In Pennsylvania, consumers are free to shop for title insurance and to select a title company, settlement company, or attorney to conduct their closing. While real estate agents often influence the choice of as settlement company, as a consumer you have the right to determine your own provider. It can pay to do some research to determine which company would best suit your needs.
Title Insurance
Title insurance protects the single largest financial investment most people make in their lifetime. Title insurance is not as well understood as other types of home insurance, but it is just as important. When purchasing a home, instead of purchasing the actual building or land, you are really purchasing the title to the property – the right to occupy and use the space. That title may be limited by rights and claims asserted by others, which may limit your use and enjoyment of the property and even bring financial loss. Title insurance protects against these types of title hazards.
Costs
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. title insurance rates may not be as "shoppable" in these states, the cost of other services provided by the title company may or may not be included in the rate and can definitely add up! Be sure to inquire about these "extra" costs when obtaining a title insurance quote.