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Tag: title insurance

Title Insurance – An Essential Need Especially During the Mortgage Crisis

It is likely that the mortgage crisis will get worse. However, as crazy as it may sound, some investors are trying to purchase houses at these low prices in an effort to find a bottom. You should consider many other things when purchasing a house.

One of the most overlooked is protecting your home from a defective title or other issues. You can also purchase title insurance in NJ to protect your house from all legal risks.

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Let’s say that a title or deed is passed down, and is sold and resold several times. The original title might have been signed by someone who is younger than the person signing it. You will be covered by Title insurance in NJ.

You can also get protection if the title is forged or signed fraudulently. Imagine that you have a mortgage secured by someone else than the seller of the house. This can protect you from a deed that is not signed by your partner.

Before you shop for title insurance in NJ, it is important to understand that there are two types of title insurance. The Loan Policy is designed to protect the lender. The Owners Policy is for title insurance. This policy protects your (the buyer) interests.

It is important that you fully understand the laws of each state when looking for title insurance rates. The State Department of Insurance sets rates in some states. This entity requires these states to charge the same rate for title insurance. Make sure to check the law that your state is subject to.