Untitled

What do you mean when you say Real Estate lawyers are available?

This company is owned by a real estate lawyer with over 30 years of experience. He attends most in office settlements. If you need his assistance during closing, there is generally no separate charge. He and his partner are available outside of closing for hourly consultation.

What is the Enhanced Policy??

When purchasing title insurance consider the Enhanced Policy. You have the right to purchase this additional coverage if you would like to at a cost equal to 10% of the charge for the title policy you are purchasing. The enhanced policy provides coverage as set forth in the policy. Generally speaking, that additional coverage covers these events: (1) A forgery of your deed after the date of your purchase. This is generally referred to as the protection from an identity thief who might record a forged deed from you to himself and then quickly try to sell the property while you are away on vacation or away for an extended period of time. (2) Insurance is provided against the lack of pedestrian or vehicular access to or from the property. The importance of this is that it adds vehicular access as it insures the quality of your property. (3) Loss if you are forced to move your existing structure because it encroaches on an adjoining land or easement, or if it violates the zoning ordinances. This is subject to a deductible and a maximum amount, but is often valuable when people buy a home that has an addition that has been added to it at one point or another. Many additions where built without obtaining a building permit, and when this happens, this coverage protects you from the financial loss if the township asks you to remove the addition. (4) Also covered is the situation if someone tries to take away your property alleging that you are violating a deed restriction that covers the land that you are purchasing. (5) You are also covered if a neighbor or third policy, after the policy date, builds a structure other than a boundary wall or fence which encroaches on your land. (6) Subject to a deductible and a maximum amount, you are covered if you cannot obtain a building permit for a mortgage or if you property is not purchased because of a violation of an existing township subdivision law.

As you can see, the enhanced policy provides a broad range of coverage. If you would like your policy of insurance to be enhanced, please contact Lisa Miller, and she will take the steps necessary to issue an enhanced policy to you after closing.

Question: How do I place an order?

Answer: Just call us at 610-719-8100. We'll need: 1) the name or names under which you want to own the property; 2) the names of the seller; 3) the address of the property being purchased; and 4) the name and address of yoour lender. We will want a copy of the Agreement of Sale and the names and address of the Realtors® if any are involved.

Question: Why do I need Title Insurance? Hasn’t the title been searched numerous times?

Answer: Real Estate Lawyers insist on title insurance for their clients because they know that claims do occur. When they do, they have the potential to defeat the entire title to your home. The one time premium is an inexpensive means of providing protection to your family.

Question: What is an endorsement?

Answer: There are several exceptions to coverage in a standard title policy. By way of example there is no coverage against survey issues. Lenders want this protection. For an additional premium the policy is “Endorsed” to modify the exclusions and give the lender the coverage..

Question: What does title insurance do?

Answer: Generally a standard title insurance policy insures an owner from any financial loss resulting from the following: (1) Title being invested in someone other than the seller; (2) a defect in lien against or encumbrance on the title; (3) the unmarketability of the title; and (4) the lack of a right of or access to and from the land (this means pedestrian access, not vehicular access). There are generally four standard exclusions from title insurance in addition to others that are set forth in the policy. The four standard exclusions are: (1) Any claim known to the buyer but not yet recorded as of the date of the policy or disclosed to the title insurer; (2) any title claim which was self imposed or created by the buyer; (3) any subsequent loss to the title after closing; and (4) any loss resulting from zoning violations or subsequent zoning changes.

Question: None of my friends have ever had a title insurance claim. Give me an example.

Answer:

1) Former heavyweight champ Joe Frazer sold a large tract of land to a developer who in turn sold it to builder who in turn built and sold over 300 houses. Joe took as payment an annuity contract rather than cash. When the annuity company failed Joe demanded the return of “his” land. The numerous title insurance companies who had insured the homes successfully defended the claim at great expense. While the law suit was pending the companies all agreed to continue to insure title to the properties. This enabled families to sell and refinance their homes during the many years that the case was in the courts.

2) Mary Buyer (not the real name) bought her first house. She did not know that the property had been sold two days earlier at a tax sale. The insurer notified her that she had a claim, hired a laywer to defend her title and to either overturn the tax sale or settle with the buyers at the tax sale. Without title insurance, Mary would have lost her home.

Question: Doesn't the policy exclude most risks from coverage?

Answer: While there are exclusions such as for matters that might be shown on a survey, the coverage is substantilal. See reference to claims in the earlier answer.