Laurel Settlement Offers Title Insurance
Did You Know That
One in Every Four Titles has a Defect?
Title Insurance protects your legal ownership of real estate against losses due to a defect in the title.
The title to your new property could have many hidden problems. In fact, one out of every four title searches exposes an issue, including: tax liens, recording errors, claims by missing heirs, even forged signatures in the chain of title.
Title Insurance protects you from future loss if a covered claim against your property is made. As with any other insurance, you hope you never need it, but you’ll be glad it is there if you do.
ALTA Homeowner's Policy
The American Land Title Association (ALTA) Homeowner's Policy Title Insurance is a type of title insurance that provides coverage for homeowners against title defects and liens. It is issued by title insurance companies and is typically purchased at the time of a home purchase. ALTA Homeowner's Policy Title Insurance covers a wide range of title defects and liens, including: forged deeds, unpaid taxes, judgments against the previous owner, encroachments, and easements.
There are many benefits to purchasing ALTA Homeowner's Policy Title Insurance, including:
- Peace of mind: Knowing that you have title insurance can give you peace of mind knowing that you are the rightful owner of your home.
- Protection from financial loss: If a title defect or lien is discovered after you purchase your home, ALTA Homeowner's Policy Title Insurance can help to protect you from financial loss.
- Reduced risk of foreclosure: If a title defect or lien is discovered after you purchase your home, it could lead to foreclosure. ALTA Homeowner's Policy Title Insurance can help to reduce the risk of foreclosure by providing you with the resources to defend your title.
Compare ALTA Standard Owners and ALTA Homeowner's Policies from Chicago Title Insurance or contact Laurel Settlement Group to learn more.
Costs Associated with Title Insurance
Title Insurance is a one-time fee. Even so, an Owner’s Policy protects you as long as you and your heirs maintain an interest in the property.
The cost of Title Insurance in PA is set by the Commonwealth, specifically by the Title Insurance Rating Bureau of Pennsylvania (TIRBOP).
In Pennsylvania, Title Insurance is purchased as an all-inclusive premium, such that both the owner’s and lender’s policy are covered together in the Owner’s Premium.
The Owner’s Policy portion of the premium is based on the sale price or fair market value of the property. The Lender’s Policy portion is based on the loan amount. The following link provides a downloadable PDF file of Pennsylvania Title Insurance Rates.
When you purchase a title insurance policy, some fees associated with closing may be eliminated.
Learn more about our underwriter — Chicago Title Insurance Company