What's Title Insurance?

When real property (a home, condo, land or any other type of building) is purchased, Title Insurance is also purchased. Owning your property free and clear involves more than having a deed in hand. A deed does not cancel certain prior "rights" and "claims" other people may have to your property. Based upon a search of public records, a Title Search brings attention to any known property Title problems before the closing takes place. Such as:

• Are there any lawsuits or claims recorded against the property?
  
  
• Are there any suits or judgments filed against the owner of the property?

It also insures against loss due to certain Title defects, which could remain hidden despite the most thorough search of public records, such as:

• Undisclosed heirs
  
  
• Incorrect marital status
  
  
• Fraud
  
  
• Forgery
  
  
• Mental incompetence
  
  
• Vendor liens
  
  
• Easements
  
  
• Defective deeds or clerical errors

As a seller, make sure to provide a copy of your title policy (known as Back Title) to your Coldwell Banker Listing Agent. This will streamline the sale of your home by speeding up the Title Search process, and may even save the home purchaser money when qualified for reissue rate. See how much a reissue rate saves by referring to New Jersey Rates for Title Insurance.