- Hey, everybody, welcome to "Avoiding Real Estate Turbulence" podcast, season two, episode two. This is your pilot, Jon Lafferty, with Century 21 Town & Country.
- And copilot Tony Abate, with Ross Mortgage, and we are your real estate pilots. Our job is to be your real estate advocate and also make sure you're educated about the buying and selling process. We'll keep you informed throughout until we get you safely closed.
- Today's episode is sponsored by Title One. When you're a seller or buyer, and you're feeling weary or small, with tears in your eyes, Title One will dry them all. They are on your side. If times get rough and friends can't be found, Title One can be your bridge over troubled title issues. You can reach Title One at 734-427-8000, or e-mail them at email@example.com Again, firstname.lastname@example.org
- There you go. All right, and a I love the commercial, man. You could go into business and write those taglines, I think. In a real estate transaction there are many reasons why you can encounter turbulence. Today we are going to talk all things title with Ken Taylor from Title One. Welcome back to the jump seat, Ken.
- Thank you.
- Welcome back, yeah.
- Glad you're able to join us for episode two.
- Happy to be here.
- All right.
- In our last episode, we sorta talked a little bit about how you got into title, why you're in title, and some things about it, what a commitment for title insurance is, owner's policy, lender's policy, so I thought maybe what we'd do is, in this episode, maybe just talk a little bit about some general questions that maybe people have of differences between different ways to hold title, and red flags when you're purchasing a property to keep your eyes out for.
- Well, first, let's talk about why, in Michigan, we have split title, what's called split title, and is it a benefit? Is it a detriment? If it's a benefit, who does it benefit? And what does split title mean? Split title means that in a real estate transaction, obviously, you have a seller and a buyer taking out a loan. You're gonna be purchasing two policies at a closing. A seller will provide an owner's title policy to the purchaser. The buyer provides a lender's title insurance policy to the lender and mortgage company. What they call RESPA, Real Estate Servicing Protection Act, made a rule that the consumer has the right to choose whoever they want for the service that they pay for, so the seller pays for an owner's policy, so they can choose a title company, whoever they want.
Avoiding Real Estate Turbulence
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