rated as a debit and a credit to the seller and buyer, respectively, based on the day of closing.

Title Insurance

If you buy property, get title insurance. Never buy property without title insurance. What is title insurance? Title insurance is a policy of insurance issued to you by a title company on completion of the final title search, which protects your title to property against claims made in the future based on circumstances in the past.

Title insurance is especially important when you are investing in foreclosures. Liens and encumbrances against the property title tend to mushroom during the foreclosure process. Besides the foreclosing lender, there may be tax liens, lawsuits, and other creditors with interests against the title to the property.

Title Search

A title search is an examination of information recorded on a property, or the owner of the property, at the county recorders office in the county in which the property is located. The examination verifies that the property will have no outstanding liens or claims against it to adversely affect a buyer or lender when the title to the property is transferred to a new buyer or pledged as collateral for a real estate loan.

When you are buying property, especially a foreclosure property, it is always a good idea to get a preliminary title report from a title insurance company. The preliminary title report is usually produced by the title company during the escrow or closing. The purpose of the preliminary report is to make everyone-buyer, seller, lender, escrow holder, title company-aware of the condition of the title involved in the transaction.

Owners Policy An owners policy of title insurance protects the owner of record from claims against the title brought by other parties. If a claim arises and you have title insurance, and any monetary damages

are to be paid, the title insurance company will pay them. By the way, the seller or buyer can pay for the owners policy.

Buyers Policy A buyers policy of title insurance protects the buyer of real estate.The buyers policy is similar to the lenders policy in that it protects the buyer for matters beyond what is in the public record. Although the buyer becomes the owner and is protected by the owners policy, a buyer may decide to get extended coverage. We recommend getting buyers coverage any time you are involved in a foreclosure transaction.

Lenders Policy A lenders policy of title insurance protects the real estate lender beyond matters of public record. There may be unrecorded liens against the title. Lenders want to be protected against everything because they have so much money loaned on the property. Typically, the lender makes the buyer who is using the loan proceeds to complete the purchase of the property pay for the lenders title policy.

Conclusion

Congratulations on completing Quick Cash in Foreclosures. We know you have a lot of material to digest. Our hope is that we have stimulated your interest in making money in foreclosures.

Our recommendation is for you to go back to the areas that are of the most interest for you. Please reread them. Then get started. Look at property. Schedule an appointment with an owner in pre-foreclosure. Make a foreclosure options presentation.

Write an offer. Flip a property or a contract. Assign something. Control a property with an option. Go to a foreclosure sale. Our point is: Do something! Make some money.

We are always coming up with more creative possibilities for investments and problem solving. So, as we bid you adieu, we have this to say to you: Get creative! Pull a group of people together and contact us for a seminar.

Are you a lone ranger right now? You wont be for long when you start investing in foreclosures. Meanwhile, you can e-mail us for fee-based consulting. We are always open to new possibilities, so let us know if you need a partner. Get out there and do something now!

Let us know what did or didnt work for you. We want to hear about your experiences in the foreclosure arena. You can contact us through our publisher, e-mail us at thetrustee@hotmail.com, or write to us at P.O. Box 274, Bedford,TX 76095-0274.

Remember to watch for more of this Win Going In! series. The first book in the series was The New Path to Real Estate Wealth: Earning Without Owning. Quick Cash in Foreclosures is the second book in the series. The third book will be on investing in tax liens and will come out in the spring of 2005. God bless yall!

-Bill & Chantal Carey