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Capstone Land Transfer — Title Insurance Calculator

While the majority of potential home buyers think of title insurance as just another mandatory expenditure associated with real estate purchase closing costs, the Biden administration and some consumer advocate groups say that these policies are greatly overpriced. Many believe that this is particularly true now when purchasing a home remains out of reach for many potential home buyers. But is that really the case? Is title insurance overpriced? And is it ultimately necessary?

The short answer is: Yes, title insurance is necessary. When a potential homebuyer takes over the title to a property, they need to acquire a title insurance policy that ensures a third party can’t claim ownership of their new home. That’s what title companies are for; they run checks before the sale closes to ensure no inheritance disputes, claims, outstanding liens, or unpaid mortgages are associated with the property.

Title insurance companies aren’t just running background checks to identify issues with real estate sales. They also address said issues before the settlement, reducing the risk of potential legal issues that could otherwise complicate the ownership. Checks protect sellers and buyers because they eliminate the possibility of fraud, particularly deed fraud and seller impersonation, which have increased over the past few years.

“Property owners might not lose their home in this kind of scenario, but without title insurance, they could end up spending tens of thousands of dollars to fix the issue,” said Steve Gottheim, general counsel for the American Land Title Association (ALTA).

Recently, in a measure to address house affordability, President Biden announced that this administration greenlit a program that would provide an opportunity for homebuyers to waive the title insurance on certain kinds of mortgages as a means of reducing closing costs for homeowners. In their response, ALTA stated that this initiative offers false promises of savings for the purpose of political points while potentially exposing consumers, lenders, and taxpayers to increased financial risks.

Ultimately, the perceived savings from waiving title insurance are misleading, as the associated costs with the title-related issues potentially outweigh any initial savings. That’s why title insurance is important; it provides essential protections against claims of ownership, fraud, and other title issues that could challenge property ownership.

To avoid any of these issues, Capstone Land Transfers—based in Lancaster, PA—offers comprehensive title insurance and real estate closing services with a team of dedicated professionals who offer exceptional services, including rush orders, same-day title searches, and remote online closing. The company also offers a Title Insurance Calculator, which allows clients to easily estimate title insurance costs for residential, commercial, and land transactions.

Capstone Land Transfers serves Pennsylvania clients who can visit our branch offices in Lancaster, Lemoyne, York, Reading, State College, and Williamsport. Their underwriters include First American Title Insurance, Fidelity National Title Insurance, and WFG Title. To learn more about the benefits of title insurance, contact Ryan Hess at Capstone Land Transfer via phone (717 857-7772) or visit the company’s branch office at 1280 Plaza Blvd, Lancaster, PA 17601

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For more information about Capstone Land Transfer, contact the company here:

Capstone Land Transfer
Ryan Hess
(717) 857-7772
lflowers@capstonelandtransfer.com
1280 Plaza Blvd. Lancaster, PA 17601

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