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Why should you select East Penn Abstract, LLC to provide your title services?

What is title insurance?

Who needs title insurance?

When should I begin to look into title insurance?

How are title insurance rates determined?


Why should you select East Penn Abstract, LLC to provide your title services? - Back to Top

All of our closing agents are attorneys, licensed and practicing in Pennsylvania, who will attend your closing and will represent you at your closing as part of our title services, at no additional charge. We also have the ability to produce titles within a week to 10 days and will be ready close as soon as possible.

What is title insurance? - Back to Top

Title insurance is indemnity insurance against financial loss from defects in title to real estate and from the invalidity or unenforceability of mortgage liens. Nearly all institutional lenders also require title insurance to protect their interest in the collateral of loans secured by real estate. The property that you are purchasing, was most likely was bought and sold numerous times in the past. An issue with a prior sale or transfer could arise causing a question as to the ability of the current owner to transfer the property to you or the ability of the lender to have a first lien on the property. Examples of issues could include forgery of prior deeds, outstanding liens against the property that should have been satisfied at some prior transfer. Title insurance covered the insured party, usually the lender and/or the purchaser for any claims and legal fees that arise out of such issues, subject to the terms and conditions of the policy.

Who needs title insurance? - Back to Top

Most lenders require the borrower to purchase title insurance, whether the borrower is buying or re-financing real estate. Even if you are not borrowing money to purchase real estate, you should consider purchasing title insurance to protect your interest in the property.

When should I begin to look into title insurance? - Back to Top

Before you begin your real estate searching process or your re-financing efforts, you should contact East Penn Abstract, LLC to look into title insurance. All of our agents are also attorneys who can and will review your contracts with realtors and mortgage brokers before you sign them, usually at no additional charge. Furthermore, one of our agents/attorneys will attend your settlement with you, also at no additional charge. Often mortgage brokers, lenders or realtors order title insurance through their preferred title agents, without your knowledge. Please let your realtor and lender know that you are using East Penn Abstract, LLC for your title insurance needs as soon as possible.

How are title insurance rates determined? - Back to Top

Title insurance rates in Pennsylvania for member companies are set by the Title Insurance Rating Bureau of Pennsylvania as approved by the Pennsylvania Insurance Department. These rates are the same for any member company. The Pennsylvania title insurance rates are all-inclusive rates. This all inclusive rate includes the charges for the cost of the title search and examination, the costs of settlement and the premium for the title insurance. Other title charges that may be incurred include endorsements required by the lender, fees for receipt and printing of electronically transmitted documents, settlement fee if the closing occurs outside of the title agent's office. There may be other charges associated with your transaction, made by third parties, such as, lender fees and escrow items, recording fees, tax and public utility certifications, closing protection letter fees, notary fees, overnight and/or wire transfer fees, and the transfer tax associated with the sale of property.

 
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