NJ - Title Insurance - How long should I wait

I recently purchased a property in central NJ. It has been 3 months since. I have not received the TITLE INSURANCE policy. When I called up the company, they said it will take 6 months for me to get the policy.
Is this normal ?
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afaik it should have been issued before the bank would have signed off on the loan. i know when i bought my house it was given to me right then and there.
randy

since.
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Five days. We do it every day. Your company is yankin' you.

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<< I called up the company, they said it will take 6 months for me to get the policy. >>
Obviously they want to use your money interest free for half a year. Makes for cheap loans and better profits for them. All someone has do is punch a couple computer keys and put the printout in an envelope and run it through the postage meter. Your state has some kind of insurance regulatory and oversight commission. Get on the phone and start raising cain about the situation. Take names and dates of who you talk to and work your way uo the chain of command. Even if nothing seems to work you will feel better. Good luck.
Joe
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snipped-for-privacy@aol.comtosspam (Joe Bobst) wrote in message

Hmmmm, and how is the title insurance company using his money for free and what does that have to do with cheap loans? He paid the title insurance premium and it sounds like he already has the insurance in effect, just not the actual policy. Otherwise, it would be hard to have a closing, at least with either a mortgage lender or a competent lawyer.
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Alex.S. writes:

Possible you bought the policy for the BANK and not YOU?
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since.
Need more info. How did you acquire this property? An agent, FSBO, auction...how?
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Went thru a lawyer. He was the one who ordered the Title Insurance. I have received the original deed from the city. When I called the Title Company, they said it will take them 6 months to issue the policy. Money was deducted by the attorney at closing.

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Alex.S. writes:

Sounds like you bought a policy for the lending bank, not for you, correct?
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What you're waiting for is the owner's ("fee") insurance policy issued to you. The bank also received an insurance policy -- a "mortgage" policy. The title company issued the policy to you at the time of closing but did not actually hand you the certificate. Within the title report, however, there should be the actual policy jacket, or cover page, listing your policy number. Once the marked-up title report makes its way from the closing back to the title company, they have some more work to do... they must revise the report, including all markings that the title closer and attorneys performed at the closing, as well as record original documents with the county clerk's office. All of this will take some time, especially in the hot market we've had. County recording offices are backed up, sometimes for months. So, it's not unusual to be waiting for your title policy for a very long time. It doesn't matter to you, however, because you're insured. If you purchased an onwer's policy, you are covered under RESPA/HUD and other federal guidelines. You are also elligiable for discounted policy premium rates if you decide to refinance your loan within the next ten years. Other than that, the policy really doesn't do much for you other than protect you from past liability. Unlike an automobile policy, protecting you from something happening in the future, title insurance protects you from claims in the past. So, the next time a dead relative of the past owner comes knocking on your door claiming to hold your deed in their name, just tell them to talk to your title company and hit the road. Don't be confused between title insurance and homeowner's insurance. Completely different things.

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