Are You Able to Buy a Title Insurance Policy After Closing?

Purchasing lender’s title insurance is generally a part of the home buying process. But what about the owner’s title insurance? If you did not purchase an owner’s title insurance policy during the home buying process, can you buy one after closing? The short answer to this question is “yes,” but there are a few more details worth mentioning.

The Ideal Time to Buy Title Insurance

If you close on your home and then realize you want title insurance, a title service will typically allow you to buy a policy. However, buying title insurance after closing is not the best choice. You’re far better off buying such a policy during the home buying process, when possible.

There are a number of issues that can be revealed with a home’s title shortly after closing. You may discover that there was an error in public records, and someone else has a claim to the property. Or, you may discover that there is an outstanding lien on the property. If these issues are revealed in the first few weeks that you own the home and you don’t have title insurance, you’ll be held financially responsible. On the other hand, if you buy title insurance before closing, you’ll be protected — whether an issue comes to light the day after the sale or 20 years down the road.

The Right Type of Title Insurance

Don’t assume that the lender’s title insurance that you’re paying for will also cover you, as the owner of the home. That policy exists to protect the bank that holds your mortgage. Lender’s title insurance is required when you buy with a mortgage, so it will automatically be included as a part of your home purchase. The buyer typically pays for the lender’s title insurance as a part of their closing costs.

For your own protection, you need an owner’s title insurance policy. Typically, you can purchase such a policy from the same title company that issues your lender’s title insurance. Sometimes, you may be able to negotiate with the seller and arrange for them to pay for your title insurance policy. This can be seen as an act of good faith; it’s a reassuring sign that, to the seller’s knowledge, the home’s title is clear and free from defects.

If you recently purchased a home and did not buy an owner’s title insurance policy, then buying one now is better than having nothing. On the other hand, if you have not yet purchased a home, then you should aim to buy title insurance prior to closing.

Feel free to contact Heritage Land Transfer if you’re looking for an escrow agency and title company Pennsylvania residents trust. We’ve been in the business for more than 30 years, and we take a personalized approach with every client. Our guaranteed lowest rates, efficient processes, and lightning-fast, convenient closings make us the favorite of buyers, sellers, realtors, and lenders alike!

Heritage Cares: We are Dedicated to Giving Back to Our Community

real estate title company
real estate title company

Herman Melville once wrote, “We cannot live only for ourselves. A thousand fibers connect us with our fellow men.” At Heritage Land Transfer, we are motivated by this quote. We think it speaks powerfully to the importance of community. Within a community, we are all connected; our actions impact one another. 

Because we care about our community and about the success of each of its members, we do our very best to give back. It’s simply a part of our culture here at Heritage Land Transfer. We see ourselves not as an island, but as an interwoven part of the communities we live in and serve, and we hope our actions as a PA settlement service reflect that.

Scholarship Program

One of the ways our title insurance agency gives back to the community is through our scholarship program. By awarding scholarship funds to students, we are investing in their future, and thereby the future of our community. Our scholarships have helped make college and higher education possible for numerous young folks. 

A little help at the start of one’s education can make all the difference in that individual’s future. Scholarship funds can help students reach higher, achieve more, and ultimately enjoy greater economic success in adulthood. 

Contributing to the education of others benefits the community as a whole, too. Better education means we all have access to more knowledgeable, experienced professionals. Education equips today’s youth to be the problem-solvers of the future, and we’re happy to encourage that growth through our scholarships. As a trusted Philadelphia real estate title company, we’re proud to do our part.

Volunteer Work

At Heritage Land Transfer, we truly have some of the kindest, most dedicated employees. Not only do they do an excellent job at offering title and escrow services, but they are dedicated volunteers, too.

Each of our employees has the option of spending up to 20 paid hours per year volunteering in the community. We’ve had employees work on community gardening projects, and others who have worked with the underserved.

Through volunteer work, our employees not only help solve problems within the community; they also remain more aware and involved of what’s going on in the community around them. In working with others, they learn more about those peoples’ needs, which enables them to better serve those individuals in their profession and in their personal life.

At Heritage Land Transfer, we are all about the people. Our client-first mentality extends beyond the workplace and into our scholarship and volunteer programs. IN this season of giving, we encourage each and every one of you to also consider what more you can do to give back. Communities are for all of us, and the more we contribute, the better we are for it.

Contact us to learn more about our title insurance and settlement services.