What Do I Need to Know About TITLE INSURANCE...

There are two types of title insurance. Let's discuss both.

    Owner’s Title Insurance-Sometimes title problems occur that could not be found in the public records or are inadvertently missed in the title search process. Title insurance insures against these problems. Title insurance protects against: 1) Un-paid mortgages and liens 2) sudden appearance of heirs 3) Forged deeds  and 4) Incorrect legal descriptions. To help protect you in these events, it is recommended that you obtain an Owner's Policy of Title Insurance to insure you against the most unforeseen problems.

            Lender’s Title Insurance - Sometimes referred to as a loan policy and it is issued to mortgage lenders. It follows the assignment of the mortgage loan, meaning that the policy benefits the purchaser of the loan if the loan is sold. For this reason, these policies greatly facilitate the sale of mortgages into the secondary market.

            Attorneys will always advise you to purchase title insurance because they make money when they sell you the insurance!

            Title insurance at the time of this posting cost approximately $3.65 per $1,000 of value. For example, title insurance would cost about $1,825 to insure a $500,000 purchase

My recommendation-You have little choice if a loan is involved. The Lender will require you to pay for the Lender’s Title Insurance. You do have a choice on the Owner’s Title Insurance and this is a personal call. If the property has been in a family for a long time, there are no heirs involved and the property is conveyed by General Warranty Deed, you might decide not to purchase the insurance. If the property has many heirs, has changed hands frequently over a short period of time, then I would advise purchasing the insurance!

For Information on Buying or Selling Land contact G. Kent Morris, ALC, RF at      (706) 457-0090

I would like to know more about GPS...... What is it?

The Global Positioning System (GPS) is a satellite-based navigation system made up of a network of 24 satellites placed into orbit by the U.S. Department of Defense. GPS was originally intended for military applications, but in the 1980s, the government made the system available for civilian use. GPS works in any weather conditions, anywhere in the world, 24 hours a day. There are no subscription fees or setup charges to use GPS.

 

How it works

GPS satellites circle the earth twice a day in a very precise orbit and transmit signal information to earth. GPS receivers take this information and use triangulation to calculate the user's exact location. Essentially, the GPS receiver compares the time a signal was transmitted by a satellite with the time it was received. The time difference tells the GPS receiver how far away the satellite is. Now, with distance measurements from a few more satellites, the receiver can determine the user's position and display it on the unit's electronic map. A GPS receiver must be locked on to the signal of at least three satellites to calculate a 2D position (latitude and longitude) and track movement. With four or more satellites in view, the receiver can determine the user's 3D position (latitude, longitude and altitude). Once the user's position has been determined, the GPS unit can calculate other information, such as speed, bearing, track, trip distance, distance to destination, sunrise and sunset time and more.

How accurate is GPS?

Today's GPS receivers are extremely accurate, thanks to their parallel multi-channel design. The new  GPS receivers are quick to lock onto satellites when first turned on and they maintain strong locks, even in dense foliage or urban settings with tall buildings. Certain atmospheric factors and other sources of error can affect the accuracy of GPS receivers.  GPS receivers are accurate to within 15 meters on average. Newer  GPS receivers with WAAS (Wide Area Augmentation System) capability can improve accuracy to less than three meters on average. No additional equipment or fees are required to take advantage of WAAS. Users can also get better accuracy with Differential GPS (DGPS), which corrects GPS signals to within an average of three to five meters. The U.S. Coast Guard operates the most common DGPS correction service. This system consists of a network of towers that receive GPS signals and transmit a corrected signal by beacon transmitters. In order to get the corrected signal, users must have a differential beacon receiver and beacon antenna in addition to their GPS.

The GPS satellite system

The 24 satellites that make up the GPS space segment are orbiting the earth about 12,000 miles above us. They are constantly moving, making two complete orbits in less than 24 hours. These satellites are travelling at speeds of roughly 7,000 miles an hour. There was a new satellite added in July. A Delta IV rocket successfully launched the GPS IIF-2 spacecraft into orbit on July 16, 2011. The Air Force completed its checkout and added it to the operational GPS constellation on August 19. GPS satellites are powered by solar energy. They have backup batteries onboard to keep them running in the event of a solar eclipse, when there's no solar power. Small rocket boosters on each satellite keep them flying in the correct path.

Here are some other interesting facts about the GPS satellites (also called NAVSTAR, the official U.S. Department of Defense name for GPS):

• The first GPS satellite was launched in 1978.
• A full constellation of 24 satellites was achieved in 1994.
• Each satellite is built to last about 10 years. Replacements are constantly being built and launched into orbit.
• A GPS satellite weighs approximately 2,000 pounds and is about 17 feet across with the solar panels extended.

Why is this important to me? 1) With the use of a GPS, one can easily navigate to a property. 2) GPS allows accurate survey work to be done with less effort and 3) people with GPS experience can provide useful maps of your property showing exact location of interesting features, timber stand maps and more !!

For Information on Buying or Selling Land contact G. Kent Morris, ALC, RF at      (706) 457-0090