tailieunhanh - Consumer’s Guide to Title Insurance and Escrow Services

This helpsheet will help you fill in boxes 4 to 11 in the ‘Life insurance gains’ section on page Ai 1 of the Additional Information pages of the tax return. It will help you decide which boxes you need to use and what you need to enter in those boxes. These notes are generally applicable to individuals, trustees and personal representatives of a deceased person unless the notes say otherwise. This helpsheet deals with chargeable event gains on UK life insurance policies, life annuities and capital redemption policies. This helpsheet will help you fill in your tax return for the year ended 5 April 2012. This is because it. | Consumer s Guide to Title Insurance and Escrow Services TABLE OF CONTENTS Section 2 - Escrow services Introduction 1 Section 1 - Title insurance 5 6 6 4 6 1 1 2 3 3 3 4 4 5 5 What is escrow . Where to find escrow services What to expect from the escrow agent. What escrow agents should not do. The cost of escrow services. . Your role during the escrow transaction. How you can help expedite the closing of escrow. Watch out if an escrow agent offers you illegal rebates or incentives. What is title insurance . Why title searches are important Different types of title insurance. What owner s insurance covers . What owner s insurance does not cover. The cost of title insurance. Things to think about before you buy title How to make a claim on your policy Introduction The decision to buy a home or property is one of the biggest and most important financial decisions you may ever make. Title insurance and Section 1 Title insurance the escrow process are designed to make sure when you close on your purchase you are the legal owner and no one has liens claims easements or restrictions on the property other than the mortgage you agree to pay. It also ensures all funds are properly transferred and the seller pays any outstanding expenses. CHOOSING A TITLE INSURER AND ESCROW AGENT The choice of which title insurer and escrow agent to 4 use is up to you. Under federal law the Real Estate Settlement Procedures Act RESPA the seller your real estate agent or your mortgage lender cannot require you to buy title insurance from any particular company. You may also choose one company for escrow services and another company for title insurance. If your seller insists you use a certain title or escrow company or threatens to cancel the transaction if you use another company he or she is violating RESPA. To find out more about RESPA visit the . Department of Housing and Urban Development HUD online at http offices hsg sfh res CF or you may file a .