Archives for Blog

The Importance of Information Gathering (aka: Getting Your Ducks in a Row)

When a title company is contacted to facilitate the closing for a property transaction, there is a great deal of information that they must gather in order to accurately allocate all monies and ensure that the documents reflect the most current, up to date and accurate information. One of the first things we do here at Cumberland Title is send out a questionnaire to both the buyer and seller, as well as to each realtor. The information on each document asks for vital information that is required by the title company in order for them to accurately and expeditiously prepare
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How the Proposed Tax Bill Could Affect New Homeowners

How it affects you House Republicans recently unveiled a pretty massive tax bill that includes a limit on how much mortgage interest homeowners can deduct – capping it on mortgage debt up to $500,000 – which is down from the $1,000,000 we’re used to today. This lower limit – if the bill passes – would not impact existing homeowners, but it would apply to all new mortgages. This year so far, 5.4%* of all loans originated (or roughly about 325,000 loans) were for more than $500,000. While the medium home price across the US is currently at around $254,000**, the
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What Is a “Closing Protection Letter” (CPL) and How Does It Benefit You?

A closing protection letter is a contract between a title insurance underwriter and a lender. In this agreement, the underwriter agrees to indemnify the lender for actual losses caused by certain kinds of misconduct by the closing agent. Basically, the insurance company is agreeing to hold the ultimate risk and stand behind the policy. If the title company used for the closing is guilty of fraud or dishonestly handles the money or documents, the insurance underwriter will stand by this agreement to reimburse as necessary. Title underwriters do not work with just any title and closing agent. There is a
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6 Questions to Ask About Title Insurance

Buying or refinancing a home can mean you’ve got a lot on your plate. I bet title insurance isn’t one of them. The home buyer – or home re-financer – generally leaves it up to their lender to take care of all the details, and title insurance is actually a pretty big detail. For instance, if the title company finds a title defect or other such issue, it could actually prevent the closing from happening. And that’s a pretty serious complication. In fact, one out of every 3 title searches reveals some kind of title defect that gets fixed before
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Why Choosing the Right Title Company Matters

  If you’re buying a house, you’re going to need a title company to do some of the “heavy lifting”, so to speak, to get you through the closing process. Many times the title company isn’t given the attention it deserves as part of the transaction. It should. You’ve already invested a great deal of time and careful consideration before choosing just the right home, so why wouldn’t you take the same care when looking for a title company? After all, when dealing with a transaction of such high value as well as so many delicate puzzle pieces that all need
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