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The Title Search After your sales contract has been accepted, a closing agent, such as our law firm, will search the public records to look for any problems with the home’s title. This search typically involves a review of land records going back sixty or more years. Approximately one-third of all title searches reveal a title problem that should be fixed before you go to closing. For instance, a previous owner may have had minor construction done on the property, but never fully paid the contractor. Or the previous owner may have failed to pay local or state taxes (See our prior article on Common Title Problems). The quality of your closing agent has a big impact on whether something found in the title search is considered a “title problem” and if so, whether it’s brought to your attention and later fixed. Even with the best closing agents, no matter how careful or efficient, human beings can make mistakes which could ultimately result in financial loss if not insured. Two Types of Title Insurance Policies There are two types of title insurance policies: Owner’s Title Insurance and Lender’s or “Mortgagee’s” Title Insurance. An Owner’s Policy is issued in the amount of the purchase price and insures the title to the property for as long as the insured person owns the property or has liability through warranties of title. A Mortgagee’s Policy insures the lender in the amount of the loan against the invalidity or unenforceability of the new mortgage. The policy decreases as the loan is paid down and expires upon payment in full of the loan. Separate title insurance policies protect different interests. Homeowners assuming that they are adequately covered without the protection of title insurance may learn a costly lesson. It is important to know that the mortgagee policy does not provide coverage for the homeowner. Also, a prior owner’s policy will not protect a new buyer. Consider, for example what would happen if upon the purchase of a new home the buyer were to rely on the seller’s owner’s policy and later discovered a previous undisclosed interest or that a large judgment or tax lien was filed against that seller after he took title to the property. Or, suppose the individual purporting to sign the deed as your seller’s wife was an imposter (believe it or not, that happens!). Although title insurance agents make every effort to eliminate the risks involved in the purchase or mortgage of real property, there will always be certain risks for the buyers and investors. The only way to be covered for these catastrophes is to purchase title insurance coverage. The title insurance policy insures your interest subject to exclusions stated in the policy and insures against loss or damage resulting from: Any title risks covered by that policy up to the amount of the policy; and any costs, attorneys’ fees and expenses we have to pay under the policy. Don’t assume that your property has no title problems or that you have adequate insurance simply because the closing agent issues a title policy. The coverage afforded by a title policy can be “gutted” with excessively broad exclusions. You should ask specifically what your policy will cover – you’re entitled to know because you are paying for it! If a claim is made against your title as insured, the title insurance underwriter protects you by defending your interest in any court case and paying the costs, attorneys’ fees, and expenses incurred in that defense. If the claim is proven to be valid, the title insurance underwriter will pay the costs of your claim, up to the amount of the policy or will undertake the responsibility of perfecting the title as insured at its own expense. Summary In summary, the benefits of title searches and insurance are: (1) clears title problems, (2) pays valid claims, and (3) provides a defense for claims attacking the title as insured. Finally, unlike most types of insurance, the title insurance premium is paid only once. If the owner’s and lender’s policy are purchased simultaneously, there is a substantial discount. Fiffik Law Group, P.C. provides a full range of services to residential and commercial buyers and sellers. We are approved attorneys for Fidelity National Title Insurance Company, Commonwealth Land Title Insurance Company, Chicago Title Insurance Company and Conestoga Title Insurance Company. Our real estate services group consists of Michael E. Fiffik, Esquire and Lacey Gordon, Esquire. Reach them at 412.391.1014. #realestateclosing #closings #realestatepittsburgh #realestate #realestateinvesting #realestateattorney #titleinsurance #realestatebusiness #whatistitleinsurance #realestate #realestatepennsylvania #settlementagent

My wife, Joyce, and I would like to congratulate you and your organization for having an employee, Jennifer Bamonte, with the understanding and compassion for the elderly among your clients. Jennifer has been most patient and responsive to our needs for the required legal documents necessary for our Powers of Attorney and Wills. She has made a rather difficult (for an 87 and 82 year-old couple) preparation of acceptable documents, much easier with her patience and concern. We have been members of Legal Shield (formerly Pre-Paid Legal) for several decades and are glad to have your organization on our side. Thank you very much Member from Honey Brook, PA

This was a very stressful time in my life and I wanted LegalShield to know that they treated me wonderfully from the receptionist to the Lawyer.  They made me feel at ease. Member from Richlandton

I am very impressed with Attorney Melissa Derby.  She spoke to me with compassion and thoroughly explained the pros and cons.  I had a very positive experience.  My legal issue may not be solved yet, but I am confident that I am being expertly guided. Thank you! LegalShield Member

Many thanks to my team of attorneys especially Attorney Rosen.  She did a wonderful job and I cannot thank her enough for all of her help. Member from Lancaster, PA

Richard F Welch, David P. Siegel and Michael E. Fiffik have been named by Pennsylvania Super Lawyers to an exclusive list of Pittsburgh’s Top 50 attorneys.   Thousands of peer nominations and evaluations are combined with independent research. Each candidate is evaluated on 12 indicators of peer recognition and professional achievement. Selections are made on an annual basis and culminate in the selection of 50 Pittsburgh attorneys who were named to this prestigious list.  This is the first year that each of them has been included in the Top 50 list in Pittsburgh.

Both the receptionist and the lawyer were wonderful.  The lawyer phoned back within 2 hours from the time the receptionist took my call.  I was so impressed how they explained everything to me that I was able to understand.  I used the information they provided, and I am VERY HAPPY with them.  Also they said if I had more questions relating to our conversation to feel free to phone back. Thank you for providing me the peace of knowing I don’t have to try to figure things out on my own…there is always someone who can help me. Happy I don’t have to depend on Google anymore!! Member from New Kensington

Regardless of the outcome I was very impressed by the professionalism of Attorney Marsha Maietta. I felt like she really cared. Member from Verona, PA

Thinking About Tax Day Yet? The health law makes February 15 an important deadline by which many people had better start dealing with their taxes. This is the first year you’ll be required to answer questions about your health insurance coverage and possibly pay a penalty for NOT having coverage. If you do not have coverage, February 15 rather than April 15, is an important deadline for you. For many people who get insurance through work, the change will be simple: checking a box on the tax form that says, “Yes, I had health insurance all year.” But for millions of others, their tax return will be far more complicated and costly if they did not have insurance. The penalty for NOT having insurance in 2014 is the greater of $95.00 per adult (and $47.50 per child) or 1% of household income above the level at which an uninsured individual is required to file a tax return–currently $9,500 per person and $19,000 per couple. Next year it’s the greater of $365 or 2%. That means a person whose 2014 taxable income was $23,000 but did not purchase insurance would pay 1 percent of income – $230 – not $95. The IRS can withhold the amount of the penalty from the taxpayer’s refund. It’s too late to avoid penalties for 2014 but not too late to avoid penalties for 2015. Your best bet to avoid the increased penalties next year is to sign up for insurance by February 15, 2015, the end of the health law’s open enrollment period. If you don’t think about avoiding the penalties until April when you file your taxes (if you wait that long), it may be too late!

The lawyer was very helpful and made me relax.  So much so, she even offered to speak to my wife if she didn’t believe me.  She did.  Love the service I receive and have received in the past. Member from West Mifflin.

What I like when I call LegalShield is that they take ownership of my issue.  They listed to my concerns, give me instruction and the Counsel is target dead center on!  Overall the receptionist and the Attorneys are glad I called and I can hear the smile and enthusiasm in their voice.  I recommend the LegalShield service daily to my friends, family and community! Member from Gettysburg, PA

The Attorney helped me and led me down the right path.  She was very knowledgeable and patient with all the questions I asked. Member from Philadelphia, PA