What is Owner’s Title Insurance?
What is Owner’s Title Insurance?
Title insurance protects an owner’s right to their home and/or property if ownership of the property is ever questioned.
When you purchase real estate, it may be sold to you without the knowledge that other parties have a right to or claim in the property.
Imagine finding the house of your dreams only to discover after closing that the previous owner owes outstanding property taxes or there is an outstanding mortgage or lien that was never paid or satisfied of record. Without title insurance, you as the owner are responsible for paying the outstanding property taxes, mortgage or lien or risk losing your property. Title insurance protects you from financial loss and expensive legal expenses that could result in the loss of your home in the event there is a claim made against your property.
That’s why it’s important to work with an established and experienced title company like LandQuest Settlements. If an issue pops up, you can rest assured we are ready to meet this issue head-on. We will get in touch and work with the appropriate parties immediately to solve any issues to continue with the closing process.
Our Title Insurance Process
Our Title Insurance Process
Step 1: History Review
Step 1: History Review
With title insurance, our experienced title examiners review the history of your property in an attempt to discover and address any title issues before you purchase the property.
Step 2: Due Diligence
Step 2: Due Diligence
We diligently search public records for documents associated with the property and provide you with an expert interpretation of the impact of any recorded matters on the property’s title.
Step 3: Title Commitment Report
Step 3: Title Commitment Report
If our title search reveals recorded defects, liens, or encumbrances upon the title, we report them to you on the Title Commitment prior to the purchase of the property and offer solutions to resolve these barriers so that you can own your property free and clear at closing.
Step 4: Issuance Of Policy
Step 4: Issuance Of Policy
By searching, clearing and insuring the title to your home before you buy it, your owner’s title policy ensures that the seller has the legal right to transfer the title to you and offers protection for your property rights for as long as you own your property.
What Does Owner’s Title Insurance Cover?
What Does Owner’s Title Insurance Cover?
Defending your title
Covering the cost of settlements
Financial reimbursement for loss up to the face amount of the policy
The most common claims filed against a title are back taxes, liens, and conflicting wills.
A title insurance policy will also cover you in the event of “hidden” risks, - issues that aren’t discoverable during the title clearing process that you might not even learn about until months - or even years - after you purchase the property.
Risks covered by title insurance:
- fraud and forgery
- impersonation of the true owners of the property
- mental incompetence or incapacity of the parties
- undisclosed or missing heirs
- mistakes in recording documents or indexing of the same
- improper execution of documents
Do I Need Title Insurance In Pittsburgh?
Do I Need Title Insurance In Pittsburgh?
If you are financing the property you are buying, your lender will require you to purchase a lender’s title insurance policy that protects the lender against potential losses. Only the lender is protected by this policy, however.
Owner’s title insurance is not mandatory, but it does protect you from losing your equity and your home if a title claim unexpectedly arises after purchase.
You Have the Right To Choose Your Own Title Company in Pittsburgh.
Pittsburgh Title Insurance Cost
Pittsburgh Title Insurance Cost
The cost of owner’s title insurance varies depending on the purchase price of your property.
The rates for title insurance are regulated and fees are set by the Pennsylvania Insurance Department. Unlike other forms of insurance though, it is a one-time premium that you pay at time of closing and it covers you for as long as you own the property.
In PA, the rate for title insurance is all-inclusive, meaning the title insurance charge bundles and covers the cost of the title search, title examination, escrow and settlement services and the insurance risk assumed by the title insurer.
We can provide you with an estimate for your title insurance cost if you provide us with more information, i.e., purchase price, loan amount, if any.
LandQuest Settlements has been servicing Pittsburgh and the surrounding areas since 2007. We primarily do business in and around Allegheny County, Beaver County, Butler County, Washington County and Westmoreland County.
If you are purchasing property in the Pittsburgh Area
If you are purchasing property in the Pittsburgh Area
If you are purchasing a property in the Greater Pittsburgh Area, which includes Allegheny County, Butler County, Beaver County, Westmoreland County, and Washington County, please contact us for a quote for a title insurance policy that meets your needs.
If you are purchasing a property in the Greater Pittsburgh Area, which includes Allegheny County, Butler County, Beaver County, Westmoreland County, and Washington County, please contact us for a quote for a title insurance policy that meets your needs.
By giving each of our customers’ closings the personal attention it needs, and by providing all of the people involved in the transaction with amazing service, we hope to earn your business for years to come!
