What is Title Insurance?
Title insurance protects the homeowner’s title from defects in the title that might arise from events that happened before when the home was purchased. It helps to protect yourself from financial loss from having a defect in the title. It will also cover any attorney fees that you may need because of the defects. Ultimately, you might not know about the title defect until years later, so the title insurance will protect you from it.
Is Title Insurance required?
If the buyer is buying the property with cash then they are not legally obligated to have title insurance, however, if they don’t get the title insurance and something happens with these defects later on they will be solely responsible for them regardless of if the defects happened before they purchased the home.
If the buyer is doing a mortgage loan then they will be required to get a lender title insurance. They will be completely covered for title defects that happened before the purchase of the home.
Typically, the buyer’s attorney or the buyer will request for the title I insurance. This will give the buyer an in-depth look into the property’s title and find out its current state it. This will include searches done on the title. This may mean county searches, judgment searches, tax searches, patriot searches, or any other unique searches for the particular state or county
A title officer will do an in-depth search and analysis into the property title. Founders Title Agency will then analyze the record and the impact it has on the title to the property.
The title officer will issue a title commitment that is an agreement to ensure the title of the property. This will explain the terms of the agreement including the amount of insurance, who is insured, exceptions, and any requirements of the policy.
The title agent will work to clear the “clouds” which is any irregularity in the chain of title ownership that may prevent a party from denying to accept the title. These title officers work with buyers, sellers, lenders, and attorneys to resolve any title issues.
A one-time premium payment is required for title insurance. The premium will be paid at the time of closing by the buyer or borrower.
After closing, the title agency issues the insurance policy to the titleholder.
Here are a few things we can provide to homebuyers for assistance:
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• Lender’s Policies
• Owner’s Policies
• Leasehold Policies
• Condominium And Co-Op Policies
• Survey And Inspection Services
• Title Searches
• Loan Document Preparation
• Closing And Escrow Services
• Recording Services
• Procurement of Municipality Letters Regarding Zoning And Compliance
• Procurement Of Zoning Reports
• Multi-Jurisdictional Lien And Litigation Searches
• Entity Formation And Qualifications
• National Recordings And Filing Services
• Mortgage Foreclosure Searches
• Tax Lien Foreclosure Searches
• Mechanics’ Lien Foreclosure Searches
• Mortgage Foreclosure Certificates
• Covenant Restriction And Easement Searches
• Full Or Short Period Title Searches
• Historical Searches
• Judgment And Lien Searches
• Municipal Searches
• Mortgage Searches
• Real Estate Tax Searches
• Partition Searches
• Surrogate's Court Searches
UCC Searches
• Abandonment Certificates
• Business Certificates
• Condemnation Certificates
• Tax Redemption Certificates
• Zoning Lot Certificates
Founders Title Agency is a multi-state title company licensed in NJ and PA. Reach out to get a quote today.
Our team of title and settle experts are ready to assist.
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Founders Title Agency is a multi-state title company licensed in NJ & PA. Reach out to get a quote today.
Submit your email address to subscribe to our newsletter
Our team of title and settle experts are ready to assist.
