What
is Title Insurance?
Title
insurance is insurance against loss or damage resulting
from defects or failure of title to a particular parcel
of real property.
How
does title insurance protect me?
Title
Insurance Companies, following a claim, will defend your
title at the expense of the Title Insurance Company and will
bear the cost to settle the claim, if proven valid, thus
protecting your ownership and possession of your
property. This coverage accrues to your heirs as well.
What
Services are provided by Patriot Land Transfer?
Patriot
Land Transfer handles residential as well as commercial
real estate closings, preparation of settlement
documents, acknowledgement of deeds, affidavits, etc.,
issuance of title commitments and policies, as well as
making custom services available.
Who
selects the Title Insurance Provider?
Federal
Regulations protect the right of prospective purchasers of real
estate to select the Title Insurance provider of their
choice.
Don't let anyone deny you of this right!
What
is a “Full Service” Title Agent?
As a
full service title insurance agent, licensed to provide
title services in Pennsylvania and New Jersey, Patriot Land Transfer is
involved in all aspects of the closing, including
property searches, necessary mortgage/judgment payoffs and tax
information, preparation of title documents,
disbursement of settlement funds, recording of
documents, and issuance of title policies to both owners
and lenders.
What
is an Affiliated/Controlled Business Arrangement?
These
are arrangements whereby different providers of services
affiliate themselves, usually providing financial
inducements to the parties, for example: Real Estate
Brokers/Title Companies, Mortgage Companies/Real Estate
Brokers, Mortgage Companies/Title Companies, etc. We at Patriot Land Transfer, for personal ethical
considerations, choose to remain unaffiliated. Our focus is on our insured.
Is
there a law that requires me to obtain Title Insurance?
Although
there is no law, per se, that requires a prospective
purchaser to obtain Title Insurance, the vast majority
of lenders require title insurance coverage, usually at
the buyers expense.
How
is the rate for Title Insurance determined in
Pennsylvania?
Title
Insurance Rates in Pennsylvania are regulated by the
State Insurance Department. In many other States, Insurance services are
provided a la carte, depending on the services provided. Pennsylvania uses what is known as an All
Inclusive Rate, and provides within a single rate the
costs to perform a Title search, conduct a closing, and
issue the Title Insurance Policies. Excluded from this rate are incidental fees such
as transfer taxes, notary fees, recording fees, courier
fees, endorsements, etc.
Closing:
Settlement or Celebration?
Patriot
Land Transfer believes that final settlement should not
be the time to iron out serious problems. The majority of settlements involve the purchase
of a primary residence in which most families will
reside for some time. Patriot Land Transfer strives in every instance
to create a pleasant atmosphere of celebration rather
than an unpleasant and uncomfortable experience.
Why
Patriot Land Transfer?
The
above list was certainly not intended to be an
exhaustive explanation of Title Insurance. Each
closing is distinct and unique. Though there are many similarities among real
estate closings, Patriot Land Transfer handles each
Title Insurance Application with care and understanding. Often it is necessary to discuss many aspects
connected with a typical real estate transaction. We at Patriot Land Transfer make ourselves
available to answer and respond to any questions which
may arise during the process.
For individual attention and assistance with any
questions you may have, email us at fgaspari@patriotlandtransfer.com Or call us at 610-495-9855.
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