Settlement/Closing Services
Title Insurance
Typically, title insurance is a combination of two policies: a lender’s policy and an owner’s policy. Your lender (assuming you’re taking out a mortgage loan) will require that you buy a lender’s policy to pay for its legal defense costs and reimburse any mortgage payments you can’t make because you’ve lost the house to someone else’s claim on it.
You also have the option to buy an owner’s policy, covering your own legal fees and other losses. Often this policies are issued together and at a simultaneous rate.
Title Search
Our abstractor retrieves all relevant documents evidencing events in the history of a piece of property or real estate. Documents concerning conveyances of land are a matter of public record. A title search is a standard step before purchasing a home.
Importance of Title Insurance
Obtaining title insurance is one of the standard steps borrowers take before closing on a home purchase. Title insurance is crucial for a home buyer/purchaser because it protects you and the lender from the possibility that your seller doesn’t, or previous sellers didn’t, have free and clear ownership of the house and property and, therefore, can’t rightfully transfer full ownership to you. Even though the chance of calling on the insurance for coverage is relatively low, the value on what you stand to lose if you go without coverage is high, you could, in fact, lose the house itself.
Types of Title Insurance
- Standard Owner’s Policy
- Standard Loan Policy
- Enhanced Owner’s Policy
- Enhanced Loan Policy
Title Insurance Quote
Call us at 610-867-3900 or email us at pennjersey@ptd.net for your title insurance quote.