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 ?
<< I called up the company, they said it will take 6 months for me to get the
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
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.
firstname.lastname@example.org (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
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.
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
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