Escrow & Title
A Pennsylvania 'title plant' maintained by a title company contains:
ALive plants used to improve the appearance of closing offices
BAn indexed private database of recorded documents organized by property (parcel), allowing faster title searching✓ Correct
CAll PREC-approved title insurance forms
DRecords of all mortgage loans in the county
Explanation
A title plant is a private indexed database maintained by title companies or title abstractors that mirrors public records but organizes them by property (parcel index) for efficient title searching. Rather than searching by grantor/grantee name in official county records, title plants allow searching by parcel.
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Key Terms to Know
Title Insurance
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Abstract of TitleA condensed history of a property's title, summarizing all recorded documents and encumbrances affecting it from the earliest record to the present.
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