Archive for March, 2011

Do you often wonder what it is, what it protects you from, and why you should have it?    I am sure you do.   It is important for buyers and sellers to understand the value and the need to have the coverage.   I have asked a good friend of mine to discuss these questions with you and I do not know anyone more capable to help us than Phillip Wasser, manager of Land Title of Walla Walla.   He has been in the industry almost all of his life, starting after graduating from WSU, working with his Dad until taking over as manager of the company.   I want to thank Phil for helping me.   If you have questions you can reach him at 509-529-4600 or by email phil2@land-title.com

Title insurance is not as well understood as other types of home insurance, but it is just as important. You see, when purchasing a home, instead of purchasing the actual building or land, you are really purchasing the title to the property – the right to occupy and use the space. That title may be limited by rights and claims asserted by others, which may limit your use and enjoyment of the property and even bring financial loss. Title insurance protects against these types of title hazards.

Other types of insurance that protect your home focus on possible future events and charge an annual premium. On the other hand, title insurance protects against loss from hazards and defects that already exist in the title and is purchased with a one-time premium.

As a Buyer or Seller goes through the process of closing a Real Estate transaction, one of the most important protections they can utilize is Title Insurance, although it is seldom in the thought of, a Real Estate Professional often ensures it is included through the Escrow Closing process

Would you buy a car without having it looked over by a good mechanic?, probably not,

Title Insurance discloses the recorded documents that affect the subject property, for example, there may be underground utilities that cannot be seen in a visual inspection, perhaps a neighbor has an easement, or right to use a portion of the property, or perhaps there are CCR’s or other Restrictions that limit the Purchaser’s right to use the property.

Think of it this way…. The property you purchase is a pie, Once you close the deal, you own the pie, but others may have the right to use a slice of your pie… Title Insurance discloses what affects your Pie.

Philip C. R. Wasser

I will be out of town until March 28th and will be reporting on my tour of California during the middle of the month.  Thanks for taking the time to learn for us.

DM Ledford, Owner/Managing Broker

Coldwell Banker First Realtors


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