During this time before closing you will also be required to obtain title insurance. This insurance policy is for your protection to insure that no one can come in and claim that you do not properly own the property for a variety of reasons. It is also required by your mortgage company to protect them from the same possible title issues. When your attorney receives the title report, he/she will advise you if there are any issues with the property and the ability of the seller to transfer clear title to you. Most common issues are judgments or other liens against the seller which must be cleared at or before the closing. The cost of title insurance is set by the State of New Jersey and is based on the value of the property.
Contact Franklin Montero for more information.