What is title insurance?
Title Insurance protects against defects in title. Defects can range from errors in public records, forgeries, boundary/survey disputes, false impersonations of the previous owner, fraud, unpaid mortgages and other debts.
What are title fees?
Title insurance fees are the fees associated with searches and due diligence reports to ensure the property can be insure and is free of title defects; the title insurance premium to insure the property and the Settlement/Closing fee are part of these fees.
What are recording fees?
Recording fees are the cost to record the Deed or Mortgage at the County Clerk/Register’s Office in in the county in which the property is located. This fee varies based on the type of instrument and number of pages.
What are closing costs?
Closing costs are the fees and charges associated with closing a real estate transaction. These fees include, but are not limited to real estate taxes, closing fees, attorney’s fee, title insurance, appraisal, banks fees among other fees that varies based on the nature of the transaction.
Where would the closing take place?
Closing usually takes place at our office or the office of the buyer’s attorney. However, we can accommodate closing anywhere the buyer wishes to close. We can send a closer to the client’s home, office or any other location.
Do I need to be in the state in which the property is located?
No. We are licensed in NJ, NY, PA and FL. Hence, we can perform the closing for any property located in any of these states anywhere in the United States. We can also accommodate closing outside the United States.
Who picks the title agency?
The title agency is usually selected by the party paying for the services. Some states require an attorney conduct the real estate closing and often the attorney select the title agency.
Why should I care who is the title agent?
You should care as the title policy insures your property against ownership and title defects for the life of your ownership on the property. Often times, title issues are not discovered until the property is being sold, refinance or construction is being perform. Below are some examples.
- A restriction on the land use is not discovered during the title search performed when the property is purchased but is discover when you are selling the property; this can cause you thousands of dollars or more depending on the type of restriction or can prevent you from developing the property and/or building the type of structure you want to build on the property. This can include, but not limited to an additional story on the house, a pool, a basketball/tennis court, a garage, ect
- A Driveway easement is not discovered during the title search performed when the property is purchased. Once you move in you discover the driveway you thought belong to your property is shared with the neighbor or even worst, it belongs only to the neighbor.
How much would my title insurance cover in the event of a title claim?
Title insurance policies and endorsement vary depending on the state in which your property is located. However, most title policies will only pay for claims up to the face value of your policy. The face value of your policy is the amount you paid for the property when purchased