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What is Title Insurance and why do I need it? If you are not certain what title insurance is, or what the benefits of it are, you're not alone. Title insurance is indemnity insurance which protects you and your lender against financial loss which can happen from defects in title to real property and also from the invalidity or unenforceability of mortgage liens. Virtually every lender will require title insurance. It generally defends against a lawsuit seeking to overturn title and reimburses the insured for actual monetary losses up to the insured amount of the policy.
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New Jersey Land Title Insurance Rating Bureau Manual of Rates and Charges
Riviera Realty offers title services to all of the involved parties - buyers, sellers, lenders and real estate agents. Our job is to coordinate all parties, while transferring money and property during a closing. When using the services of a title company, this process eliminates any risks that there are any claims, assessments, errors, or miscellaneous defects on the title when you purchase the property.
Some of the services provided by Riviera Realty title company include:
- A title search looks at the records of the title to ensure a clear, transferable title. We make sure that the title is free from liens, judgments and easements.
- The search records any outstanding monies due on the title such as lease payments or second mortgages. These must be rectified before the title is cleared for ownership.
- This is a policy issued by a title insurance company protecting the property owner and your financial institution against any errors in the title search and any claims that should arise with the property. The buyer, the seller or both parties can pay for the cost of the title insurance policy.
There are (2) two different kinds of Title Insurance:
- Lender's Title Insurance - This type of policy protects the lender from any loss due to problems with the title. It also guarantees that the lender has the first valid lien against the title.
- Owner's Title Insurance - This type of policy protects the buyer from any errors that may surface after the sale of the property is complete. There are no annual premiums to pay and buyer pays for the policy when it is issued.
A seller may purchase a policy to insure that the buyer is receiving a clear title to protect the lender.
This type of policy is the only policy that will protect you from any kind of legal expenses from a resulting dispute.
If you have any questions, or would like more information about Riviera Realty title services, click here for more information.
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