For a one-time cost, it protects your new real estate purchase from any unpaid liens, errors in public records, or legal issues that may be attached to that property. Title insurance protects your rights to the property, for as long as you own the property.
Owners – Covers the buyers’ investment.
Covers issues such as fraud, liens, errors, and omissions on public records, and more.
Lenders - Typically required when financed, it protects the lender’s interest in the property.
Some financial companies will ask or require a new search and loan policy. They want to protect their assets and interests. Uncovering and protecting you and them from unknown mechanic’s liens, judgments for taxes, overdue HOA dues, or back child support.
The title company works on your behalf to protect you, the buyer, from any financial loss due to issues with the property title of unknown liabilities. By issuing title insurance.
They coordinate all the paperwork.
Explain all documents and answer any questions.
Notarize and sign all proper documents.
Collect and distribute funds.
Transfer ownership by recording the documents.
A thorough examination of public records of the history of property. Which shows lien’s, ownership of premises, outstanding mortgages, judgments, restrictions, easements, rights of way, etc.
Yes, the past landowner may have had debt or past liens. It will also protect you if the builder hasn’t paid his subcontractors, and they put the lien on the property.
North Penn Abstract
35 Green St., Lansdale, Pennsylvania 19446
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