Title Insurance

There can be many questions regarding Title Insurance and Home Ownership and we have tried to answer only the most frequently asked questions below. Should you have a question that is not explained below, please Contact Linda or call direct at 484-620-0905. Thank you!

What is Title Insurance?
It is an insurance contract, under which a title insurance company, in keeping with terms of the policy, agrees to indemnify the homeowner against loss arising from claims against the property.

What is a Title Search?
A search of public records including recorder of deeds, office of judicial support, register of wills and other municipal and county offices. The title searchers closely examine all documents, judgments, liens, general taxes, sewer assessments and other tax levies. Once all records have been checked, the title company prepares a report specifying the limits of the policy and the documents required to be produced at or before the time of settlement, in order to issue a Title Insurance policy.

What does Title Insurance cost?
Pennsylvania Title insurance premiums are based on a rate schedule filed with state insurance commission. They are one time cost paid for at time of settlement.

Why do I need Title Insurance?
To protect you and your home! Even the most careful title search will not reveal hidden defects that could cloud the title to your property. These defects include mistakes in the public record, fraud involving forged deeds or wills, and undisclosed heirs. Title insurance will financially protect you from these unforeseen events.

What are Closing Costs?
All costs required to complete the real estate closing over and above the sales price of the property. These costs are shown on a settlement statement also referred to as a HUD-1. Closing costs include costs associated with your mortgage such as loan origination, appraisal and credit reporting costs, title insurance premiums and transfer taxes.

What is a Real Estate Settlement?
Also known as real estate closing, at a Settlement our settlement officer “closes” the transaction by having the buyer and seller sign all required documents. We prepare a settlement statement called a HUD-1 which shows how all the closing costs and funds are to be handled. Once the HUD-1 is approved, checks are disbursed, the keys are exchanged and the house is yours!

How long will Settlement take?
Title Insurance settlement will take approximately one hour.

What do Buyers need to bring to Settlement?
Certified check payable to the Title Company Homeowners Insurance Policy Any condition required by mortgage company (pay-offs for credit cards, etc.) An official picture identification such as a current driver’s license.