The average person will own 3 homes in their lifetime.
So the choice of title insurance will protect them against defects in the property’s title is crucial.
Title insurance provides protection to mortgage lenders and homebuyers against defects or problems with a title when there is a transfer of property ownership. If a title dispute arises during or after a sale, the title insurance company may be responsible for paying specified legal damages, depending on the policy.
For the majority of people, their home purchase represents their largest single individual investment. As a result title insurance is necessary to preserve and to indemnify against claims made against that property that may have occurred in the past. There are a number of very reputable title insurance companies, one of which is Old Republic Title, which has been around since 1907.
Selection of Title Insurance Agent
The selection of a title insurance agent is one of the most important decisions the homebuyer makes. The stability, the resources and assets of the insurance company, as well as the diligence of the agency to complete a title search is very important.
Many times with homebuyers, their representing agents may recommend a title company to them. One of the reasons for this is because the real estate agent is familiar with the quality of service offered and the ability of the title agency to execute swiftly without glitches.
Title agencies may also be involved with closings and the settlement. This is an important part of the home purchase because the closing is a result of a process. It involves a legal commitment to a mortgage loan company, following the down payment and other items. The closing fees can represent up to 70% of the home purchase costs at the time of closing. These fees can include title search, document preparation, notary fees, settlement fees and other charges.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.