FAQ'S
FAQ's
Title insurance covers any underlying issues with a home or property’s title that the title company may have missed during the home-buying process. In any real estate transaction, the title company runs a public records search to ensure that the home being purchased is free and clear of any liens or ownership disputes.
An ounce of prevention. If you are taking out a loan to buy your home, the lender will require you to purchase lender’s title insurance to cover its investment. Essentially, the lender wants to make sure this is a legitimate deal with someone who has the full right to sell the property to you.
You should expect closing to take about an hour. We do our very best to move closings along efficiently, while making sure all of our client’s questions get answered.
You’ll want to bring identification, any closing funds, and any additional items your realtor or lender may have asked you to bring to closing.
Generally, only one form of identification is needed at closing, but there are some lenders that require two forms of identification (with at least one being a current government issued photo ID); good forms of identification include:
Primary
- Drivers License
- Passport
Secondary
- Insurance Cards
- Work ID
- Automobile Registration Card
If you’re bringing funds to closing, it’s important that you bring closing funds in the proper form. Here is our policy for closing funds:
- Personal checks are acceptable for amounts below $1,000.
- Cashier’s checks or certified closing funds are required for any amount due over $1,000. Checks should be made payable to Nittany Settlement Company.
- If you’re closing on another home prior to closing with us, you’ll want to contact us about having that title company wire us your proceeds.
Title is the evidence of a person’s right to the ownership and possession of land. It is possible that someone other than the purchaser has a legal right to the property. If that right can be established, this person can claim the property outright or make demands on the owner as to its use.
Any number of problems that remain undisclosed after even the most meticulous search of public records can make a title defective. These hidden “defects” can be particularly dangerous because you may not learn of them for many months or years after you acquire title. Certain defects can force you to spend substantial sums on a legal defense and may still result in the loss of your property.
The cost of title insurance depends on the value of the home you are purchasing. It is a one-time premium that you pay when you purchase a home. Owner’s title insurance protects you and your heirs as long as you own the home.
Absolutely! A home is a huge investment. It’s important that you protect yourself from financial loss if problems should arise that call your ownership interest into question. Even with a thorough title search, issues can still arise. You want to protect yourself from the unknown. Title insurance will also pay for the cost of defending you against any covered claim.
Lumina Settlement Servies provides professional settlement services which are required to complete the real estate closing process in the Commonwealth of Pennsylvania. These services include a thorough review of the public records (called a title search), title examination and analysis by our experienced real estate attorneys, the issuance of title insurance commitments to your financial institution(s), Lender and Realtor coordination services for the scheduling of your closing, as well as presiding over the final closing, recording your deed and mortgage upon the conclusion of your settlement, and the final disbursement of settlement proceeds.
At Lumina Settlement Services we believe it is the buyer’s right to choose where they wish to complete their closing because they are the individual(s) who will be required by their lender to purchase a Lender’s Title Insurance Policy, and it is the buyer who may also elect to purchase an Owner’s Title Insurance Policy for their own benefit. Therefore, it is the buyer who should feel free to develop a confident relationship with the Settlement Company of their choice.
Upon selecting the experienced team at Lumina Settlement Services, buyers will enjoy the professional coordination of their closing as our staff is in constant communication with realtors, lenders, developers, and contractors – all in an effort to assemble your closing with the least amount of disruption of your day while scheduling a closing time most convenient to you.
On the day of your closing, our staff will be here to greet and welcome you into our office with refreshments before you get started. We also have the convenience of two closings rooms so we can multiple, simultaneous closings throughout the day so we can accommodate our clients’ busy schedules.
