Title Insurance Facts For PA Properties

Home owners often ask about title insurance, what it is, and and if it is required. Lender's coverage is required with most loans, however, owner's title insurance is typically optional. Home buyers should think about the features and determine for themselves on whether it is worthwhile given the expense and advantages. In this article you will find title insurance facts for PA properties.

Title Search vs. Title Insurance

Before settlement, a title search is routinely done by a title company. This identifies that no other entity has a lien on the property (based on records on file) and that the title is available to be transferred to the buyer of the property. Title searches are not guaranteed and does not always identify hidden problems in the title. Title insurance will cover most title issues and the costs that come with defending your rights to a property.

Title Insurance Extent of Coverage

Title insurance is a one-time fee at closing and will remain active for the entire time that you retain ownership of the property. You can get it after closing, but it is normally more cost effective when selected at closing. The cost is calculated using the loan amount.

Title Insurance Facts For PA Properties and Coverage

Title insurance common coverages include…

  • Misrepresentation related to the execution of paperwork.
  • Pressure on a seller or executor (of a will).
  • False impersonation by individuals alleging to be owners of a home.
  • Erroneous marital status of a seller.
  • Mental incompetence of sellers.
  • Participation by a minor.
  • Non-delivery of deeds.
  • Unresolved issues not reflected in the records.
  • Inconsistent indexing at the Registry.
  • Clerical mistakes in recording legal documents.
  • Delivery of deeds after the passing of a seller.
  • Transfers executed under incorrect powers of attorney.

Some policies may cover…

  • missing heirs.
  • Issues with wills.
  • Mistaken interpretation of wills.
  • Birth of heirs after the date of a will.
  • Incorrect land surveys.
  • Inaccurate property descriptions.
  • Confusion due to identical names.

The above is strictly an introduction. Consult a local attorney for up-to-date title insurance facts for PA properties and costs, as they normally vary based on the provider. This blog should not be considered as legal information and may change without notice.