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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 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 ...
A 72-hour clause, typically inserted in real estate sale contracts, is also known as an escape clause, release clause, kick-out clause, hedge clause or right of first refusal clause. [ 1 ] The 72-hour clause is a seller contingency which allows the seller to accept a buyer's contingent offer to purchase his/her property, while allowing the ...
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 ...
A listing contract (or listing agreement) is a contract between a real estate broker and an owner of real property granting the broker the authority to act as the owner's agent in the sale of the property. [1] If the broker is a member of the National Association of Realtors, the agreement must include all of the following terms:
Title insurance companies sometimes maintain private title plants that track real estate titles in addition to the official records. [according to whom?] In other cases, the chain of title is established by an abstract of title, sometimes, although not always, certified by an attorney. In the United States, some holders of mortgage debt may be ...
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New Jersey’s “No Pay, No Play” law. New Jersey is one of several states that has a No Pay, No Play law. These laws are designed to help reduce the stress on insurance companies in terms of ...