Pennsylvania Title Insurance...Part II...A Consumer Value!

In part I of Pennsylvania Title Insurance...A Consumer Value, we discussed what makes Pennsylvania title insurance unique and distinct in the title insurance marketplace. The 'all inclusive' nature of Pennsylvania title insurance rates, and how it differed from fees in other states which may be 'a la carte'!

I also touched on the regulatory nature of title insurance rates...and the Pennsylvania Insurance commission!

We ended our discussion by asserting that, just because the rates should be about the same from title company to title company, we still need to be careful about selecting a title insurance service provider...and now I will present some factors for the real estate buyer or real estate refinancer to consider! Hopefully this will enable you to make an informed decision when in the Pennsylvania title insurance marketplace.

1) Most all title companies operate through regional agents, though some operate through direct company offices...regardless, rates are the same to the consumer!

2) Since the popularity of internet marketing, many consumers begin their search for a title insurance services provider either through a Google search or some other search engine...this is good, but make sure your choice is a real 'bricks & mortar' company, and not some sham operation with only an internet presence, or a 'lead generation' company which sells your inquiry to a local service provider.

3) Title insurance, like real estate is a 'local' phenomenon...it requires the expertise of a local company with experienced searchers, conveyancers, and closers...service oriented people who are familiar with local tax structures, local lenders, local real estate agents, local utility companies, etc.

4) What about those 'one stop shops'...you know those large multi branched real estate franchise companies that offer their own in house lenders, in house title service companies, and in house home owners insurance? This is the subject of much recent discussion and debate...let me just say that wearing many hats presents a possible 'conflict of interest' problem! Besides, I wouldn't want my personal physician who I admire and trust dearly to remove my appendix...I would prefer a specialist!

5) I hear about CBA's, AfBA's, 'bundled services', joint ventures, etc.---these 'jointly owned' entities promise convenience, lower closing costs, and streamline services...sorry to say they rarely deliver what they promise! And the allegiance of title professionals involved in such entities is held in question...or at least suspect!

6) Should I be concerned about the recent concern in the media about 'offshoring' of title searches? You bet!---I am a huge proponent of the internet and the ease with which the internet has allowed the consumer to access multiple sources of information in a flash...thereby creating an environment where just about any information can be accessed instantly and fairly inexpensively...this may work for many things, many commodities, but not with title insurance...at least not yet...the fact is that there is information that is not available electronically or digitally through computer...important information...perhaps the best argument in favor of utilizing low cost offshore searchers from India or the Phillipines is the contention that if the insurers are willing to stand on those searches and issue title insurance accordingly, what's the big deal...that's just it...a real estate purchase is such a 'big deal' that even having to go through 'successful outcome litigation' to correct an 'offshore search' problem is a hassle I'm not willing to accept!

I could probably list several more considerations, but these are the most important when choosing a provider for Pennsylvania title insurance.

Patriot Land Transfer, Inc., my company, is by far a little fish in a big pond, but we pride ourselves on being independent, having no controlled business arrangements with any real estate agents, lenders, builders, banks, etc., using local experienced title searchers and abstractors, applying in house practitioners to process all aspects of a real estate transaction, including policy issuance and service beyond settlement.

You don't have to select us for your Pennsylvania title insurance needs, but please select someone like us, and don't let someone else make the decision for you...exert your legal right to choose your own settlement service provider!