Articles

Key Takeaways A title company verifies the seller has the legal right to sell and issues title insurance; a settlement agent handles the actual paperwork that transfers ownership. In some states (and many DMV transactions), the settlement agent must be a licensed attorney or work for the title company directly. You have the right to

Key Takeaways You will encounter two underwriters at closing: a financial underwriter (loan approval) and a title insurance underwriter (deed-risk approval). The financial underwriter reviews your credit, income, debts, and bank statements to decide whether the lender will fund your mortgage. The title insurance underwriter examines the title search to decide whether to issue a

Key Takeaways Wet funding states (Virginia, DC) disburse funds on the day of closing — the buyer, seller, and lender all complete the transaction at the same settlement table. Dry funding states (Maryland, California, and others) separate signing from funding — the loan funds after the lender reviews the signed documents, typically 1–3 days post-signing.

Key Takeaways Title insurance premiums are calculated on a rate per thousand applied to the home’s purchase price — e.g. 0.6% per thousand on a $300,000 home is roughly $1,800. Many states use a sliding scale: higher-value homes pay a smaller rate per thousand, so the cost-per-dollar drops as price rises. Refinancing a condo (or

Key Takeaways Same-sex couples and LGBTQ+ homeowners have the same title rights as any other buyer, but historical title defects (prior deeds pre-dating legal recognition) can surface at closing. Holding title in both partners’ names with the right vesting structure (joint tenancy with right of survivorship or tenancy by the entirety in qualifying states) provides

Key Takeaways Title insurance is not transferable to a new owner because each policy is a one-time guarantee tied to the legal title of one specific buyer. You can add a spouse or dependent to an existing policy without losing coverage; removing someone also does not affect protection. Heirs inherit a policy along with the

Key Takeaways Real estate agent commissions compensate for extensive pre-listing, marketing, showing, negotiation, and post-contract work — most of which is unpaid if the transaction doesn’t close. The NAR settlement in 2024 changed how buyer-side compensation is structured — buyers’ agents are now required to have signed representation agreements that specify their compensation. Commission rates