When you buy title insurance for your property, a title company searches public records related to your property to find, and remedy (if possible), any issues which might affect your ownership. Common issues (title defects) include liens, filing errors, forgeries, or undisclosed heirs. The title insurance policy will protect your interest in the property.
If you are financing your purchase, the short answer is that the bank will most likely require title insurance in order to issue the loan. Even if there is no lender involved, title insurance is always recommended to ensure that the property has clean title and there are no liens or defects that could create problems down the road.
Title insurance premiums are based on the amount of your loan and/or the purchase price of the home. The rates for title insurance in Pennsylvania are heavily regulated and set by the Title Insurance Rating Bureau of Pennsylvania ("TIRBOP"), so the rates do not typically vary between companies. Click here, or contact us for a quote based on your specific terms.
The buyer has the right to chose their own title company to handle their closing. If a buyer does not have an existing relationship with a title company or attorney who provides title insurance, they may allow their lender or their real estate agent to chose for them. Click here to find out more about why it is best to choose your own title company for your closing.