About Nittany Settlement

Once you’ve found your dream home or most recent investment property, made an offer, and qualified for a mortgage, the next step is to choose a settlement agent (also known as a title agent) to conduct your real estate closing.

In the state of Pennsylvania, all real estate closings must be performed by a licensed title agent; at Nittany Settlement Company, or title agents are also real estate attorneys licensed by the Supreme Court of Pennsylvania.  Their names are Attorney Thomas R. Knepp, Attorney Scott A. Huber, and Attorney Lindsay C. Covalt.  When you arrive for closing at Nittany Settlement, our real estate attorneys will be waiting to greet you.  They will then welcome you into one of our two conference rooms and conduct your closing; explaining your closing, loan, and title documents every step of the way.   They are also available for your phone calls and inquiries in advance of closing should the need arise.

Not all licensed title agents are also real estate attorneys.  But at Nittany Settlement, you will receive top quality title services from individuals who are also licensed attorneys who have learned experienced in the real estate industry.

Nittany Settlement is also unique due to our in-house abstract division, Nittany Abstract Company.  The collaboration between our experienced attorneys and abstractors allows us to easily and quickly perform title searches and inquires; this translates into a broader overview and knowledge base of your home’s title history for you.

The real estate closing process is a complex and detail oriented task.  However, our attorneys and knowledgeable staff are here to assist you every step of the way.  Whether you are a seller looking for assistance with the drafting of a sales contract or a deed, or a buyer seeking to understand the difference between an owner’s and lender’s title insurance policy or what someone means when they say the proration of utilities and taxes – we are here to assist you.

Like all insurance, title insurance protects us from the risk of loss.  But unlike Homeowner’s Insurance or Car Insurance, which protects us from some unforeseen accident or loss in the future, Title Insurance protects your real estate from something that happened “to title” in the past.  For example, two generations ago, your home may have been sold by an estate but the estate taxes were never paid.  Although this is not your fault, the claim and demand for these unpaid taxes can come back on your home because they are tied and associated with your specific property.

Part of what allows Nittany Settlement Company to provide detailed title insurance coverage is our in-house abstractor services via Nittany Abstract Company (NAC), and the review of all abstracts by our in-house real estate attorneys. Specifically, NAC performs our thorough title searches in order to identify possible issues or claims of title and our attorneys, after their independent review, work to investigate and clear any “clouds on title” that may appear; all before you even purchase the home.

Even in light of all this work Nittany Settlement Company does up front on your behalf, if an issue involving a claim or title were to arise in the future, your title insurance policy will simply step in to defend your claim of ownership to the property (your title) and cover any financial loss, including legal fees, up to the face value of your property.

No, a lender’s insurance policy, although purchased by you FOR the lender, does not protect you, the owner, in the event of a claim.

Specifically, there are two types of Title Insurance Policies; lender’s title insurance and owner’s title insurance.  Your lender will likely require that your purchase a Lender’s Policy as part of your mortgage/loan.  This policy only insurances that your lender possesses a valid, enforceable lien on the property and only covers the amount of the loan (which is normally less than the full value of the property).  For example, if your purchase price is $300,000 but your loan amount is $250,000; the Lender’s Title Insurance Policy will only protect up to $250,000 of the purchase price. Moreover, the lender will not usually be consider with an adverse title claim unless its loan and its ability to foreclose and recover its principle and interest from the property are placed in jeopardy.  In the event of such a claim, the lender’s policy also fails to provide coverage of legal expenses (which can be exorbitant) incurred by an uninsured policy (the owner who does not possess their own specific title insurance policy).

Title troubles, such as improper estate proceedings or pending litigation involving your property, could place your home and equity at serious risk of loss if you are not adequately protected.

However, an Owner’s Policy is designed to protect you, the new buyer, from title defects that exist prior to your policy’s issuance date (the date of settlement). As such, with the purchase of your Owner’s Policy, you will be protected from financial loss up to the face amount of the policy you purchase; including the coverage of the full costs of your legal fees associated with the defense of your title.