Blog - - Month: December 2020
Month: December 2020
3 Good Reasons to Get Title Insurance
People have the future in mind when they buy a house and purchase homeowners title insurance to help protect their future. As a homeowner, there is a need to protect the property against the past and any future occurrences. For many owners, their property is their largest investment—and is worth saving! Let’s take a look at three reasons why you need title insurance. Liens for Unpaid Taxes A lien on a property may disqualify a property from being sold. Property liens are legal notices attached to a property title because of unpaid debts. This can make buying a home a lot more complicated. A lien means that before you move forward with your new home's purchasing aspect, you need to research any liens against the property or home. Current Lawsuits or Mistakes in Records Does the future look bleak for the property you're about to purchase? It's a good idea to run a background check to investigate any lawsuits or disputes in records. It's a common problem that the records on your home are not exactly up to date. When a home is passed through families and generations, there could be errors in the property area's actual square footage or measurements. Encroachments Encroachment on the property violates the original terms listed on the deed. An encroachment occurs when a neighbor builds something either on or extends onto your property. An encroachment is a problem because it impedes the property's use for the person whose land is infringe
Northeast Ohio Holiday Events
If you’re looking for something festive to do in Cleveland this Christmas, here is a guide filled with virtual and in-person holiday events happening across Northeast Ohio this year. Downtown Cleveland's Annual Winterfest This celebration is everything that you want out of a holiday season. Winterfest (like most things happening in 2020) will be a little different to accommodate the latest health and safety guidelines. Get the full Winterfest schedule with additional activities using this link https://www.winterfestcle.com. All of the holiday festivities are held from Monday, December 14, 2020 - to Sunday, January 3, 2021. Light Up Lakewood Lakewood’s annual holiday celebration has been reimagined. The idea is to capture the spirit of the city's festive traditions with nine days of virtual experiences. The online event will feature new video content posted every night at 7 pm, including a mini-parade, lighting ceremony, musical performances, storytime, and more. Light up Lakewood begins on December 12, 2020, and ends on December 20, 2020. Trans Siberan Orchestra The holidays in Cleveland wouldn’t be the same without TSO. The well-known holiday orchestra has played in Cleveland every year since 1999. Instead, members of TSO's east and west bands will unite for an exceptional virtual performance of the group's 1996 debut album "Christmas Eve and Other Stories." The concert will be held on December 18 at 8 pm.
Title Insurance Terminology 101
A clear title is necessary for any real estate transaction. Title companies must search every title to check for claims or liens of any kind against them before they can be issued. A title search examines public records to determine and confirm a property's legal ownership and determines whether there are any property claims. There are a lot of details when it comes to understanding title insurance. Instead of becoming overwhelmed, here are some standard terms used to help gain a better understanding. · Assessed valuation - the value placed on the county assessor's property; used as a basis for computing property taxes. · Closing - in some areas called “settlement” or “escrow.” The process of completing a real estate transaction during which deeds, mortgages, leases, and other required instruments are signed and delivered, an accounting between the parties is made, the money is disbursed, the papers are recorded, and all further details such as payment of outstanding liens and transfer of hazard insurance policies are attended to. · Deed of Trust - security for a property loan; deed the property to a third party trustee to hold until the loan is paid. · Description - a reference to specific maps, plats, and other instruments recorded with the county and serve to make positive property identification. · Escrow – is a legal concept describing a financial instrument whereby a third party holds an asset