Proudly offering title insurance, settlements and related services from our local office:
23 Central Boulevard
Camp Hill, PA 17011
Phone: (717) 761-6200
Fax: (717) 761-1201
Available Services Include:
|Purchase Settlements||Transfer Documents|
|Refinance Settlements||Document Recording|
|Title Searches||Legal Descriptions|
|Deed & Document Preparation||Courthouse Document Retrieval|
|Notary Services||Mobile Home Transfers|
|Timeshare Transfers||Family Transfers|
Settlement Service and Title Insurance FAQ’s
What is a Real Estate Settlement?
A real estate settlement is an event that is part of the overall process of transferring property ownership or mortgaging a property.
How does the Settlement process work?
The settlement process is much like a product moving down an assembly line. As the process moves along, tasks are completed that build toward the settlement, and after settlement, follow-up tasks are undertaken to complete the process. Once we are engaged and make contact with the parties (owner, buyer, mortgage lender, realtor), we search the title records, verify the payment of taxes, confirm mortgage and lien payoff requirements, address any title defects and prepare any required title insurance commitment documentation. As settlement nears, mortgage loan and / or title transfer documents are generated, and a settlement statement is prepared to document the payment of settlement funds. The settlement funds are handled through our federally-insured escrow accounts and disbursed as part of settlement. After settlement, we record the transfer and / or mortgage documents at the court house and pay any taxes, liens or other amounts to be paid. The final step is the delivery of the recorded documents and any title insurance policies to the buyer and / or mortgage lender. Some settlements involve more steps, some less, depending on the nature of the transaction. Call us to talk abut what would be required for your title insurance and settlement transaction.
What is Title Insurance?
Title insurance is a form of insurance that guarantees title to a property (Owner’s Insurance) or the validity and priority of a mortgage lien against a property (Lender’s Insurance). In order to issue title insurance, the settlement processes above must be followed and all known liens and title defects against a property must be properly resolved. We offer title insurance through First American Title Insurance Company. Learn more about the history of First American here.
Isn’t Title Insurance Expensive?
We are often asked about the cost of title insurance. Title insurance rates are set by the Pennsylvania Department of Insurance and are the same across the state. The cost of title insurance is based on the purchase price (for sale transactions) or the amount of your new mortgage (mortgage transactions). For an estimate of title rates, please see the link to the First American calculator on the right. Settlement services are included as part of providing title insurance. Most Settlement service costs are included in the title insurance cost. Call us for a detailed quote.
Do I need Title Insurance?
Title insurance lasts as long as you own your home (owner policy) and as long as the mortgage
is outstanding (lender policy). Only a policy of title insurance can protect your ownership. Chances are you already have owner title insurance if you bought your home with a mortgage.
What is the difference between Owner Title Insurance and Lender Title Insurance?
Owner title insurance and lender title insurance are separate forms of insurance. Owner title insurance insures ownership and lender title insurance insures mortgage lien validity and priority.
What does title insuarance protect against?”
Standard coverage handles such risks as:
• Forgery and impersonation;
• Lack of competency, capacity or legal authority of a party;
• Deed not joined in by a necessary party (co-owner, heir, spouse, corporate officer, or business partner);
• Undisclosed (but recorded) prior mortgage or lien;
• Undisclosed (but recorded) easement or use restriction;
• Erroneous or inadequate legal descriptions;
• Lack of a right of access; and
• Deed not properly recorded.
An extended coverage policy may be requested to protect against such additional defects as:
• Off-record matters, such as claims for adverse possession or prescriptive easement;
• Deed to land with buildings encroaching on land of another;
• Incorrect survey;
• Silent (off-record) liens (such as mechanics’ or estate tax liens);
• Pre-existing violations of subdivision laws, zoning ordinances or covenants, conditions & restrictions;
• Post-policy forgery;
• Forced removal of improvements due to lack of building permit;
• Post-policy construction of improvements by a neighbor onto insured land; and
• Location and dimensions of insured land (survey not required).