A mechanics' lien may become a lien against a property on which work has been done or for which materials have been furnished (regardless of whether it is for new construction or for alterations and repairs), if the claim exceeds $500 and is filed within four months after the work has been completed. The lien takes priority from the date of visible commencement of new construction and from the date the claim is filed if for alterations and repairs.

This is the waiver of the right to file a mechanics' lien and is filed in prothonotary's office by either the contractor or any subcontractors. It prevents the filing of a mechanics' lien, and if filed it will be stricken off.

There are many endorsements which a lender or owner can ask for which extend the basic covereage of the policy. The most standard endorsements required by lenders are as follows:

Endorsement 100:	This endorsement insures that the restrictions have not been violated and that a future violation thereof will not cause a forteiture or reversion of title. The charge for this endorsement is $50.00.
Endorsement 300:	This endorsement has the effect of insuring without exception for matters discoverble by survey (except as might be specifically noted) and will further insure against loss or damage by reason of encroachment (other than by party walls), whether by the building on the mortgaged premises encroaching upon adjacent property, or by any building on adjacent property encroaching on the morgaged premises. The charge for this endorsement is $50.00.
Endorsement 710:	Where required by a mortgagee, an Insurer may provide coverage under this endorsement to insure the priority of the lien of a mortgage than can by its terms be renegotiated as to its rate of interest. This coverage insures the prority of the lien through any number of renegotiated interest terms. The charge for this endorsement is $50.00.
Endorsement 8.1:	This endoresement affords multiple forms of coverage with respect to the Planned Unit Development Regime and Documentation, when affixed to a policy in which the insured land is Planned Unit Development. The charge for this endorsement is $50.00.

A purchaser of a title insurance policy shall be entitled to purchase this coverage at the reissue rate if the real property to be insured is identical to or is part of real property insured 10 years immediately prior to the date the insured transaction closes when eveidence of the earlier policy is produced notwithstanding the amount of coverage provided by the prior policy.

In a normal transaction, Adams Abstract Associates, Inc. prefers a two week allowance for title search and title commitment. We all know, however, that only applies in a "perfect world". So, let us know hwat you need and we will do our very best to accomodate you.

Remember that there are two kinds of title insurance. A lender's or mortgagee's title insurance policy protects only the lender. Most lenders require this type of insurance and require the borrower to pay for it. That does not mean that the borrower will receive its protection. An owner's policy is necessary to protect the owner against loss. If the lender does require a lender's policy the owner's policy may be purchased simultaneously with a lender's policy at the time of settlement, offering a savings to the borrower.

A title is the evidence or right which a person has to the ownership and possession of land. A defect in that tiel can be any legal right held by someone other than the owner to claim property or to make demands on the owner of that property.

There are many possible causes of title defects that no examination can disclose. That is because they have never been recorded and thus do not appear in the abstract. A title insurance policy protects the owner against all these hidden risks; those listed below for example:

Fraud

False claims of ownership, forged deeds, wills, signatures, conveyances, insturments, false representations, false records of all sorts, illegal acts of trustees, guardians, administrators, and attorneys.

Human Error

Errors in compying, indexing, recording; errors by administrators, executors, trustees, guardians and attorneys; destruction of records

Improper Deeds and Wills

Deeds by persons of unsound mind, minors; deeds delivered after death or without the grantor's consend; invalid, suppressed, erroneous wills, missing heirs, unsettled estates.

Forgery

Mortgages, deds and other pertinent documents may have been forged.

Mental Incompetence

The person executing a deed or release may later prove to have been mentally incompetent, subjecting the document to cancellation.

Name Confusion

In a metorpolitan area, there may be a great many people with the same last name. A number of them may have identical first names or initials. Confusion can occur when divorces, liens and judgments involve people with identical names, and title defects can result.

Marital Rights

Spouses or former spouses of past owners may make belated claims to their share of the property.

Incorrect Legal Interpretations

Claims to title can be made by persons who contest the interpretation of a will.