FAQ’S

When purchasing or refinancing real estate, it’s the buyer/borrower that chooses the title company. The Consumer Financial Protection Bureau (CFPB) encourages consumers to shop around for title insurance and settlement services to make sure that they’re getting the best deal.

In Pennsylvania, the buyer generally pays for title insurance at closing, and there are two types of policies available: lender’s title insurance and owner’s title insurance. Lender’s title insurance protects the lender’s investment in the property, while owner’s title insurance protects the homebuyer’s investment.

The simple answer is – no – you do not need an attorney to buy or sell a home in Pennsylvania. There is no legal requirement that an attorney be involved in any stage of the transaction. However, the proper question to be asked is if it would be advisable for you to be represented by an attorney.

In the deed, the previous owner will state that they have transferred title (ownership) of the property to you. Title insurance protects you against any claims that have been filed against the property itself (against the title).

The “closing” is the last step in buying and financing a home. The “closing,” also called “settlement,” is when you and all the other parties in a mortgage loan transaction sign the necessary documents. After signing these documents, you become responsible for the mortgage loan.