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The first title insurance company, the Law Property Assurance and Trust Society, was formed in Pennsylvania in 1853. [1] Typically the real property interests insured are fee simple ownership or a mortgage. However, title insurance can be purchased to insure any interest in real property, including an easement, lease, or life estate.
Individuals who now purchase insurance in Pennsylvania are classified as either “limited tort” or “full tort.” [2] Tort is a legal term meaning “civil wrongdoing – in civil law, a wrongful act for which damages can be sought by the injured party.” [3] In Pennsylvania, insurance companies offer full tort coverage which gives ...
The lessor can do the title transfer paperwork on your behalf, but it may charge you a processing fee. The lease buyout title transfer process is similar to a private- or third-party vehicle purchase.
In law, conveyancing is the transfer of legal title of real property from one person to another, or the granting of an encumbrance such as a mortgage or a lien. [1] A typical conveyancing transaction has two major phases: the exchange of contracts (when equitable interests are created) and completion (also called settlement, when legal title passes and equitable rights merge with the legal title).
In some accidents, fault is easier to assign than in others, but will typically be ‘officially’ determined by the police and/or insurance companies, although the drivers involved and other ...
The total costs of a title insurance premium, settlement expenses, and ongoing costs of an annual mortgage insurance premium (if applicable) equate to only about 1% of a borrower’s overall life ...
In exchange for insurance premiums, the title insurance company conducts a title search through public records and provides assurance of good title, reimbursing the insured if a dispute over the title arises. [13] In the case of vehicle ownership, a simple vehicle title document may be issued by a governmental agency.
Like accident insurance, disability insurance pays the insured directly if they are injured in a way covered by the policy. However, disability insurance only pays if the injury prevents the insured from working. [3] Accident insurance benefits are paid whether or not the insured misses work as a result of the accident.