Buying New Construction in Pennsylvania?
Everything you need to know about title insurance and settlement services when you're buying from the builder.
Intro text here about why it's important to have a good title company on your side when you're purchasing new construction.
New Construction and the Builder Fee For Lot Pins
If you’re purchasing new construction many builders will not only try to charge you a conveyancing fee, but they may try to throw in a fee for lot pins. When the builder hires an engineer to survey the building lots, they place a metal pin in each of the four corners of the lot to mark the boundary line. Many builders attempt to pass their cost of the lot pins on to the buyer as a separate line item in the agreement of sale. (Lot pins can cost as much as $400, which is negotiable as well and if you push hard enough the builder will wave it.)
By avoiding the conveyancing fee and the fee for lot pins, you can save yourself anywhere from $200 to $800 at the settlement table.
Helpful Information About Purchasing New Construction
from the ALT Tite Blog
For many, the idea of building or buying a brand new home is extremely enticing. Whether it’s because they can’t find “the right house” or they simply want something with the latest features and accessories, many assume buying new will be easier as they can avoid dealing with previous owners or problems with an old…Read Full Post
I’ve always said that an educated home buyer should start the process by finding the title/settlement company they would like to use before they get emotionally involved in negotiating for the new house. This is especially important when buying new construction. When you deal with a builder, you’ll need a good title company to assist…Read Full Post
If you plan on purchasing new construction, do a little homework and weigh all of your options before using the builder’s title company, no matter how hard their sales associates push and try to pressure you. Why? It’s likely that the builder has a “business relationship” with the title company that they’re steering you towards,…Read Full Post
Title & Settlement Services for New Construction Buyers:
- In-house attorney specializing in real estate and banking available for document review.
- We are available seven days a week to answer your questions
ALT saved me a few hundred dollars.
"I have been warned about ripoffs and hidden fees at settlement. They answered my many questions and helped to eliminate a phony charge the seller's realtor wanted to collect from me. They charged me exactly what PA dictates and NOTHING more--no conveyancing fees, no notary fees, no office use fees, no deed recording fees or any other invented fee of any kind."
I was introduced to ALT through my realtor.
"The quote was unbeatable. No hidden fees at settlement. No surprises at all. They were on time and everything was smooth. Frank answered all the questions patiently and things to avoid after the settlement in regards to duplicate deeds in mail and other cautions. I would recommend ALT to anyone looking for a title company."
Everyone was so great to work with at ALT.
"We used ALT recently to purchase a new home and they were fantastic. They made the process so easy and the best part was that you didn't have to fight with them over any hidden charges which sometimes happens with title companies. I recommend them highly."
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