o Third party, fire and theft

This is the insurance which provides for you if you accidentally damage someone else’s car. It also covers the damages your car shall suffer if it is ever in this kind of an accident. If your car is stolen or gets damaged in a fire, this insurance will help out.

o Fully comprehensive

The name is kind of untrue, because this insurance does not really cover everything. However, it does cover a lot, including everything covered by third party and theft, as well as insurance during personal accidents and emergency.

o Third party only

This insurance shall only cover the charges if any other party brings allegations against you. For example, that of damage to their property etc.

However, please remember that these are only the basic kinds of insurance you shall come across while shopping for your car insurance for the first time. There are numerous other examples which you need to hunt around for yourself. However, don’t forget that the more covers you add, the more your premium is going to shoot up.

But don’t lose heart if you are faced with a gigantic cost. There are certain methods you can apply to reduce the amount of premium you pay. These include an unblemished record of driving and a well secured car. Make sure that you are not involved in accidents and also equip your car with the latest anti burglar alarms and locks. Following these simple methods will bring down your premium in no time at all.

Thus, even though there is more than one type of insurance to choose from, make sure that you look around and end up with the right one. A little bit of strategy and a clean driving record can ultimately save you a lot of money in the long run.

Basics

When you apply for a mortgage you should receive within three days a “Good Faith Estimate”. This is a written estimate, not a guarantee of fees.

The good faith estimate may list more than 20 different kinds of fees.

These are the costs associated with purchasing a property or refinancing one.

These closing costs are to compensate all the different parties involved in the process, which may include:

appraiser lender escrow title insurance brokers This is usually a complex transaction, as you can see from the large amount of paperwork you will need to sign whenever you do a real estate related transaction. There usually isn’t a way to avoid having all these parties involved.

No Closing Cost Option

The no closing cost option is offered by many different lenders or brokers. What this means is that all of these charges are included in the loan.

You are still paying these costs, you are just not paying them up front or out of pocket.

For many borrowers this can be an out of pocket savings of thousands or tens of thousands of dollars.

You usually get a higher interest rate in exchange for the no closing cost option. This often makes sense for people who have a shorter time frame wtih the property or mortgage. If you plan on keeping the mortgage in the long term you may be better off paying your closing costs up front and getting a lower interest rate and monthly payment.

Would you like to own your own rural acreage? Something to farm in your retirement years? Or perhaps develop and subdivide down the road? Real estate is generally a good long term investment, but before you plunk down the down payment on a 40-acre “ranchette,” there are a few things you might want to consider.

Ingress and Egress

Ingress and egress is a fancy legal term for access. When looking at a piece of property, there might be a dirt road that leads to it. Do not assume that this is a permanent road that you will be able to use at your pleasure. Check with your county recorder and the seller about the road status. If there is any doubt, make sure that as a pre-closing requirement, you will be given a recorded road access agreement that clearly describes the location of the road. If the seller is unable to agree to a road agreement, walk away. Your land with not be worth much if it is landlocked.

Ask the seller and locals in the area about the road conditions during the winter and rainy seasons. A dirt road may seem perfectly fine on a warm, dry summer day but it may turn into a quagmire during spring snow melts. Find out if the road is plowed or otherwise maintained, or whether there is a recorded road maintenance agreement in which property owners who use the road share in the maintenance costs.

Location and Cost of Utilities

The nearest electric line might be five or ten miles away, so you will need to find out how much it will cost to get power to the land. It might cost thousands and thousands of dollars to hook into the grid, and the sheer cost might be prohibitive. Solar and wind generated power sources have improved in the last few years and could be a great alternative. Before buying, you might want to see if there are any local alternative energy consultants and vendors in town. They can let you know the approximate cost of installing wind or solar power, what will be involved in maintaining your off-the-grid power source and can share stories about others’ experiences. You might also need to check into portable power generators. Sometimes you can convert gas generators into propane generators, and then receive a discount from the local propane company because your propane generator is a primary source of power. Check with your local propane company.

When you are looking at the land you are thinking about buying, take your cell phone with and see if you can get a connection. If so, you’re off to a start with telephone service. You might need or prefer to have a land line instead of cell phone service. Like traditional electricity, find out how close nearest main line is and how much it will cost to connect.

When buying land in a rural area, chances are, there will be no public water connections or sewer connections.

As to water, if there is already a well, you’re in luck if it is a reliable well. Be sure that all requisite paperwork is in order on the well before buying, and demand as a condition to closing that the well ownership will be transferred to you. If there is not a well, the real estate department (or similar agency, depending on your state) may have a report on file that will tell you about water availability and average depths to water. You might be tempted to enter into a well sharing agreement with a neighboring landowner. Well sharing agreements, if drafted correctly, can be okay, but make sure you talk with an attorney first before entering any kind of well sharing arrangement. Well sharing agreements tend to turn into legal nightmares when property changes hands or when the pump goes out and the users start squabbling over who will pay to repair it. There are increasing regulations about well sharing arrangements and you are much better off spending some money on a qualified water attorney before entering any such arrangement.

Instead of a sewer connection, you will most likely need to install a septic system that complies with local ordinances. If possible, see if the seller will pay for perk tests before the closing. You will not want to find out after you have closed that the land is almost pure clay and will not perk.

Other utility-types of considerations are:

* Where is the local landfill?

* Is there satellite service that can be used for phone, Internet or television services?

* Are there local propane delivery services and if so, will they provide a tank and trench your lines?

Easements and Restrictive Covenants

When buying raw land in a rural area, particularly in the west, there may be cattle easements around your parcel of land. These easements may be ten or twenty feet wide, which means that you will need to set back any fencing around your property so that the cattle can be driven along the easement. If you do not fence your land, the cattle may have a “right of way,” so to speak, to roam your property and graze. Depending on the local laws and cattle types of easements, if your land is unfenced and the cattle eat up your entire corn field, the cattle owner will not be liable for your lost crop.

Make sure that you take a look at the title report before you buy. There might be restrictive covenants such as the type of house or fence you are allowed to construct on your land. You might be prohibited from building certain types of outbuildings, or there may even be restrictions about whether you can put a mobile home on the property. If you are planning on eventually subdividing your acreage, there may be restrictions on the size of your subdivided parcels (subdividing involves a lot of legal issues and regulatory compliance). There might be road easements, phone line easements or other title matters that you need to know about. These matters are routinely disclosed in a document generally known as a title insurance commitment, which you will receive prior to closing if you will be receiving title insurance.

Title and Survey

Make sure that you will buy title insurance when buying your land. This will protect you if there are easements, covenants, competing ownership interests or other clouds on title that were not disclosed prior to closing.

Check on whether the land was surveyed and staked by a registered surveyor or engineer. If not, demand that it be surveyed and that you are provided with a written property description and survey. If the land has been surveyed, walk it and locate the survey stakes. If the stakes were vandalized or are missing, have the stakes replaced by the registered surveyor.