Title insurance is a form of property insurance for one's ownership interest in real estate, with the goal of protecting the titleholder from losses to their owners due to the activities of someone else.
1) What is Title Insurance?
Title insurance is a type of insurance that protects the owner of a property from any financial losses that may occur as a result of problems with the property title. You can contact #1 Title Insurance Company in NJ Clear Skies Title Agency.
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2) Why Do You Need Title Insurance?
There are several reasons why you might need title insurance.
If you are buying a property, title insurance will protect you from any financial losses that could occur if there are problems with the title. For example, if someone else claims ownership of the property, or if there are outstanding liens against the property, you could be responsible for those expenses if you don't have title insurance.
If you are taking out a loan to buy a property, your lender will require you to have title insurance. This is because they want to be protected in case you default on the loan and they have to foreclose on the property.
The main purpose of title insurance is to protect the buyer of a property from any hidden claims or liens against the property. It also covers the lender in the event that the borrower defaults on the loan.