What is title insurance?

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Finding the right home is only the beginning of a real estate journey. After your offer has been accepted, a series of steps take place before the sale will close. One important aspect of that pre-closing process has to do with reviewing and protecting the chain of title for the property. While that might sound complicated, it just means that a review happens of how the property has passed from one owner to the next in the past and whether there are any disputes or outstanding issues. Once the review is complete, you’ll purchase an insurance policy to protect your claim on the property. The one-time cost of that policy is part of your closing costs and is an important part of protecting your legal rights to your new home.

You’ll want to make sure that a reputable, professional title company handles these details as part of your transaction. Some of the largest companies in the United States are Fidelity National, First American, Old Republic and Stewart.

Here’s a short video from Fidelity National about title insurance —>

Townhouse or condo: Which is best?

Photo Credit: Symmetry Landing at Alameda Point

Photo Credit: Symmetry Landing at Alameda Point

TOWNHOUSE VS. CONDO: WHICH SHOULD YOU BUY?

Whether it’s your first time buying or you just want to purchase something smaller, townhouses and condos are both great options. Check out the differences between the two to help aid you in your search!

Condominiums

Condominiums are similar to apartments in that you purchase an individual unit inside of a larger building, but not the property it sits on. This generally includes access to the building’s amenities, such as the clubhouse, pool, and gym. However, condo owners are not responsible for the upkeep and repair of these common areas. Because of the number of shared spaces, living in a condo often allows for meeting new people and building a strong sense of community. There is a fairly similar vetting process for loan approval as for a full-sized home; however, the lender will also look at the health of the condo association.

Townhouses

Those who purchase a townhome are generally purchasing the complete unit, both inside and out, including the land it sits on. This might also include the driveway, yard, or roof. Traditionally, these units are two- or three-stories tall and may also include common areas like pools and parks. Townhome owners pay a fee to a homeowners association every month and the loan process is the same as buying a full-sized home.

Which is the best choice?

Both townhomes and condos offer less maintenance than a traditional home and generally offer great shared areas. Your decision ultimately comes down to you and your family’s needs and wants. Things you’ll want to take into consideration include location, lifestyle, family growth, and price.

Got questions about this or any other real estate topics? Shoot me an email and I’ll be in touch soon. Thanks for reading, and good luck with whatever type of property you decide to go for!