Once this is done, your file is clear to proceed to closing. Your attorney will then work with your lender and all other necessary parties to clear any existing title issue, ensuring the transfer of title from seller to you is “clear” and free from all defects and other encumbrances. Once all searches have been received, the title company will provide a full report in the form of a Title Binder, which recaps any liens, judgments or other areas requiring attention and resolution. Searches include a record owner and municipal search complete judgment/lien searches on the property and all buyers, as well as all sellers in the “chain of title” and applicable flood and tideland searches. In order to make sure the property has clear title, your attorney must order and review complete title searches for the property you are buying from a reputable Title Insurance Agency licensed to conduct business in New Jersey. That means the property must be free from claims by any third parties. Whenever you purchase real estate in New Jersey, the seller has a duty to provide you with clear title to the property.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |