Title insurance protects lenders and property owners from financial losses that may occur due to property title defects. The coverage provided by a title insurance policy is typically decided at the time of purchase and can vary depending on the type of policy and the insurer. However, most policies will cover losses that occur as a result of:
- Undiscovered defects in the title to the property
- Liens or encumbrances on the property not disclosed at the time of purchase
- Forgery or fraud associated with the transfer of ownership of the property
- Errors in public records
While title insurance is not required in all states, it is recommended to protect you against defective title issues. If you are purchasing a property and elect not to purchase title insurance title agency you may be responsible for any title issues that surface when you try to sell the property. This could be a costly and avoidable mistake.
The Benefits of Working With a Title Agency in New Jersey
Working with a local New Jersey title agency is a smart move when it comes time to purchase a property. Here are just a few of the benefits of working locally:
- They have a deep understanding of the unique titling challenges specific to their area.
- They know most or all of the local business professionals involved in your transaction.
- They have a reputation to uphold and grow in their local community.
- They can provide peace of mind during what can be a stressful time.
Reaching anyone on your real estate team, including your title company, can be critical when things don’t go as planned. A local hand to shake or team to meet with helps everyone work together to overcome issues that title agency may arise in the process.
