Homeowner's Insurance and Title Insurance - What's the difference?

Homebuyers should know the difference between homeowner's insurance and title insurance

While many homebuyers do their research before diving into the homebuying process, it can still be a very confusing experience due to the sheer amount of information involved. The homebuying process, coupled with today’s competitive market, can pressure homebuyers to speed through parts of the journey without a deep understanding of what they need, or in some cases, don’t need.

Title industry experts have found that only 1 in 5 homebuyers understand the documents presented to them during the closing process. Many homebuyers don’t fully understand what title insurance is and why it’s so critical to protecting their property rights. Part of the part of the problem is that title insurance is easy to confuse with homeowners’ insurance. 

In the simplest terms, title insurance protects your property rights. It is a unique form of insurance that, per the American Land Title Association emphasizes risk prevention than risk assumption. While a homeowners’ insurance policy protects the physical and tangible assets of a home, a title insurance policy protects new homeowners from any past issues affecting their right to own and use the property.

Homeowners' insurance protects a person from unforeseen issues related to their property. Just like other forms of insurance, homeowner’s insurance can be customized and enhanced, so it’s crucial to fully understand what type of policy will best suit your needs. It’s really a packaged policy that encompasses multiple areas related to your home.

Title insurance is a one-time premium for coverage that lasts as long as you own your home.  It doesn't go up after you purchase your  home.  Homeowners' insurance requires the payment of an annual premium which may increase from year to year.

If you would  like to know about title insurance, let us know!

 

We are the New Jersey title insurance agent that does it all for you. For your next commercial real estate transaction, house purchase, mortgage refinance, reverse mortgage, or home equity loan, contact us, Vested Land Services LLC. We can help!

For your real estate purchase or mortgage refinance or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Vested Land Services LLC

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-808-6130 - Fax 973-227-0645

E-mail sflatow@vested.com

@vestedland

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Can home title thieves can't steal your house?

Rick Kahler: Can home title thieves can't steal your house? No, they can't.

[Editor’s comments in brackets]

 Home title theft.

This is a “threat” I only learned about from frantic radio commercials warning that your home can be stolen from you. They claim thieves can deed your property to themselves and then mortgage or even sell it without your knowledge. In fact, they may have done so already! You may have lost all your home equity! You’ll discover the fraud when you are evicted by a foreclosure or new owner!

 Of course, after all these alarms, the ads offer a solution: buy their title theft insurance. They promise to shield your title, monitor it 24/7 and alert you when a fraudulent title transfer is filed. One company charges $79 a year for $1,000,000 of title theft insurance. It’s highly unlikely any such company will ever pay out a dime of insurance.  [One never knows, does one? With identity theft rising, need we say more?]

 The claims are so over the top that these companies either don’t understand the law or are intentionally

bending the facts. Like most things, these outlandish claims include a grain of truth. It is true that anyone can forge your name to any document, including a deed supposedly transferring title to the forger. Such a deed could be filed with the county register of deeds.

 That doesn’t mean someone has stolen your title.

 First, a forged deed is not valid and conveys nothing. Only you can legally transfer your title to a third party. If a buyer or a lender rely on a forged deed and don’t do their due diligence on a property’s title, they are out of luck. They, not the legitimate property owner, will ultimately lose any money paid to the thief. [This is why title insurance is important.]

 Second, a would-be forger could easily get a blank deed form online and fill in your property’s legal description obtained from public records. However, the signature must be certified by a notary public, who is required by law to verify your identity.

 Third, it is next to impossible for the thief to mortgage or sell the property to a knowledgeable lender or buyer. Lenders, title companies and real estate firms have so many safeguards in place that there is almost no chance a fraudulent transfer won’t be discovered. The required credit reports, employment and income verifications, back tax returns, appraisals and title insurance are bound to alert you and the lender that something is wrong.

 Even with a cash buyer, a thief’s chances of success are small. Only the most naïve buyer will fail to obtain title insurance. Title insurance protects buyers against defects in the title, including liens, fraud and forgery. It will alert the buyer or lender to any defects prior to closing. If a title company misses a defect, it must pay for any damages. No legitimate attorney or real estate firm will allow you to buy a property without this insurance.

 Fourth, if a buyer is naïve enough to buy property without a legitimate appraisal or title insurance, it is possible they could be conned. If they show up in your driveway with a moving van, however, they — not you — are the ones at risk of losing their money.

 Fifth, forgery is a felony in all 50 states, punishable by jail time and heavy fines. The court might also require restitution for damages caused by the forgery, such as the costs of clearing the title.

 In the extremely unlikely event that someone goes to the trouble and risk of committing all these crimes, the cost of clearing the title is the biggest risk to a homeowner. That will require the assistance of an attorney. Would that potential expense make it worthwhile to consider buying title theft insurance? Perhaps, assuming the policy covered such expenses. Unfortunately, none do.

 Rick Kahler is president and owner of Kahler Financial of Rapid City.

 [Most cases of stolen title are from decedent’s estates, especially in rundown neighborhoods.  Spying an empty house, maybe the owner is written up in an obituary, or the thief just finds out about it, it’s a prime subject for title theft. Agreed that a savvy buyer will most likely not get trapped, lenders are sometimes not so savvy.]

We are the New Jersey title insurance agent that does it all for you. For your next commercial real estate transaction, house purchase, mortgage refinance, reverse mortgage, or home equity loan, contact us, Vested Land Services LLC. We can help!

For your real estate purchase or mortgage refinance or

if you have questions about what you see here, contact

Dr. Title - Stephen M. Flatow, Esq.

Vested Land Services LLC

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-808-6130 - Fax 973-227-0645

E-mail sflatow@vested.com

Follow us on Twitter @vestedland

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What Are the Duties of a Title Agent?

By Stephen M. Flatow, Counsel, Vested Land Services, LLC

 

Title agents such as Vested Land Services LLC play several important roles in real estate transactions- whether residential or commercial. Title agents generally act as the agent of the title insurance company.  Its job is to examine and review title, facilitate the closing, record documents in the appropriate county office, and issue insurance policies to the buyer and the lender.

 Title Examination and Review

A Title agent should be using experienced title searchers and be staffed by examiners with years of experience in the industry.  After receiving the title report from the searcher, the examiner, or reader as she is sometimes called, reviews the search to determine the status and condition of title to the subject property. Title agents generally provide this information in the form of a Commitment to Insure Title.

 Some Title agents also provide title information for the purpose of foreclosure actions, and estate planning and disposition of real property.  A Commitment is not issued.  Instead, a letter report is used.

 The Settlement Agent for Real Estate Transactions

 Title agent are very frequently the settlement agents for real estate transactions. As settlement agent, the title agent works with the buyer’s and seller’s attorney, as well as the mortgage lender to bring the transaction to closing.  The Title agent obtains signatures on all of the closing documents, and the title company also receives and distributes payments related to the conveyance transaction. After the parties have signed all the documents, the title company will record documents that need to be recorded, such as deeds and mortgages, in the local county land records office.

 Title Insurance Issuer

 Vested Land Services LLC, is a policy writing agent for three national title insurance companies.  As such, we issue policies of title insurance on their behalf.  We earn our income via a commission for issuing the title insurance policy and are licensed by the State of New Jersey.

 Well, there you have it.  Short, sweet and to the point.

 Any questions? Give us a call!  We’re here to serve.

 We are the New Jersey title insurance agent that does it all for you. For your next commercial real estate transaction, house purchase, mortgage refinance, reverse mortgage, or home equity loan, contact us, Vested Land Services LLC. We can help!

 

For your real estate purchase or mortgage refinance or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Vested Land Services LLC

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-808-6130 - Fax 973-227-0645

E-mail sflatow@vested.com

@vestedland

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Buying your dream home? Buy title insurance, too.

Buying Your Dream Home? Protect Your Property with Title Insurance

Purchasing a home is an exciting time for anyone, but that joy can soon fade if problems - such as lost or forged deeds or liens on the property - are revealed. Title insurance can protect buyers.

TOP CONSIDERATIONS

Examples of common title defects:

1. Lost, forged, or incorrectly filed deeds. Deeds are the documents that show who owns the property, and if not filed correctly, can lead to unclear ownership rights. This can include titles filed in the wrong name or titles never filed at all. 
2. Fraud. This can take many forms such as falsified documents making it appear as if a mortgage is paid off.
3. Construction and other liens. Unpaid contractors, homeowner association dues or property taxes can result in liens on the property. 
4. Encroachments. Physical structures, such as a neighbor’s fence, that intrudes on the legal property boundary can create title issues at closing. We always recommend getting a survey before you buy.

Types of title policies: Owner’s and Lender’s are the two primary types of title policies. 

An owner’s policy protects you for the purchase price of your home plus legal costs if a title or ownership issue arises. It is usually issued for the amount you paid for your home and will cover you as long as you own an interest in the property. An owner’s policy is not required but is a good idea to protect your own financial interest in the property. 

A lender’s policy protects the lender, and only the lender, if a title or ownership problem comes up after the property is purchased. Unlike an owner’s policy, the dollar amount that would be paid if there was a problem with the title decreases as you pay off the loan and ends when you pay off your mortgage. A lender’s policy is usually required to get a mortgage loan. 

THINGS YOU SHOULD KNOW

Know who you’re hiring: People often choose a title insurer and/or closing agent based on a referral from their real estate agent, lender, or home builder. Get quotes from multiple companies to ensure you are getting the best price. Check with your state insurance department to make sure the company is licensed to operate in the state. 

Start early: Once you have a signed agreement to purchase real estate, you have all the information you need to start getting title insurance quotes from companies. Start searching early to avoid delaying the closing. The buyer and seller don’t have to select the same title or closing agent so shop around to find the best deal for you. In some locations it is customary for the seller to pay for the lender’s policy, read your real estate contract to find out who is responsible for the title fees. 

Be cautious: Real estate often includes transferring large sums of money between buyers, sellers, banks, and closing agents. As a result, they are also a target for cybercriminals. Call your closing agent and lender right away if someone proposes a change to the payment transfer. Check email addresses closely when transacting business online. Call your closing agent and bank right away if something doesn’t seem right.

After closing, check that the deed was recorded in the county records: You can call your county recorder’s office (in New Jersey it is either the county clerk or register of deeds) or check its website to confirm the deed was recorded properly. Ensure the name and address is correct. If you received a loan to buy the property, check for the mortgage as well which will have the lender’s name and the property address. 

Keep a hard copy of your title policy and closing protection letter in a safe place: Title insurance safeguards your ownership rights for the entire time you own the home or property. You will need the policy documents to submit a claim. Title defects may not be found until you sell a property. 

TOP FOUR THINGS TO REMEMBER

•  A lender’s policy only covers the lender, so to protect your own financial interest, consider purchasing an owner’s policy. 
• Shop around for title insurance, even if you receive a title insurer recommendation from your real estate agent, lender or builder. Only by comparing prices can you ensure you are getting the best deal. 
• Take cybersecurity seriously when communicating transaction details through e-mail and ALWAYS pick up the phone and call the closing agent and lender to verify payment transfer details.
• Keep a copy of your policy in a safe place. You will need this information to file a claim.  

 

(Thanks to our friends at National Association of Insurance Commissioners for this information.)

 

We are the New Jersey title insurance agent that does it all for you. For your next commercial real estate transaction, house purchase, mortgage refinance, reverse mortgage, or home equity loan, contact us, Vested Land Services LLC. We can help!

For your real estate purchase or mortgage refinance or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Vested Land Services LLC

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-808-6130 - Fax 973-227-0645

E-mail sflatow@vested.com

@vestedland

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You may ask:

What is a title search? 

We're here to tell you with the help of Bankrate.com!

Title search definition

A title search is the process in which a title company or attorney examines public records and other documentation about a property to ensure it is able to be sold and its title is free of any claims, liens or other issues that could jeopardize your ability to legally own the property.

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“This search is conducted to ensure that marketable title to the property can be obtained and that no encumbrances affect the property rights of the purchasing party,” explains Sarah Stitgen, closing attorney at Cook & James, a firm in Roswell, Georgia.

Stitgen notes that a title search is mandatory for any real estate transaction that requires title insurance. This includes homes purchased with financing, as mortgage lenders require a title search in order to provide funds for the loan.

“Think of title searches on a house like an employer’s background check on a job applicant,” says Landy Liu, New York City-based general manager of Better Settlement Services. “This protects the lender as well.”

Who completes the title search?

An attorney or title company usually performs the title search, which is most often initiated after the seller and buyer execute a contract. The steps involved can vary depending on location, however.

“In New York City, the search is done by independent title companies,” says Greg Maybaum, a real estate attorney in New York City. “Once the contract is signed, the purchaser’s attorney typically orders the title search, and either that attorney or the title company provide the completed report to the seller’s attorney. It’s the seller’s attorney’s job to then manage and address title issues with the title company.”

The company or attorney generally does the sleuthing at the office of the county or municipal clerk where the property is located. Many of the necessary records are now available online, so the searcher often does not need to physically visit an office to conduct the search.

“This person reviews many sources of information related to the property,” explains Suzanne Hollander, an attorney and real estate professor at Florida International University in Miami, such as:

• Deeds
• County land records
• Property plats
• Tax liens (federal or state)
• Divorce cases
• Bankruptcy court records
• Probate cases
• Construction liens
• Judgments

A thorough title search will also likely include details about mortgages attached to the property, street and sewer assessments, taxes and any other title problems present, Hollander says.

“The search may go back as far as 50 years, or as far back as needed to identify the root deed and review each subsequent transfer of the property,” says Stitgen. “This ensures there is proper chain of title moving from grantee to grantee, all the way through the current owner.”

Once all the information is gathered, the title company or attorney will create an abstract report that reveals what has been found regarding the title.

What happens if issues surface during the title search?

A title search may uncover one or more problems with the title. Here are some common issues, along with corresponding strategies to resolve them:

• Break in the chain of title – This issue can appear when there is a missing deed in the chain. “If party A conveys property to party B, and then party C conveys the same property to party D, we are missing the link between parties B to C,” says Stitgen. “This can be resolved by obtaining a deed from party B to party C, or a deed from party B to party D.”
• Improper or missing legal description on the deed – Depending on the nature of the error, this typically requires getting a corrected deed from the same parties to fix the error. “In some cases, an affidavit from a scrivener, preferably the party who drafted the document or recorded the document, someone with knowledge of the transaction, may suffice to solve the problem, but only if the mistake is non-material and doesn’t change the nature of the legal description,” Stitgen says.
• Potential missing interests – When the title chain includes a transfer via an estate, it’s essential to make sure any heirs have properly relinquished their interests in the property. “If this has not been done, it will be necessary to obtain deeds from these parties releasing their interests,” says Stitgen.
• Open security deeds – The title search may uncover an open security deed from the current or prior owner that was never released. “If so, some research needs to be conducted to determine if this is left open in error. If it was, you’ll need to obtain a release from the holder of the security deed,” advises Stitgen.
• Liens – A lien is a legal right or claim on a property that is commonly used as collateral to fulfill a debt. A title search will often identify potential liens on a property. These will require extra research to learn if the lien has expired, if the lien is possibly not actually for a party in the chain of title, or if it is a valid lien that needs to be paid.
• Unpaid property taxes – Any outstanding property or “ad valorem” taxes, which are based on the assessed value of the home, will need to be paid before transferring the title to the new owner.

If one of these issues or another is found, homebuyers generally have three options, depending on what’s allowed in their purchase contract, according to Hollander:

1. Ask the seller to the resolve the issue before closing
2. Ask the seller to compensate the buyer for the cost to fix the issue
3. Walk away from the deal and receive a refund of their deposit

Cost of title services

There are two main costs for title services provided by a title company or attorney:

1. Settlement service fees – These include expenses incurred to close the loan, such as the cost of wire fees, escrow and underwriting the title insurance policy. The latter includes the title search fee and cost to resolve issues discovered, according to Liu. The price to conduct the title search alone often ranges between $75 and $100, and can be paid for by the buyer or seller if the parties agree.
2. Title insurance premium – “Title insurance ensures the person who is buying or refinancing the house as the rightful owner of the property,” explains Liu. “The premium is a one-time cost paid at closing that can range from 0.5 percent to 1 percent of the purchase amount. Because it’s a percentage of the purchase amount, your premium can increase if your loan amount goes up.”

Can I do my own title search?

Anyone can search property records through their county clerk’s office, and no law says you can’t conduct a title search yourself. But the experts strongly recommend against it.

“Conducting a title search requires knowledge of real estate requirements and lien periods and the ability to navigate various courthouse records. It’s not advisable to do this without experience, due to the complexity of records and indexing,” says Patti DeGennaro, senior operations manager with Title Alliance, Ltd., in Media, Pennsylvania.

Also, “if you wish to purchase title insurance for your property, conducting the title search yourself will not suffice because the title insurer will require that a professional conduct, review and advise on the search prior to issuing a policy,” adds Stitgen.

We are the New Jersey title insurance agent that does it all for you. For your next commercial real estate transaction, house purchase, mortgage refinance, reverse mortgage, or home equity loan, contact us, Vested Land Services LLC. We can help!

For your real estate purchase or mortgage refinance or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Vested Land Services LLC

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-808-6130 - Fax 973-227-0645

E-mail sflatow@vested.com

@vestedland

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Questions you should ask about title insurance

Title insurance is a must have for home buyers.

Some questions about title insurance

Title insurance protects property buyers and their mortgage lenders against defects or problems with a title.

At Vested Land Services LLC, we are a policy issuing agent for several title insurance companies. In order to issue our policy we search land and court records to make sure there are no undisclosed interests in the property, unpaid taxes, pending legal action, errors, fraud or other problems with the title.

In New Jersey, the title must be insurable, meaning that the seller really does own the property and is free to sell it.

Home buyers typically pay for two title insurance policies at closing: an owner’s policy and a lender’s policy, which protects the lender.

Here are six questions a home buyer should ask about title insurance.

1. Are title insurance prices regulated?

In New Jersey, they are, so there won’t be a difference in premium quotes among companies.  However, some companies charge different fees for searches and third party services.  Quotes are sometimes misleading since certain charges may be left off or understated.

At Vested Land Services LLC, our quotes contain the standard charges for our files, including charges for services required by most lenders.  We're always ready to discuss out quotes.

2. How much coverage do I need?

Owner’s policies are issued in the amount of the purchase price.  They provide coverage against fraud, forgery, undisclosed heirs and spousal claims.  We'll be glad to provide you with a copy of the policy jacket while you shop for your title insurance agent.

3. Who pays for title insurance?

The home buyer or owner is responsible for paying for its policy and the lender's policy.

4. Is the seller pushing a specific title company?

If you pay for the title insurance, you have the right to select the company. 

Be wary if the seller is pushing his title company.  Are problems being buried? A fresh set of eyes could unearth title issues allowing them to be fixed before the closing.

5. Whom do I trust?

Real estate brokers often have a hidden relationship with a title agency.  If you select the real estate broker's recommendation, you may not be properly served.  If you have hired an attorney recommended by the real estate broker, tell her that you won't to select the title agency.

The same goes for referrals by mortgage lenders.

6. How much reassurance do I need?

Banks and insurance companies aren’t supposed to go under, but they sometimes do. If you want to verify that the underwriter issuing the insurance policy is sound, check its financial solvency with ratings companies such as Fitch Ratings, Demotech Inc. or A.M. Best Co.

You can also research the title insurance company and title agent on line.

We are the New Jersey title insurance agent that does it all for you. For your next commercial real estate transaction, house purchase, mortgage refinance, reverse mortgage, or home equity loan, contact us, Vested Land Services LLC. We can help!

For your real estate purchase or mortgage refinance or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Vested Land Services LLC

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-808-6130 - Fax 973-227-0645

E-mail sflatow@vested.com

@vestedland

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Why do you need title insurance? A video for homebuyers

We are the New Jersey title insurance agent that does it all for you. For your next commercial real estate transaction, house purchase, mortgage refinance, reverse mortgage, or home equity loan, contact us, Vested Land Services LLC. We can help!

Homebuyers need title insurance

Here's why

A short video courtesy of the American Land Title Association of which Vested Land Services LLC is a proud member.

So there you have it.  Do not buy a home without title insurance.  It's a one-time purchase of a product that lasts for as long as you own your home.

For your real estate purchase or mortgage refinance or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Vested Land Services LLC

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-808-6130 - Fax 973-227-0645

E-mail sflatow@vested.com

@vestedland

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Restrictive covenants are enforceable

We are the New Jersey title insurance agent that does it all for you. For your next commercial real estate transaction, house purchase, mortgage refinance, reverse mortgage, or home equity loan, contact us, Vested Land Services LLC. We can help!

Restrictive covenants and your title insurance policy.

A recent case in US District Court of New Jersey was all about a restrictive covenant that prohibited certain types of use of the property.

Now, restrictive covenants come in all shapes and sizes.  A covenant may prohibit using a parcel of property to raise pigs, or sell liquor, or manufacture vitriol (we now call it sulfuric acid.)  More heinous restrictive covenants forbade the sale of the land to Italians, Jews and African-Americans.  Those are now deemed unenforceable by the courts, but they are still in the land records.

Now comes, Cherry Hill Towne Ctr. Partners, LLC v. GS Park Racing, L.P., D.N.J. (Bumb, U.S.D.J.) (20 pp.) 

Plaintiff filed an action seeking a declaration that a restrictive covenant encumbering plaintiff's property was unenforceable; in response, defendant moved for a preliminary injunction to enjoin plaintiff from opening a sports wagering business on its property. 

Following the legalization of sports wagering in New Jersey, plaintiff sought to apply for a sports wagering license. However, plaintiff's property was subject to a restrictive covenant in favor of defendant that prohibited wagering activities, gambling, and gaming of any sort on the property by any party other than defendant and its successors and assigns. 

When defendant notified plaintiff of the restrictive covenant, plaintiff responded by filing the present action; defendant then filed its cross-motion for preliminary injunction. 

The court first ruled that the case was ripe for review despite plaintiff having not yet applied for a sports wagering license, since plaintiff asserted that a declaratory judgment would aid it in deciding whether to undertake the time and expense of an application, thereby giving a judgment practical utility. 

The court denied defendant's motion for a preliminary injunction. The court first ruled that defendant had demonstrated a likelihood of success on the merits. The court ruled that defendant would likely prevail on its argument that the restrictive covenant on plaintiff's property was enforceable, finding the language of the covenant unambiguous and supported by consideration. 

The court further ruled that the covenant was reasonably restrictive in its scope and did not impose an unreasonable restraint on trade. However, the court ruled that defendant was not entitled to injunctive relief because it had not demonstrated that it would suffer from immediate irreparable harm in the absence of a preliminary injunction, since plaintiff conceded that it would not be opening a sports wagering facility on the property anytime in the immediate future. [Filed Sept. 4, 2019]

Here we are.  An ancient method of privately regulating one's use of his property is still valid!  What does it mean for you?

When you buy property, your attorney will order a title commitment. The title agent will then search the title to determine if there are any liens or encumbrances affecting the title or the proposed use.  That's what we do!  

If a restrctive covenant is found, your attorney will advise you whether it is enforceable or if affects your use of the property in any other way.

For your real estate purchase or mortgage refinance or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Vested Land Services LLC

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-808-6130 - Fax 973-227-0645

E-mail sflatow@vested.com

@vestedland

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Looking at Title Insurance - What is it, what does it do, Part I

We are the New Jersey title insurance agent that does it all for you. For your next commercial real estate transaction, house purchase, mortgage refinance, reverse mortgage, or home equity loan, contact us, Vested Land Services LLC. We can help!

Title Insurance 101. A primer.

What is Title Insurance?

A title is the evidence or right in which a person has the ownership and possession of land. A defect in that title can be any legal right held by someone other than the owner to claim that property or to make demands on the owner of that property.

Title Insurance is protection offered to the owner of real estate and the mortgage or home loan lender against defects in the title of the real estate that is insured. The owner's title insurance policy guarantees the owner against loss due to defects in the title pursuant to the terms of the policy. Your investment in real estate, whether residential or commercial, is quite possibly the most important, and expensive, investment you'll ever make. An owner title insurance policy protects that investment. Your owner title insurance policy remains in effect for as long as you or your heirs retain an interest in the property or have obligations under a conveyed warranty.

Next up -  What is a "title defect?"  Stay tuned!

For your real estate purchase or mortgage refinance or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Vested Land Services LLC

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-808-6130 - Fax 973-227-0645

E-mail sflatow@vested.com

@vestedland

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What is title insurance? Why do you need it?

We are the New Jersey title insurance agent that does it all for you. For your next commercial real estate transaction, house purchase, mortgage refinance, reverse mortgage, or home equity loan, contact us, Vested Land Services LLC. We can help!

Title insurance may seem like just another expense to pay when you buy your home, but this coverage may be more important than you think. Title insurance seems unnecessary, but, when you need it, you’ll be glad you have it.

For instance, someone says they have a claim against your home, your title insurance policy steps in to protect you from financial damages. Title insurance can also protect you from the impact of old liens, unpaid property taxes or even the contractor who says he was never paid for work on the home.

If you are worried about being overcharged, please know that title insurance premiums are regulated by the New Jersey Department of Banking and Insurance.

To learn more about title insurance, call us, or take a look at the NAIC article the Vitals of Title Insurance.

For your next title order or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Vested Land Services LLC

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-808-6130 - Fax 973-227-0645

E-mail sflatow@vested.com

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