Make your own free website on Tripod.com
Allegheny Settlement Company
FAQs for Buyers
Home
Company Profile
Our Services
Location
Contact Us
Links
Forms
FAQ's
Why Title Insurance?
Why Get A Survey?
News

FAQs for Buyers
Should I get a survey?

Can I write you a personal check?
Who will explain my Mortgage paperwork?
How much money do I need to bring to closing?
When can I move in?
Do I need a realtor?
What is an Escrow Account?
Am I entitled to a discount on the Title Insurance?
When will I get my Deed and Title Insurance policy?
What about homeowner's insurance?
What do I need to bring to my closing?


Should I get a survey?
Absolutely. Even if the Seller has a relatively recent survey, it is imperative that you have a drawing of the property as it exists today. This way, you'll know whether that pond out back is actually yours, or whether your neighbor's fence crosses over the boundary line onto your property. For more information, click here:

back to FAQ's | top of page

Can I write you a personal check?
No! In Pennsylvania, Buyers are required to bring "readily available" funds to closing. In other words, your funds must be immediately convertible into cash. You must bring a cahier's check, certified check or money order. Make yourself the payee, as it is the safest way to carry large sums of money. At closing, you'll endorse the check and sign it over to the settlement company and we'll deposit the check into our escrow account. If you just sold property immediately before coming to your purchase closing an escrow check from a reputable settlement company may be acceptable. Please check with us first.

back to FAQ's | top of page

Who will explain my Mortgage paperwork?
We will! If you are one of "those people" who need to read paperwork thoroughly and/or ahead of time, be sure to let us know. Whenever possible, we'll deliver the paperwork to you early, so there are no surprises at closing.

back to FAQ's | top of page

How much money do I need to bring to closing?
We'll give you your "final figure," as soon as your Lender provides us with their final figures. Oftentimes, this is several days before closing. However, it is not uncommon that your numbers are not ready until minutes before your closing begins. In that case, bring a certified check for the amount your realtor and/or loan originator estimated. Be sure to bring your personal checkbook to make up the difference, if any.

back to FAQ's | top of page

When can I move in?
Unless you and your Seller have a different agreement, you do not own the property until your closing is over. Once the closing is finished, the Seller will give you the keys to the property and you can move in. If you need to move in before the closing, discuss it with your realtor well ahead of time, because this will require special considerations.

back to FAQ's | top of page

Do I need a realtor?
A million things can go wrong. Experienced realtors can prevent many problems. Pennsylvania law requires that realtors guide you through the entire home buying process.

back to FAQ's | top of page

What is an Escrow Account?
Escrow account means "somebody else's money." The funds for your loan are deposited into our escrow account. We deposit your check into our escrow account. After the closing, we pay, or "disburse," all the items from the settlement statement from the escrow account. It is a non-interest bearing account. Your Lender may also have an escrow account for you. If your Lender has an escrow account, then each month, your payment will include 1/12 of the property taxes and homeowners insurance. This 1/12 is deposited into your escrow account. Each year, as the property taxes and your homeowner's insurance bills are due, the Lender will pay them from the escrow account you have with them.

back to FAQ's | top of page

Am I entitled to a discount on the Title Insurance?
Perhaps. Find out when your Seller purchased the property. If this has occurred within the last ten years, ask the Seller for their title policy. You may be entitled to the reissue rate, which is a slight deduction from the basic rate found on the table. If your Seller purchased the property within the last three years, you may be entitled to the substitution rate, which is a more significant deduction. It is your responsibility to obtain this information and provide it to us before the closing. We will never ask you for it.

back to FAQ's | top of page

When will I get my Deed and Title Insurance policy?
After the closing, we will send the Deed to the county Office of the Recorder of Deeds. When the Deed is returned to our office, we use the recording information to complete the Title Insurance Policies. After the Title Insurance Policies are completed, we will mail the original Deed and Owner's Policy of Title Insurance to you. The time frame generally depends on how quickly the Office of the Recorder of Deeds returns the recorded Deed back to our office.

back to FAQ's | top of page

What about homeowner's insurance?
Every Lender requires that you obtain a policy of homeowner's insurance that includes their name as the loss payee. For example, if your house burns down (heaven forbid), the policy would first payoff your loan and then you will receive a payment for any additional coverage you have under the policy. You must provide us with your declarations page as soon as possible before your closing. Let us know whether you've already paid your first year's premium or whether you would like us to collect it from you at the closing.

back to FAQ's | top of page

What do I need to bring to my closing?
1). Bring your driver's license or some other form of identification. The closing officer will need to prove your identity so he/she can notarize your signatures on many of the documents.
2). If you haven't met all the Lender's conditions, bring any additional documentation they require.
3). If you haven't already provided proof of homeowner's insurance, bring your declarations page. Be sure to let us know whether you've already paid your first year's premium.
4). Don't forget the check for your funds needed to close, if any!

back to FAQ's | top of page





Questions? Contact Allegheny Settlement Company, Inc.