How Insurance Works


(calm music) Hey, residential realtors, let’s talk about what is becoming a
new standard of practice for you guys and you don’t
wanna be left behind. Just like in commercial closings, now the contract, the
residential contract, says that the seller must
provide you information about the property after
you enter the contract. One of the things that
you need to get your hands on is the old title insurance policy and an old survey, if they have it. In commercial transactions,
that’s the first thing that the buyer’s attorney
or real estate agent gets after the contract is signed. It’s becoming a standard of
practice in residential as well. The reason for that is,
that title insurance policy will let you know if
there’s any issues affecting the property that maybe the
seller doesn’t even know about. Such as easements, joint
agreements with neighbors, anything on there that
may effect your ability to actually sell the property. Surveys, of course, are very important, because you can see on there if there’s any easements, typically. If you’re a buyer’s agent,
the first thing you wanna do, after you sign the contract,
is say, please provide me with the old title insurance
policy and the old survey, if you’ve got it. I know the sellers don’t
know where they are. Have your seller go get the
file when they purchased their property, because
they have it somewhere, and in that file is gonna be
the old closing statement. The old HUD, probably. Look on there, it’ll say who
the title insurance company is and if there was a survey
and who that surveyor is. All you gotta do is call
’em and get a copy of it, it’s that easy. Make sure you do it on
the listing conference, don’t wait ’til later
whenever they’re moving and all that stuff’s in a box somewhere. (calm music)

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