Title Insurance

Things you should know about Title Insurance.

What is it?

Title insurance protects a lender or homeowner against loss in the event of a property ownership dispute. Title insurance is most frequently used for mortgages, and is required by a large number of lenders.

The homebuyer  (you)  typically pays one lump sum premium, usually at the day of the closing. Prior to the closing, the title insurance company (us) completes a search of all known records on the property.  Who is the current owner?  Have all taxes been paid?  Are there any liens on the property?  What about easements or other conditions? Following the title search, Tiger Abstract furnishes a certificate of title, indicating the findings of the examiner regarding the title to the property involved.

Knowing the lineage of your property protects you (and your lender) should anyone make a claim regarding the property in the future.

Why choose Tiger Abstract?

You have the right to choose your title insurance company.  That’s a simple fact.  Originally passed in 1974 (and updated many times since) a federal law called the Real Estate Settlement Procedures Act (RESPA) entitles you to choose a title insurance company when purchasing or refinancin a residential property.

We know real estate transactions can be daunting.  Typically, homeowners/buyers don’t make this title insurance decisions for themselves, instead relying on their bank’s or attorney’s choice.  However, Section 9 of RESPA makes it unlawful for any bank, broker or attorney to mandate that a particular title insurance company be used. Doing so is a gross violation of federal law and any person or business doing so can be heavily fined or lose its license.

Why choose Tiger Abstract? When you hire us you benefit from a staff of title insurance, settlement and research professionals with many years of experience.  Accuracy and completeness drive us which assures you the information you receive is current and correct.  We issue the standard from American Land Title Association (ALTA) Owners and Loan Policies.  We stand behind our work and can deliver information to you and your lender via web, email, fax or hard copy – usually within three days.

What does it cost?

Title insurance is regulated by the Commonwealth of Pennsylvania and is based on the purchase price of the property.  Click here to see the current rate table.  ALL title insurance companies must adhere to these costs regarding the issuance of title insurance.

When you purchase a property you pay ONE PREMIUM that includes both an Owner’s Policy (protecting you against title defects) and a Lender’s Policy (protecting the lender’s interest in your property.   The Owner’s Policy lasts as long as you or your heirs own the property.  The Lender’s Policy is valid for the duration of the loan and decreases as the loan is paid off.

If you would like to choose Tiger Abstract as your Title Insurance Agent please follow these steps:

1. If you’re taking out a mortgage, tell your lender you would like to use Tiger Abstract.

2. Before you sign a sales agreement, tell your realtor you’d like to use Tiger Abstract. (If you’ve already signed the sales agreement, tell them you’d like to amend it.)

3.If you’re working with a builder let them know you’d like to use Tiger Abstract.

Or contact us and we’ll be happy to contact your lender, realtor or builder.

It’s that simple!