What is the real estate process in New Jersey?
- Contract drafted with buyer and seller’s agents
- Price negotiations
- Signed contract – MLS contract
- Goes to attorney for review
- Mark up contract
- Negotiations and addendums
- Money put down in good faith
- Order title
- Inspections and reviews
- Title issued to all parties
- Title clearance
- Lender works to get mortgage commitment
- Lender and title coordinate and prepare closing CD
- Get fees and hit everyone in transaction
- Set up closing
- Send closer
- Close transaction
Why do I need title insurance?
When you purchase anything, you expect to be able to use it as you see fit. For most assets, this is fairly straightforward. But thanks to the special nature of real estate, and the fact that it has had many owners stretching back generations, unexpected claims could arise (regarding ownership or use) that could put your purchase in jeopardy. Title insurance protects you and the lender from losses should any defects in the title, hidden liens, or encumbrances come to light.
What does title insurance cost?
The price of a title insurance policy depends on the sale price of your property. Unlike other insurance products where payments are made again and again over time, title insurance premiums are only paid once when you close on your property.
What should I do if a claim is made against my property?
Contact your title agent. Title insurance was made for just this situation, and you have it. It’s like getting in an accident when you have car insurance. You are protected. Most title insurance policies cover legal expenses related to settling the claim. Find out details from your title agent or call the insurer directly.
What should I expect on the day of closing?
Check out our page The Day of Closing.
Any other questions?
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