215.245.5650

Philadelphia Property Tax Overhaul Continues

Philadelphia Property Taxes

Philadelphia’s Office of Property Assessments (OPA) has mailed out all new tax assessments under the greatly anticipated Actual Value Initiative (AVI) earlier this month. The information mailed by OPA includes the new assessed value, and instructions on the opportunity to dispute the new assessments. It is still unknown how successful a homeowner will be in protesting their new assessment but it does seem that the city is providing easy explanation and instructions on how to protest. Appraisals, BPO’s, CMA’s and comps from local … [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

373633_145938382176324_1320474576_n

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...]

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-

Title-Company-Photo

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

DownloadedFile

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...]

Title Insurance in a Stuggling Economy

Title Insurance in a Struggling Economy Whether you’re a first time homebuyer or upgrading from your starter home in Philadelphia, closing escrow is an exciting time. In such a volatile real estate market, it’s especially important to protect your home with the proper title insurance policy underwritten by a reputable Philadelphia based title company. Although a thorough title search is part of the escrow process, there are several unforeseen problems that could crop up after closing especially in this economic climate. Over … [Read more...]