By John Edmund May 31, 2008
I'm on my 5th home and Abstract Associates of Lancaster has made the wholee closing process simple compared to the other closings that I have sat through. I give Abstract Associates 5 stars. Great Job! ...read more
Title Insurance Is More Interesting Than You Think To many the term title insurance may just bring up images of dull and boring paperwork but there is actually a very interesting background to title insurance. Many people do not even hear about or know of title insurance until they are in the market to either buy or sell their home. However, there is more to title insurance than just the legal need for it, it is a great way to protect your investment and your interests, and it all started here in Pennsylvania. That is why today at Century Abstract Company we want to share a few intriguing facts about title insurance and its roots. What is Title Insurance? The concept of title insurance is over 100 years old. It’s important for buyers and lenders both, because without proper coverage, buyers could suffer major financial setbacks, while lenders need the security of knowing the sale will be legit. For example, if you purchase a house that had construction done, but the previous owners never paid the contractor, your title could have a “lien” on it, making you responsible for the costs. Before the use of title insurance companies, purchasing and lending were risky because there was no set system to examine property titles. Today, buyers, banks, and lenders need to know the title is clear and legally belongs to the seller or they risk buying/financing an upside down property. Title insurance usually works behind the scenes during the closing of a property sale. After you submit your contract of sale and it is accepted, the title professional will search public records and look for any problems with the home's title. This search typically traces the ownership of the property back for several years. It is not uncommon for title professionals to encounter problems, such as unpaid property taxes or liens on the property itself. In the case of such problems, having the right title insurance policy will help resolve them before you get to closing. Five Fun Facts About Title Insurance The United States was the first country to have a company that offered title insurance. Pennsylvania was the state in which laws were created to grant access for title insurance to take place Title insurance reduces fraud by about 20% in new buying transactions Title insurance also plays a major role in decreasing fraud in refinancing negotiations. In fact it lowers the fraudulent transactions in refinancing by up to 60 percent. Benjamin Franklin created most of the bases and fundamentals, that allowed the notion of insurance to be developed, into what it is today. Real Estate and Title Insurance in Philadelphia PA As you can see, title insurance, and real estate in Pennsylvania has a strong foundation and the privileged, of being the place where it all began. At Century Abstract Company we understand the importance of this legacy and we care about your investment. For all your real estate needs as well as the best services for title insurance in Philadelphia PA contact us today. Call (717) 431- 3105 today. ...read more
By Century Abstract - Title Insurance Agency November 02, 2015
A home buyer can estimate closing costs to determine how much money to save up for the house purchase. Closing costs are expenses such as an application fee, title insurance and credit report. A lender will provide a list of the costs to the buyer before the loan closing date. ...read more
A title is a legal document listing the history of ownership of a home or commercial property. A title search will also reveal if there are any liens on the property or land encroachments. This article will show you the best way to choose a title search company. ...read more
