Title and Real Estate Closing Expert Bryan Nazor Gives the Lowdown on the Role of a Title Company
Just what is a title company and what will they do? Many first time home buyers (and even veteran home buyers) have this question, said Bryan Nazor, a title and real estate closing expert at Main Street Title in New Jersey.
It is the job of a title company to conduct research to prove the title showing ownership of a piece of real estate is legitimate, Bryan Nazor said. It then issues the title insurance to protect the lender against claims that may arise from disputes. Title insurance can help protect against claims or liens on a property and is essential, Bryan Nazor said.
Most people do not question that they should have health insurance, car insurance, life insurance, and even pet insurance, but they are baffled at the idea of title insurance, according to Bryan Nazor. However, title insurance is just as sensible as any other type of insurance. “Lots of people already have title insurance and don’t know it or they just don’t know what it is and what it can do for them,” Bryan Nazor said.
Title insurance policies protect against events that occurred in the past of the property and the people who owned it. For example, when you buy a house that has had several owners, Bryan Nazor explained that home renovations may have been made illegally or not up to code at the time they were performed. It can be hard to know your home’s full history, but title insurance protects against that. A title company like Bryan Nazor’s does the legwork of searching public records, from visits to clerks to digging up information on special levies and taxes.
A title insurance policy is paid in a one-time premium at the close of the escrow. At Main Street Title, the process of getting a clean title and title insurance is streamlined and as smooth as possible. Searches of your property’s history are ordered the same day your application is received and return within two to three days.
Bryan Nazor said both purchasers and lenders should have title insurance to be insured against any possible unforeseen title defects. “The seller, the lender and the buyer are all beneficiaries of title insurance,” Bryan Nazor said. There is a separate insurance policy for lenders that insures the priority of the lender’s security interest, while a standard title insurance policy insures the homebuyer.
To learn more about real estate title insurance and Main Street Title, visit www.mainsttitle.com.