Monday, August 2nd, 2010
How To Shop For Title Insurance in Massachusetts
Are You Really Getting Such A Great Deal?
Beware of Junk Fees
Title insurance is only one of several fees that fall under the label of: “title charges.” Generally, you must also pay attorney fees, title examination fees, courier fees and recording fees. While some title companies offer discounted title insurance rates, they may be charging you higher fees for other costs.
When you get to closing you realize that you have been the victim of a bait and switch. The $200 savings on title insurance was offset by an inflated title examination or other miscellaneous fee.
Kane Title Services provides you with all of our fees upfront. No hidden fees, no surprises…
What About Their Customer Service?
The old adage: “You get what you pay for;” generally applies to title companies offering discounted title insurance. Most discounted rate title insurance companies handle closings throughout the United States and are located in remote parts of the country.
Little in the way of personalized attention is given to you or your file. Your phone calls and emails may go unreturned, causing you unnecessary aggravation. When it comes time to close your loan, they may not be able to find an attorney to close when and where you need to.
At Kane Title Services, Attorney Jason Kane personally oversees every file and is available to answer your questions at any time. He can be reached 7 days a week via phone, email, or instant messaging. Kane Title Services does everything possible to schedule your closing at a time and place that is convenient to you. This includes weekends and evenings.
Do You Want A Notary Public Handling Your Closing?
Many title companies offering discounted title insurance rates are doing so by cutting corners. In many instances they are using notaries rather than attorneys to close transactions. In most states anyone over 18 who is a registered voter can become a notary public. However, attorneys must undergo seven years of rigorous post secondary education and pass the state bar examination.
An attorney can provide you with legal advice. A notary is not qualified to do so. If you have any questions about what you are signing at your closing, you may have to simply take the mortgage companies word on the loan terms.
The notary public can only tell you where to sign and witness your signature. This practice results in many people signing documents that they do not understand. Many borrowers have been deceived by dishonest mortgage companies into signing documents that were different than what they verbally agreed to.
At Kane Title Services, only a licensed real estate attorney will handle your closing. Rest assured that you will have all documents explained to you in simply, easy to understand words.
===========================================================================
Call us toll-free at 1-877-380-7650 to discuss your Massachusetts Real Estate Closing or
Click Here to Request a Massachusetts Title Insurance Quote.
Kane Title Services provides you with all of our fees upfront. No hidden fees, no surprises…
Monday, June 28th, 2010
Massachusetts Closing Attorney Jason Kane was quoted in a recent article in the Boston Globe in regards to the home buyer credit.
The article which was written by Jenifer B. McKim is featured below.
With thousands of dollars at stake, homeowners and prospective buyers across Massachusetts are scrambling to close real estate deals in time to beat Wednesday’s deadline for a home buyers tax credit.
Lenders are adding extra staff and some local registries of deeds are postponing vacations, anticipating a rush of lawyers seeking to record home sales for their clients. The National Association of Realtors estimates that as many as 180,000 home buyers across the United States may miss the cut-off date.
Some, realizing they cannot finalize purchases in time, have already backed out of deals. Others are counting on lawmakers in Washington, D.C., to extend the deadline for the federal tax incentive, which was intended to jolt the dormant housing market by enticing prospective buyers with up to $8,000.
“It is crunch time,’’ said Kevin Sears, president of the Massachusetts Association of Realtors and co-owner of Sears Real Estate in Springfield, which has two pending deals in jeopardy. While the majority of buyers will meet the deadline, Sears said, others are frantic.
“They are pulling their hair out,’’ he said. “The $8,000 tax credit is a big deal.’’
The deadline has added pressure to an already busy time of year for lenders and others involved in completing real estate transactions. Adding to the stress, banks tightened lending standards following the subprime mortgage crisis, further stretching out the process.
“The inability of buyers or their closing attorneys to get clear answers from the lenders who are providing financing for the transaction is causing a lot of anxiety,’’ said Jason Kane, owner of Kane Title Services in Plainville.
Boston real estate attorney David Baron said most pending sales from the spring are scheduled to close by the end of June. Baron also cited what he called a “kind of triple whammy’’ — the tax credit’s expiration, historically low mortgage rates, and attractive home prices, all of which have the effect of boosting the volume of sales.
Only first-time home buyers can earn the $8,000 credit, but some current homeowners can qualify for up to $6,500 if they decide to buy a new home. To qualify, all buyers must have signed a contract on a property by April 30 and complete the deal by June 30.
The real estate industry is lobbying Congress to allow buyers until September to file paperwork. Harry Reid, Democrat of Nevada and the Senate majority leader, included the extension in a jobless-aid bill that did not pass Thursday. It could be inserted into another bill next week.
Some local real estate deals already have been called off because of the looming deadline. North End residents D. James Ruccio and Carolyn Saxon said they canceled plans to buy a Dorchester condominium after realizing they couldn’t close in time. Because the unit they wanted was the first of three in a building to sell, they couldn’t obtain financing — the lender required at least half the building to be sold to owner-occupants. Ruccio and Saxon said they were willing to wait for the seller to find additional buyers, if they were compensated for the loss of the credit. “The seller said no,’’ said Saxon. “We walked away.’’
Under the best circumstances, the legal steps required to complete the purchase of a home are time-consuming, typically taking eight to 10 weeks in Massachusetts, according to Sears. In addition to obtaining mortgage approval, the process includes a title search, property inspection, and appraisal.
Also, many pending sales are foreclosures or “short sales,’’ meaning the sale price is less than the mortgage balance. Such transactions are rife with complications that can take time to work out.
Officials at Bank of America Corp., the largest bank in Massachusetts and nationwide, said they have been bulking up on staff and reaching out to buyers to help as many as possible complete home purchases in time to get a tax credit. But “in today’s environment, sometimes conditions are beyond someone’s control,’’ said bank spokesman Terry Francisco.
That lack of control is weighing heavily on some sellers and buyers as the clock ticks toward Wednesday.
Leslie DelMonaco, a real estate agent with Century 21 Realty Team in Leominster, said a couple she is working with are desperately trying to finalize the sale of their condo so they can go forward with the purchase of a new home — all before July 1. But the condo sale is taking longer than expected because of financing delays, and unless the problems are quickly resolved, both sales could fall through.
“They are so angry right now, because they are feeling they’ve done all the things they needed to do,’’ DelMonaco said.
Jason Kane is a real estate attorney and president of Kane Title Services, a New England based title company, that offers title examinations, title insurance products, and real estate closing services.
He can be reached at 877-380-7650 or at jkane@kanetitle.com.
Wednesday, June 16th, 2010
We make the entire title process, from title order to closing - Fast, Accurate and Stress-free.
How do we do it?
We emphasize efficiency and accuracy, not attitude. Jason Kane, owner of Kane Title personally oversees every title and closing order. If there’s a question or title issue he’ll personally work with you to get it resolved.
We’re committed to delivering results quickly. We personally oversee your title from start to finish,
usually in 24–48 hours. Need it sooner? You can count on us.
The Kane Title staff is trained to answer your questions, usually right over the phone. Less telephone tag means fewer aggravating delays. Got a special request? Need to hold the closing at your home or workplace? No problem.
We stress 100% accuracy, so you don’t have to worry about last minute glitches, delays or complications. Relax. Enjoy trouble-free closings every time.
Kane’s technology-powered workflow streamlines the title process and ensures absolute accuracy. Tired of waiting days or weeks for a commitment? Count on Kane.
Here’s The Bottom Line:
Our names are on the door, so our reputations are on the line. Kane Title Services is committed to saving you time, money and frustration. Guaranteed.
Hundreds of title companies want to work with you. Kane Title earns it by delivering service that is truly client-focused. We’re professional - but personable. We’re perfectionists - but pleasant about it. We’re detail-oriented – but we get the big picture, too.
Working with the staff of Kane Title is like working with reliable friends. You can depend on us to keep our promises and commitments to you.
Try us for your next closing: We’re confident that once you’ve experienced our guaranteed great service, you’ll want it every time.
Call us toll-free at 1-877-380-7650 today or click here to send us an email.
Find out more about us.
Thursday, June 10th, 2010
Why Title Insurance? Protecting Your Home Investment
By Jason Kane, Esq.
A home is usually the largest single investment that any of us will ever make. When you purchase a home, you will purchase several types of insurance coverage to protect your home and personal property. Homeowners’ insurance protects against loss from fire, theft or wind damage. Flood insurance protects against water damage. A unique coverage known as title insurance protects against hidden title hazards that may threaten your financial investment in your home.
Protecting your largest single investment
Title insurance is not as well understood as other types of home insurance, but it is just as important. You see, when purchasing a home, instead of purchasing the actual building or land, you are really purchasing the title to the property – the right to occupy and use the land. The title may be limited by rights and claims asserted by others, which may limit your use and enjoyment of the property and even bring financial loss. Title insurance protects against these types of hazards.
Other types of insurance that protect your home focus on possible future events and charge an annual premium. On the other hand, title insurance protects against loss from hazards and defects that already exist in the title and is purchased with a one-time premium.
Two kinds of title insurance benefit you in two ways
There are two basic kinds of title insurance:
· Lender or mortgage protection
· Owner’s coverage
Most lenders require mortgagee title insurance as security for their investment in real estate, just as they may call for fire insurance and other types of coverage as investor protection. When title insurance is provided, lenders are willing to make mortgage money available in distant locales where they know little about the market.
Owner’s title insurance lasts as long as you, the policyholder – or your heirs – have an interest in the insured property. This may even be after you have sold the property.
Depending on local practices and state law where the property is located, you may pay an additional premium for an owner’s policy or you may pay a simultaneous issue charge – usually a smaller amount – for the separate lender coverage. You may even split settlement costs with the seller for the lender or owner’s policy.
What does your premium really pay for?
An important part of title insurance is its emphasis on risk elimination before insuring. This gives you, as the policyholder, the best possible chance for avoiding title claim and loss.
Title insuring begins with a search of public land records affecting the real estate concerned. An examination is conducted by the title agent or real estate attorney on behalf of its underwriter to determine whether the property is insurable. The examination of evidence from a search is intended to fully report all “material objections” to the title. Frequently, documents that don’t clearly transfer title are found in the “chain”, or history that is assembled from the records in a search. Here are some examples of documents that can present concerns:
· Deeds, wills and trusts that contain improper wording or incorrect names
· Outstanding mortgages and judgments, or a lien against the property because the seller has not paid his taxes
· Easements that allow construction of a road or utility line
· Pending legal action against the property that could affect a purchaser
· Incorrect notary acknowledgments
Through the search and the title examination, title problems are disclosed so they can be corrected whenever possible. However, even the most careful preventative work cannot locate all hidden title hazards.
Hidden title hazards – Your Last Defense
In spite of all the expertise and dedication that go into a title search and examination, hidden hazards can emerge after closing, resulting in unpleasant and costly surprises. Some examples of hazards include:
· A forged signature on the deed, which could mean no transfer of ownership to you
· An unknown heir of a previous owner who is claiming ownership of the property
· Instruments executed under an expired or a fabricated power of attorney
· Mistakes in the public records
Title insurance offers financial protection against these and other covered title hazards. The title insurer will pay for defending against an attack on title as insured, and will either perfect the title or pay valid claims – all for a one-time charge at closing.
Your home is your most important investment. Before you go to a closing, ask about your title insurance protection, and be sure to protect your home with a owner’s title insurance policy.
Jason Kane is a real estate attorney and president of Kane Title Services, a New England based title company, that offers title examinations, title insurance products, and closing services.
He can be reached at 877-380-7650 or at jkane@kanetitle.com.
