Why Advanced Abstract: For 1031 Tax Exchange, Property, Real Estate, & Title Deed Search in Allentown, Bethlehem, Easton, Reading & Stroudsburg, PA
Eliminate risk from buying property.
Title insurance is mainly about eliminating risk. The type of risk a typical insurance policy is designed to protect you from includes events like fire, an accident, or death. A title insurance policy is designed to state the quality of ownership of real property or other interest as of a specific moment in time. In other words, title insurance protects your interests in a piece of property.
Protect your title against unknowns.
Title insurance protects against losses that aren’t discoverable by searching public records, like forged documents, the incapacity of a grantor or mortgagor, undisclosed or missing heirs, missing signatures, mistakes in recording interest, unknown or unrecorded creditors, others interested in the land, access to the land, and so many other instances that can interfere with your outright ownership.
Commitments to owner’s title policies to loan policies.
Advanced Abstract can assist buyers with all of the three basic types of title insurance documents: The commitment, the owner’s title policy, and the loan policy. The commitment document commits the company to insure the property, and spells out such things as the effective time and date of the policy, and sets for the requirements that must be met before the final policy is issued. The owner’s policy insures the owner’s interest in the property, and becomes effective when the deed is recorded with the registry of deeds. It insures that as of that moment, the owner has the title to the property, has legal access to the property, and that the property is free of all defects, liens, and other encumbrances. The loan policy insures the bank or lender’s interest in the property, and insures that the mortgage is enforceable and a valid lien.
Get your own title insurance to protect your interests.
Advanced Abstract can make sure you’re protected in all circumstances where your title insurance comes into play. Some of our customers ask, “Why do I need my own title insurance if the bank has one?” The simple answer is that your title insurance protects you, while the bank’s protects it. Let’s say your neighbor discovers that your garage is too close to his property and sues you. Your bank isn’t responsible for any loss in this instance, so your title insurance policy would entitle you to defense, would reimburse your legal fees and other costs, and would compensate you for any losses. Contact us today for more information.