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What is Title Insurance and Why do I Need It?

November 1, 2017 by Martha Loveless Leave a Comment

What is Title Insurance and Why do I Need It?

Martha Loveless of Loveless Real Estate Services
The Best Carmichael Realtor | Keller Williams Realty 916-.270.7081
Homes for Sale in Carmichael / What’s Your Carmichael Home Worth?

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When it comes to buying a car, you understand the benefit of car insurance.  And when you buy a home in Sacramento, you understand you must have homeowners insurance. But chances are you’ve never thought about title insurance until you started the process of buying a house. What is title insurance? It’s a policy that insures that you won’t have any unknown claims made to the ownership of your home.

What could go wrong?

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A clean or clear title is important because the title is what gives you ownership of a property. Imagine buying your dream home in Sacramento, closing the deal and then realizing the previous owner hadn’t paid property taxes for several years. Those taxes remain charged against the property and as the new owner, you are responsible. The taxing entity could even take your home. Or perhaps two sales ago someone sold the home without getting the signature of an estranged husband who now wants to stake his claim. Perhaps the previous owner didn’t pay a contractor for some work on the home and the company put a lien against the house. Or the power company shows up with a crew to take advantage of an easement though your new backyard. The scenarios are seemingly endless and tracking down every last possibility is more than you can practically do on your own. That’s where title insurance comes in.

An ounce of prevention

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Unlike most insurance policies, you pay just a one-time fee and your property is covered for as long as you or your heirs own it. If you are taking out a loan to buy a home in Sacramento, the lender will require you to purchase lender’s title insurance to cover its investment. Essentially, the lender wants to make sure this is a legitimate deal with someone who has the full right to sell the property to you. But the lender’s policy will only cover the outstanding amount of the loan at the time a claim is made. You also want to make sure you have a policy that covers your interest, called an owner’s policy. When purchased together, the owner’s policy is a relatively inexpensive addition.

As you’ve probably guessed by the one-time fee, title insurance doesn’t work the same way most other policies do. The truth is that title insurers rarely have to pay out on claims. But that doesn’t mean you’re paying them for nothing. To the contrary, unlike other types of insurance, title insurance companies mostly incur their expenses upfront and help prevent any kind of title surprise later on.

While you are in the escrow phase of purchasing a home, the title insurance company will conduct a comprehensive search to make sure there are no such surprises lurking in the dusty files in some forgotten corner of the county courthouse. The title company searcher looks at deeds, wills, and trusts, tracing the history of the property back many, many years. The search can be manual or on a computer or both, depending on records in your area. Among the important questions is whether all past mortgages and liens have been paid. Does anyone hold an easement? Are there any pending legal actions? That’s where most of your insurance premium goes – to conducting that search. Then, just to make sure you’re protected in case they missed something, title insurance will cover your losses if it turns out later that they missed something.

In some areas, the cost of the title search and the title insurance are separate, while in other regions they are lumped together.

What kinds of policies are there?

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What’s covered depends upon your policy. If you purchase only lender’s title insurance and end up losing your home to a previously unknown lien, your mortgage will be paid off. That’s the good news. The bad news is that you won’t get anything to cover the payments you’ve made, including the down payment. You’re out a house. That’s why experts advise buyers to get an owner’s policy as well.

Owner policies come in different flavors. A standard policy will generally cover you up to the purchase price of your home. If you want protection that will cover inflation, you’ll want an enhanced policy or an inflation rider. That also provides coverage for liens filed after your closing date. Say, for example, you buy a new home in Sacramento and at closing everything is clear. The next day, a subcontractor who worked on construction of your home files a mechanic’s lien. Without an enhanced title insurance policy, you aren’t covered and may end up paying the subcontractor. It’s up to you to look at coverage and decide which owner’s policy you want to purchase.

Shop around

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The only time you can purchase insurance is at closing. Whether buyer, seller or both pay for the coverage varies according to what is negotiated on the contract. In some areas, the seller buys the owner’s policy and the buyer pays for the lender’s policy. Both policies take effect on closing day. The Real Estate Settlement Procedures Act prohibits sellers from requiring you to buy coverage from a specific title insurer. However, if the seller is paying for it, the seller can use whichever company they want.

You can purchase title insurance from whichever company you choose. But the reality is that your lender probably has a preferred title company and it is much cheaper to piggyback your policy onto the lender’s. If you have a strong preference, you may be able to convince the lender to use the company you prefer. Costs are fairly similar from company to company in any region.

If you find yourself looking at the prospect of finding a title insurance provider with dread and want to just go with your lender’s choice, don’t feel bad. You buy title insurance whenever you purchase a home. Lenders buy it several times a day. In this case, the lender’s interest – a good, solid insurance provider – lines up with yours. So don’t beat yourself up for not pushing back on selecting your own title company.


Martha Loveless
916.270.7081
The Best Carmichael Realtor
www.LoveSacMetroHomes.com

Homes for Sale in Carmichael 95608 under $800,000
Homes for Sale in Carmichael 95608 under $700,000
Homes for Sale in Carmichael 95608 under $600,000
Homes for Sale in Carmichael 95608 under $500,000
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Filed Under: home sales, Real Estate, title insurance Tagged With: clear title, home sales, Homeowners, homeowners insurance, insurance, insurance policy, owner policy, protection, real estate, title insurance

8 Simple Steps to Seal Those Granite Countertops

September 14, 2017 by Martha Loveless Leave a Comment

8 Simple Steps to Seal Those Granite Countertops

Martha Loveless of Loveless Real Estate Services
The Best Carmichael Realtor | Keller Williams Realty 916-.270.7081
Homes for Sale in Carmichael / What’s Your Carmichael Home Worth?

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There is a lot of remodeling being done by homeowners in Sacramento and they are opting to replace their countertops with the popular choice, Granite.  Natural stone is a great investment and it makes a beautiful statement. It has been found that homes touting granite countertops can help sell your home faster.

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I know, I’d be excited too! But here is the thing, granite is a porous stone, so liquids and food can penetrate the surface and leave marks on you precious granite countertops. If you want your granite countertops to stay looking good for years to come, you’ll need to develop a maintenance plan so it stays in tip-top shape.  You need to seal your granite to block liquids from getting into the stone.

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Don’t worry sealing granite is not difficult or time-consuming.  In fact, you’ll probably be blown away by just how easy it is.

So how do you know if it’s time to seal?  It is recommended to seal your granite about once a year. But here is a little trick you can do to see if your countertops are in need of some TLC. Simply take some water and pour it onto your granite countertops and let it sit for 30 minutes.  If the water beads up and doesn’t penetrate the stone, the seal on your granite is strong and liquids are not penetrating the surface.  However, if the water gradually seeps into the stone then you definitely want to seal your countertops.

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Here’s how to do just that. You will need:

  • Lint-free rags (grab a few of these)
  • Granite Sealer (found at your local weekend warrior home store)
  • Daily Granite Cleaner

Step 1:  Clear your granite countertops.  You’ll want to remove everything from your counters to have them nice and bare, ready for cleaning.

Step 2:  Now give your countertops a good cleaning using the granite cleaner of your choice.  You’ll want to get any crumbs, spills, and last night’s dinner off of your countertops.

Step 3:  Use a lint-free rag to clean and dry the surfaces.  Your counters must be fully dry before you sealing the granite.  It is  recommended that you clean your countertops at night, let them dry overnight and then move on to Step 4 in the morning.

Step4:  Before you start sealing, you should open a window for air circulation.  The fumes from the sealant are not too overpowering but it still has a pungent smell.  And to prevent an overwhelming scent in your kitchen or bathroom, open a window, door or turn on the fan while you seal.

Step 5:  Choose a granite sealer of your choice. They are designed to resist both water and oil-based stains.  Make sure to check the label so it’s safe on food prep surfaces…which is obviously pretty darn important in the kitchen!

Step 6:  When using a granite sealing product, you’ll want to work in small areas at a time, about 3-by-3 feet.  Spray on a generous amount of the sealer and then quickly wipe it into the surface.

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ROOKIE TIP:  You may want to test the product on a small inconspicuous area of your counter to make sure it doesn’t damage your particular stone.

Step 7:  Work your way around your kitchen or bathroom, until you have applied the product to every granite surface.  You do not want to let the sealer dry on your countertops, or else it will leave a haze.  So be sure to wipe it up as you go.

Step 8: Now it’s time for a little arm workout:  Take the lint-free rag and buff the counters in a circular motion.  Make your way around all countertops, until everything is buffed and shiny!

It will take about 24 hours for the sealer to properly cure, so try to avoid using the kitchen during that time.  (Hey, it’s a great excuse to forgo cooking for the night and order takeout!)

And seriously…that is it!

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Just a little bit of spraying and wiping and you’re on your way to protected granite countertops.  Now bring on the red wine, the greasy pizza boxes, makeup and toothpaste because those sealed countertops can handle it!


Martha Loveless
916.270.7081

The Best Carmichael Realtor
www.LoveSacMetroHomes.com

Homes for Sale in Carmichael 95608 under $800,000
Homes for Sale in Carmichael 95608 under $700,000
Homes for Sale in Carmichael 95608 under $600,000
Homes for Sale in Carmichael 95608 under $500,000
Homes for Sale in Carmichael 95608 under $400,000
Homes for Sale in Carmichael 95608 under $300,000
Homes for Sale in Carmichael 95608 under $200,000

Filed Under: decorating tips, granite countertops, home sales, Real Estate Tagged With: deocorating tips, home decor, home sales, real estate

Bring Fall into Your Home…Starting with the Front Porch!

October 26, 2016 by Martha Loveless Leave a Comment

Bring Fall into Your Home…Starting with the Front Porch!

Top Carmichael Realtor Martha Loveless
of Loveless Real Estate Services at Keller Williams Realty
916-.270.7081 / Home Search / What’s Your Carmichael Home Worth?

 

The best fall looks are all about warm hues, natural materials, and soft, golden light. Haystacks, pumpkins, and scarecrows are classic front porch pieces but too much of any of these can easily turn your seasonal decorating plan into a busy, kitschy mess. Follow these tips to recreate the simple allure of a cool autumn day, starting with your front porch!

shutterstock_114516766Even if you don’t have room for rocking chairs and antique wagons, you can transform your front porch into an autumn wonderland with a few simple pieces. Let the colors and textures of fall inspire you. Flowers in warm oranges, bright yellows, and deep reds evoke the natural beauty of the season. Choose plants that do well in cooler weather like mums, pansies, and coneflowers, which will look beautiful planted together. Terracotta pots or rustic wooden baskets are the perfect choice for colorful, seasonal container gardens.

Pumpkins are probably the most popular choice for fall décor, but hard-shell and ornamental gourds can also be used to add color and texture. Place in clusters leading up your steps or beside your welcome mat. More narrow entrances will look better with fewer pieces—one small pumpkin on each step will do the trick.

shutterstock_108095741To achieve a traditional, Americana look, use natural materials that allude to our nation’s rich agricultural history. Capture the simple essence of the harvest season with scarecrows, hay, and dried ears of corn, but remember: less is more. Plaid flannel accents—whether on a scarecrow’s shirt, a lightly frayed table cloth, or a wreath’s ribbon—are a nice touch.

If you can find them, antique farm crates or wooden wagons make gorgeous statement pieces. They can also be used as planters, accented with gourds, or even stacked with hay to create rough, stylish side tables.

Bring the whole look together with a simple autumn wreath. You can purchase beautiful wreaths at home decorating stores or make your own! Wreaths make great do-it-yourself projects and are easy enough for beginners; you can even get your kids involved. To create a classic fall display for your front door, simply add faux leaves to a grapevine or rattan wreath and affix small decorative gourds to complete the look. You can even add the first letter of your surname to give it a more personal touch.

Perhaps you’re looking for a twist on classic fall styles. Don’t be afraid to stray from traditional autumn colors. For a modern alternative, paint several different types of decorative gourds and pumpkins in the same shade of soft white. You can even use painted leaves, pine cones, and twigs to add more texture and variety.

Autumn is truly the time of year for pared-down, natural design. Avoid overdoing your décor by keeping it as simple as possible. The beauty of the season is that fall displays can work from the first sign of changing leaves on through early winter. Add a jack-o’-lantern at Halloween or a cornucopia for Thanksgiving and you’re all set!

Filed Under: decorating tips, home sales, Real Estate Tagged With: curb appeal, deocorating tips, fall decorating, home decor, home sales, Homeowners, real estate

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Martha Loveless

P: 916 270-7081
E: martha@lovesacmetrohomes.com

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