It is essential that you are capable to pick a great title firm for the closing. A good agency in New Jersey will facilitate a more flowing and quick closing. You should take your time when choosing the best title company in New Jersey.
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Here's a quick overview of what a title company in New Jersey does:
1. Initial preparation of the abstract of title is done by the company in New Jersey. Even though it is a simple abstract, they must verify the location of the property and review the record. The abstract identifies the legal owner of the property and will indicate if any liens, taxes, or mortgages are pending.
2. The opinion letter will be released by the company in New Jersey. The company will also send a Commitment of Title Insurance (CoT) to the mortgage lender. This document will be the beginning of the process for obtaining a good title in New Jersey.
3. The buyer's company in New Jersey will most likely send a surveyor to inspect the property during title processing to make sure there are no survey problems. A seller may be required to provide documents, such as wills, divorce decrees, and death certificates, in the event that there are unresolved issues with the title.
4. The company in New Jersey will set a closing date after processing the title. Buyer and seller will meet at the company at the agreed time for closing. The company will also provide many documents to sign.
5. The title company in New Jersey will issue the HUD-1 Settle Declaration. This form outlines all fees and charges associated with this real estate transaction.