Why Buy Title Insurance in New Jersey?
When you purchase your home, how can you be sure the seller really owns the property and has no claims against it? Problems with the title can limit your use and enjoyment of the property, as well as bring financial loss. That is why you should purchase a policy from a New Jersey title insurance company like Omega Settlement Services.
Simply put, title insurance in New Jersey protects real estate owners and lenders against property loss or damage they might experience due to liens, encumbrances or the defects in the title to the property. Let’s say you purchase a new home that has many nice upgrades, including a new roof. A month after moving in, you discover the seller never paid the roofing contractor, who, in turn, has placed a mechanics lien on the property (which means he could foreclose against your new home). In this situation, your title insurer can take care of the problem. Your insurer would contact the roofing contractor to make sure the lien claim was resolved.
While each title policy is subject to specific terms, conditions and exclusions, the policy insures against events that occurred in the past of the real property and the people who owned it, for a one-time premium paid at the closing of escrow. New Jersey title insurance from a reputable title insurance company like Omega Settlement Services is required for every home purchase and refinance where a lending institution is involved, but that only protects the lender. An additional owner’s title insurance policy is necessary to fully protect a home buyer.
It is important to note that title insurance rates are set by the State, so there should be no policy price differentiation between New Jersey title insurance companies. This is an industry where service and reputation make all the difference. For this and many reasons, the Omega Settlement Services team is happy to offer homebuyers, attorneys and mortgage professionals with a dependable partnership where they can find peace of mind knowing transactions will be navigated smoothly and successfully.