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Title Insurance
Title insurance is a form of indemnity insurance predominantly found in the United States which insures against financial loss from defects in title to real property and from the invalidity or unenforceability of mortgage loans. Title insurance is principally a product developed and sold in the United States as a result of an alleged comparative deficiency of land records in that country. It is meant to protect an owner’s or a lender’s financial interest in real property against loss due to title defects, liens or other matters. It will defend against a lawsuit attacking the title, or reimburse the insured for the actual monetary loss incurred, up to the dollar amount of insurance provided by the policy. The first title insurance company, the Law Property Assurance and Trust Society, was formed in Pennsylvania in 1853.[1] The vast majority of title insurance policies are written on land within the United States.
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.
There are two types of policies – owner and lender. Just as lenders require fire insurance and other types of insurance coverage to protect their investment, nearly all institutional lenders also require title insurance [a loan policy] to protect their interest in the collateral of loans secured by real estate. Some mortgage lenders, especially non-institutional lenders, may not require title insurance. Buyers purchasing properties for cash or with a mortgage lender often want title insurance [an owner policy] as well. A loan policy provides no coverage or benefit for the buyer/owner and so the decision to purchase an owner policy is independent of the lender’s decision to require a loan policy.
Title insurance is available in many other countries, such as Canada, Australia, the United Kingdom, Mexico, New Zealand, Japan, China, Korea and throughout Europe. However, while a substantial number of properties located in these countries are insured by U.S. title insurers, they do not constitute a significant share of the real estate transactions in those countries. They also do not constitute a large share of U.S. title insurers’ revenues. In many cases these are properties to be used for commercial purposes by U.S. companies doing business abroad, or properties financed by U.S lenders. The U.S. companies involved buy title insurance to obtain the security of a U.S. insurer backing up the evidence of title that they receive from the other country’s land registration system, and payment of legal defense costs if the title is challenged.
Newark
Newark (/ˈnuː.ərk/[23] or also locally /nʊərk/[24]) is the most populous city in the U.S. state of New Jersey and the seat of Essex County.[25][26] As one of the nation’s major air, shipping, and rail hubs, the city had a population of 277,140 in 2010, making it the nation’s 67th most-populous municipality, after being ranked 63rd in the nation in 2000.[14] For 2015, the Census Bureau’s Population Estimates Program calculated a population of 281,944, an increase of 1.7% from the 2010 enumeration,[13] ranking the city the 70th largest in the nation.[27] Newark is the second largest city in the New York metropolitan area, located approximately 8 miles (13 km) west of lower Manhattan.
Settled in 1666 by Puritans from New Haven Colony, Newark is one of the oldest European cities in the United States. Its location at the mouth of the Passaic River (where it flows into Newark Bay), has made the city’s waterfront an integral part of the Port of New York and New Jersey. Today, Port Newark-Elizabeth is the primary container shipping terminal of the busiest seaport on the American East Coast. In addition, Newark Liberty International Airport was the first municipal commercial airport in the United States, and today is one of its busiest.[28][29][30]
Several leading companies have their headquarters in Newark, including Prudential, PSEG, Panasonic Corporation of North America, Audible.com, IDT Corporation, and Manischewitz. A number of important higher education institutions are also located in the city, including the Newark campus of Rutgers University (which includes law and medical schools and the Rutgers Institute of Jazz Studies); the New Jersey Institute of Technology; and Seton Hall University’s law school. The U.S. District Court for the District of New Jersey sits in the city as well. Local cultural venues include the New Jersey Performing Arts Center, Newark Symphony Hall, The Prudential Center and the Newark Museum.
Newark is divided into five political wards; the East, West, South, North and Central wards and contains neighborhoods ranging in character from bustling urban districts to quiet suburban enclaves. Newark’s Branch Brook Park is the oldest county park in the United States and is home to the nation’s largest collection of cherry blossom trees, numbering over 5,000.[31][32][33][34]