Frequently Asked Questions:

Title insurance protects property buyers and lenders from financial loss due to defects or issues with a property’s title. It ensures that the ownership is clear and free from liens, claims, or legal disputes that could affect the property. Unlike other types of insurance, it is a one-time purchase that provides coverage for as long as you or your heirs hold an interest in the property.

In Pennsylvania and New Jersey, title insurance is not legally required for buyers, but lenders usually mandate a lender’s policy to protect their loan. Many buyers also choose to purchase an owner’s policy for added protection against title issues. Title insurance provides peace of mind by safeguarding your investment and ensuring clear ownership.

The cost of title insurance is typically based on the property’s purchase price or loan amount. Rates are generally set by state regulations or approved underwriters, with one-time premiums paid at closing. Additional factors, such as the type of property or coverage level, may also influence the final cost.

At Historic Abstract, we work efficiently to keep your closing on track and timely. In Pennsylvania and New Jersey, most transactions can close in about 30 to 45 days, depending on factors like lender requirements, inspections, and document preparation. In some cases, we can be prepared to close in as little as two weeks.

A typical real estate closing takes around 45 minutes, but the exact time can vary depending on how many documents need to be signed, how many people are involved, and the time required to review everything carefully.

In many cases, closing documents can now be signed electronically. Sellers and buyers paying with cash can complete their paperwork online anytime, anywhere using our secure document signing software and partnership with a remote notary service. For buyers using a mortgage, however, most lenders require some or all documents to be signed in person before a notary, with fully electronic closings being rare.

For a real estate settlement, you’ll need to bring a valid photo ID to verify your identity. Buyers should also bring any required funds, typically in the form of a certified or cashier’s check or proof of wire transfer. Be prepared to review and sign all closing documents, which we will bring with us to settlement.

For your “cash to close,” we accept certified checks, cashier’s checks, or wire transfers. Personal checks and cash are generally not accepted for security reasons. If you plan to wire your “cash to close” funds, please do so at least 24 hours before closing to ensure the funds are received on time.