MPL LandServices, a division of MPL Law Firm, is a full-service title insurance company serving the great state of Pennsylvania. Trust us to provide reliable solutions and recommendations to safeguard against unforeseen title-related problems. Our team can also handle any real estate-related legal matter by tapping into the vast knowledge of our firm’s experienced lawyers. We work closely with and listen carefully to our clients to achieve the most favorable outcome in every
situation.
What is Title Insurance?
So, you’re buying a house. It’s an exciting time. It can also be a bit confusing. Things feel like they’re happening pretty fast, and often some important things can go unexplained – like title insurance. Many people, even those who already have title insurance, don’t understand exactly what title insurance is or what it does. We would like to remedy that by providing some basic information on title insurance.
What is a title? Simply stated, the title to a piece of property is the evidence that the owner is in lawful possession of that property.
What is title insurance? Title insurance protects real estate owners and lenders against property loss or damage they might experience because of liens, encumbrances or defects in the title to the property. Each title insurance policy is subject to specific terms, conditions and exclusions.
Does title insurance differ from other insurance? Whereas most types of insurance protect against future events and are paid for annually or monthly — auto insurance is one such example — a title policy insures against events that occurred in the past and is paid only once: at closing.
What does it cover? Title insurance protects against claims from defects. Examples of defects are another person’s claiming an ownership interest, improperly recorded documents, fraud, forgery, liens, encroachments, easements and other items that are specified in the actual policy.
Who needs it? Purchasers and lenders need title insurance in order to be insured against various possible title defects. The buyer, seller and lender all benefit from the issuance of title insurance.
What are the policy types? A standard policy insures the new owner, and a lender’s policy insures the priority of the lender’s security interest.
Why title insurance? Title insurance was first issued in 1871 to help make conveying or legally transferring property from one owner to another quicker and more efficient. Because of title insurance, real estate is more marketable and thus more valuable. Over the years, title insurance has proven effective in protecting buyers and lenders against defects in a property’s title, and today its use has spread around the world.
How does the process of getting a title policy begin? Insuring a home’s title begins with a search of the public land records associated with the property. The title company examines all documents in the public records – deeds, wills and trusts, for example – to determine the status of the title. Should title problems appear during the search process, the title company will correct them whenever possible to avoid future claims. According to surveys done by the American Land Title Association® (ALTA®), title problems consistently arise in one out of three real estate transactions (36%). That’s all the more reason to have a title insurance policy.
What is the cost of not having a title policy? Not having a title policy puts sellers at risk of having to pay future claims against the title in the case of hidden or missed issues, explained in the next section. Without a title policy, the seller has no legal protection against these claims. The most common actions taken to cure title defects include:
- releases or payoffs for liens
- releases or payoffs for deeds or mortgages needing typographical corrections (e.g., names, addresses, legal descriptions)
- clearing of estate-related issues
- clearing of physical property issues.
What if a problem is hidden or missed? Despite the search-and-examination process, a title problem may still be hidden or missed. Examples of common problems include: X forged signatures on a deed X unknown heirs who step forward to claim ownership of the property X expired or forged power of attorney used during a prior property transfer X incorrect public records. Should these or other cases arise, a title insurance policy will offer indemnity protection. The title insurer will defend the title and either perfect it or pay valid claims protected by the policy.
Why Make Us Your Title Closing Company?
Choosing MPL LandServices can offer numerous benefits for residential and commercial lenders and property purchasers.
Lenders
You’ll consult with a knowledgeable, professional staff that works hard to ensure a secure settlement. As a TRID-compliant company, we strictly adhere to the stringent guidelines indicating the information lenders must provide to borrowers, including the appropriate assessment of fees.
You can also expect to receive comprehensive service during every transaction. Experience our unwavering commitment to delivering clear and timely communication throughout the process — we’ll be there to answer questions and address your concerns.
Purchasers
Purchasers are free to choose from multiple title insurance companies in Pennsylvania. When you select MPL LandServices, you will receive prompt, reliable assistance with title searches, document/paperwork preparation and processing, deed preparation and the facilitation of all closing activities.
By relieving the burdens associated with the closing process, we help you focus more attention on the other aspects of acquiring a residential or commercial property.
We also provide access to our user-friendly Title Insurance Quote Calculator, making it easy to determine your insurance costs.
Contact Us to Learn More About Our Title Settlement Services
Discover what makes MPL LandServices the best choice for all your title insurance and settlement needs in PA. Take the next step and call our York office at 717-845-3674 to schedule a convenient consultation today. You can also contact us online to request additional information.