It will protect you against a claim from outstanding heirs and from any unrecorded mortgages or judgments filed against the property as well as any unpaid tax liens.
The State of Pennsylvania regulates the cost of the title insurance premium. The exact amount is determined by the purchase price of the property you are buying. The cost of the owner's policy is a one time fee and will stay in effect for as long as you own the property. Also, there are some discounts available depending upon the time period of the last title insurance policy. You are welcome to contact us for the exact premium.
No, the search fee and closing or settlement fee is included in the premium.
A report showing the legal owner of the property along with any mortgages, judgments, easements, right of ways, or defects against the property. It is essentially a history of the property, with all information taken from public records.
The settlement or closing is when all of the parties gather to finalize the sale of the property. Countywide Abstract will prepare a closing sheet or HUD1 which will be the summary of all fees in connection with the sale. At this time Countywide will collect all funds from the buyer and disburse funds to all parties.
The closing sheet or HUD1 is the official summary of the transaction. It will show the sale price, commissions, transfer tax, tax prorations, deposits, and payoffs which will be disbursed at the closing.
We ask that you make every effort to attend closing, however, we realize that there are times when this is not possible. If you cannot attend, Countywide Abstract can prepare a Power of Attorney for you to sign, which would appoint someone to act in your place at closing and sign all of the necessary documentation. This Power of Attorney would be recorded as part of your closing documents. However, the individual you appoint must attend closing.