What is Owner’s Title Insurance? An Owner’s Policy is purchased for a one-time fee at closing and lasts for as long as you or your heirs have an interest in the real estate property.  The policy is typically issued in the amount of the real estate purchase; the title company will stand behind you both monetarily and with legal defense if needed.   An Owner’s Title Insurance will protect your title from hidden problems such as incorrect signatures on recorded documents, forgery or fraud, defective recordation, encumbrances, judgments and liens.

What is Lender’s Title Insurance? Financial lending institutions require a Loan Policy when they issue a loan to the homebuyer.  The Loan policy is usually based on the dollar amount of your loan, and protects the interests of the lending institution should a problem with the title arise.  It does not protect the buyer.  The policy amount decreases each year and eventually disappears once the loan is paid off. 

How much does title insurance cost? The Pennsylvania Title Insurance Rating Bureau of Pennsylvania and the Pennsylvania Department of Insurance control the title insurance rates.  Insurance agents in Pennsylvania can only charge a set rate for title premiums.   The rate depends on the purchase price of the real estate property.

Do I need an attorney to handle my real estate closing? Unlike some other states, Pennsylvania does not require an attorney to be involved in your real estate closing transaction.   With a licensed title agent on staff, JL Abstract LLC devotes one hundred percent of our attention to your real estate needs.