Hendricks Abstract, Inc Hendricks Abstract, Inc. is a policy issuing agent in Pennsylvania, and they are proud to represent Commonwealth Land Title Insurance Company, a member of Land America Financial Group. WHAT IS TITLE INSURANCE? Title insurance is a contract given to you and your lender to indemnify against losses arising through defects in the title to the property. That means the chain of ownership on the property is accurate as stated in the title, and all liens, if any, have been satisfied and removed from the title. Hendricks Abstract, Inc. will insure that you are receiving full and clear title to the property. WHEN SHOULD I LOOK INTO PURCHASING TITLE INSURANCE? Call Hendricks Abstract, Inc. as soon as you have a fully executed Agreement of Sale with THP. Our title searchers will begin a review of public records to find all aspects of the title to the property, which can be seen and recognized. From the title search, the title examiner will produce an opinion of title, from which insurance will later be issued. HOW DOES TITLE INSURANCE WORK AND WHY DO YOU NEED IT? Title insurance protects you against hazards of the past, unlike other forms of insurance, which protect you against future events. Title insurance is also a requirement by your lender. You cannot purchase a home and take out a mortgage on the property and not purchase title insurance. You will receive an Owner's Policy in the amount of the purchase price. This policy will insure the title to the property for as long as you or your heirs own the property. Your lender will receive a Lender's Policy to protect them for their security interest in the property (the mortgage they give to you). Your lender will receive a policy in the amount of the mortgage loan. HOW MUCH DOES TITLE INSURANCE COST? The premium for title insurance is a one-time fee*, which covers the owner's and lender's policy, and is collected at settlement. Rates for title insurance are set and regulated by the Pennsylvania Insurance Department. Please contact us at (215) 256-0605 for a quote, or e-mail your questions at info@hendricksabstract.com. *If you refinance your mortgage at a later date, you will need to purchase a title insurance policy for only the new mortgage created from the refinance. Hendricks Abstract, Inc. can also service you at that time for your title work.