Resources for Buyers

A Plus Settlement Services, Inc. is committed to providing reliable real estate closing services to buyers with four convenient locations in McConnellsburg, Greencastle, and Chambersburg, PA. We oversee the entire closing process for your new property, working with real estate agents, attorneys, loan officers, contractors, and government agencies to ensure that everything runs smoothly and your investment is protected.

In the settlement search process, one out of every four title searches reveals a defect. This can mean serious legal complications for your investment. As real estate title experts, we can protect you and your property from the pitfalls of property liens, forged deeds, and other hidden issues in the chain of title.

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Understanding Title Insurance

What is title insurance & what types are there?

Title insurance protects you against problems affecting the title to your home. There are two types of title insurance—a Loan Policy, and an Owner’s Policy.

A Loan Policy protects the lender for the amount of the loan, while the Owner’s Policy protects you, the homeowner, for your investment in the property—your equity. In both cases, the title process covers an exhaustive search of public records to make certain the title to the subject property is clear, and covers against future loss if a claim against the property is made.

How is title insurance different from other kinds of insurance?

Most types of insurance cover incidents that may occur in the future, which is the case with health, life, auto, and homeowner’s insurance. The cost of these policies is based on the insurers’ estimation of how much they will likely pay out in claims over a given period. The volume of claims is typically high with these types of insurance.

Title insurance, on the other hand, is based on loss prevention, which means that a much larger percentage of the premium dollar is spent preventing title problems from occurring. These upfront costs cover searching, identifying, and eliminating risks that could result in a future claim.

Why is title insurance valuable?

The cost for title insurance is a one-time fee, as opposed to other lines of insurance that charge a monthly, quarterly, or annual premium over the life of the policy. When you consider the size of the asset being protected, title insurance is probably the best value among the majority of costs associated with closing on a new home.

How can I best protect myself against a title claim?

Even after an exhaustive title search is performed and a title policy issued, sometimes a problem may surface that can threaten your home. If you only have a Loan Policy, where the outstanding loan is covered, your equity is not protected. A separate Owner’s Policy is recommended as it protects you for as long as you or your heirs own the property that is insured. It also covers legal expenses involved in defending the title on behalf of the homeowner.

For further guidance with title insurance and the closing process, contact us today!