April/May Update 2023
A monthly newsletter brought to you by McNulty Real Estate Services, Inc.
VOL. 7, ISSUE 4/5 5/31/2023
Thankfully, we have been a bit swamped over the past couple of months with business, life events, and Indianapolis 500 happenings during the month of May. We hope everyone had a great Race month, such a fun time in our town Indy!
Congratulations to Patrick and Kelley on their April wedding in Colorado at Red Rocks! It was a special time for the Bates and McNulty families and friends, and everything went flawlessly. We highly recommend the town of Golden, Colorado (20 minutes from Red Rocks) and all it has to offer at the foot of the Rocky Mountains.
Lately we have been getting a few more questions about individual aspects of a real estate transaction. We thought we would focus on Title Insurance with this update.
Title insurance is a type of insurance that protects property owners and lenders against financial losses due to title defects or disputes.
- Purpose: The purpose of title insurance is to ensure that the title to a property is clear and free of any liens, encumbrances, or other claims.
- Coverage: Title insurance provides coverage for the life of the ownership or the length of the mortgage loan, whichever is longer.
- Title Search: Before a property is sold, a title search is performed to ensure that the title is clear and there are no outstanding issues.
- Protection: If any defects are found during the title search, the title insurance company will either work to resolve the issue or provide financial compensation to the policyholder.
- Cost: The cost of title insurance is typically a one-time fee paid at closing and is usually split to a certain degree between the buyer and seller.
- Importance: Title insurance is an important aspect of real estate transactions and helps ensure that property owners and lenders have peace of mind and security in their investment.