Max Title Agency is a full service Title Agency that proudly provides two types of Title Insurance Policies to our clients in New Jersey and New York.
1. Lender’s Policy
A Lender’s Policy is required by the lender to insure their financial interests in the subject property and is typically a cost that is paid for by the homeowner.
2. Owner’s Policy
An Owner’s Policy is designed to protect the purchaser from any defects in the title for the subject property. This includes fraudulent signatures, liens, unsettled or improperly settled estates or other encumbrances to the title that existed prior to your purchase. This type of policy protects you – as an owner of this property, from any litigation costs due to future problems that may be discovered on your title, were unforeseen, and may have been missed despite prior searches of past property records. This peace of mind is delivered to you by Max Title Agency accurately and on-time, and is ideal for any kind of purchase – new construction, an existing home, or a refinance.
Understanding the Title Insurance Process
• Initial Request – The process usually begins by the consumer/ buyer’s attorney, or if a refinance – by the lender.
• Records Search – Our Title Officer requests three records searches including Name Searches, Property Searches, and Tax Searches which we ready towards attaining physical hard copies of recorded articles and documents.
• Title Examination – Our experienced Title Clearance specialist reviews and delivers a technical assessment of the title examined, and provides an examination and scrutiny for any recorded matters as it pertains to the title being evaluated.
• Binder / Commitment – Our Title Underwriter issues a binder, specifying the dollar amount of coverage, identifying covered parties, terms, conditions, and limitations.
• Encroachment Clearance – In the case where any encroachments are identified (like unpaid judgments on the property), our Title Officer works tirelessly at contacting all parties involved and works towards getting any any outstanding judgements paid, providing a resolution, and clearing the title. This activity is often referred to as ‘Clearing the Clouds’.
• Closing / Premium Payment – This is usually a one-time-only premium paid by the buyer (or borrower) during closing.
• Policy Delivery – At the conclusion of the closing, the insurance underwriter issues the title policy and sends it to the buyer (or their attorney). The lender’s policy is typically sent directly to the lender.