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The Need for Title Insurance in New Jersey

Title insurance protects property owners and lenders from property loss or damage that they may suffer as a result of foreclosure, encumbrance, or disability of property. Each title insurance policy is subject to certain rules, conditions, and exceptions. You can avail the benefits of title insurance in New Jersey through various online sources.

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Buyers and lenders need title insurance to protect themselves against a variety of possible property defects. Buyers, sellers, and lenders all benefit from issuing property insurance.

A lender's policy is usually required when a lender issues a mortgage loan. Credit policies are usually based on the dollar amount of the loan and protect the lender's interest in the property if there is a title issue. It doesn't protect buyers. The number of policies decreases every year and eventually disappears when the loan is repaid.

The owner's Policy purchased at the time of purchase provides protection for the homeowner. Usually issued in the amount of the purchase of the property and is valid for as long as the owner or his heirs have an interest in the property. 

Only the owner's policy fully protects the buyer if there is a problem with a title masked with a title not found in a title search. Possible problems with hidden titles can be:

  • Errors or omissions in the case

  • Error checking records

  • False

  • Undiscovered heir

A homeowner's policy takes your protection to a higher level by covering many additional risks, including some that may arise after the deed is registered. Homeowner policies protect against many common frustrating issues, and they protect your investment while you or your heirs own the property.