FREQUENTLY ASKED QUESTIONS (FAQs)
What is Title Insurance?
Title Insurance is smart business and is a requirement of all real estate
lenders. The buyer pays a one-time fee to insure his real estate ownership
regardless of the prior ownership history of the property. Title Insurance
protects you against past claims and title faults. It makes your home
safely yours. Your title insurance policy is your shield of protection and
will defend your ownership against loss. You pay one premium only - your
protection and peace of mind last as long as you and your heirs remain in
ownership.
Why Do You Need It?
Any home, no matter how new or apparently secure, is built on land as old
as the earth itself. Undoubtedly this land has had many previous owners.
Claims against any one of these persons can be filed against the property
and against you as the present owner. Such hazards as fraud, missing
heirs, old liens and many others can, and often do, arise like ghosts out
of the past.
Do I Still Need Title Insurance if only Refinancing?
We get asked this question all the time, and the answer is yes, each time
you refinance. Your new mortgage lender will require title insurance.
However, the Pennsylvania Insurance Department will allow a
discount if your refinance takes place within 0-4 years after prior
insurance.
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