Title insurance protects homeowners against loss or damage due to title defects or encumbrances. A title defect is something missing from the title, such as an unpaid tax lien or judgement or encroachment of a neighbor’s garage. An encumbrance is a claim made upon the land by someone other than the owner. For example, a power company may have an easement for a power line to serve your house.
According to American Land Title Association (ALTA), the national trade association of the title insurance industry, title insurance problems arise in one out of every four transactions. Problems with a home’s title can slow down the real estate process, but an affiliation – like BHHSNJ’s relationship with Associated Title – can help streamline the process and provide better service to clients.
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