Benefits of Title Insurance in King of Prussia

Secure Your Home Ownership With Title Insurance in King of Prussia

If you’re in the middle of buying a home then you’re likely aware of the importance of the paperwork involved.  Whilst savvy buyers know what to look out for, first time buyers or those with less than attentive agents may forget to complete crucial aspects of the process. As a specialist in providing homeowners with financial peace of mind, Members Settlement Services, LLC has prepared some information to give you information on one of the most important aspects of the home buying process; Title Insurance. Available only prior to settlement, title insurance in King of Prussia and its included title search are vital components to the due diligence involved with buying a home due to the potential risk of your home being foreclosed.

Researching the State of the Title

Obtaining the level of security that comes with title insurance in King of Prussia comes in two parts – a title search and title insurance. A title search is a thorough investigation into numerous aspects of the title of any home you have an interest in purchasing. Below are some of the items investigated when performing a thorough title search.

Leins Against a Property

A lein is a remark placed against the official records of a property’s title when either the title is used as a deposit for a line of credit, or as security for a payment plan to resolve a tax debt. This remark notes a legitimate claim to financial recovery via foreclosure in the event arranged credit obligations are not met.

• Tax Debts are one of the more prominent leins that can be uncovered due to tax agencies reluctance to provide payment plan options for outstanding tax debts without a high degree of security. For leins of this nature, should the property transfer to you and the previous owner ceases to continue their repayment obligations, the IRS can move for an immediate foreclosure of your property to recover the owed funds.
• A mechanic’s lein is one placed against a property by a provider who has performed work to either repair or improve the mentioned property, however is yet to receive payment. In these instances, home owners continue to repay the service provider until payment is cleared and the lein is removed. However in instances where the title has changed hands, the previous owner’s interest in maintaining any required payments can be heavily reduced.  Once this occurs, a creditor can call a lein in to action and claim recovery of funds. Unlike the IRS circumstance mentioned above, creditors in these instances usually wait for the next natural transfer, seeing a recovery amount removed before you have a chance to receive your sale funds.

Each of these instances, and more can be uncovered as part of a thorough title search investigation performed by a professional title agent. If you are interested in discovering any potential risks before you settle,  speak with Members Settlement Services, LLC on 610-482-4086 and ask about how the title insurance in King of Prussia process can make you aware of potential issues before they have a chance to arise, and before it’s too late.

Unclaimed Rights and Forgeries

One of the more difficult instances to uncover, and potentially the true test of a good title agent, unclaimed rights and forgeries have the serious potential to cause a domino effect throughout the ownership history of the title resulting in your ownership being challenged.

• Previous title transfers that were conducted under the power of an authority can be invalidated should the authority used be out of date or not applicable.
• Additionally, rightful named heirs to a title that were not made aware of the property’s sale can raise claim against the transfers validity, seeking financial reimbursement for perceived loss of income at the time of transfer.

How Title Insurance in King of Prussia Can Provide You With Peace of Mind

With a completed title search, a title agent is able to assess the risk of providing a comprehensive title insurance policy designed specifically to address your protection needs. Once an agreed upon policy is completed, one-time payment is made and the policy is activated. That’s it. You can now enjoy the benefits of homeownership knowing that a trained title search professional has completed a thorough investigation into the ownership history of your home title, and your subsequent title insurance in King of Prussia policy is in place should any financial claims be made.

Title Insurance in King of Prussia

Obtaining the level of financial security and peace of mind isn’t difficult, in fact, it’s quite easy. As easy as calling Members Settlement Services, LLC and getting your title search started. Speak with a professional on 610-482-4086 who can answer any questions you may have about these and the many other benefits title insurance in King of Prussia can offer.