Insurance you should get4today!

I just received a memorandum from one of our title underwriters. It’s important info if you are involved in purchase transactions in PA with an assignment of interest or contract. The PA Dept. of Revenue issued an amended rule on transfer tax regulations last December. The effect of that change is just now being fully digested - probably because someone was audited post closing. Yes, our Dept. of Revenue routinely audits transfer tax remittances. We process a few every year.

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We’ve been working for a homebuyer since June trying to close a purchase.

He thought he did everything right BUT you can’t account for “out to lunch” sellers or their “not so helpful” bankruptcy attorney. [I’m being really kind with those quotes cause these folk have made lots of grief for everyone. More appropriately I might have said, “out of touch with reality - perhaps in a drug induced haze and don’t give a darn” and “not really that busy but push everything on my paralegal anyway who isn’t an attorney and shouldn’t be fully managing my caseload but I couldn’t care less”]

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Life Insurance Without Physicals

Why would you want to get no medical exam term life insurance? After all, in general the more information the insurance company gets to collect, the more receiptive they are to handing out a cheaper rate class!

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This is a great query. First, let’s set aside prepayment penalties because they are rare and also because they are unique. If you have a Note that includes a pre-payment penalty, read those terms carefully for any impact on partial pre-payments. Okay, now for your query.

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A normal title insurance policy will cover valid PA sales tax liens that are due and payable on or before the date of the issuance of the policy. A competent title insurer will carefully check for filed liens and also examine whether or not there is a risk of lien under the bulk sales act. It’s the bulk sales issue where coverage may or may not be in place.

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