From Contract to Closing.
SJS Title is a full service title and real estate settlement provider that operates in the state of New Jersey. We provide exceptional services with the knowledge & expertise of Title Insurance and the Real Estate industry.
From Contract to Closing.
SJS Title is a full service title and real estate settlement provider that operates in the state of New Jersey. We provide exceptional services with the knowledge & expertise of Title Insurance and the Real Estate industry.
Buyer 101
Buyer 101
We know the loan process can be a bit intimidating, so we put this flyer together to give you a little information about the process.
We know the loan process can be a bit intimidating, so we put this flyer together to give you a little information about the process.
1
How does title insurance differ from other insurance?
Insurance such as car, life, health, etc., protects against potential future events and is paid for with monthly or annual premiums. A title 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 close of the escrow.
2
What does it cover?
Title insurance protects against claims from defects. Defects are things such as another person claiming an ownership interest, improperly recorded documents, fraud, forgery, liens, encroachment, easements and other items that are specified in the actual policy.
3
Who needs it?
Purchasers and lenders need title insurance in order to be insured against various possible title defects. The buyer, seller and lender all benefit from the issuance of title insurance.
4
How is a title policy created?
After the escrow officer or lender opens the title order, Nest Abstract begins a title search. A preliminary report is issued to the customer for review and approval. All closing documents are recorded upon escrow’s instruction. When recording has been confirmed, demands are paid, funds are disbursed, and the actual title policy is created.
5
What are the policy types?
A standard policy insurers the new owner/homebuyer, and a lender’s policy insures the priority of the lender’s security interest.