Wednesday, February 25, 2009

TULSA FREE WIFI MAP

Ever wonder where the free wifi locations are in the Tulsa area? I stumbled on this map the other day, so thought I'd share the link.
TULSA FREE WIFI HOTSPOTS
Of course if you're looking for a real estate professional, we're ready to go when you are!
TULSA4U.COM
The Butler Team (918) 740-1000
Mike & Tina Butler

Saturday, February 21, 2009

How to Humble a Real Estate Agent....

Have him or her list their own house. It's been a while since I have sold my personal house and how easy it is to forget what is involved. The daily cleaning to keep it show ready is enough to drive anyone mad. In today's market a seller must be on top of their game when it comes to a clean house because everyone wants new and move in ready. They want fresh paint in updated colors, updated light fixtures and kitchen appliances. For the most part the house needs to look as if you don't live there and when you have a family that is not the easiest thing to do. "Depersonalize" that's what most agents will tell you. Is it possible to depersonalize so much it doesn't even feel like your house anymore? Can a house ever be clean enough? I could spend hours upon hours, which I do, cleaning this 2200sf house and still find other things to be done. I think as soon as I turn my back the dust bunnies tell their friends, "Ok the coast is clear, let's float back down." My poor husband is starting to think it's normal to walk around with a paint cup. Let's don't forget the "We will be there in 10 minutes" phone calls. Quick run like mad, make the beds, turn on the lights, everyone in the car in their pajamas cause there's not time to get dressed at 8:30 in the morning. Want to have friends over, sure no problem as long as they know they are not allowed to touch anything and they could be recruited to clean something at a moments notice. Seller's I feel your pain. Long after my house is sold I will remember for a while the process that was involved. About the time I forget I will probably list my next house and go through it again. I will do my best to give as much notice as possible and will also be sure when I list your house to give my best advice. Here's one hint "Hire a maid service."

Wednesday, February 18, 2009

Go Green Tulsa!!

ReGreen Tulsa
20,000 Trees by 2010!

December 2007’s devastating ice storm destroyed or heavily damaged Tulsa’s beautiful trees. The ReGreen Tulsa program is a joint effort of Mayor Kathy Taylor, Tulsa’s Tree Advisory Committee and the local non-profit organization Up With Trees.

The ReGreen Tulsa Goal is to plant 20,000 trees by December 2010, on both private property and public sites.

Please check out the ReGreen Tulsa website for more information.

Building a Green Home

Land/Lot- reclaimed or unused infill plots, utilize and build upon the sites orientation to the sun and prevailing breezes and existing landscape features

Utilization of resources- recycled products & materials

Energy efficiency- energy Star windows and appliances

Water efficiency- tankless water heaters

Indoor environmental quality- employing air tight home techniques

Durability- using products that have a long life

Ease of maintenance

Overall global/Environmental impact

Living Green

Recycle

Use rechargeable batteries

Turn off lights and other equipment when not in use

Set your thermostat to run more efficiently while you are outside the home

Change a light bulb – compact florescent light bulbs use 2/3 less energy than standard incandescent bulbs to provide the same amount of light, and they last 10 times longer

Choose Energy Star appliances and office equipment – the energy savings will pay back the initial extra investment within a couple years

Get a home energy audit – check for drafts; caulk holes and cracks in walls, ceilings and doors; use a programmable thermostat (so the system runs more efficiently when no one is home); insulate the water heater; seal and insulate the heating and cooling ducts (many utilities will assist with this audit process)

Get regular HVAC system maintenance/tune-ups

Print on both sides of a sheet of paper

Distribute documents electronically vs. printing hard copies

Use renewable energy (i.e. electricity supplied from energy sources such as wind)

Water conservation

Plant a tree

For more information on building or remolding your home to be green please contact me:

Where's the Fire(Sale)???

First, let me set the record straight. I love to negotiate. I am actually quite good at it and I strive to make home buying and selling a win/win situation for everyone involved. That is my goal as a Realtor.

I have had several calls recently from out- of- state buyers and buyers in general, wondering where the deals are and why buyers aren't accepting their (very low) offers. The Tulsa market has generally always been slow and steady and we are therefore, winning the race! Buying property in the Tulsa Metro area has always been, in my opinion, more like buying bonds, than stocks! Our market has never really been priced at over-inflated prices, so we are not crashing like so many other areas of the country.

That being said, there are "deals" out there, the buyer just might need to be willing to put in a little bit of sweat equity. I would be happy to submit your offers and use my negotiation skills on your behalf, but keep in mind, no matter what you read in the newspaper or see on television, that Real Estate is local. Our market has weathered the storm and home values in the Tulsa area keep increasing!

For more information about me please visit www.VickiPearsonHomes.com or call me at (918)812-8338.

Have a wonderful day and "Happy Negotiating".

What Would You Do With $8000? (That you didn't need to pay back?)


There's never been a better time to buy your first home!
Have you been waiting for the perfect time to buy? Well, that time has come! Close on a home – new or resale, single family, townhouse or condo – before December 1st and you may be eligible for a credit of up to $8000 off your tax bill. If you're ready to get started finding and financing your first home, give me a call (918) 361-3404 or Talena@WelcomeHomeTulsa.com.

Tuesday, February 17, 2009

GETTING YOUR HOME MARKET READY

Every seller wants their home to sell fast and bring top dollar. Sound good? Well, it's not luck that makes that happen. It's careful planning and knowing how to spruce up your home that will send the home buyers scurrying for their checkbooks. Here's a few tips on how to make your home more appealing:

1. De-Clutter! People collect an amazing quantity of junk. Consider this: if you haven't used it in over a year, you probably don't need it. If you don't need it, why not donate it or throw it away? Pack up those knickknacks. Clean off everything on kitchen counters. Put essential items used daily in a small box that can be stored in a closet when not in use. Think of this process as a head-start on the packing you will eventually need to do anyway.
2. Disassociate Yourself With Your Home. Say to yourself "This is not my home; it is a house - a product to be sold." Make the mental decision to "let go" of your emotions and focus on the fact that soon this house will no longer be yours. Don't look backwards - look toward the future!
3. De-Personalize. Pack up those personal photographs and family heirlooms. Buyers have trouble seeing past personal artifacts, and you don't want them to be distracted. You want buyers to imagine their own photos on the walls, not asking "I wonder what kind of people live in this home?"
4. Rearrange Bedroom Closets & Kitchen Cabinets. Buyers love to snoop and will open closet and cabinet doors. Think of the message it sends if items fall out! Now imagine what a buyer believes about you if they see everything organized. It says you probably take good care of the rest of the house as well.
5. Rent a Storage Unit. Almost every home shows better with less furniture. Remove pieces of furniture that block or hamper paths and walkways and put them in storage. Remove extra leaves from your dining room table to make the room appear larger. Leave just enough furniture in each room to showcase the room's purpose and plenty of room to move around.
6. Remove/Replace Favorite Items. If you want to take window coverings, built-in appliances or fixtures with you, remove them now. If the chandelier in the dining room once belonged to your great grandmother, take it down. If a buyer never sees it, they won't want it. Pack those items and replace them, if necessary.
7. Make Minor Repairs. Replace cracked floor or counter tiles. Patch holes in walls. Fix leaky faucets. Fix doors that don't close properly and drawers that jam. Replace any damaged wood on the exterior. Replace burned-out light bulbs. Consider painting your walls neutral colors, especially if you've customized your colors. Don't give buyers any reason to remember your home as "The Orange House."
8. Make the House Sparkle! Wash windows. Clean the cobwebs. Re-caulk tubs and showers. Clean out the refrigerator. Vacuum daily. Replace worn rugs. Hang fresh towels. Replace air filters and clean returns. Clean light switch plates and door knobs. Clean carpets. Odors are a no-no.
9. Check Curb Appeal. Keep the sidewalks cleared. Mow the lawn. Paint faded trim. Plant flowers for color. Trim bushes. Make sure visitors can clearly read your house number.
10. Scrutinize. Go outside and look at your home from the street. Will it appeal to a buyer? Stand at the front door. Do you want to go inside? Linger in the doorway of every single room and imagine how your home will look to a buyer.

As always, we're here to help and can meet with you to do a walk through of your home with helpful suggestions. Our market is competitive and the more you can do to make your home stand out, the quicker you'll be moving into your new home!

Tina & Mike Butler
(918) 740-1000

Thursday, February 12, 2009

WHAT IS YOUR HOME WORTH?

Are you wondering what your home is worth in today's market? We realize you're being bombarded with troubling news about the US economy. Mike and I are finding that much of our time is being spent encouraging our clients that Tulsa's market is NOT all doom and gloom! We have two FREE options for you to get answers, with no obligation!

#1 Go to our Virtual Market Analysis to input your information and receive a quick analysis of your neighborhood.

#2 For an extensive analysis prepared by a real estate professional, contact The Butler Team at ButlerTeam@cctulsa.com and we'll do the work for you. It's free and no obligation!

Have a Blessed Day!
Tina & Mike Butler
(918) 740-1000

Monday, February 9, 2009

CURRENT HUD HOMES FOR SALE

Are you thinking about buying a HUD home? The bidding procedure just got easier and the listings will soon become available in a more timely manner.

Effective Sunday, February 15, 2009, HUD will add two additional listing days each week for their HUD properties in Kansas, Kentucky, Missouri, Oklahoma and Tennessee. New listings will now be added to the site on Fridays and Tuesdays and re-listings will be added on Wednesdays and Sundays.

Be sure to visit my website www.annpickering.com to get current HUD listings, then give me a call to visit the homes that interest you. The bid process is simple and I will take care of the details involved at no charge to you.

Have a blessed day!

Friday, February 6, 2009

Only 4 Months Left to Earn $7500 From Your Rich Uncle!!!



Have you been looking for a home? Thinking about it? It is your first home (or have you not owned a home in 3 years)?STOP! Stop looking & considering. Start FINDING one.If you are a first time homebuyer, you must close on the purchase of your first home by the end of June* to earn a $7500 tax credit. Note that this is a CREDIT not a deduction. If you are expecting a refund, it will increase your refund by the amount of your credit. If you will owe taxes on your 1040, your taxes will be reduced by the amount of the credit and you will receive a refund if due. Before I continue, as with any tax advice here or from any source that is not your trusted professional, you should review this with your trusted professional to apply to your situation.First time home buyers (and those that have not owned a home in the last 3 years) can claim a tax credit of 10% of the purchase price of their primary residence. The maximum credit is $7500 and there are income limitations on who can claim.EXTRA GOOD NEWS - Already buy your first home? Did you buy it after April 9, 2008? You can claim this credit also!MORE EXTRA GOOD NEWS - If you buy your home in time to claim this credit, you can use the credit on your 2008 taxes even though your purchase may be in 2009! This will get the money in your hands sooner!The catch? (Isn't there always one from Uncle Sam?) You have to pay this credit back - over 15 years. However, you don't have to start paying it back until 2 years after your claim year. The payback is done every year on your 1040, so you can adjust your withholding to take an extra $10/week if you think that may pose a problem when you file. If you sell your home before then and make a profit (above all costs to sell), you have to pay back the amount you still owe on your claim. There are other payback forgiveness provisions, but that again is where your trusted professional should step in to advise you. He needs to earn his money, too.At worst case, this is a 15-year, interest-free loan. At best case, this can help you redecorate and set up your new home the way you want it!If you have not yet begun working with a Realtor, let me know. I will be invaluable in your search efforts and advise you properly on the selection of and offer for your new home.*So, why only 4 months left if the clock stops at the end of June? Because you must CLOSE your purchase by then. It generally takes 30 days from offer to close. Give me a call and let's get started! (918) 361-3404 or Talena@WelcomeHomeTulsa.com

Thursday, February 5, 2009

Brookside is "The Place to Be"

Brookside is "The Place To Be" and offers great restaurants and fun nightlife. Brookside has plenty of choices when it comes to dining out or grabbing a cup of coffee. We have wine and martini bars and the hottest nightlife in town. There's ice cream, one-of-a-kind hamburger joints, as well as trendy and fine dining choices. It’s a fun place to stroll, bike, shop and enjoy outside meals and entertainment. You've got to come and experience Brookside.



March 14, 2009 will be the 27th annual St. Patrick's 5K Run. The race has a history of being one of the top 5K races in Oklahoma. This race will attract more than 2,000 runners and has a tradition of kicking off the racing season for runners. All proceeds will benefit Special Olympics Oklahoma and the Tulsa Running Club.

Wednesday, February 4, 2009

Things to Do In Tulsa!






Often times I am asked by incoming transferees, "What is there to do in Tulsa?" I always chuckle because I know what they're thinking. Some of these newcomers have been led to believe our city is some desolate spot in the mid-west where the closest thing to entertainment is a tent revival, and we all wear boots and cowboy hats. Now mind you, I myself am a big fan of boots and cowboy hats, especially on the right person!

So how do I answer them? Have you checked out The Spot lately? It's the Tulsa World's local entertainment guide inserted every Thursday into the paper. It's my Bible. It tells me everything I need to know about what's happening in Tulsa! Wow! Our music scene is exploding! The number of venues to see live entertainment is awesome. Local theaters are bringing first rate plays to our area, and we have two new large entertainment centers, The BOK Center in downtown Tulsa and Spirit Bank Event Center in Bixby. Both are bringing in great national acts and awesome sporting events.

Transferees can rest assured when they move to our area of the country, they are in for a real treat! Of course, I have not even begun to go in depth to what all Tulsa offers it's newest residents. We can't forget about all the outdoor activities we have here ranging from boating on one of our many lakes in the area, bike & hiking trails and fun outdoor festivals! Shopping and eating--- oh, yea, we've got that covered too!

If you're thinking about making a move to our area of the country and need more information on the Tulsa metro area, don't hesitate to get in touch with me. Our Relocation Department is second to none. We can assist you in finding the best Realtor for you and educate you on our City and all it has to offer!

FUNNY STORY ANY HOMEOWNER CAN APPRECIATE

I stumbled on a newspaper article that I've kept since 1996, the first year I got my real estate license, that gave me a chuckle. I think any homeowner can appreciate Dave Barry's recount about his home-buying experience.

Enjoy!
Tina Butler
The Butler Team
http://www.tulsa4u.com
ButlerTeam@cctulsa.com

"I had a hilarious joke that I was going to start this column with, but I can’t find it. I can’t find anything. We just moved into a new old house, and all our possessions, including dirty underwear and dust balls the size of adult cocker spaniels have been carefully wrapped in paper and put inside cardboard boxes that were taped securely shut by professional movers (motto: “Just TRY To Find Your Remote Control?”).


The one thing I CAN find is incomprehensible legal documents relating to the purchase of the house. We have bales of those. We don’t have room to store them all. We’re thinking of holding a yard sale with a sign that says: “Incomprehensible Legal Documents – Never Read By Owners!”


We got these documents at the real-estate closing ceremony, where our lawyer and the lawyer for the seller apparently had a side bet to see who could get his clients to sign their names the most times. I’m pretty sure that at one point in there we signed some kind of tariff agreement with Belgium.

We’ve actually been signing documents for a couple of months, dating back to when we made our first offer on the house, and our real-estate agent had us sign an official warning from the state of Florida informing us that, if we purchased this house, we should not eat the paint. Really! We also signed a state document concerning radon gas, but I can’t remember much about that one, except that radon gas is colorless and odorless and the state of Florida wanted us as home-buyers, to be nervous about it. (For some reason, the state of Florida did NOT warn us that if we, as homeowners, step on the end of a rake, the handle might jump up and whack us in the eye.)


Because of the radon gas danger I’m trying not to breathe too much as I open boxes, hunting for food. I have no idea which of these boxes the food is in, and even if I find it, I’m sure each individual Triscuit will be wrapped by professional movers in a sheet of paper the size of a soccer field. The reason I’m concerned about nourishment is that I want to be strong for when the workmen tell us how much they’re going to charge us for crawling under the house. This is necessary because we bought an older home, constructed in the early 1900’s, when electricity did not go as fast as it does today. Back in those days, the typical house required only about one electrical volt, which would mosey at a sedate pace from room to room on wires that were handmade out of beeswax.So our electrical system needs to be upgraded, which means that workmen have to crawl under the house, which is something that I personally would not do for Bill Gates’ entire net worth. This is South Florida, which proudly bills itself as “The Big Hairy Irate Spider Capital Of The Nation.” There are established spider families that have been living under this house for many generations. I suspect that at various sites under the house there are large wads of spider webbing, shaped vaguely like workmen, left over from previous attempts to upgrade the electrical system.


On top of this, I have no idea how electricity works, or what it should reasonably cost to get more of it. So the workmen can pretty much write their own ticket. They can say, “OK, Mr. Barry, to get the correct wattage so your house won’t burn to the ground every time you use the toaster, we’re going to have to replace your volt, plus we have to install a complete new set of amperes, plus you really should change the filter on your radon gas generator, for a total of $2,973.64 for labor and parts plus the standard $117 million for crawling under the house.”

Code of Ethics

Now, more than ever, with all the news about scams and misrepresentation, it is important to know with whom you are dealing. This is especially true when you are making an investment decision that will impact you and your family's future. What decisions could be more important than buying or selling a home? To whom do you go for honest and fair treatment? Did you know that not everyone out there facilitating the sales and purchases of homes belongs to the National Association of Realtors? Does it really matter?

Yes! It does! And one of the best reasons you should check on the credentials of the person helping you with your real estate decisions, is that certified Realtors that are members of, and in good standing with the National Association of Realtors are bound by an Ethics Code for the protection of all parties involved.

I am proud to be a part of this organization as well as the Oklahoma Association of Realtors and the Greater Tulsa Association of Realtors. I am posting a quick overview of the Code of Ethics so you may know some of the protections offered you.

Remember to always deal with a Professional, no matter what service you are seeking. Check credentials. Check with the BBB. And most importantly, if it doesn't sound right or feel right, take a step back before you make a final decision.

As always, I am available to answer your questions at 918-260-6180.

The NATIONAL ASSOCIATION OF REALTORS® Code of Ethics:What Does it Mean for Consumers?

How does the Code of Ethics affect everyday real estate practices?

If a REALTOR® represents you, whether you are buying or selling a home, you can count on that REALTOR® to:

1. Be honest with all parties in the transaction – not just with you, as his or her client, but also with the other real estate practitioner and his or her clients.For example, if REALTORS® represent a buyer with a spotty credit history, they can’t be dishonest with sellers about this fact. At the same time, REALTORS® can help their buyer clients collect and assemble information, such as credit reports and audited tax returns, to demonstrate that the buyer has addressed the problem and improved their situation.

2. Put your interests ahead of his or her own, at all times. A REALTOR® makes every effort to understand the housing needs of his or her client, thoroughly researches available inventory, and shares all relevant information with the buyer so that he or she can make an informed decision. This service is provided regardless of the compensation available.

3. Disclose all pertinent facts regarding the property and the transaction to both buyer and seller.If a REALTOR® believes information provided by a seller is questionable, the REALTOR® is obligated to investigate. REALTORS® should recommend that buyers consult their own experts, such as home inspectors, to address concerns. For example, if a home seller asks his or her REALTOR® to conceal the fact that the roof leaks, the REALTOR® cannot comply; if the seller insists, the REALTOR® should end the business relationship with that seller.

4. Be truthful in all communications with the public.When REALTORS® distribute newsletters, create Web sites, or place advertisements, they must be careful not to represent other real estate professionals’ work product as their own. If recently sold or listed properties in the community are publicized, it must be clear whether the REALTOR® was actually involved in the transaction, or whether that data came from the local multiple listing service or other source. This ensures that the public understands the REALTOR®’s experience and can make an informed decision when choosing real estate representation.

Tuesday, February 3, 2009

Real Estate Outlook: What's in Store for 2009?

What will the new year bring for housing and real estate? It's easy to look at all the negative economic news in the headlines and say - there's no sign that 2009 is going to be any better than 2008. But here's a different perspective to consider from one of the country's veteran financial analysts -- Richard Bove of Ladenburg Thalmann, an investment banking company.

In a research report issued late in December, Bove said he sees a positive dynamic taking shape in the current cycle. The government has intervened aggressively in the markets to push interest rates down -- most notably in the home mortgage sector. Though it takes awhile for low-cost money to begin having its effect, Bove said he expects "housing prices to stabilize and/or rise (in 2009) after a likely boom in mortgage refinancings as rates fall and loan applications increase."

Add in the expected massive economic stimulus package being put together on Capitol Hill with the incoming Obama administration -- and there's a good chance we're going to see a gradual transformation of the downward cycle into a slow rebound over the coming several quarters.
Already there are positive signs of the turnaround Bove predicts: Mortgage applications are off the charts, mainly for refis but also to buy houses at affordable prices.


Rates continue to hover at 50-year lows - five percent and even four and three quarters percent for 30-year mortgages, and still lower for 15 and 20 year mortgage terms. Plus we're all paying a lot less at the gas pump, and sharply discounted prices for retail goods and autos.

And guess what? Americans are actually SAVING again, the national savings rate took a nearly three percent jump last month. That might sound small, but it's hugely important if it is the start of a trend. There are also some signs that housing prices are stabilizing in some parts of the country. The latest monthly Federal Housing Finance Agency index found home prices UP by six-tenths of a percent in the Mountain states and UP by two tenths of a percent in New England.

You can ridicule small regional gains as statistically irrelevant, but here's an economic proposal to you for the New Year: Keep your eyes open for the small positive signs that are accumulating out there … because all downcycles tail off and come to an end. The smartest players in real estate -- consumers and the industry - will make the most of the positives -- low-cost money, low prices, stabilizing local markets -- and thrive in the new year.

TITLE INSURANCE

Are you confused about title insurance? What is it? Do you need it? Is it worth it? Hopefully, the information given here will help answer those questions. If you have further questions about this subject or other real estate related subjects, please don't hesitate to give me a call at
918-260-6180. I am always here to help.

Buying a home is, for many of us, the biggest single investment we’ll ever make. Knowing this, most homeowners provide for the security and safekeeping of their homes by insuring them against hazards such as fire, theft and weather damage. But there is another hazard that can pose even great risk to homeownership: Defects in the title to your property can cause you to lose part or all of the investment in your home. Fortunately, there is a way to protect your investment from these title defects. It comes in the form of title insurance.

What is title insurance and why do you need it?
Below are the answers to these and other commonly asked questions. Read through this information carefully. It will help you to better understand the value of title insurance in protecting your homeownership. And the general real estate information will help make the home-buying process a smoother one.

What is a title?
A title is the foundation or property ownership. It is the owner’s right to possess and use the property.Why is transferring the title to real estate different from transferring the title to other items, such as a car? Because land is permanent and can have many owners over the years, various rights in land may have been acquired by others (such as mineral, air or utility rights) by the time you come into possessions of it, even if the land has never before been built upon. So in order to transfer a clear title to a piece of land, it is first necessary to determine whether any rights are outstanding.

What is a title search?
A title search is a detailed examination of the historical records concerning a property. These records include deeds, court records, property and name indexes, and many other documents. The purpose of the search is to verify the seller’s right to transfer ownership, and to discover any claims, defects and other rights or burdens on the property.

What kinds of problems can a title search reveal?
A title search can show a number of title defects and liens, as well as other encumbrances and restrictions. Among these are unpaid taxes, unsatisfied mortgages, judgements against the seller and restrictions limiting the use of the land.

Are there problems that a title search cannot reveal?
Yes. There are some "hidden hazards" that even the most diligent title search may never reveal. For instance, the previous owner could have incorrectly stated his marital status, resulting in a possible claim by his legal spouse. Other "hidden hazards" include fraud and forgery, defective deeds, mental incompetence, confusions due to similar or identical names and clerical errors in the records. These defects can arise after you’ve purchased your home and can jeopardize your right to ownership.

What is title insurance?
Title insurance is your policy of protection against loss if any of these problems – even a "hidden hazard" – results in a claim against your ownership.

How much could I lose if a claim is filed against my property?
That depends on the claim. In an extreme case, you could lose your entire home and property – and still be liable to pay off the balance of your mortgage. Most claims aren’t that dramatic, but even the smallest claim can cost you time, money and aggravation, and you may have to pay costs for a legal defense.

How does title insurance protect my investment if a claim should arise?
If a claim is made against your property, title insurance will, in accordance with the terms of your policy, assure you of a legal defense – and pay all court costs and related fees. Also, if the claim proves valid, you will be reimbursed for your actual loss up to the face amount of the policy.

The owner of the property has a deed. Isn’t that proof of ownership?
Not necessarily. A deed is just a document by which the right of ownership in land is transferred, whatever that right may be. It’s not proof of ownership, and it doesn’t do away with the rights others may have in the property. In addition, a deed won’t show you liens or claims that may be outstanding against the title.

Wouldn’t an abstract show property limitations and restrictions?
Maybe – and maybe not. An abstract is a history of the title as revealed by the public records. Abstracts may contain errors and do not disclose "hidden hazards" that can threaten your property title if you do not have a title insurance policy.

What about an attorney’s opinion?
An attorney’s opinion is based on a search of the public records. So, once again, even the most exhaustive search of these records may not reveal everything. Unlike a title insurance company, an attorney is not liable if you should suffer loss because of "hidden hazards" in the title.

The owner of the property I want to purchase has a title insurance policy. Why do I need one?
First, the previous owner's policy does not transfer with the property and provides no protection to you. The owner could, in a very short time, do many things to encumber the title. For example, he could grant easements or construct improvements that encroach on adjacent property. He could get married or divorced, or have a lien filed against the property. It is necessary to conduct an up-to-date title search to uncover any such problems.

If the builder of my home already has title insurance on the property, why do I need it again when I purchase the land from him?
A title policy insuring the builder dos not protect you. Also, a great many things could have happened to the land since he builder’s policy was issued. Liens, judgements and unpaid taxes for which prior owners were responsible may be disclosed after you purchase the property – causing you aggravation and costing you money.

Are there different types of title insurance policies?
Yes. Basically there are two different types of policies – a loan policy and an owner’s policy. The loan policy protects the lender’s interest in the property as security for the outstanding balance under the buyer’s mortgage. The owner’s policy safeguards the buyer’s investment or equity in the property up to face amount of the policy.

How much does title insurance cost?
Probably a lot less than you think. Charges vary in different sections of the country, but generally the cost of tile insurance (including search, examination and related services) amounts to about one percent, or less, of the cost of the property. If you are getting a mortgage to purchase the home, you will be required by the lender to get mortgage title insurance. This only protects the lender, and not you. The additional amount to cover your interest in the property is usually a very small amount. Unlike other insurance premiums, which must be paid annually, a title premium is paid only one time, usually at settlement.

How long does my coverage last?
For as long as you or your heirs retain an interest in the property and, in some cases, even beyond.

Where can I get title insurance?
From any licensed title insurance company or its representative operating in your state. When choosing a title insurer, it is important that you look for a company with expertise and experience, as well as the financial strength to protect you should a claim arise.
 

South Tulsa 918-392-0900 | Mid Town Tulsa 918-392-9900 | Broken Arrow 918-259-0000 | Owasso 918-392-9990

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