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Real Estate FAQ

Question: What is title insurance?
Title insurance is very important in all types of real estate transactions. Basically it is a contract for insuring and indemnifying property owners or lenders against loss or damage from title risks in real estate transactions. The insured may claim for actual loss for the face amount of the policy.

Title insurance protects from defects in title as well as legal services related risks in real estate transactions and that protection is comprehensive no fault protection. Instead of suing lawyer for negligence, a policy holder may claim compensation from the title insurance company. Title insurance covers for unforeseeable losses unrelated to a lawyer's negligence such as forgery, fraud, discrepancies not revealed by survey etc. Question: What does pre approval of mortgage mean? Should I waive the condition for mortgage approval in agreement of purchase and sale if I have pre approval of mortgage?

The pre approval of mortgage means your income is enough to qualify you for mortgage. The pre approval of mortgage is not a guarantee that you are going to get mortgage for particular house you intend to purchase.

It is not advisable to waive the condition of mortgage in agreement of purchase and sale based on pre approval of mortgage for the above mentioned reason.

Question: When should I see a lawyer for my real estate transaction? Who are the other people I need for real estate transaction?
It is highly recommended that you see a lawyer as soon as you intend to buy or sell a house or property. The lawyer can review the agreement of purchase and sale thoroughly and advise you properly. As soon as you sign the agreement of purchase and sale, it becomes a binding contract enforceable under law. The agreement of purchase and sale is a complex contract and must be reviewed with your lawyer. A lawyer can advise what should be or what should not be there in agreement of purchase and sale. As for example if the agreement of purchase and sale does not speak anything about chattels such as fridge, stove, washer dryer etc., the seller can take the chattels with him upon sale and buyer cannot do anything legally.

Also a lawyer plays very important role in closing of real estate transactions. He does title search and other relevant searches to ensure that you get the title free of all encumbrances and defects. He communicates with other side's lawyer and lender. A lawyer helps you to close the transaction with hassles to you.

Another important person in your real estate transaction is a real estate agent. The real estate agent is expert in his field and helps you to choose best suitable house for you. The real estate agent can advise you in which locality you should buy a house. He can guide you through the process.

Mortgage broker and home inspector are also very important in real estate transaction.

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