REO AMERICA ABSTRACT, LLC
PHILADELPHIA, PA

Founded in 2007, REO America Abstract, LLC is located in downtown Philadelphia, employs more than 20 people, and works with clients that range from individuals and small businesses to large companies throughout Pennsylvania, New York, New Jersey, Delaware, Maryland, Virginia, and the District of Columbia. REO America Abstract, LLC is partnered with two of the largest national title insurance underwriters, Westcor Land Title Insurance Company and the North American Title Insurance Company (NATIC). REO America Abstract, LLC is also a NATIC STAR Network Agent. To be recognized, REO America Abstract, LLC has had to undergo a rigorous and constant evaluation process to become and stay an agent in good standing. Why REO America Abstract, LLC Since buying or selling a home involves one of the biggest decisions you’ll ever make, it’s essential to have the best representation available to handle your settlement. – including title search, title insurance and closing services – REO America Abstract, LLC will guide you through the process and continue to protect your ownership rights in the future. With you as our customer, REO America Abstract, LLC will deliver speedy, accurate and high-quality representation for all your transactional needs. Here’s what you can expect from REO America Abstract, LLC: WE ARE PROFESSIONAL – Experienced and highly-skilled team of title officers, examiners, and searchers who produce detailed preliminary title reports. WE ARE FAST – Comprehensive, professional reports delivered quickly to you and your clients. WE ARE ACCURATE – Experience to handle any title issues that may arise, such as assistance and experience ensuring clear title, and closing your transaction accurately and timely. WE DELIVER – Working with our outstanding team to provide exceptionally high-quality and truly remarkable service. As your preferred title company, we know what you need and we’re here to provide fast, accurate and high-quality results. Our goal is to provide you with professional service that makes the process of buying or selling easier – and give you peace-of-mind for property ownership now and in the future. REO America Abstract, LLC is a recognized leader in the title services industry. These are meant to serve as a guide for ALTA members in enhancing existing business practices to protect consumers, ensure quality service, provide for ongoing employee training, and meet legal and market requirements. ALTA has committed to the Consumer Finance Protection Bureau (CFPB) that each Title Company will be compliant in 7 different areas (pillars) in order to participate in the business changes occurring presently. At REO America Abstract, LLC, we continue to support you with the latest in title standards, regulations and Best Practices procedures. Our continued interest in title insurance education and our up to date training are a regular and on-going activity so that we provide the best service possible. Below are brief descriptions of each of the 7 Title Insurance and Settlement Company Best Practices, each of which has been adapted by REO America Abstract, LLC. All 7 Pillars of the ALTA Best Practices are the way for REO America Abstract, LLC to demonstrate its commitment to our clients and our business partners. Please , if you have any questions about the policies and procedures as they are implemented at REO America Abstract, LLC. Establish and maintain current license(s) as required to conduct the business of title insurance and settlement services. Adopt and maintain written procedures related to title policy production, delivery, reporting and premium remittance. Adopt standard real estate settlement procedures and policies that helps ensure compliance with Federal and State Consumer Financial Laws as applicable to the Settlement Process. REO America Abstract, LLC is a recognized leader in the title services industry. A title search is a detailed examination of the historical records concerning a property. These records include deeds, court records, property and name indexes, and many other documents. The purpose of the search is to verify the seller’s right to transfer ownership, and to discover any claims, defects and other rights or burdens on the property. A title search can reveal problems such as defects and liens, as well as unpaid taxes, unsatisfied mortgages, judgments against the seller and restrictions limiting the use of the land. Approximately one-third of all title searches reveal some title defect that must be cleared. The most common type is an unreleased lien. The most problematic title issues are outstanding interests of a person on title or forgery. Title insurance is an indemnity contract between the insurance company and the owner of some type of interest in real property. Title insurance is intended to protect real estate buyers, mortgagees, and other insured parties by shifting the risk of loss surrounding title matters from those parties to the title insurance company. When you buy a home, or any property for that matter, you expect to enjoy certain benefits from ownership. For example, you expect to be able to occupy and use the property as you wish, to be free from debts or obligations not created or agreed to by you, and to be able to freely sell or pledge your property as security for a loan. Title insurance is designed to cover these rights you bargain for. A closing, which is also known as “settlement” or “escrow” is the event where the title to a property is transferred from seller to buyer. Closing is typically held in the title company’s office and involves the completion of all the necessary paperwork to finalize the agreement between buyer and seller. In addition, all financial issues are settled at closing —closing costs — and the necessary documents are signed and filed with local authorities, which successfully transfers the title. Did you know that we provide REO America Abstract, LLC is a recognized leader in the title services industry.