About NJ Title Insurance

About NJ Title Insurance

WHY DO YOU NEED TITLE INSURANCE?
The title insurance business is an indispensable part of purchasing or refinancing your home. The title insurance company and its agent will work with the parties to eliminate all known risks prior to completing the transaction. This process of risk elimination is one of the most important services a title insurance company and its agents provide. A purchaser and the mortgage lender need to know that the seller or borrower is telling them the truth about what they owe. Lenders and their investors need to know that they have a legally enforceable mortgage. A policy of title insurance eliminates many financial and legal risks inherent in even the simplest real estate transaction. The purchaser does not want to be tied up in court having to prove what they purchased, and the lender does not want to have to prove that it has a valid lien, even if the title insurance company ultimately pays to cure the problem.

In order to discover all potential problems, title insurance companies and agents cause a thorough search to be done of all relevant public records before the closing. All identified matters are then received by the title company and reviewed. Those judged relevant are compiled into a report called a title commitment or title binder. The commitment or binder serves as a basis for closing and completing the transfer of the real estate. When all requirements in the commitment are completed, and the closing has occurred, the policies of title insurance will be issued to the owner and mortgage lender.
Title insurance companies often act as a neutral settlement agent or escrow agent in a real estate transaction.

The title company can conduct the closing with your attorney or for your attorney, and record documents and disburses sale and loan proceeds according to instructions agreed upon by all concerned. The title company will pay for any loss caused by errors it makes in searching the public records or in interpreting what it has found. Generally, the title policies remain in force for as long as the insured owns the real estate interest covered in the policy. All these type of coverage may be limited by other provisions in the policy.

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Prominent Title Agency, Inc.
1580 LEMOINE AVENUE, SUITE 8-A
FORT LEE, NJ 07024

PHONE - 201-410-8330
FAX 703-372-5758