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Philadelphia Property Taxes To Rise Again

Philadelphia Property Taxes Going Up Again

Philly property owners must brace themselves again for getting bombarded with a 3rd straight year of increased real estate taxes.  It doesn't seem that this reformation of the BPT is going to happen? I have a brilliant idea, provide an incentive to businesses to come to Philadelphia! Lower the business tax which will bring more workers and residents into the city. Yes this is sarcasm. The point-- can we really trust city council to use the revenues derived from more property taxes wisely. Philadelphia has had a hard time … [Read more...]

Philadelphia Title Insurance Rate Change

Philadelphia Title Insurance is set to change due to a Rate Simplification submitted by the Title Insurance Rating Bureau of Pennsylvania (TIRBOP) and approved by the PA Department of Insurance.  The new rates are effective July 1, 2012. There are no longer any rules regarding the length of time since the last insured transaction there is just one simple rate for refinances.  The same is true for Philadelphia title insurance pursuant to a Philadelphia home purchase, one single rate for a purchase. The simplified rate tables … [Read more...]

Buying Philadelphia Real Estate

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Guest Blogger- Frank L. Defazio, Realtor & Attorney After years of representing buyers in Philadelphia I decided it was time to write a post that would give advice to anyone dipping their toe in the Philadelphia Real Estate market.  The current economy has pros (low interest rates) and cons (high unemployment, shaky economy) like any other but I firmly believe that one thing holds true in any economy – the advantages of buying far outweigh renting for most people in most cities.  Here is some advice that I can offer after … [Read more...]

Nutter Claims Proposed Property Tax Hike Not True

Mayor Nutter Property Taxes

Today Philly.com posted a piece in regards to the recently made public budget of Gov. Corbett. The budget would inevitably decrease funds to much needed programs in the city. There was of course speculation that there could there be another property-tax hike on the horizon to deal with some of the cuts? “Your question is tremendously premature and we’ve had no discussion about that,” Mayor Nutter told the Daily News today. “We’ve been analyzing the governor’s budget which was introduced and we do not know at … [Read more...]

Philadelphia Streets Department Lien

Philadelphia Streets Department

As constantly mentioned issuing Philadelphia Title Insurance can be tricky, there are so many pitfalls and areas of risk.  It is always vital for a buyer to utilize the services of a Philadelphia Title Insurance company that knows the landscape of the city, the ever changing rules and regulations and quite simply knows how to get things done. A few investors in the past few weeks have gotten caught up with why we were collecting a fee for the City of Philadelphia Streets Department.  If you didn’t know already Philadelphia … [Read more...]

Philadelphia Records Department Announces Fee Increase

Philadelphia Recording Department

Philadelphia Records Department Announces Fee Increase Effective February 20, 2012 the Philadelphia Records Department will institute a new Fee Schedule.  Records Commissioner Joan Decker recently released the new fee breakdown.  Although the increase is not all that much it is important to note especially with the new GFE Rules for loan originators. For those consumers out there reading this please contact a Philadelphia Title Company with any questions.  Essentially your fees on line 1201 will be slightly increased for any … [Read more...]

Investors – Make sure you use the Landlord Coop Program!

PGW

Almost weekly we have a issue with PGW liens in a settlement where one investor is selling a single family property or a apartment building to a another investor.  The same conversation takes place over and over.  "The tenants pay their own gas bills we separately metered the property because of this...", the seller will protest.   Well a Philadelphia title company knows better.  If there is a tenant who does not pay PGW has the right to file a lien against the property.  Hence if there is a past balance at the time of closing … [Read more...]

Choosing a Title Company in Philadelphia-

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How To Choose a Philadelphia Title Company? Many Philadelphia home buyers don’t even realize what Title Insurance really is. Many consumers don’t know they even need a Philadelphia title company until they were told so by their bank or realtor. The fact you are actually conducting due diligence in your search for a title insurance company is an important step. First off you are on the right path to guarantee your transaction goes smoothly and you have the adequate 3rd party protection and security that you as a consumer … [Read more...]

Irene delaying Philadelphia Real Estate Transactions

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Hurricane Irene created massive flooding throughout Philadelphia and the surrounding areas, property damage across delaware valley and power outages to many.  But wait Ms. Irene is not complete her damage. The aftermath of Irene may delay the funding of your or your clients new mortgage financing. Can you imagine showing up at the title insurance company for settlement only to learn that the proceeds from your loan will not be available until the property is re-inspected?  Oh boy! The problem is obvious.  The adoption of … [Read more...]

Buyer’s Checklist for a Philadelphia Settlement

Typically, at a Philadelphia real estate closing the buyer(s), seller(s), real estate agent(s), sometimes the loan officer and if the buyer is smart his/her attorney will meet at the offices of World Wide Land Transfer or another location properly agreed upon with a settlement attorney/clerk to finalize the transaction between the buyer and seller. While at settlement the buyer and seller will be presented with various documents for their signature. Among the documents that will be signed are the HUD-1 Settlement Statement, the Deed, … [Read more...]