Buying a Home in NJ – Title Insurance

Title insurance is required in all states.  Title insurance falls under the jurisdiction of the New Jersey Department of Banking and Insurance.  Title insurance is probably the most expensive item one is required to pay for when buying a home (except the 1% luxury tax on any home over a million dollars).  When purchasing property, the attorney will order a title search to determine if the title is clear, free of defects, liens and encumbrances.  If there are defects, the title must be cleared prior to closing.  In the event that a hidden risk arises after the close of title, the insurance will protect the property from any encumbrances.

How much will title insurance cost me?  The easiest way to figure out the fee is to use a NJ Title Insurance calculator.  Remember that consideration in the selling price of the house you are purchasing.  Click here for a complete list of Estimated Closing Costs.
Martha McDonnell
Lois Schneider Realtor