What-is-a-Title-Policy

What Is A Title Policy

by Ask the ExpertReal Estate ArticlesResourcesTitle InformationVideo

A title insurance policy is an insurance policy that insures you against liens or other claims against your property.  Unlike other types of insurance, you pay the premium one time and the policy generally insures you for as long as you own the property.  In Texas, Title Insurance rates are regulated by the Texas Department of Insurance and the rate is based on the amount of coverage provided by the policy. There are two basic types of title insurance, an owner’s title policy and a loan title policy.  Most financial lenders require a loan title policy as security for their investment in your property just as they require homeowners insurance or other types of coverage for their protection.  Owner’s title insurance lets the new homeowner feel safe and confident there are no other claims as to the ownership of the insured property.  Among other matters, it ensures access to the property, gives the homeowner the right to occupy the property, and provides indefeasible title. 

For more information, go to Blog for videos like this and other helpful information. Blog | REPUBLIC TITLE

Mapping-Tools-in-Matrix-

NTREIS Phasing Out Areas and Subareas

by Ask the ExpertEducationReal Estate ArticlesResources

Over the next few months NTREIS users will be experiencing the phasing out of areas and subareas. NTREIS is rebuilding the Matrix system to be in compliance with the Real Estate Standards Organization (RESO) data dictionary. Through this process, the area/subarea fields will not be included. The decision was made over two years ago to remove areas and subareas. The reasons for doing so are many:

  • Area boundaries are subjective; some are school boundaries which change, others are neighborhood or street boundaries.
  • Area identifiers are not useful to consumers.
  • The vendor that updated the geo boundaries for our area maps is no longer available for that service.
  • Subjective area boundaries can be likened to the “redlining” maps of old and any suggestion of discriminatory steering has no place in the future of this industry.

NTREIS has been encouraging the use of the digital mapping layers and custom shapes for searches—consumers have become comfortable with digital mapping and agents should use the same tools their customers use. However, many of NTREIS statistics were based on area identifiers and they are embedded in several tools, so it has been a long processes to get to the point where they can be phased out.

The steps to be taken over the next 60-90 days are:

  • Texas A&M has been using other geo identifier in working with statistics for the Texas REALTORS® Data Relevance Project.
  • The area breakdowns will be removed from the NTREIS statistical reporting.
  • NTREIS Trends will be removing the Area criteria option for creating reports.
  • Area/Subarea fields are being removed from IDX data feeds and we are working with those vendors for Broker tools.
  • Any remaining NTREIS products that use Areas in search criteria are in the process of removing those.
  • Notifications to users will be sent out notifying them that they need to remove that search criteria from saved searches.
  • Area/Subarea will be removed from the Realist auto-pop.
  • Area/Subarea will be removed from the input screen and displays.

Make sure to join Annette Carvalho-Jordan, VP/Real Estate Technology Trainer, for our Mapping Tools in Matrix class on January 12th. In this class, we will explore all the map tool functions in Matrix so you can create powerful searches for your clients who want to live in specific neighborhoods, near points of interest or certain distances to where they work.

Courtesy of MetroTex Association of Realtors

Real-Deal-New-Agent-Series-Blog

The Real Deal Part 1 – Mastering the Deal with your MLS Subscription

by Ask the ExpertEducationResources

We are excited to introduce our new series for new real estate agents called The Real Deal. You are not going to want to miss this information-packed series. The first class is all about mastering the deal using your MLS subscription. Annette Carvalho-Jordan will be teaching you all the ins and outs of MLS including understanding the dashboard, the vital tools available to grow your business, and tips to better help your clients,

The Real Deal New Agent Class Series is a special group of classes specifically designed for agents who have been licensed less than one year, who are just starting out and building their businesses from the ground up. We will dive into five of the most important areas that new agents need to know about to help you establish your business and be a better REALTOR® to your clients.

To register for The Real Deal series visit our website: https://www.republictitle.com/residential-education/

Fair Housing Awareness

Fair Housing Awareness in a Strong Sellers Market

by Ask the ExpertReal Estate ArticlesResourcesVideo
Next up is the third and final video in our series on navigating a strong seller’s market where we discuss those buyer “love letters” that sometimes accompany contracts in a multiple offer situation.
 
Key takeaways:
– They can bring legal trouble to the seller
– Selling agents should let buying agents know that they will not accept them
– There are similar implications that sellers need to be aware of in regards to home surveillance systems in the home that are recording during showings
 
For the first and second videos in this series and other informative real estate and title videos, visit our YouTube page at youtube.com/republictitle
 
For more information or to get in contact with your Business Development Representative at Republic Title visit: https://www.republictitle.com/residen​​… To download our top resources to boost your business visit: https://www.republictitle.com/residen​​… SUBSCRIBE to the Republic Title YouTube channel: https://www.youtube.com/c/republictit​​…

What You Should Know About Earnest Money

by Ask the ExpertResourcesVideo

Hello, Sheri Groom with Republic Title and I’m here with Wade Bogdan, Residential Counsel and we wanted to visit a little bit today about earnest money and the purpose of that with a contract.  So can you help talk a little bit about that?

Yes.  Traditionally earnest money was put in place so that people knew that you were going to try to purchase a property in earnest so basically you’re showing someone that you are serious about purchasing their property.

I like that so earnest and then earnest money. That’s great.  So if there’s no earnest money given does that mean there’s not a valid contract?

So actually that’s a common misnomer. So currently now in common day, you do not need earnest money to have a proper contract.  However, the contract does have a section for earnest money and actually most importantly now the contract was just changed to add a three day time limit for getting your earnest money in after execution of the contract which is pretty much the most important thing that’s going on with earnest money currently.

That’s good information because we would get asked that a lot.  Like do we have to have it? Is it still a valid contract?

So if you have any additional questions, please go to our website and look for our complete list of attorneys or reach out to your favorite business development rep  or your favorite closer.

 

What is Survey Deletion Coverage?

by Ask the ExpertReal Estate ArticlesResourcesVideo

Survey Deletion Coverage is often also referred to as “Survey Deletion”, “Survey Amendment”, and “Survey Coverage.”  When survey deletion coverage is given in the title policy it offers Buyers protection for errors or omissions that may have been made by the surveyor and accepted by the title company by changing the language in the “standard exception” of the title policy to read “Shortages in Area” only.  The “standard survey exception” in a title commitment or policy (before being amended) reads:

“Any discrepancies, conflicts, or shortage in area or boundary lines, or any encroachments or protrusions, or any overlapping of improvements.”

 Upon receipt of an acceptable survey, the title company may amend this exception to read “Shortages in area” only.   Things that a title company will look at to determine if a survey will be acceptable include, but are not limited to, the following:  that items noted on the survey are listed in the title commitment, verify the legal description, check platted building lines and platted easements, and other matters such as the seal and signature of the engineer, date of the survey, and north directional arrow. 

Survey Deletion is addressed in paragraph 6. A. (8) of the TREC One to Four Family Residential Contract, where the parties select between the options of amending or not amending the standard exception in the title policy and who will be responsible for the payment of the premium.

There are other issues that may show up in the review of a survey, such as a building or driveway or fence over a building line, or into a platted easement.  When this happens, the title company may still accept the survey and amend the standard exception to read “Shortages in Area” only, but will generally add a special exception on Schedule B of the title commitment and owner’s title policy for any of these issues that were shown on the survey.              

The cost of survey deletion coverage on residential transactions is 5% of the Owners Title Policy Premium, and is 15% of the Owner Title Policy Premium in a commercial transaction.

For more information on Survey Deletion Coverage, download our Survey Deletion Coverage Q&A flyer 

Remine At-A-Glance

by Ask the ExpertEducationTechnologyVideo

Did you know that there is a program that allows you to farm neighborhoods much more efficiently?  Our Technology Trainers, Annette and Robin, teach a great class that dives into how Remine can change your farming game. 

Check out our Remine At-A-Glance class and learn how to better farm neighborhoods.

Click this link to sign up for this class or any of our other classes offered by wonderful and knowledgeable trainers.