Articles Tagged with New Jersey Real Estate lawyers

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new-home-2897352__340-300x200The short answer is: yes.

To understand why you should have title insurance, you must first understand what “title” is.  When you purchase real estate, at the closing you receive “title” to the property.   “Title” is the owner’s right to possession and use of the property.   There are different forms that “title” can take:  individual ownership, tenants in common, joint tenants, life tenant, etc.

There are also different uses for land and the rights for those uses can be given or sold, or they could be restricted by prior title transfers.   There can be different owners for different uses: one person may have mineral rights, another air rights, and another utility rights on the same piece of property.  A mortgage lender can have an interest in the property, as can anyone who performed work on the property if they filed a lien against it.  The government can have a lien for unpaid taxes, and the municipality or a utility company could have an easement giving it the right to string utility lines across the property.

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new-home-2841442__340-300x200Recently, many people who are purchasing real property have been reluctant to spend the money to obtain a survey of the property they are purchasing.    However, in most circumstances it is obtaining a survey is vitally important and it is money well spent.  Also, if the purchaser is financing the purchase with a mortgage loan, the lender will almost always require a survey before closing.

Surveys are performed by licensed surveyors who are subject to regulations imposed by the State of New Jersey.  A survey will locate any structures and other above ground improvements on the premises, including fences, identify easements the property is subject to and provide the purchaser with the property’s dimensions.  It will show the exact boundaries on the deed – which sometimes yields surprises.

There are many reasons why you should obtain a survey prior to closing (beyond it being required by the lender).  These are some of the universally applicable reasons to get that survey: