
The title insurance company – the business of examining public records, preparing title abstracts, and selling title insurance – for a one-time premium, will issue insurance after doing a title search on the property.
Title insurance protects the home buyer or lender of a property against unknown defects in the title. Each time a home is sold or bought, you incur fees to have the title searched. One important key to the title binder is answering this one question, “How long do I plan on keeping this property?’ A cost-savings tool for people who relocate frequently and don’t plan to stay in a home for more than 24-months. A cost-saving tool for people, i.e., investors who are thinking about ‘flipping’ a home. Used to protect the property seller and buyer of a property in a transitional phase. Something you should know about to save money if you are planning to sell your home within 24-months after its purchase. The title binder, also known as an interim binder, is:
No, it’s not the binder that holds notes or paperwork about your title and escrow activities.
Let’s start with the basics since the name is a little deceiving… What is a title binder?