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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New Jersey's tax sale law; city wins; property owner cannot get back his property

Tax foreclosure causes owner to lose title to real estate.

Municipalities earn most of their income through the collection of real estate taxes. In New Jersey, when taxes aren't paid, the municipality has the right, indeed the obligation, to collect those taxes by selling the lien representing those unpaid taxes. If the lien is not sold, the municipality becomes its owner. (The lien is represented by a tax sale certificate that is recorded in the land records.) If the lien remains unpaid, then the municipality has the ability to foreclose on that lien, take title to the property, and then sell it n order to recoup the unpaid taxes.

Sometimes, after the title has been acquired by the municipality, the owner "wakes up" and tries to reclaim the property. In a recent case involving Newark, New Jersey property, the former property owner gets it in the neck for a) not paying the taxes, and b) trying to bamboozle the court into reopening the case after title was acquired by foreclosure.

As discussed in the Court's Opinion involving an investment property, none of the foreclosed owner's arguments were persuasive and the Court would not set aside the foreclosure.

Our office deals with tax liens on a daily basis. Our advice, pay taxes when they are due!

We deal with municipal tax liens on a daily basis and over the past 40+ years.  If you think we can help you, or if you have a question regarding unpaid municipal liens in New Jersey, 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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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!

Medicaid liens in New Jersey

If your parent owns a home in New Jersey and is a Medicaid recipient, you may be surprised to learn that the State of New Jersey has a lien on the home after your parent passes. 

Per the state's information page:

Under federal and New Jersey law, the Division of Medical Assistance and Health Services (DMAHS) is required to recover funds from the estates of certain deceased Medicaid beneficiaries, or former Medicaid beneficiaries, for all payments provided through the Medicaid program for services received on or after age 55.

This is done via a lien that comes into being after the death of the recipient. 

An interesting discussion can be found on the website of elder law attorney Donald D. Vanarelli, Esq. You can read it here.

We recommend that an attorney be consulted as a parent ages in order to take advantage of estate planning that may reduce the impact of the Medicaid lien, and, if your parent may have been receiving Medicaid, that you consult an attorney before you probate a Will or apply for administration. 

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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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!

Good column from NJMoneyhelp.com.

  

When we sell our house, should we rent instead of buy?

Q. My wife and I would like to downsize the home we live in now since our kids are gone. We built the house 41 years ago and it has served us well. We intend to stay nearby so we can see our grandchildren. Our home has been paid off and we think now is a good time to sell but not really a good time to buy. We are considering renting for a year or so. Any thoughts?

— Seller

A. You’re correct that we’re certainly in a seller’s market, with many homes getting multiple offers and even price wars among potential buyers.

Your question is a common one.

It seems your strategy would work out to your benefit if there are a few key assumptions made, said Ken Van Leeuwen, a certified financial planner with Van Leeuwen & Company in Princeton.

One consideration is how you would be investing the proceeds from your current home.

“Investing the proceeds would make the math work more in your favor, instead of keeping it in a cash account earning next to nothing,” he said.

It’s also important to note that you don’t want to take too much risk with any funds you will need in the near future.

You are also assuming that the housing market will “cool off” and there will be a more interesting home at a better price in the future, he said.

In that case, renting can make a lot of sense for families looking to maximize their current home value without buying another property at all-time high prices.

He recommends you stick with a 12-month lease when you rent, noting that many rentals will allow you to break the lease early, but you would be responsible for the monthly payments until the unit is rented to someone else.

“This could still be cheaper than paying an increased monthly rent for a shorter period of time,” he said. “Just make sure to check the lease to see what your options are for breaking the terms early.”

Email your questions to Ask@NJMoneyHelp.com. This story was originally published May 25, 2021.

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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New Jersey's so-called "exit tax."  How do I get a refund?

NJMoneyHelp.com weighs in with a good question regarding the #ExitTax.

Q. I will be 70 in a few months and I just relocated from New Jersey to Michigan four years ago. I recently sold 10 acres of raw, unimproved land in the Pinelands for $11,079. An “exit tax” in the amount of $220.84 was withheld. As a nonresident of New Jersey, I’m not sure what I need to do for my taxes.

— Former Jersey boy

A. We’re sorry to hear you left the state.

You would need to file a New Jersey non-resident return showing the gain — not the proceeds — as New Jersey sourced income, said Howard Hook, a certified financial planner and certified public accountant with EKS Associates in Princeton.

— Former Jersey boy

“The amount of New Jersey tax calculated on the gain would be compared to the amount of New Jersey income tax withheld, and a refund or additional amount would be due based on the difference between the two,” he said.

Hook said you would also report the gain on your Michigan tax return.

“You would be able to take a tax credit on your Michigan tax return for the amount of New Jersey tax liability to avoid being doubly taxed for state tax purposes,” he said, noting you would report the gain for federal purposes on Schedule D.

Email your questions to Ask@NJMoneyHelp.com.

This story was originally published on April 14, 2021.

NJMoneyHelp.com presents certain general financial planning principles and advice, but should never be viewed as a substitute for obtaining advice from a personal professional advisor who understands your unique individual circumstances.

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!http://

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

Sphere: Related Content