A real estate settlement is an event that is part of the overall process of transferring property ownership or mortgaging a property.

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 courthouse 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.

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. 

Our offices offer title insurance through First American Title Insurance Company. 

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).

Settlement services are included as part of providing title insurance, and most settlement service costs are included in the cost of title insurance. Call us today for a detailed quote.

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. Most likely, you already have owner title insurance if you bought your home with a mortgage.

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.

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).