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

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!

Title Endorsements: The Concept and the Types Explained

title company Pennsylvania
Title Endorsements: The Concept and the Types Explained

As you go about buying real estate, you’re likely to encounter some less-familiar terms. One of these terms is “title endorsement.” Your real estate agent may mention title endorsement, or you might see it listed on an estimate from your title company. In either case, it’s a good idea to understand this term so you have a better idea of what you’re paying for and why you need it.

So, without further ado, here’s an explanation of the title service known as title endorsement, along with a look at the different types of title endorsements.

What Is Title Endorsement?

Perhaps you’re familiar with title insurance. It is a type of insurance that protects the buyer or the lender from any liens or claims against the title that may be revealed after real estate is purchased. Title endorsement basically takes things one step further from title insurance. It protects you against specific types of issues with your property’s title.

Title endorsement is not necessary for every real estate transaction. However, it can be a very smart buy in certain situations. If you or your attorney have any reason to suspect there may be a specific issue with a title, you can purchase a title endorsement against that issue. 

What Are The Different Types of Title Endorsement?

There are many, many different types of title endorsements. Those most commonly used types are explained below.

Survey Coverage

Survey coverage protects your interests should there be a discrepancy between the land identified on the title and the land that’s listed on an insurance policy. This is helpful coverage when buying large tracts of land with poorly defined boundaries.

Minerals and Substances

Does someone have an easement to access minerals, oil, or other substances located beneath your land? A title endorsement can protect you should these parties cause damage to your land when adhering to the terms of the easement.

Zoning

A zoning endorsement can protect you if the local jurisdiction changes the zoning in a way that keeps you from using your property in the way you intended. This is a common title endorsement for business owners.

Access

If your property does not directly border a public street, such as if the driveway to access your home is on a neighbor’s land, you will want an access endorsement. It protects you from losing that pathway to access your land.

Easements

Perhaps a neighbor has an easement allowing them to use your driveway to access your land. Or, perhaps the power company has an easement to access lines on your land. An easement endorsement, drawn up by a title company Pennsylvania residents trust, can protect you in this case.

Could you benefit from having a title endorsement drawn up as a part of your real estate purchase? Reach out to your Philadelphia title company for their expert advice. Heritage Land Transfer would be happy to help. We’re a full-service title company and escrow agency, and we always put customers first.

Our team of expert professionals provides a seamless title transfer experience, guaranteed lowest rates, and the fastest closings. We believe in making the real estate transaction a happy experience for our clients and partners alike, and to that end, we do what it takes, including traveling to their preferred locations.

4 Things You Need to Know About Commercial Title Insurance

4 Things You Need to Know About Commercial Title Insurance

Buying commercial property always comes with some risks. One of those risks can be related to the property title. Commercial title histories can be long and complex, and it’s not terribly rare for previous liens or claims to a title to show up. The good news is that commercial title insurance from a title company can protect you and your lender from these risks. Here are a few key things you should know about commercial title insurance.

1. There Are Two Key Types of Title Insurance

When you’re purchasing a commercial property, there are two separate entities that should take out title insurance policies. The first is your lender. In fact, most lenders are required to have title insurance in order to hold the loan on a commercial space. This title insurance ensures that if there is an issue with the title, the lender is protected from financial risk.

The second party that should buy insurance from a title service is the buyer. In commercial transactions, this is generally the LLC, sole proprietorship, or corporation that is buying the property. This policy is separate from the one held by the lender, and it protects the business financially should any title problems come to light.

2. Title Searches Don’t Negate the Need for Insurance

Before you buy a piece of commercial real estate, you should have a title company conduct a title search. This search should turn up any liens or claims to the title prior to purchase. However, the title search process can occasionally miss liens. As such, a title search is not a replacement for title insurance. Even the best title company Pennsylvania has to offer may not be able to uncover everything in the search process, and insurance protects you from this possibility.

3. Commercial Title Insurance Is Paid For Once

Commercial title insurance is not something you or your business need to pay for month after month. Rather, you pay for this insurance via a one-time fee due at closing. The escrow agency will typically hold the funds while you’re in the process of purchasing the real estate. Then, when you sign the closing documents, the title insurance company will be paid for the policy or policies. 

4. Title Insurance Offers Continued Protection

Policies to protect both you and the lender last for as long as you own the property. Or, in the case of the lender, they last as long as there’s a loan out on the property. So, if an issue with the title comes up in 5 years, you’re protected. If an issue arises in 15 years, you are still protected. It’s nice to get such long-lasting risk reduction for a one-time payment at closing. 

Commercial property can be a sizable investment, so it is worth protecting your investment. Your lender will likely require title insurance, and you should strongly consider taking out a policy to protect your business, too.

Contact Heritage Land Transfer to learn more about our title services. Our stellar customer service, unmatched resources, and guaranteed lowest rates are brought to you by an award winning team of professionals, dedicated to helping our clients and partners have the most seamless transactions.

6 Reasons to Choose Heritage Land Transfer Company, Inc as Your Title Company

6 Reasons to Choose Heritage Land Transfer Company, Inc as Your Title Company

Title search and title transfer are two very important parts of a real estate transaction. It’s important to choose a title company Pennsylvania residents can trust in order to handle these processes. At Heritage Land Transfer, we are proud to be a step above the competition. We are confident we can handle your transaction with ease, but don’t just take our word for it. Here are a few key reasons to choose us as your title company

1. Guaranteed Lowest Price

You will not find a lower price on your commercial or residential title insurance. When you get the best service and the best resources at the lowest price possible, there is no need to shop around!

2. 20-Minute Closings

Closing on a real estate deal is not anyone’s idea of a good time. As such, you probably don’t want to be sitting around the closing table and signing paperwork for any longer than is necessary. At Heritage Land Transfer, we can deliver 20-minute closings when time is of the essence. This allows you to finish and get on with your day, whether that means heading back to work or going home to see your family.

3. In-Home and Virtual Closings

Do you have kids you don’t want to leave with a sitter? Perhaps your car is in the shop. If you can’t make it to our offices, we can come to you. We offer in-home closings to make things simpler for our customers, whatever their needs may be. 

Maybe you got called away on travel, or perhaps you’re selling a home remotely. In cases like these, we can provide title services and closings virtually and securely, using our cutting-edge software.

4. In-House Attorneys

Many title companies rely on outside attorneys. This slows down the title search process and can lead to longer closing times. At Heritage Land Transfer, we employ our own attorneys in-house. This allows us to provide our customers with more comprehensive services, and it also allows us to work faster than our competition.  

5. Client-Focused Approach

Every client is unique. As we work with you to facilitate your real estate transaction, we get to know you personally so that we are better able to understand and fulfill your unique needs.

We have in-house interpreters to help us communicate clearly when a language barrier comes into play, and we contract with additional, outside translators as needed, too. We’ll keep you informed every step of the way as we conduct your title search, prepare your settlement, and ready your account for closing.

6. Community Involvement

At Heritage Land Transfer, we are proud to be a part of the communities we serve. Our employees can spend up to 20 paid hours each year volunteering in the community. We also offer scholarship programs to help support our youth.

If you’re looking for a title company Philadelphia is proud to call its own, then Heritage Land Transfer is the choice. We offer a wide range of services, from title transfer to contingency resolution, and we are also an escrow agency.

Contact us to learn more about us and our dedication to putting clients first.