Why Do I Need Title Insurance?
Title insurance protects you from any attacks against your ownership rights to real estate. Because the law considers real estate unique – no two pieces are exactly alike in contrast to something like white, Subaru Legacies – special rules apply only to real estate. Also, real estate, like your home, is likely the largest personal investment you will make. So to protect mortgage companies and for other reasons, a register of owners and claims against real estate property is filed for all to see. To ensure that you buy a house without any claims against it or you, public records are searched by a specialist known as a Title Searcher.
The title searcher issues a written report which the title agent uses to issue a Title Commitment which provides for conditions to be satisfied at settlement, also called closing. The title agent conducts closing by preparing the closing documents, collecting the purchase money from buyer and buyer’s lender, paying off any existing mortgages or other liens, and disbursing the balance to the seller. When complete, the title agent issues the title insurance policy to the buyer and buyer’s mortgage company.
In Pennsylvania, as in most states, title insurance is a regulated industry. Therefore, the one-time premium paid at closing is the same no matter which title agent you use. At Gross McGinley, our title agents are also experienced real estate lawyers so you receive the benefit of both. Our goal is to make your experience is as pleasant as possible while protecting your rights in your new purchase.