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FAQ’s

I would like to know what is meant by “Title Insurance”.

    That is a complicated question to answer. We are going to give you a quick, incomplete answer. Please contact a title insurance company for a complete answer.

    When you buy property, you what to know exactly who owns it, and who has a claim against it? You must do a complete records search at the County Recorder’s Office. Plus, there are other searches you must do (tax records search, bankruptcy search, business ownership search, etc). That is a very complicated process, and sometimes the answers get complicated very quickly. Title Insurance Companies are experts. When they do a search, they guarantee that their results are correct. They guarantee it by giving you title insurance. If you buy a property and get title insurance, it means that you are the only one who owns the property, and you are the only one with a claim on the property. If the title insurance company makes a mistake, and it turns out that someone else has a claim on the property, the title insurance company will pay you money, or pay to fix the problem.

    Here’s an example. Grandma owns a house. She dies and gives it to her 3 kids. Kid # 1 is married. The person they are married to owes lots of money on a car loan. The car loan company puts a lien on the house, to make sure they get paid. Kid # 2 ran over a neighbor’s dog, and they are being sued. The person who is suing Kid # 2 is now going through bankruptcy. The bankruptcy creditors want to go after the house that used to be owned by grandma. Kid # 3 owes money to the IRS. The IRS puts a lien on grandma’s house. Question: how many people have a claim against grandma’s house? If you want to buy grandma’s house, who would need to sign the deed, and who would need to be paid off, and for how much?

    Let’s say you want to buy grandma’s house, and the only person you talked to is Kid # 1. Kid # 1 signs a Deed over to you. The deed has no one else’s signature. Now, if nobody has paid off the car loan company, or the dog’s owner, or the bankruptcy creditors, or the IRS, etc, you have trouble.

    Why do a lot of sellers on eBay do not offer title insurance?

      According to eBay policy, we are not allowed to talk about other eBay buyers or sellers. So we are not going to make comments about them.

      Here are some possible reasons why a property owner might not offer title insurance:

      –the seller does not know what title insurance is
      –the seller does not know why title insurance is important
      –the seller does not care about title insurance
      –the seller cannot get title insurance
      –the title insurance costs money, which raises costs
      –there are probably other reasons that we cannot think of

      What is a “Warranty Deed”?

        A Warranty Deed means that the Seller is going to personally guarantee to the Buyer that the property has clean title during their ownership and all previous ownerships. If the title is clouded, the Seller will pay to fix the problem. To find out exactly what a Warranty Deed means, you must check with the laws of the state, and you must check with a title insurance company, and you must check the exact wording found on the Warranty Deed.

        What type of deed do you offer with this property?

          We transfer the property via a Grant Deed or a Special Warranty Deed. A Grant deed warranties that we do own the property and we do have the right to transfer ownership.

          A Special Warranty Deed warrants that we do own the property, we do have rights to transfer ownership, and that we personally guarantee the property during our ownership of the property.

          You can purchase title insurance for the property for an additional $260. The Title Company will do a title search on the property and they will warranty the property is free and clear of title defects.

          How pays for the Property Taxes?

            Buyer is responsible for all property taxes due after the date of the sale.  Taxes will be prorated such that Seller is responsible for all property taxes due and payable until and including the day of the sale.  Buyers should contact the appropriate county offices for any questions about property taxes, assessed values or supplemental assessments for the property that they are interested in.

            Is there any Association Fees that I have to worry about?

              Concho, AZ properties do not have a Home Owners Association; therefore, the Buyer is not required to pay association fees.

              Who owns the properties being sold by Fedora Properties website?

                All properties sold through this website are fully owned (FREE AND CLEAR) by Fedora Properties.  Please Note! Fedora Properties is NOT a real estate brokerage firm but only a marketplace and brand name through which these properties are being sold by the Seller directly to the Buyer as a “For Sale by Owner” transaction.  Fedora Properties will at times hire a local Realtor to assist in the sale of a property.