Colonial Search & Abstract Company is a full service title company. We provide title insurance, and related services for land, residential and commercial acquisitions. Our staff prides itself on the product we provide our buyers. Our staff comes to you for settlement and is always prepared to make your experience a happy one. Our employees have had over30 years of experience and expertise to insure that our buyers are protected. We are always happy to explain that title insurance coverage's provided by the basic title insurance policy and to explain the additional coverage's provided by our enhanced title policy. We can tell you which policy is right for you and WHY!
Title Insurance is an insurance policy that insures the past. It insures that the person/entity selling you a property is the rightful owner and that all mortgages, judgments and assessments against that owner and/or that property are properly disclosed and disposed of prior to your money being sent for that property.
At the time of the signing of the Agreement of Sale, the buyer has the choice to determine which company that they would like to insure their purchase. After that choice, the property search is ordered and the process begins. The subject property is searched in the County seat where the property is located. In Philadelphia, that would be City Hall; in Montgomery County, PA that would be in Norristown. The searcher accesses the records for that property for at least the last 60 years. All Deeds, Mortgages, Assignments of Mortgages, etc are assembled with related documents such as tax records, water/sewer records, etc and that information, the title brief, is forwarded to the title examiner.
The title examiner reviews the brief and indicates those items that are important to the transaction about to be insured. Those items are then assembled and a title commitment is issued. This title commitment acts as a manual of how the settlement should transpire; that is, those items that must be addressed and information obtained so that at the time of settlement, those conditions or requirements can be cleared. The smoothness of the settlement depends on close interaction with the buyers and seller's real estate agents and their attorneys, lenders and various other municipal providers. Prior to settlement, you should be aware of the title company's expectations of you and for you; and as required by RESPA, you are entitled to a completed HUD 1 Settlement Sheet 24 hours prior to settlement.
At the time of settlement, you will be confident and prepared if your title company has received all of this cooperation from all of the interested parties. Title companies, as well as the title agent, are licensed through the state where they operate and write insurance. All title companies have national underwriters to insure that they are operating effectively for their clients. In addition, each state provides guidelines for title company operations and all fees for title services are standardized and regulated by the Department of Insurance in each state where the title company operates.