Frequently Asked Questions // Select Settlement, Inc. • Erie, PA

Title insurance is a protection for a real estate investment. There are two types, a loan policy and an owner’s policy. 

Our title insurance underwriters are First American Title Insurance Company and Fidelity National Title Insurance Company. 

A title search is a review of the chain of title for the property to establish ownership. The title search also includes a review of government documents, land records and deeds, tax records, liens and judgements. 

When a property is secured by a mortgage, a lender will require a loan policy of title insurance. This policy insures the lender against covered title defects up to the amount of the insurance. This coverage lasts the life of the loan.

When purchasing real property, you will have the option to purchase an owner’s policy of title insurance. The insurance protects you from undisclosed defects already existing in the title. The owner’s policy lasts for as long as the insured owner listed in the policy owns the home.

Title insurance is highly regulated industry and insurance policy and costs will vary from state to state. The Pennsylvania Department of Insurance sets the rates and you can contact an insurance agent for current rates.  Policy premiums are a one-time cost for both the loan policy and owner’s policy at the close of the transaction.

It is customary in Erie County for the buyer and/or borrower to purchase the lender’s policy and owner’s policy.

Title insurance protects against undiscovered risks. These risks are including but not limited to:

• Unpaid mortgages/unsatisfied mortgages
• Forgeries
• Filing errors
• Future claims in ownership (fraud, missing heirs, unfiled liens)
• Other errors that do not show up in public records

The owner’s policy lasts for as long as the insured owner listed in the policy owns the home.

Yes, we would be happy to assist in connecting you with a local real estate agent.

Yes, we would be happy to assist in connecting you with a local mortgage loan originator.

The CFPB a 21st century agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives.

Absolutely, we would be happy to help!

Absolutely, Select Settlement, Inc. can represent a borrower no matter where they are obtaining financing.

Yes, we assit buyers purchasing foreclosed properties. We are even registered with HUD so we have lots of experience with distressed properties.