REAL ESTATE TIPS

Insurance: Your Life Preserver

Title insurance is like a life preserver on a boat. You will probably never need it, but if you do, you will be very glad that is is there. How does title insurance work and how does it protect you in the home buying process?

A title search will be ordered before you buy a home to make sure that the sellers legally own the property and that no one else has a legal interest in the home. The title company will also check through the ownership records for any liens, easements or other encumbrances on the title. This search should turn up any transactions that may not appear on the public record, such as an unsound transfer that occurred many years ago. Title insurance protects you against future claims against your home.

Your real estate agent can give you more specific information about the cost of title insurance and the types of coverage available in your area.


Agency: Dual (Transaction) Agency

What happens when you are interested in purchasing property that is being sold by the same real estate agency in charge of your buying needs? You may have concerns about a dual buyer/seller agent. Will this form of agency protect your interests or that of the seller? Will you as buyer be able to share confidential information about your needs?

In states where dual agency is legal which it is in Florida, the real estate agent will serve the needs of both parties fully because good business practices and professional integrity require honest and fairness. If a buyer and seller are both represented by the same agency, they will be asked to sign a dual (transaction broker) agent contract, acknowledging the affirmative obligations of the real estate agent. Neither party should fear being shortchanged because the other party's interests will come first. This is due to the real estate agent honoring the code of confidentiality, both parties may share sensitive information without undue anxiety.

A reputable real estate agency will help to reach a satisfactory outcome to negotiations for both parties in the transaction.