By Jeff Lender
If you are thinking about purchasing a home, or you have already started the process, you should know that buying title insurance is a great way to protect yourself from incurring financial losses due to a range of title defects. Undiscovered liens, competing claims of ownership, and other encumbrances can cost you thousands to resolve, and they can prevent you from selling your property until they are resolved.
You should also know that, although your lender probably required you to purchase a title insurance policy, this coverage will not protect you as the homeowner. A lender’s title insurance policy protects only the lender’s financial interest in providing your loan; it does not protect you from title defects. You will need to obtain an owner’s title insurance policy if you want the same protections for yourself.
When you buy a home, it’s best to start the title insurance process well before your projected closing date. That way, you will know for sure that your policy will be in effect the day you move in and that you will be protected from any undiscovered title defects that come up in the future. So how long does the process take? How far in advance should you start shopping for title insurance? The team at World Wide Land Transfer has the answers for you!
If you want to get the best owner’s title insurance, it’s best to speak directly with an agent rather than trying to research online and find your own coverage. This can help you save a lot of time. World Wide Land Transfer has been in business for more than 20 years and our agents have the kind of experience that allows them to quickly identify your title insurance needs and find the right coverage options for you.
Simply call one of our agents, who will get some information from you and recommend a standard policy and some additional endorsements that may apply to your property. Once you make a commitment and fill out some paperwork, the process will continue without much input from you. In addition, you won’t have to pay your premium until closing day!
How long it will take to get title insurance depends on many factors. If your property title is free from any encumbrances, it can take as little as two weeks to get approved. If any defects are discovered during the title search, they will need to be resolved before a policy can be issued, and that takes time. Some defects, like public records errors, can be resolved relatively quickly. Others could take much longer. For example, a property line dispute will require a survey to be scheduled and conducted and any discrepancies to be resolved. That could take weeks or even months.
An ownership dispute could take even longer – potentially even years – to resolve. If you and the seller want to continue the process, you can. If you decide to back out of the deal, you will be happy that you spoke to a title insurance company early in the process. That’s why it’s best to start shopping for title insurance as soon as possible before your closing. In Pennsylvania, we recommend you get started 30-90 days in advance to ensure there won’t be any delays in your closing.
Don’t let title defects hold up your real estate transaction; start the search for title insurance today! World Wide Land Transfer can help. Get in touch with our agents if you are looking for a title insurance company in Harrisburg, PA and in other communities across the country.
World Wide Land Transfer is a service-oriented PA title company with offices in Philadelphia, New York, and Washington, D.C. With a record of going above and beyond, we are trusted to close everything from complex commercial transactions to residential refinance and purchase transactions.
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