A certificate will be issued indicating the loan amount and period of time. With this information you can shop for a home and know what price range of homes to look at. Only you can make that decision, but if you choose to use legal counsel make certain they are experienced in real estate. An attorney not familiar with standard forms, the mortgage process and closing procedures could cost you hundreds of dollars without corresponding benefits. Beware of the attorney that offers free legal advise in exchange for other services such as the title work.
Title insurance is perhaps the most unique form of insurance offered today.
It was first issued in 1878, but it remains widely misunderstood by consumers. Basically, it protects the insured from losses as the result of claims on the one's ownership of land. For instance, a seller may forge a signature of another, creating a loss for the new owner. Other problems that can occur include improper court proceedings, unfiled liens, recording mistakes, incompetence involving previous sellers, etc. There are two basic forms of Title insurance - an Owner's Policy and the Lender's Policy.