Tracy Ruccia of Equity Title of Nevada was back with us again on June 29th with another great segment for our listeners. For this show, Tracy focused on dispelling some common myths from the title and escrow world.
Possession of the deed to the property all the owner needs to prove ownership. FALSE!! There can be hidden hazards that may attach to the real estate that affects ownership such as unpaid taxes, mechanic liens, judgments, etc.
When a buyer purchases a resale home with a pool that just got completed, they are automatically covered for any liens that may attach to the pool. FALSE!! This is not covered with a standard title policy but IS covered with an extended title insurance policy. Tracy explained that a lot of times when buyers purchase a property with remodeling or construction recently done, the buyers feel that they are not liable in any way for any unpaid bills due to the contractors and that is not necessarily the case because those contractors can file liens against the property that the buyer will have to deal with at some point in order to sell the home at a later date if they only the standard title insurance policy. Tracy explained that the best way to protect yourself from this is to purchase the extended title insurance policy which does provide additional protections from un-recorded liens and judgments at the time of closing. The cost of the extended policy is nominal and at Equity Title it’s only 10% more than the standard policy. Sounds like a small price to pay for peace of mind to me!
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