Reissue Rates Explained

A reissue rate (also known as a short term rate) is a discount rate on the cost of an owner’s policy and/or a refinance loan policy. The requirements for a reissue rate vary with each title insurer. We answer your commons questions in this Q&A piece!

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Owner’s Extended Coverage

 There are certain title issues that arise which need to be dealt with immediately. As a general rule, when you receive the Title Commitment for your transaction, the first thing you should do is flip to the Requirements Page. The Requirements Page will disclose whether there is an item on title that will delay closing. 

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Handling A Mechanic’s Lien on your Title Commitment 

 There are certain title issues that arise which need to be dealt with immediately. As a general rule, when you receive the Title Commitment for your transaction, the first thing you should do is flip to the Requirements Page. The Requirements Page will disclose whether there is an item on title that will delay closing. 

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Power of Attorney 

A Power of Attorney (“POA”) is a document that allows for a Principal to hand over authority to an Agent to act on behalf of the Principal. Another name for the Agent is “Attorney-in-Fact”.

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Probate Requirements  

In Colorado, probate is the legal process by which title to assets are transferred from the decedent to his or her devisees or heirs where the ownership of the assets are not owned as joint tenants. All wills and intestate estates must be probated, but the degrees of court involvement and complexity range from simple and inexpensive to complicated and costly.

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Real Property Transfer Declaration   

The real property transfer declaration (TD-1000) is one data set among many data sets that assists county assessors in properly determining the value of real property for the purpose of their bi-annual assessments of real property.

 

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Tenancy In Common vs Joint Tenancy 

When two or more buyers are purchasing a home, one of the most important decisions they will make is how they will be vested with the property, either as tenants in common or as joint tenants. Deciding which type of tenancy would be most beneficial to the buyers of a property depends on the circumstances of the purchase (e.g. investment, principal residence, estate planning, etc.) and the relationship of the parties (e.g. married, siblings, parent and children, etc.). 

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Transfers After Acquisition 

The topic of transferring property after acquisition and the effect of the transfer on title insurance coverage comes up fairly frequently. The typical scenario is one where a person buys a piece of property and receives an owner’s title insurance policy to protect his or her interests. 

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Types of Deeds 

A deed is a legal instrument, in writing, duly executed and delivered, whereby the owner of real property, otherwise referred to as the grantor, conveys to another, referred to as the grantee, some right, title, or interest in or to the subject of real estate. 

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Understanding a Deed of Trust 

The preferred method in Colorado to secure loans against real property is a deed of trust. A deed of trust is given as security for a debt. When a borrower takes out a loan from a lender, the borrower promises to repay the loan through what is called the promissory note. The deed of trust ties that promise to repay to specific real property. 

 

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What You Need To Know About Hold Opens 

A Hold Open is a title insurance product whereby the title insurance company who is insuring the initial sale of the property agrees to reinsure the property at a subsequent sale within a certain period of time, generally 12 -18 months, for a substantial discount.

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Title Requirements for Entities 

The legal capacity of the seller and buyer to execute closing documents is a common issue that arises in real estate closings when entities are involved. Knowing what title requirements will be for different entities allows you to prepare your clients for those requested items and prevent any delays, confusion, or “fire-drills” that can be very stressful as the property heads to closing.

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Beneficiary Deeds 

A Beneficiary Deed is a deed signed by the owner of his or her real property during the owner’s lifetime, recorded in the land records for the county where the real property is located, which by its terms is effective only after the death of the owner.

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A Basic Understanding of CC&Rs 

The Declaration, Covenants, Conditions and Restrictions (also known as CC&Rs) is a recorded document that creates and governs a common-interest community. A common-interest community is real estate which can be a condominium building, or townhome complex, or a planned unit development of single family homes.  

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