Title Insurance/Real Estate Settlements
OWM Law real estate attorneys are also agents for a nationally renowned title insurance company and, as a result, we can provide real estate buyers with title insurance as well as legal advice. Our clients have found this to a better deal financially - and more convenient. Our title insurance premiums, and related closing costs, are competitive, if not better, than all other local companies. Since the buyer is paying the title insurance premium at settlement, the buyer has complete control over who provides the title insurance and who conducts settlement in the transaction. Our firm highly recommends that the buyer inform all of the other parties involved in the transaction (i.e., listing and cooperating realtors, mortgage broker, etc.) that they want to choose their own title insurance company.
- Real Estate Settlements Conducted by Staff Attorneys at both Pottstown and Phoenxiville Locations
- Residential Title Insurance
- Commercial Title Insurance
- Property Searches
We look forward to being part of your "real estate team" as you make one of the most important purchases of your life. Please contact us to review your title insurance costs and general settlement procedures before signing an Agreement of Sale for the purchase of a new property or any other real estate transaction.
Call 610-323-2800 to speak with a real estate lawyer today.
Frequently Asked Questions
- When do you purchase Title Insurance?
If you are financing your purchase (i.e., getting a loan or mortgage), the lender will require that you obtain and pay for title insurance to make sure the mortgage is properly recorded and that it is the only lien against the property.
- Do I need Title Insurance if I am paying cash for the property I am purchasing?
If you are paying cash for a property, it is not required that you obtain title insurance. However, we recommend that you always purchase title insurance, whether it is required as a condition of your mortgage loan or whether you are buying the property with cash.
- How do you purchase title insurance?
Title insurance is paid for with a one-time premium at the time of the real estate settlement, the amount of which is based upon the purchase price and the amount of the loan you are receiving from a mortgage lender. Since title insurance is a competitive business, most title insurance companies charge the same premium. Generally, the title insurance premium is just short of one percent of the purchase price (with the amount of the loan from the mortgage lender), with a premium decreasing in percentage as the amount of insurance increases. For example, title insurance on a $100,000.00 purchase is, generally, $828.75 while that on a $300,000.00 purchase is, generally $1,828.75. Buyers must also be made aware that title insurance companies charge additional fees for notarizing documents, recording fees, certifications from municipal and taxing authorities, title insurance endorsements, etc.
- Do I Need a Real Estate Attorney?
- New Real Estate Settlement Sheets and New Agreement of Sale Form (video): Part 1 Part 2
- Home Improvement Act (video):
Part 1 Part 2
- Tax Assessment Appeals - Stop Overpaying Real Estate Taxes
- Extension of Home Buyer Credit, Reduction of Interest Rates
- Pennsylvania Home Improvement Consumer Protection Act