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Title Insurance versus Real Property Reports

Title insurance is a valuable tool and it's worth discussing with a buyer. As this chapter deals with the sale of real property, only the issues that affect the seller should be mentioned.

A guarantee of a title insurance policy (with certain limitations as stated in the policy) title to the property, including things such as repairs on land encroachment problems, fraud, and breach title unknown from local land-use regulations. If you are looking for the best title insurance company in NJ then you are at the right place.

Title Insurance versus Real Property Reports

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Report of Real Property (RPR) will indicate whether there are easements for utility driveways, walkways, pool, home additions, and other property improvements actually on your property – or if there are encroaches on your neighbors to your property.

Since title insurance was introduced in Canada in the early 1990s, has been marketed as a cheap substitute for a property survey. You could say the buyers put themselves at risk by not obtaining surveys up-to-date, even if they have title insurance.

This is why my advice to buyers is to not accept title insurance instead of the current compliance RPR. Even if there are no problems with the property, the buyer must pay title insurance every time they refinance their homes. They also will need to pay for a new RPR when they sell the house.