Before we explain what a title insurance company is, it's important to understand what insurance is. Let's say you bought a property and after a few months, someone came and claimed the same property as his. New Jersey title agency protect property owners from beneficiaries who are not listed in the insurance policy, as well as deficiencies in the public register.
Insurance not only protects against financial loss due to lack of real estate ownership but also against mortgage foreclosures.
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In addition, this insurance protects the financial interests of the owners and creditors.
According to federal law RESPA, ie. The Real Estate Settlement Procedure Act gives homeowners the right to choose an insurance company when buying or refinancing residential property. No attorney, broker, or bank can dictate to any homeowner which insurance company to choose. Insurance companies not only carry out proper research and verification of property ownership but also learn about the rights and limitations of their use.
When you buy a property or a house, you want to enjoy several benefits such as the opportunity to live in the property and use it as you wish. You don't want to be burdened with debts and obligations that you're not even aware of.
A good insurance company will help you protect all of these rights, but you need to make sure that the company you choose is the right one.