2017complete3

Liability: Sufficient liability coverage is a must, especially if you have a business
or high traffic in your home. This is where your insurance company will
step in if somebody tries to bring a lawsuit against you for an injury they suffered
while in your home.
Keep in mind that many insurance companies offer a multi-policy discount to
customers insuring both auto and home through them, so you may want to
check if you qualify for a discount.
Role of the Title Company
This section was prepared with the assistance of Keren Peters of Madison Title Agency and
Yehuda Unger of Toma Services.
During the course of every purchase, a title company performs a search to
make sure the title (i.e. house ownership) is clear of any defects, such as judgments
or liens against the house. The search is usually ordered by the buyer’s
attorney, who chooses the title company.
Sometimes a title search will reveal that there is an outstanding court judgment
or other impediment that the seller must address before sale, and the
lawyers and title company will work together to “clear the cloud,” or address
the issue that is blocking the clear transfer of the title.
Once any issues have been resolved, the title company will issue a title policy.
Title insurance protects the parties in the sale from any damage that could
result from any previous erroneous or illegal title transfers, such as in cases
where the title company overlooked documents, documents were filed incorrectly
with the authorities, or previously unknown heirs have stepped forward.
Title insurance is paid for by a one-time premium, payable at closing. The title company
then sends the policy to the buyer’s attorney, who delivers it to the buyer.
The costs of the title company’s services are regulated by the government,
so will vary very little between companies; your lawyer will usually choose the
company whose customer service he prefers. Any kickback or incentive to acquire
a client’s business is illegal.
Homeowner’s Inspection
This section was prepared with the assistance of S. Chaim Resnick of Advantage Home &
Property Inspections, LLC.
Now that your offer has been accepted, it is time to call a professional home
inspector. A home inspection is an objective visual examination of the home
72 | 2017 Lakewood Home Buyer’s Guide