Title Search & Examination
The first step in the title process involves a bit of detective work. Our team will do some research to learn about the history of the property. This is commonly referred to as a title search. For all transactions, this search will show the home’s past ownership details and uncover any red flags that will need to be dealt with prior to settlement.
We will look for and examine all liens or judgments against the subject property. For example: bankruptcy cases, divorce agreements, outstanding mortgages, overdue property taxes, child support obligations, state or federal tax liens and any other items that will need to be cleared up prior to, or as part of your settlement!
A title search may also reveal property restrictions or limitations. Some details that might arise are:
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Boundary issues: This is if the home or other structures were built outside of property lines.
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Easements: This could give other parties, such as utility companies, government agencies, or businesses access to your land.
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Restrictions or Historical Status: This could mean certain rules must be followed on how you can change or modify your home.
The purpose of the title exam is to protect you and the lender from being on the hook for any unresolved title issues. It is important to discover these issues before closing, so that you don’t inherit these problems as part of your transaction.
The property title must be clear before you can buy or refinance a home. If there are any holdups that could prevent you from closing, our team at PCA will work diligently to get them cleared up, so that we can get the file to settlement as quickly as possible!
Resolve Title Issues
After our team completes the title search, we will begin working immediately to resolve any title issues to keep your closing on schedule. Our team may reach out to chat with the seller to learn more about their ownership in the property, and to work with them to help clear up any unresolved issues.
Settlement & Signing
After resolving any and all title issues, we are then able to schedule your settlement! PCA will work with your lender to prepare all the necessary paperwork required for settlement. We will then reach out to get you on the calendar for your closing! We operate around your schedule, day or night, to make it the most convenient for you!
On settlement day, you should be prepared to sign your closing package documents, which typically takes around a ½ hour. For a home purchase, the seller will also sign over the deed, to officially make the home yours!
Issue A Title Insurance Policy
Once all the documents are signed at settlement, we can then issue your title insurance! This fully protects both homebuyers and lenders that there are no outstanding obligations with your title!
While a lender’s title insurance policy is required in every purchase or refinance where a mortgage is involved, an owners’ policy is separate and optional. With that said, owner’s title insurance is highly recommended to ensure that you, as the new homeowner, are protected from any potential financial obligations or legal issues that may arise from the past.
Mortgage Recording & Funding
If everything on your closing day goes according to plan, PCA will submit your new deed and mortgage to your local county records office. Your local records office will make note of the necessary details for public record.
Finally, the PCA team will work with your lender to disburse all the funds for your new mortgage loan. We will remit taxes and homeowners insurance on your behalf, if necessary, as part of the disbursement process! If you’re refinancing, we will pay off your previous mortgage and, for a cash-out mortgage refinance, distribute your funds!
Our Services
Welcome to Penn Charter Abstract, where we are dedicated to guiding you through every step of your real estate journey with unwavering commitment, trust, and expertise. As a leading authority in the title industry, we understand the importance of instilling confidence and reliability in our clients. With a focus on your unique needs and aspirations, we offer a comprehensive range of services tailored to streamline your experience, whether you're buying, selling, or refinancing. Backed by years of industry knowledge and a team of seasoned professionals, we strive to exceed your expectations and ensure a smooth and secure transaction every time. Trust Penn Charter Abstract to safeguard your interests and deliver unparalleled results in every aspect of your real estate endeavor.