Title Insurance / Settlement Servicessuperadmin2021-05-03T19:06:00-07:00
Title Insurance / Settlement Services
When you’re buying a home or refinancing a mortgage, purchasing a title insurance policy is a key step in the closing process. At New Doors Abstract, we help home buyers, homeowners refinancing a mortgage loan, mortgage lenders, real estate agents and brokers, legal professionals, and related parties ensure a successful transaction with our friendly, flexible title insurance and settlement services. With a unique mobile settlement system that offers maximum convenience for our clients, we can hold settlement just about anywhere in Pennsylvania or New Jersey.
What is Title Insurance?
Title insurance is about assurance. When you’re borrowing money to purchase residential or commercial real estate or you’re refinancing a mortgage, your lender will order a title search to confirm the property’s rightful legal owner and identify any potential third-party claims to the property. However, even the most comprehensive title search may fail to reveal certain defects that could give rise to claims after the closing—and title insurance is designed to protect the lender or owner from these claims. With title insurance, the lender (and buyer if an owner’s policy is purchased) will not be responsible for any legal fees associated with defending third-party claims, which may include the previous owner’s unpaid mortgage, back taxes, boundary line disputes, or garnished wages.
Is Title Insurance Required?
There are two types of title insurance: lender’s policies and owner’s policies. A lender’s policy, which is designed to protect the lender’s interests for the amount of the loan, is always required. While an owner’s policy is not mandatory, it is strongly recommended as a way to protect your rights and guard against costly legal problems should your ownership ever be contested. After all, a home is one of the most valuable assets you’ll ever own—protecting it with a one-time, relatively low title insurance premium is a worthwhile investment that will yield peace of mind for years to come.
How Much Does Title Insurance Cost?
Title insurance is a one-time payment paid by the buyer (or homeowner when refinancing) at settlement as part of the closing costs. The cost of your title insurance is controlled by state law and will depend on the purchase price of the property and the mortgage loan amount. Additional fees will apply for any endorsements the lender may require, along with nominal title processing fees. To estimate the cost of your title insurance, try our instant title calculator!
The process of buying a home or refinancing a mortgage can seem overwhelming, with countless forms and fees along the way to a successful closing. At New Doors Abstract Settlement Services, our experienced title professionals and settlement agents will handle all the necessary steps to legally transfer ownership, including:
Performing title searches
Clearing title defects
Issuing title insurance policies
Holding monies in escrow
Preparing and reviewing your settlement sheets
Recording the mortgage and deed with local municipalities
If you have signed an Agreement of Sale or been assigned a settlement date, it’s time to contact a settlement company to discuss your title insurance options. Request a quote or use our online order form to get started today!