Your Contract & Settlements Ltd
Once your offer is accepted, your contract will begin to be executed to guide your transaction. This will include inspections, evaluations, lender appraisals, possibly a survey and more.
You’ve found your dream home! Congratulations will be in order soon, but first, we need to guide you through the closing process. At Settlements Ltd, we are responsible for the coordination of your transaction and the protection of your investment and the investment your bank will make in your dream of homeownership. Let’s break down the process ahead:
Time to search!
Would you believe us if we told you that the sale of your home does not guarantee that you have final ownership rights to your property? As a matter of fact, Abraham Lincoln’s family lost their properties several times due to better claims to the property. This is where our team of experts will begin their search into your property’s history. We are looking for anything that doesn’t look right, doesn’t quite match or could be disputed at a later date. If we run into anything, we will attempt to resolve the problem.
Picking up your keys!
At this stage, you’re probably a bit anxious to get into the closing room and give us your John Hancock. Not to worry, it’s your closing day! You’ll likely begin the day by walking through your property to look for anything that may have changed between your inspection and closing day. Once you’re satisfied with the condition of your home it’s time to close. We collect your funds and coordinate the disbursement of funds from you and the bank to all parties. When you arrive at the closing we will review your entire transaction. We will review any important notes about your transaction, collect your signature several times and then send you off with keys in hand to begin your move!
You have questions. We have answers.
How much does a title company cost?
The cost of title insurance is based on the sale price of the property and is a one time fee. Unlike other insurance policies, you do not pay a recurring bill for your title insurance policy. When you close, that’s it! The cost of your policy will be reflected on your Loan Estimate which is provided to you prior to closing.
Can I choose my title company?
Yes! You absolutely have the power to choose who will guide you to the closing of your home. Just like your real estate agent or mortgage lender, finding the right title company can make a world of difference in how smooth your transaction is. We recommend a complimentary consultation with your title company ahead of your decision to close with one. At Settlements Ltd, we are one of the oldest family-owned settlement services companies in Southwest Pennsylvania and are happy to show you how our clients feel like family while under our care.
What is the difference between a basic and enhanced owner’s policy?
Basic Owner’s Policy
Basic Owner’s Title Insurance covers a property owner against legal claims challenging matters associated with the chain of real property title ownership for a time period up to and including the date of recordation of the Deed that is linked to the title policy owner. The elements of the Basic Policy Coverage Include:
- Third Party claimants of an interest in property ownership
- Improperly executed documents
- Prior transaction forgery or fraud
- Restrictive covenants not recorded
- Defective recordation of documents
- Prior recorded liens not disclosed in the policy
- Unmarketability of the title
Enhanced Owner’s Policy
Enhanced Owner’s Title Insurance provides coverage for 28 additional risks, many of which pertain to future coverage and automatically increase to cover appreciation in the value of the property substantially reducing the risk and exposure on the largest investment that you will make in a lifetime. The elements of the Enhanced Policy Coverage include:
- All Basic Policy Coverages PLUS
- Automatic Increase in original policy amounts to cover appreciation in value of the property
- The policy insures to the benefit of those who may inherit the property from the property owner(s)
- The policy insures to the benefit of a Trustee on property transfer after policy date
- Post Policy Forgery
- Post Policy encroachment onto the insured’s land
- The enhanced existing right of access to include both pedestrian and vehicular access
- Losses due to building permit violations
- Losses due to an existing violation of subdivision laws
Aren’t there identities that are stolen during real estate transactions?
The modern real estate transaction is a vault of personal information that can lead to identity theft. Like all secure storage solutions, however, not all companies handle your information the same. At Settlements Ltd, we think about our role in your transaction like a Federal Reserve location rather than a safety deposit box at the bank. When your information is delivered to our offices, we take care to ensure its secure delivery across encrypted channels that protect against third-party intervention. While it is in our possession, industry-leading software and hardware solutions ensure that your information is safely stored in our system.
More importantly, however, is the largest security vulnerability of them all – your inbox. We never send important wiring instructions via email and always suggest contacting us directly to confirm any financial information. If you ever have doubts about communication, it is always better to be safe and call us to confirm the information.
Who is Settlements, Ltd.?
We are Southwest Pennsylvania’s low cost, family-owned, relationship-based settlement services and title insurance provider.
OUR OFFICE
41 White Avenue
2 Crafton Square
Pittsburgh, PA 15205
Phone: (412) 922-6095
Fax: (412) 922-3515
[email protected]