Escrow & Title
In South Carolina, 'title seasoning' requirements for refinancing typically mean:
AThe property must be owned during the summer season
BThe owner must have held title for a minimum period (often 6-12 months) before a cash-out refinance✓ Correct
CThe title insurance must be renewed annually
DThe property must have been on the market for at least 3 months
Explanation
Many lenders require 'title seasoning'—a minimum ownership period before allowing a cash-out refinance. This prevents property flipping fraud where properties are artificially valued above market.
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Key Terms to Know
Title Insurance
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
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