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Title Insurance

RealtyMyths Weekly Word Wizard

Welcome back to RealtyMyths word Wizard! Let’s talk about some real estate terms. Title Insurance: Compensates the buyer or lender if title defects, liens or competing claims of ownership on a property arise after closing. Rate Lock: An agreement between a borrower and a lender that allows the borrower to lock in an interest rate on a mortgage for a specified period of time. PMI: Private Mortage Insurance. Insurance that protects a lender against loss if a borrower defaults on a loan. PMI is required for conventional loans that have less than a 20 percent down payment. Equity: The amount of money a buyer pays at closing toward a home purchase. Thank you and stay tuned with RealtyMyths for more information.

Weekly Word Wizard – Disclosure

Welcome back to weekly word wizard ! This week, we will discuss about Disclosure. Disclosures Disclosure and Informed Consent: Establishes the relationship between client and agent in writing, and discloses the agent’s ties to a broker or agency. Property Condition Disclosure Form: The seller produces the property condition disclosure form to the buyer, disclosing any defects or damage to the structure or surrounding areas of the property. Truth-in-Lending Disclosure: The bank’s legal obligation to respond to a buyer’s loan application, detailing the loan repayment schedule and amount, plus fees and interest, within three business days. Title Insurance: The buyer typically pays for title insurance to protect the lender or homeowner from any undisclosed ownership claims or fraud related to ...

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