The title insurance policy is the final and most important product of the title process. It is a legal contract that protects the buyer and lender from financial loss due to defects in the title, such as unknown liens, forged documents, or undisclosed heirs. Unlike other types of insurance, title insurance requires only a one-time premium—there are no annual renewals or ongoing fees.
In New York
In New York, the title policy is typically presented and issued at the closing table. It outlines the terms of coverage, including what is insured and any exceptions that apply. Buyers receive the Owner’s Policy, protecting their ownership rights, while lenders are issued a Loan Policy, ensuring their interest in the property is secured.
In New Jersey
In New Jersey, policies are issued only after all documents have been properly recorded with the county clerk or registrar. Once recording is confirmed, we promptly mail the final documents:
- The Owner’s Policy and the original recorded deed are sent to the homeowner.
- The Lender’s Policy and the recorded mortgage are mailed directly to the lender.
At Exclusive Land Services, Inc., we ensure that each policy is prepared with accuracy, delivered promptly, and backed by the strength of trusted underwriters. Our clients can walk away from the closing table with peace of mind, knowing their investment is protected for as long as they own the property.