Reliable Answers to Title Insurance Questions
Whether you’re buying or selling a house, having the knowledge and the right settlement and Title Insurance company on your side is important. Here at Pride Abstract & Settlement Services, it’s important to us that you understand the details of the Title Insurance process. So if you’ve never gone in-depth with Title Insurance before, we have all the answers to your questions here. Check out our FAQ, and if you have any further questions that we did not address, give us a call today.
Who Chooses The Title Company? The Buyer? Seller? Realtor? Lender?
What if The Realtor Wants to Choose?
What if The Lender Wants to Choose?
What if The Seller Wants to Choose?
At the end of the day, buyers need to know their title company is fully in their court and not beholden to anyone else. That can be lost when a title company owes their allegiance first (or second) to a seller, a realtor or a lender.
In the Commonwealth of Pennsylvania, you DO have the right to choose your title company!
What is Title Insurance?
Occasionally a hidden defect in the title or a mistake in a prior Deed, will or Mortgage may give someone else a legal claim against your property.
Why is Title Insurance Important?
Who is Covered by Title Insurance?
Buyer – It’s a good idea to get your own Title Insurance policy for protection in case there’s a claim against your home. Then your investment is safe, too.
What Risks Are Covered?
1. Errors in public records: Incorrect information in deeds and mortgage regarding names, signatures or legal descriptions.
2. Judgements, Liens and Mortgages: Claims against the property or the seller which become the new owners responsibility after closing, such as unpaid taxes, assessments, and other debts to creditors.
3. Claims To Ownership: By the spouse or a former owner or by “the missing Heir” or a deceased owner who did not receive his share of the estate.
4. Invalid Deeds: Transfers by previous sellers who did not actually own the property, or by previous owners who were minors or not mentally competent.