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Real property

title insurance

Title insurance insures, defends, indemnifies, and protects the policyholder against claims or losses arising from a defect or claim against the title to real property. Title insurance is usually issued to the buyer of real property by the title company that conducted the title search.

In New Jersey, title insurance is a form of indemnity insurance that protects the holder from financial loss due to defects in a title to a property. The two main types of title insurance are owner's title insurance, which protects the property buyer, and lender's title insurance, which protects the lender. A title insurance policy covers events that occurred before the policy's effective date, including forgery, fraud, errors in public records, and unknown liens. The title insurance company will defend the insured in court if a claim is made against the property that is covered by the policy, and will compensate for actual financial loss up to the amount of the policy if the claim proves valid. In New Jersey, title insurance rates are filed with the New Jersey Department of Banking and Insurance, and consumers have the right to choose their own title insurance company when purchasing or refinancing real property.

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Real property

title insurance

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