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COMMON QUESTIONS ABOUT REAL ESTATE SERVICES
What is a real estate closing?
Also known as a settlement, a real estate closing takes place
when a third party such as an attorney or Title Company provides
oversight in the transfer of property from the seller to the buyer,
assuring that the terms of the purchase agreement are met. This
“closing agent” also acts as the repository for documents and
monies, disbursing them to the appropriate parties at the end of
closing.
What is escrow?
Escrow is when the closing agent holds funds, documents,
securities, or other property for the seller and buyer during the
process of the real estate transaction. When the deal is
complete, the closing agent releases the documents and funds so held
to the appropriate parties.
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What is Title Insurance?
 Title insurance is issued by a title company in order to protect
the property owner against loss if it is discovered that the title
to the property contains a defect. In the event the insured owner
suffers a monetary loss due to a lien or other title defect, the
title insurer defends the insured against a lawsuit, or provides
reimbursement up to the amount of the title insurance policy.
What is a Title Search?
A title search is a review of all public documents pertaining to
a specific piece of property in order to determine the present state
of the title. This can involve documents from the county
recorder, the county assessor, and various taxing agencies.
Depending on the number of documents and their complexity, a title
search could take days or weeks to complete. It is best to
have a knowledgeable attorney review the results for potential
problems.
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What are closing costs?
Closing costs can vary from transaction to transaction; however,
typical closing costs include: transfer taxes, notary fees, escrow, title
search, commissions, recording fees, prorations (divisions of
financial responsibility between buyer and seller), and title
clearance (removing liens to title).
What types of financing are available?
Security Settlement Services, Inc. specializes in preparing residential
and commercial closings in addition to conventional, FHA, VA, and
PHFA, loans. We offer financing for commercial ventures and
construction loans, as well as bond financing through the PA
Industrial Development Agency.
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What is a purchase agreement?
A purchase agreement clearly defines the terms of the sale and
what must happen before the property changes hands. It defines
contingencies, such as what happens if a requirement is not met and
the agreement must be cancelled, or who pays for property inspection
and any defects uncovered during the inspection.
Can I sell my property without the assistance of
a real estate agent?
FSBO, or “For Sale by Owner” real estate transactions are
becoming more popular and may amount to as much as 17% of home
sales. While you may be able to handle many of the details
without a real estate agent, it is advisable to employ the services
of a settlement company such as Security Settlement Services, Inc.
to ensure that the title transfer does occur in a proper and
equitable fashion.
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 What is your service area?
At Security Settlement Services, Inc., the areas in which we do
business primarily include: Allegheny County, Butler County,
Washington County, and Westmoreland County, the Pittsburgh area,
Southwestern and Northern PA, including the communities of Bethel
Park, Churchill, Edgewood, Fox Chapel, McKeesport, Monroeville, Mount
Lebanon, North Versailles, Oakmont, Plum, Swissvale, Turtle Creek,
Wexford, White Oak, and Wilkinsburg in Allegheny County; Butler,
Cranberry, Harmony, Saxonburg and Zelienople, in Butler County;
California, Charleroi, Monongahela and Little Washington in
Washington County; and Irwin, North Huntingdon, Greensburg, Latrobe,
Ligonier, Monessen, Mount Pleasant, New Kensington, Arnold,
Trafford, Hempfield, Penn-Trafford, and Unity Township in
Westmoreland County.
Does Security Settlement Services,
Inc. handle
commercial closings?
Security Settlement Services, Inc. provides title searches and title
abstract reviews for commercial real estate. A registered
title agent, Security Settlement Services, Inc. issues title insurance
policies to both lenders and purchasers. We offer financing
for commercial ventures and construction loans, bond financing
through the PA Industrial Development Agency, and commercial escrow
services. We also work with acquisitions, divestitures, and
capitalization.
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 What happens at closing?
On the day of closing, the buyer makes a final deposit into
escrow and signs any final loan documents and conveyance documents. The seller signs
the deed to property and closing statements, then the deed is
exchanged for the agreed upon purchase price. The deed to
property and any mortgage documents are taken to the county court
house. The deed is mailed to the buyer from the recorder’s
office after being officially entered into the public record.
Service Area
At Security Settlement Services, Inc., the areas in which we do
business primarily include: Allegheny County, Butler County,
Washington County, and Westmoreland County, the Pittsburgh area,
Southwestern and Northern PA, including the communities of Bethel
Park, Churchill, Edgewood, Fox Chapel, McKeesport, Monroeville, Mount
Lebanon, North Versailles, Oakmont, Plum, Swissvale, Turtle Creek,
Wexford, White Oak, and Wilkinsburg in Allegheny County; Butler,
Cranberry, Harmony, Saxonburg and Zelienople, in Butler County;
California, Charleroi, Monongahela and Little Washington in
Washington County; and Irwin, North Huntingdon, Greensburg, Latrobe,
Ligonier, Monessen, Mount Pleasant, New Kensington, Arnold,
Trafford, Hempfield, Penn-Trafford, and Unity Township in
Westmoreland County.
Return to Top Security Settlement Services,
Inc. offers Real Estate Settlement Services & Real Estate Closings
in Pittsburgh, Allegheny County, Greensburg, Westmoreland County,
southwestern PA.
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