No matter where you buy your house, title insurance may seem like an extra expense for businesses already expensive than buying a house. You can also contact your friendly title insurance agency in NJ to know more about title insurance.
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Protection from the Unexpected
When it comes right down to it, title insurance protects you from unexpected claims arising against your property. These claims may come in the form of a lien against the home, the problem will or even ancient forgery. Although it seems unlikely, that did not happen and perhaps even more so at the time of economic stress.
Imagine that you have bought a house and suddenly you have a claim against the house. Or, suppose the seller is going through a divorce and the parties forge another name on a sales document. With title insurance you have protection against these claims.
Process to Get Title Insurance
So where and when did you get title insurance? Insurance is acquired during the process of purchasing the property and paid for at closing. Buyers will need to purchase a separate owner policy.
Once you make an offer, put your escrow account and have been accepted by the seller, the title agency will conduct a search of records on the property to ensure it is free and clear of liens.
In the grand scheme, a few hundred dollars you will spend the policy may be the best money spent on the purchase of your property.