Depending on each attorney

Title Search

The search consists of an examination of three kinds of records:

• Records of municipal tax and assessment offices;

• Records found in the County Clerk's office in the county where the property is located;

• Upper court judgment records in Trenton

The title search has five main objectives:

• Verify ownership

• Non-money encumbrances, such as deed restrictions, easements and party walls;

• Money encumbrances, such as mortgages, unpaid taxes, mechanics liens, or judgments;

• Survey Defects

• Municipal zoning ordinances

Title Insurance

Upon completion of the title search the title insurance company reviews the findings and renders an opinion as to who the fee owner is and lists all persons with a legitimate right or interest in the property such as a mortgagee or easement holder. The title company then issues a title report or a commitment to issue a title policy.

• Owner's Policy: The owner's policy affords coverage equal to the sale price, and the policy remains in force as long as the owner (or owner's heirs) have an interest in the property. The owner's policy is not assignable. The fee paid for an owner's policy is a one-time fee, paid when the policy is issued.
   

• Mortgagee's Policy: The mortgagee's policy provides exclusive protection for lenders who take real estate as security for a loan. Unlike the owner's policy, coverage continues with the life of the mortgage, even if the mortgage is assigned to another lender.
  The fee paid for an owner's policy is a one-time fee, paid when the policy is issued.

Varies  BASIC UNDERWRITING RATE SCHEDULE
The basic underwriting rate for either owner's insurance, leasehold insurance, or mortgage insurance, shall be calculated according to the following rate schedule:

Recording is the process of writing or entering certain documents (such as deeds, mortgages, assignments or releases of mortgages) into public records, thereby giving notice of their existence.

• It protects innocent and unknowing purchasers against unrecorded instruments;

• It assumes that all those who deal with real property do so with full knowledge of all recorded instruments.

The process by which a parcel of land is measured and its area ascertained.

Homeowners with mortgages are required by their lenders to have home insurance. Many people may think that the policy terms required by their lenders represent "OK" levels of insurance, but this may not be true. Lenders want to make sure their exposure is covered, but that can happen without you being fully protected. Thus, it's important that you calculate your needs as well and make sure they are reflected in your coverage.

HO-1. Basic homeowner stuff. Covers your dwelling and personal property against losses from 11 types of perils: fire or lightning; windstorm or hail; explosion; riot or civil commotion; aircraft; vehicles; smoke; vandalism or malicious mischief; theft; damage by glass or safety glazing material that is part of a building; and, volcanic eruption.

HO-2. Basic homeowner stuff plus some. Covers dwelling and personal property against 11 perils plus six more: falling objects; weight of ice, snow or sleet; three categories of water-related damage from home utilities or appliances; and electrical surge damage.

HO-3. Extended or special homeowner stuff. Covers 17 stated perils plus any other peril not specified in your policy, except for flood, earthquake, war, and nuclear accident.

HO-6. Condominium owner coverage. Covers personal property from 17 listed perils along with certain building items in which the unit owner might have an insurance interest.

  Private Mortgage Insurance

Usually required if mortgage is more than 80% of purchase price.