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Frequently Asked Questions
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What is Title Insurance?...Title
insurance is insurance against the risks
present in all real estate transactions.
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What are some of those risks?...The
two categories of risks are hidden
hazards and human errors. Hidden hazards
include forgery, unknown heirs, fraud,
incompetency of the grantor, or
mortgagor impersonations. Human error
include filing errors of any kind.
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How is title insurance different
from other types of insurance?...
It protects against future
losses that are the result of events
that have happened in the past.
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How do you calculate the annual
premium?... There are no annual
premiums. One premium, based on the
purchase price of your home or the
amount of your mortgage, is paid when
the policy is issued, and it's good for
the life of the policy.
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What do you mean by "The life of
the policy"?...An owner's
policy is good until you sell the
property. A lender's policy stays
in effect until the mortgage is paid
off.
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How does Title Insurance protect
my home investment?... It puts
the assets of a corporation behind the
title of your home. If your title is
attacked, it will be defended without
cost to you. If the title should be
other than as insured, you will be
reimbursed for any financial loss up to
the face amount of your policy.
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What are the Title Insurance
Rates?... Title insurance rates
are standard rates set by the
Pennsylvania Dept. of Insurance. The
basic rate for Epic Settlement is an
all-inclusive rate and the full basic
rate is only charged when there is no
evidence of a prior policy in the last
10 years.
For example if the seller has a mortgage
or purchased the property in the last 10
years, the presumption is that there was
a title policy provided to the former
owner and therefore the reissue rate or
substitution rate would apply to our client, the buyer/borrower.
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