Search results
Results From The WOW.Com Content Network
New Jersey’s Affidavit of Merit Statute (NJ Rev Stat § 2A:53A-27 (2013)) was signed into law in 1995. The statute states that if a person sues for injury, death, or property damage because of a professional's mistake or carelessness, they must provide a special letter from an expert within 60 days after the other side responds to their ...
The first title insurance company, the Law Property Assurance and Trust Society, was formed in Pennsylvania in 1853. [1] Typically the real property interests insured are fee simple ownership or a mortgage. However, title insurance can be purchased to insure any interest in real property, including an easement, lease, or life estate.
The total costs of a title insurance premium, settlement expenses, and ongoing costs of an annual mortgage insurance premium (if applicable) equate to only about 1% of a borrower’s overall life ...
The record title system differs significantly from land registration systems, such as the Torrens system, that have been adopted in a few states. The principal difference is that the recording system does not determine who owns the title or interest involved, which is ultimately established through litigation in the courts.
The title insurance documents pertain to the lender’s policy, which you’ll pay for with your closing costs but only protects the lender, not you. If you chose to purchase a separate owner’s ...
Penalty type. First offense. Subsequent offenses. Fines. $300 to $1,000. Up to $5,000. License suspension. Up to one year. Two years. NJ MVC surcharge. $100 for license reinstatement
A typical real estate contract specifies a date by which the closing must occur. The closing is the event in which the money (or other consideration) for the real estate is paid for and title (ownership) of the real estate is conveyed from the seller(s) to the buyer(s). The conveyance is done by the seller(s) signing a deed for buyer(s) or ...
Pursuant to certain statutes, state agencies have promulgated regulations, also known as administrative law.The New Jersey Register is the official journal of state agency rulemaking containing the full text of agency proposed and adopted rules, notices of public hearings, gubernatorial orders, and agency notices of public interest. [6]