Before we move on to describe what title insurance company is all about itís important to understand what title insurance is. Say you buy a property and after few months someone comes and claims the very same property as his. What do you do? File a complaint against this person or try to tell him that the property is yours and that you bought it recently? What if heís telling the truth? What do you do then? This is where title insurance comes into play. The insurance not only is a protection against monetary loss due to deficiency in title to real property but also against mortgage liens. Furthermore this insurance helps to protect the financial interests of owners and lenders.
Now, Philadelphia Title Companies are the ones that offer title insurance. What these companies do is willingly perform the monotonous task of legal research on property titles to uncover who the legal owners are and whether or not the property has any liens on it. As stated earlier the insurance offered protects the buyers from those who claim the property as their own.
According to the federal law of RESPA i.e. real estate settlement procedures act homeowners have the right to choose a title insurance company while purchasing or refinancing residential property. No lawyer, broker or bank can order any homeowner to choose that particular title insurance company. The insurance companies not only carry out a proper research and examination on the details of real property ownership but they also find out about the rights and limitations of its use.
If you are buying a property or a home what you would want to do is enjoy certain amount of benefits such as to be able to occupy the property and use it as you wish. You wouldnít like being burdened by the debts and obligations that you werenít even aware of in the first place. You would also like to sell your property as an whenever you feel like or have the need to, wouldnít you? A good title insurance company will help protect all these rights but you have to be sure that the company youíve choose is the right one. How? What you do is a proper research and donít just stick to one company find out about many others at the same time so that you have a list of good Philadelphia title companies to choose from in the end. Also make sure that you ask all the right questions. Now that you have understood what this insurance is all about Iím sure youíll have a lot many questions to ask the insurance providers. Furthermore you can check with their clients or in the local area and figure out the kind of services they provide whether it is suitable for you or not.
Lastly, remember that the title insurance costs depend on the value of your property and that you need to pay only once. The insurance than covers your interest on the property as long as you donít sell.
Article Source: http://goarticles.com/article/An-intro-to-title-insurance-Company/5065508/