Keeping Track of PA Title Insurance Rates: How Does Title Insurance Work in Pennsylvania?
Title insurance in Pennsylvania (PA) is regulated, which means all insurance companies offer the same rates. This doesn’t simply mean that the rates are similar, but that they are completely identical. While in other states, homeowners and buyers are encouraged to search for the best deal, in Pennsylvania, they essentially have only one premium to choose. Even though this can significantly limit your choices as a home buyer, it also means that you can more accurately calculate all your expenses when you purchase or invest in just about any real estate property. But where do you find PA title insurance rates, and how can you integrate them into your calculations?
Title insurance rates in Pennsylvania are available online, and can also be calculated based on the guidelines and regulations of the State of Pennsylvania. Most companies will provide complete charts and tables describing every number you can search for, from the most affordable real estate properties worth only 0 to $30k, to the most expensive ones, sold for more than $30 million. Most tables will provide several different rates, depending on whether the property is being sold, or the rates are available as non-sale or enhanced. Rates will also differ depending on whether the property is being purchased through a mortgage loan or a previous mortgage is being refinanced. It’s important to note in this case that title insurance is not only purchased when a property changes title owners. In fact, owner’s title insurance can be bought at any time. For example, if you forgot or failed to buy it when you purchased your property, you can do so subsequently for the same amount.
While in most states the seller is expected to pay for owner’s and lender’s title insurance, in Pennsylvania, this responsibility is required of the buyer to fulfill. If you plan on purchasing a real estate property, you will have to pay for the full amount in most cases, before the deal can close. Of course, this isn’t always the case, since there are instances where the seller is the one who agrees to pay. As a property seller, you have this right, and it can greatly help you when you’re planning to find a buyer as fast as possible. According to the law that regulates real estate transactions in Pennsylvania, sellers are able to pay off the cost of title insurance in full as a basic, seller-paid closing cost.
You are not limited to using online charts and tables to find out the title insurance rate associated with your home or the property you plan to purchase. Using title insurance calculators can offer you an easier way to find out about the title insurance rates in Pennsylvania. While this practice is not necessarily as accurate as asking a title insurance company or checking the official rates, it can provide you with an estimate of what you can expect. Moreover, some title companies will provide more accurate title insurance calculators on their official websites. As a result, aspiring titleholders can enter their information and get a 100% accurate title insurance estimate based on amount of their loans and the price of the property. While the actual rate will not differ from what other companies are expected to charge, it’s always a good idea to have an accurate estimate and be able to plan your next move as precisely as possible. Having all the details will enable you to choose other options and services offered by the title company, depending on your budget. Also, knowing the title insurance rates in Pennsylvania will allow you to do that and to make an informed decision regarding the options you would prefer for your owner’s title insurance policy.