Everything you need to know about title insurance, the closing process, and working with Simplicity Title.
Title insurance is a policy that protects property owners and lenders against financial loss from defects in a property's title. Unlike other types of insurance that protect against future events, title insurance protects against problems that already exist but haven't been discovered yet -- such as liens, encumbrances, forgeries, or errors in public records. Once issued, your interest in the property is protected subject to the policy's terms.
"Title" refers to the legal right of ownership in a property. When you hold title to property, it means you have proper and legal ownership. A title search examines public records to verify that the seller has the legal right to transfer ownership and to identify any claims, liens, or other issues that could affect your ownership.
An owner's policy protects the buyer's equity in the property. It lasts as long as you or your heirs have an interest in the property. A lender's (mortgagee) policy protects the lender's investment in the property. It's required by virtually all mortgage lenders. When both policies are issued together (simultaneous issue), you receive a significant discount on the lender's policy.
Title insurance protects against a wide range of title defects including: forged deeds or mortgages, false impersonation of the true owner, deeds executed by persons of unsound mind, deeds by minors, errors in tax records, undisclosed liens, boundary disputes, unknown heirs claiming ownership, and recording errors. If a claim is proven valid, the insurer pays costs up to the policy amount or works to perfect the title.
In New Jersey, title insurance premiums are regulated by the NJ Department of Banking & Insurance (DOBI). Rates are based on the coverage amount using a graduated schedule starting at $5.25 per $1,000 for the first $100,000 of coverage. For a $450,000 home, a typical owner's policy premium is approximately $2,013. Use our free calculator for an instant estimate on your specific transaction.
When both an owner's and a lender's policy are issued in the same transaction (which is typical for a purchase), the lender's policy premium is significantly reduced. In NJ, the simultaneous issue is calculated as the differential between the two premiums plus a $25 flat fee. In NY, the lender's premium is reduced to 30% of the full rate. This saves buyers hundreds or even thousands of dollars.
Yes. When you refinance, your new lender requires a new lender's title insurance policy. This protects them against any title issues that may have arisen since your original purchase -- such as new liens, judgments, or recording errors. The good news: NJ refinance rates are lower than purchase rates (starting at $2.75 per $1,000 vs. $5.25).
Yes. In addition to the title insurance premium, typical closing costs include title examination fees, county search fees, flood certificates, endorsement charges, and settlement/closing fees. These are pass-through costs required to complete the title search and closing process. See our pricing page for a full breakdown.
For NJ transactions, we typically complete purchase title searches in 3-5 business days and refinance searches in 2-3 business days. Complex transactions or properties with unusual title histories may take longer. We communicate proactively if we anticipate any delays.
An ALTA (American Land Title Association) settlement statement is a standardized document that itemizes all charges and credits for both the buyer and seller in a real estate transaction. It replaced the older HUD-1 form and works alongside the Closing Disclosure to provide full transparency into every dollar in the transaction.
You can place an order through our online client portal, by email to info@simplicitytitle.com, by phone at 877.848.5320, or by fax at 908.462.8008. We confirm receipt of all orders same day.
Yes. Simplicity Title is a full-service title agency for both New Jersey and New York. We cover every county in New York and have 5 offices across New Jersey plus a dedicated NYC office at 211 East 43rd Street. Having both states under one roof simplifies transactions that cross state lines.
A CEMA (Consolidated Extended Modification Agreement) is a NY-specific transaction that allows borrowers to avoid paying the full mortgage recording tax when refinancing. Instead of recording a completely new mortgage (which triggers the full recording tax), the existing mortgage is assigned from the old lender to the new lender and then modified. The savings can be thousands of dollars on a typical refinance. Simplicity Title specializes in CEMA transactions.
ACRIS (Automated City Register Information System) is New York City's online system for recording and searching real property records. Our staff is fully proficient with ACRIS, enabling smooth electronic submissions for all NYC title transactions.
Yes. For complex NY transactions that require legal counsel, we can provide referrals to experienced real estate attorneys. Our team also includes experienced title officers and has access to underwriter counsel for complex title issues.
Always verify wiring instructions by phone using a number you've independently confirmed. Never rely solely on email for wire instructions. Be suspicious of last-minute changes, urgency pressure, or slightly misspelled email addresses. Read our comprehensive Wire Fraud Prevention Guide for detailed information. When in doubt, call us directly at 877.848.5320.
We will never send wiring instructions via email alone. Any wiring instructions will always be confirmed through a verified phone number. If you receive an email claiming to be from us with wiring instructions, do not act on it -- call us directly at 877.848.5320 to verify.
Can't find what you're looking for? Our experienced team is happy to answer any questions about title insurance, closing costs, or the settlement process.