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Title Insurance Closing Question

1. What is title insurance?

 a. Guarantees and insures that the buyer owns the property purchased free and clear of all liens and encumbrances b. Informs all parties of any easements or restrictions on the property

c. Addresses any liens, mortgages and judgments “open” on the property

d. Insures the lender’s first lien position

e. Some examples of liens that attach to the property include:

i. Municipal taxes, federal taxes, estate/inheritance taxes
ii. Mortgages, judgments, construction liens, institutional liens
iii. Homeowner association dues, judgments, bail bonds
iv. In certain circumstances- trash, electric, sewer and water charges

2. Who needs title insurance?

a. All owners of real property, whether residential or commercial, who are utilizing a lender to purchase or refinance are required to obtain title insurance.

b. As a potential homeowner, or commercial property owner, attorneys will strongly advise buyers to obtain insurance for themselves, in addition to the Lender.

3. Who orders title insurance?

a. The individual who is refinancing or purchasing a home, or their agents

b. Agents include lenders, realtors or attorneys

4. Who conducts the closing?

a. Title Company b. Attorney

c. Evident Title Agency, Inc. can offer a combination of both

5. How much is title insurance?

a. A one-time state regulated premium is paid at closing

b. Call Evident Title Agency, Inc. 973-857-1700 for an Estimate of Title Charges

6. Why Evident Title Agency?

a. A staff of seasoned title professionals comprised of licensed title producers, attorneys and paralegals.

b. Fast turnaround and accurate reporting

c. Excellent communicators offering superior service by remembering that the client is the number one priority