Title Insurance for Your Peace of Mind

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The biggest investment you will make in your lifetime will probably be purchasing a home. So before you sign on the dotted line, you must be certain that the property's title is clear of other claims.

A title company ensures that your new home doesn't carry expensive encumbrances and other legal obstacles.

You pay the title insurance company a single premium which includes the cost of verifying clear title and covers you in case some fault is later discovered in the title.

The title company performs an extensive search on the title history of the property. The title insurance company can usually find any title problems and clear up these problems prior to closing.

Because Real Estate Law is so complicated, you need an expert to make sure that all previous transactions have been correct, so you don't end up with legal problems or a problem selling your property. Your title insurance owner's policy will describe the property and outline the limitations on your ownership. It will also set forth the title insurance company's responsibilities should any claim covered by the policy terms arise. Typically your title insurance will protect you in the following cases:

  • Contested title — Someone, usually a previous owner or occupant, claims they still own the property or have not given up their claim. If this happens, the title company will defend your title and will cost you nothing.
  • Defective title — This is a general term for a legal problem with the title that cannot be corrected and includes "contested title" above. Other examples of title defects include problems with legal access to the property, easements that make the property less usable, unusable, or unsaleable. Many other complicated problems define "Defective title." The title insurance company will discover these title problems, or if they miss them, insure your loss up to the amount of the policy.

The Lending Source can answer questions about title insurance and many others. Give us a call at (973) 601-2122.

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