responsible for title insurance? In Northern California, the buyer
typically pays for both policies. It is, however, a matter that is
covered in the contract between the seller and buyer and is negotiable,
as is everything else.
doubts! Buyer's get the property inspected. Some inspections become
mandatory by the lending company. Most lending companies require, at
least, a termite and a roof inspection before they will loan on the
property. Typical inspections include pest (termite) inspection,
contractor inspection (includes electrical, plumbing, heating systems),
roof inspection, swimming pool inspection, foundation and soil
inspection. These inspections may reveal defects which were not evident
to the buyer, and which were not disclosed in the seller's disclosure
statement. Depending upon the terms of the Deposit Receipt, the buyer
may request the seller to either fix the defect, or provide funds so
that the buyer can correct the defect after close of escrow.
if the title is not clear? It does not mean the sale is off! The
current owner may have to pay a lien, judgment, etc. in order to clear
the title for sale. Escrows may be collected in closing and held by the
title agency until the defect can be remedied.
Refinancing a home, title insurance is needed! Title insurance is
the only practical way to provide the assurance investors demand and to
ensure that the mortgages backing these securities are valid and