traditionalabstractpa

[traditionalabstractpa]

What are Settlement Services in Allentown and Bethlehem, PA?

Owning a property is a dream that every American harbors. The process is not as simple as buying a retail item. Instead, the long process commences once the prospective buyer selects the parcel of land, home, or any other landed asset by connecting with a realtor or lender. Conducting a title search in Lehigh Valley and Bethlehem, PA, to establish the property's ownership is necessary. The title must be clear and free to be transferred as well.

There is no hard and fast rule about hiring an individual or a company to do what is needed. While one can go about it singlehandedly, it is advisable to do it by an experienced professional or a title company. This ensures zero mistakes and proves that the title is free to be transferred in exchange for money. The transaction may also take place without the search, but this may throw up multiple risks that will be hard to dispel in the future.

A layperson who desires to buy a home does not have the necessary knowledge or skills. While the new properties are sure to be listed in public records, the old ones may require going through documents as the property had been bought or sold well before the records were computerized. The importance of a thorough and meticulous title search is done for the following reasons:-

· Ensure Absence of Liens/Encumbrances- This is one of the primary reasons to conduct a title search. It suffices to know that a lien is a legal claim filed by a third party that may be a contractor, creditor, or any other party having an interest in the property. The existence of a lien prevents the ownership from changing hands. What's more, a substantial debt by the owner against the property may result in foreclosure, too. The existence of an encumbrance may not prevent the buyer from taking possession but may limit the use of the property. Finding out more about such hindrances can help the buyer make an informed decision

· Title Defects/Disputes- Disputes may arise when there are multiple claimants or the same property. Such disputes often end up as a legal battle that the court takes up. A defect in the title may exist due to a clerical error in the deed or forgery. Early identification of such problems enables the buyer to rectify the tile as needed. The title is free to be transferred once it is clear

· Protection of Investment- Purchasing property is a big step that involves a substantial financial commitment. One is eager to protect the investment, therefore. Sure, there have been many instances of buying property without a title search. These may result in significant financial loss when additional legal claims are made on the same property. It is thus essential to check and be ensured of the ownership before going through the expense

Connecting with a title company can help the property buyer close the deal satisfactorily by ensuring settlement services in Allentown and Bethlehem, PA.

#settlement services in Allentown and Bethelehem #title search in Lehigh Valley and Bethlehem #PA

[traditionalabstractpa]

Looking to buy in the Lehigh Valley? Traditional Abstract offers comprehensive real estate services in Allentown, Bethlehem, Easton, and beyond. We handle title searches, escrow, and insurance to protect buyers and lenders throughout your transaction. Contact us for a smooth and secure experience!

#Title Search in Lehigh Valley and Bethlehem #PA

[traditionalabstractpa]

Traditional Abstract is an experienced title insurance company in Allentown, PA, offering title searches, escrow services, and other real estate title services for over 30 years.

#Title Search in Bethlehem and Easton #PA

[traditionalabstractpa]

Need For a Property Title Search in Bethlehem and Easton, PA

Being the owner of a tangible asset such as a home or office can result in profitability in the future. The ROI tends to increase when the property is maintained perfectly as well. It is vital to authenticate the ownership of the home that is being listed for sale. Investing in it can become legal only after the ownership is transferred and accepted by the authorities. This necessitates a title search in Bethlehem and Easton, PA.

The term may be a trifle confusing for many people. One is satisfied to learn that title refers to the possession of the said property and is free to use it as deemed fit. However, the title may be held in diverse ways. It might be held jointly by a group or family members. Some titles also include the right of survivorship. This is important for titles held jointly. A survivor may claim ownership after the death of a joint owner. A third aspect that one needs to be aware of is the possibility of the mortgage firm or a government organization's claim. Dismissing such claims is only possible via a title search.

 It is interesting to know that titles are not always clearly defined and may throw various issues for the intended buyer. Finding the title by searching the records is a long exercise that requires skills and attention to detail. While the prospective buyer or the existing seller may go about the process singlehandedly, hiring a title company may be the best way to claim ownership. Some of the common reasons to request a professional title search are:-

· Verification- Ensuring the ownership is the most crucial reason to have a title search done. While it may be easy to find the records of a new property, trying to find old records of ownership before computerization can be difficult but not impossible.

· Clear Title- An ownership that has been established accurately is known as a clear title. Unfortunately, most titles reveal issues that may consist of existing liens, multiple claimants, encumbrances, etc. The prospective investor must insist on resolving such problems well before the transaction process. This ensures a clear title and no legal problems remaining behind.

· Debts- Unpaid taxes and/or pending debts can result in legal complications for the new owner. An effort must be made to solve such issues so that the title is not embroiled in financial problems that may allow claiming the property. All mortgages, taxes, and other debts associated with the property must be paid in full to ensure a clear title that is fit to be sold

· Easement & Restrictions- The buyer may be able to make an informed decision about going ahead with the investments once the easements & restrictions for the use of the property come to light via the title search.

The title company provides a range of real estate services known collectively as settlement services in Bethlehem and Allentown, PA. It includes title search, escrow services, and providing the required title insurance.

#title search in Bethlehem and Easton #settlement services in Bethlehem and Allentown #PA

[traditionalabstractpa]

Need For Checking The Real Estate Title in Bethlehem and Lehigh Valley, PA

Trying to defer capital gains tax is not an offense. On the contrary, many American citizens prefer to consider it to buy time to pay applicable taxes. The best way to go about it would be to consider a 1031 exchange in Allentown and Nazareth, PA, and do a property swap that can be hugely beneficial in the long run. ​ The term does seem to be a rifle confusing to the users. It is essential to trace its history and learn that the procedure refers to Section 1031, included in the Internal Revenue Code (IRC). This provision is usually considered by real estate agents, investors, and title companies. Simply being aware of the term is not sufficient. The user must be well informed about its implications as well. One of the vital points that must be kept in mind is that such an exchange is only allowed when both properties are similar. The IRS has different standards for individuals hoping to do a 1031 exchange of their vacation homes.

Some of the most essential information related to the 1031 exchange includes the following;-

· This is a specific type of tax break that a property owner may consider. An existing property that is used for running a business or for the sole purpose of investment may be sold, and a new property purchased with the same intention. Such a move will help the investor to save a huge sum on capital gains tax.

· All the money from the sale must be held by a third party or an escrow. The amount saved in an escrow account will be used for purchasing the new property. The investor cannot use the money for any other purpose, even temporarily.

· The capital gains can be successfully deferred only when the IRS considers both properties to be like-kind.

· There is no limit to using this provision. A 1031 exchange may be done multiple times.

· One may also use an older residence for this purpose. The IRS would have to be informed about it, with permission being sought for such consideration.

Reasons to consider a 1031 exchange

Admittedly, this type of swap is not for everyone. Again, many individuals find it advantageous for various reasons, including deferring the tax. Some of the investors who are not opposed to considering a swap of like-kind properties do it for the following reasons:

· Diversification of assets- The investor can diversify the assets into different markets, thus reducing the extent of risks.

· Consolidation- A property owner may use this provision to consolidate several similar properties, thus saving on maintenance costs.

· Estate Planning- A property owner can continue to use the exchange for a lifetime, thus postponing the capital gains taxation indefinitely. The heir who inherits the estate, benefits from the stepped-up value, which is considered to be a fair inheritance.

Buying and selling of property can be complicated. It is advisable to conduct a search for real estate titles in Bethlehem and Lehigh Valley, PA, and be convinced of the existing ownership before going ahead with the investment.

#1031 exchange in Allentown and Nazareth #PA #real estate titles in Bethlehem and Lehigh Valley

[traditionalabstractpa]

https://www.traditionalabstractllc.com/real-estate-title-easton-lehigh-valley-nazareth-allentown-bethlehem-pa/

Traditional Abstract, LLC is your trusted partner for all your title and real estate needs in Allentown, Bethlehem, Easton, Lehigh Valley, Nazareth, PA, and surrounding areas. Our dedicated team of professionals is committed to providing reliable title insurance.

#Real Estate Title in Bethlehem and Lehigh Valley #PA

[traditionalabstractpa]

Details of a 1031 Exchange In Allentown and Lehigh Valley, PA

Trying to deal with real estate complications often goes beyond buying and selling property. It is always advisable to consult a realtor or a property expert well-versed in US laws. It is not surprising to hear the term 1031 exchange in Allentown and Lehigh Valley, PA, several times when the expert tries to find a cost-effective way for the client to invest in property. It suffices to know that the 1031 exchange refers to swapping an investment property for another. The term is derived from Section 1031 of the Internal Revenue Code (IRC). All sorts of individuals actively engaged in the process, such as real estate agents, title companies, brokers, and investors, use this term to refer to an exchange of investment properties. ​ Going through the entire Section 103ofthe IRC is not going to be helpful. The section is vast, with multiple parts, and the user must know where to look before using this part diligently. It is essential to understand that all types of properties cannot be exchanged. The regulations indicate only similar properties that may be exchanged by following the 1031 process.

Some of the basics that an interested person must know include the following points:

· A 1031 exchange is considered an excellent way to obtain tax breaks. One can sell off an investment property by exchanging it for a similar property for an identical purpose. This will allow the property owner to defer paying capital gains tax on the sale.

· The sum obtained from the sale is required to be put into an escrow account of a third or neutral party. The money will be utilized for purchasing an identical property. The buyer will not be able to withdraw any part of the sum, even temporarily.

· While the prospect of deferred capital gains tax is pleasing, it is vital for the properties that are meant for exchange to be like-kind. The IRS decides this.

· Investors with experience in this process may do it frequently if the regulations are maintained.

· The same rules may apply to a primary residence that is being exchanged. The finer points of the title document must be checked carefully before undertaking the procedure

Both new and experienced investors reap advantages from such an exchange that provide the following for the concerned parties:-

· Leverage- One can decide to buy a better-valued investment property by making a sizable down payment on the like-kind property.

· Diversification/Consolidation- The investor may exchange a single property for multiple ones and consolidate them into a single property, thus complying with the rules. It can be done for properties located in different states, too.

· More Cash Flow- Both the overall income as well as the flow of cash may be enhanced by opting for a 1031 exchange.

When trying to invest in property, it is most important to use the services of a reputed abstract title company in Easton and Bethlehem, PA. 

#1031 exchange in Allentown and Lehigh Valley #PA #abstract title company in Easton and Bethlehem

[traditionalabstractpa]

Traditional Abstract, LLC is a dedicated team of professionals that provides comprehensive title insurance, property title search, escrow service, and real estate title in Allentown, Bethlehem, Easton, Lehigh Valley, Nazareth, PA, and surrounding areas.

#1031 Exchange in Allentown and Lehigh Valley #PA

[traditionalabstractpa]

Need To Buy Title Policy In Bethlehem and Lehigh Valley, Pa

Investing in property is considered to be a huge step. Indeed, ordinary citizens may purchase only one land or property during their lifetime. It is a relatively complex process involving a lot of time and money. The lending organization may impose some terms & conditions in addition. Ownership can be claimed only when the property title changes hands, with the new owner's name being added to the title document. Such a process can be handled by an attorney or a title company that takes on the onus on behalf of their client. Buying an insurance plan known as a title policy in Bethlehem and Lehigh Valley, PA, is necessary to ensure one's ownership too. The new owner cannot grudge this need and decide to avoid buying the insurance. It is essential to know that the buyer, along with the lender, will be protected from financial losses resulting from title defects. While it is necessary to investigate the existing title thoroughly well in advance of buying the property, there may be multiple defects that go unnoticed. Title insurance can help one to mitigate such risks. ​ The new owner may seem pleased that the cost of the property has been paid in full courtesy of the bank or any other lender. Unfortunately, there may be violations noted in the title after it changes hands. The most devastating scenario is the presence of a legal heir who had been in the dark when the property was sold. It is scary to think about the outcome in such circumstances. Having title insurance can reduce the burden considerably. Title Insurance Types There are two distinct types of title insurance policies that one can purchase. Both policies benefit diverse participants after the real estate transaction related to a property is completed. It is essential to differentiate between the two before buying them. Lender's Insurance Policy The lender, a bank or an NBFC entity, almost always requires the borrower to provide them with an insurance policy when requesting a home loan. The title company will issue the policy to protect the finances of the lender in the event of a defect cropping up in the title at a later date. This policy only covers the lender, with the borrower unable to claim coverage. The buyer cannot avoid spending money on this policy, though. It is a requirement that needs to be honored. Owner's Title Insurance Policy This optional insurance policy offers the same coverage as the lender's policy and is meant for the property owner. An individual is not compelled to buy it, but it is advisable to obtain protection for the title that can be at risk for the following reasons: · Ownership disputes · Outstanding liens, lawsuits, or encumbrances · Errors in the public records · Forgery · Undisclosed easements Property transaction is a complex matter that requires validation of ownership. The first step to purchasing a home is to conduct a thorough title deed search in Easton and Nazareth, PA. This can be undertaken by hiring a title company or a legal professional. Individuals can do it single-handedly as well.

#title policy in Bethlehem and Lehigh Valley PA title deed search in Easton and Nazareth PA

[traditionalabstractpa]

Traditional Abstract, LLC is a reputable and well-known company specializing in title insurance, property title search, escrow service, and real estate title in Allentown, Bethlehem, Easton, Lehigh Valley, Nazareth, PA, and surrounding areas.

#Title Policy in Bethlehem and Lehigh Valley #PA

[traditionalabstractpa]

Need For Title Deed Search in Bethlehem and Easton, PA

Living the American Dream is not easy. Millions splurge to own a home despite financial hardships. After securing the desired loan and signing the documents, one can move into the house. Wait! An important aspect is missed in this regard. It is essential to conduct a thorough title deed search in Bethlehem and Easton, PA, to ensure that the said property had indeed been free to invest in. ​ The document stating the ownership of a property is known as the title. It is necessary to search for the record to ensure that the title is free from all defects. The new owner may be inconvenienced when a stranger claims the property afterward. The common practice is hiring a title company or attorney or doing the search singlehandedly by reviewing all previous records related to the concerned property. Often enough, it is the lender who insists on a clear title to avoid financial loss after the ownership changes hands. The buyer must make sure to do it with or without the lender insisting on it. It certainly helps to be informed about the need and procedure. What is a title? When an individual(s) gets the title, it means that a specific document exists endorsing the ownership of the property. The title provides the legal rights to the owner to use the property as deemed fit. The title may be given to a group or tenants and tenants in common apart from a single individual. They are known as joint title holders. Moreover, the mortgage owner may be a party to the title and claim rights on the property when the mortgage amount is not paid according to the terms. The government may also have liens on the said property for nonpayment of taxes. Such issues usually come to light when a title search is conducted. Information Obtained Via Title Search The results of a title search will make the prospective buyer aware of the legal restrictions on the title and the rights of other parties to use the property in certain situations. Pending taxes and mortgage payments are also revealed by such a search which may have the new investor reconsider the purchase. It is interesting to learn that any of the following may become apparent once the existing title deed is recovered from the records:- · Boundary disputes · Existing liens · Disputed wills · Additional claimants/heirs · Mechanic's liens · Utility easements · Errors during the filing of documents · Divorce decree settlements that result in disputes · Bankruptcy · False documentation or forgery of property documents A title search can be of varied types. A current owner search is usually conducted when buying a foreclosed property or investing in it via tax sale. A full title search becomes essential when the funding is provided by a bank of NBFC. A combination of all title-related services conducted by a reputed title company is known as settlement services in Allentown and Nazareth, PA, and all across the nation. It includes title search, escrow, and closing services.

#title deed search in Bethlehem and Easton PA settlement services in Allentown and Nazareth PA

[traditionalabstractpa]

Traditional Abstract, LLC is a trusted and reliable title insurance and settlement service provider in Allentown and Nazareth, PA. We are committed to continuing our services throughout Allentown, Bethlehem, Easton, Lehigh Valley, Nazareth, and surrounding areas.

#Title Deed Search in Bethlehem and Easton PA

[traditionalabstractpa]

Details of Settlement Services in Nazareth and Allentown, PA

Real estate dealings seem highly complex, with numerous things to consider accurately. Admittedly, a single individual cannot get the hang of things choosing instead to communicate with a seasoned professional or company for settlement services in Nazareth and Allentown, PA. The term itself is a trifle confusing, as a layperson would be unable to grasp its meaning fully.

No worries! One may always turn to a title company to get the answers and proceed thereafter. It is interesting to know that when an individual desires to buy real estate, the title company steps in to shoulder its entire responsibility. It is the said company that will ensure a proper title search and have the results handy before providing the required title insurance to satisfy the lender. One may buy the homeowner’s title insurance in addition to protecting the property and retaining the ownership despite challenges that may arise at a future date.

The title company would coordinate with other related professionals, namely the real estate agent, property lawyer, taxation expert, and the lender’s representative if required. A date will be scheduled with the consent of all others for closing the transaction and transferring ownership of the concerned property. It is alternatively known as the settlement date.

The buyer is expected to sign all relevant documents in the presence of the aforementioned representatives to ensure the transfer of ownership from the seller to the buyer. The documents are sure to include mortgage papers, tax documents, and homeowner’s insurance. There are several legal necessities to be considered as well. The transfer of stamps is usually necessary but will depend upon the concerned jurisdiction. The buyer would also have to pay the property taxes to separate the ownership as well as pay other related fees either singly or together with the seller as per the legal necessity.

Financial experts will calculate the actual figures according to the state and local laws applicable to the property transaction. The title company will also be responsible for overseeing the deposition of loan funds, paying the existing mortgages, and other legal commitments between the lender and the new property owner honored. The corresponding papers are prepared meticulously and transmitted as per the law.

This is not all, though! The title company will make sure to have the newly drawn-up property deed and information about the mortgage duly filed and recorded in the county or local recorder’s office. This ensures that all information related to the concerned property will be retained in the public records and revealed during future title searches.

The title company will further prepare and hand over the closing or settlement statement to all the concerned parties. The disposition and the closing costs are thus conveyed to all applicable parties who sign the document as a mark of concurrence.

Settlement or closing is the last stage of property ownership transfer. The process begins with a title deed search in Bethlehem and Easton, PA, that an experienced title company best handles.

#settlement services in Nazareth and Allentown PA title deed search in Bethlehem and Easton PA

[traditionalabstractpa]

Traditional Abstract, LLC has provided title insurance for residential, commercial, and refinancing transactions since 1991. Call 610-740-9100 for more details on the title deed search in Bethlehem and Easton, PA.

#Settlement Services in Nazareth and Allentown PA

[traditionalabstractpa]

Necessity of a Title Search in BethlehemaAnd Allentown, PA

It is the dream of every American to own a home that can secure the family and the following generations in time. Simply checking the listings in the properties for sale list or hiring a realtor is not enough. The market has opened up with many banks and financial institutions willing to provide home loans at present. Most people have to get adequate financing to afford a home. There is a long list of terms & conditions to comply with to ensure a mortgage on the chosen property. One of the conditions is related to a title search in Bethlehem and Allentown, PA.

Unfortunately, many first-time property buyers fail to understand the significance of having the search done and buying suitable title insurance. Therefore, a prospective homebuyer must be aware of the following well in advance so that the related rules & regulations do not come as a shock.

Conducting a Title Search

Any liens on the said property will be apparent once a thorough search of the property title is conducted by going through the records. There is much more information revealed at the end of such a search. The outcome of the search will reveal the status of the seller by establishing the right to sell the home. The restrictions on the existing property are revealed as well. One would thus be aware of the existing easements, public access agreements, covenants, and homeowner’s association regulations when applicable. Any unpaid taxes or mortgage amounts would have to be paid by the seller before the property can be sold. The buyer would be satisfied to gain a clear and marketable title once the title does not reveal any issues that cannot be corrected.

Accuracy

There is no hard and fast rule for hiring a professional to conduct a title search. A layperson can do it, as most records are available in public domains. Unfortunately, very old records cannot accede as they would not be computerized. It thus makes sense to engage a title company that is sure to have the required resources to unearth the details related to the concerned property.

Correction of Defects

· Not every title is clear! The buyer should not be concerned about it. The title company can assist in this process, as will a third party, known as the due diligence partner. The following will be ensured to make the property marketable.

· Repayment of the mortgage by the seller

· Clearing all unpaid liens against the property before it changes hands

· Release of judgments, liens, and pending equity loans that are recorded in the title

Title Insurance

The title company will also provide the title insurance that is a must-buy for the buyer as the lender requires. The information that is not revealed by the title search may surface in the future and cause trouble for the new owner. The insurance protects the risks of the lender. The buyer may get a homeowner’s policy to protect the owner’s interests too.

The same company may also double up as the escrow company in Easton and Nazareth, PA, and hold the funds until the closing.

#title search in Bethlehem and Allentown PA escrow company in Easton and Nazareth PA

[traditionalabstractpa]

Traditional Abstract, LLC is owned and operated by Kay Builders, with 60+ years of experience in the home building business serving Allentown, Bethlehem, Easton, Lehigh Valley, Nazareth, PA, and surrounding areas.

#Title Search in Bethlehem and Allentown PA

[traditionalabstractpa]

Facts Related to a Title Search in Bethlehem and Nazareth, PA

An individual may prepare for months to own a property. Discussions with the seller with a realtor being in the middle are often the rule. Avid negotiations ensue, with the final value being decided by both parties. The investor has to find appropriate funding to buy the said property ultimately. It is equally important to conduct a title search in Bethlehem and Nazareth, PA, to ensure that the property title is clean and without any complications.

While some regions only permit seasoned attorneys to conduct a title search, an aspirant home buyer can hire a reputed title company to conduct title searches accurately within a short time. While the seller may be willing to hand over the keys to the property immediately, the buyer should check the title abstract and be convinced of obtaining a clean title. It is essential to know that a property transaction cannot be carried out when the said property has a lien on it.

Some of the useful information that retains peace of mind for the prospective owner is getting a clean title. Being well aware of the following facts is vital as well:

Dirty Title/Clean Title

The results of a title search confirm the legal ownership of the seller as well as reveals problems with it. While a clean title cannot be disputed, a dirty title contains some uncertainties related to the property. Errors during the survey or violation of building codes may affect the title, making it termed as dirty or defective. Other defects often discovered in the property title search include liens on the home/land and a misspelling or faulty application of rules. Often, the buyer may ask for a warranty of title where the seller provides a guarantee in writing that there will be no other claims for ownership of the property.

Title Search procedure

The title company hired to search will go through the public records and old, handwritten documents to see whether there are any existing liens on them. The prospective buyer may search singlehandedly by contacting the county clerk or the tax assessor and requesting to view records.

Time for a Title Search

A search for the title of a modern property is likely to take ten days to fifteen days maximum. The search may be extended considerably when the concerned property is old, with most of its records not available in the computed system.

Information Obtained from the search

Apart from the name of the existing owner and chain of title, the defects will be summarized in the abstract as well.

The title company will also provide the title policy in Allentown and Nazareth, PA, at the closing. The insurance comes in two parts, with the lender’s policy protecting the lender and the homeowner’s policy (optional) covering the rights of the present owner. There is no monthly premium to be paid for the policy, however. It is a one-time cost usually borne by the seller.

#title search in Bethlehem and Nazareth PA title policy in Allentown and Nazareth PA