from Allison Siefert Real Estate Group:
When purchasing a home or real estate, title insurance protects the purchaser and his lender against financial loss caused by defects in the property's title. This ensures that the buyer has clear title to the property and that there is no ownership interest. Hidden liens, encumbrances, or other issues that may affect the validity of the title.
Standard owner title insurance typically covers “past.”
- counterfeiting and fraud
- undisclosed heir
- Errors in public records
- Inaccurate legal description
- Unrecorded liens or debts
- Intrusion, duplication, or boundary dispute
Title insurance rates are set by the state.
Enhanced Owner Title Insurance provides additional protection for the “future ahead,” including:
- Forgery or fraud in policies affecting post-closing title
- Building inspection violation by previous owner
- Violation of terms, conditions and restrictions
- Trespass after policy (such as a neighbor building a fence on your property)
- Violation of zoning law
- Certain living trust guarantees
- Inflation compensation (coverage amount automatically increases over time)
These policies cannot be purchased retroactively and cost approximately 20% more than standard policies.
Opinions about these policies differ among the local real estate attorneys we interviewed. Some say it's not worth the extra cost, while others recommend it to all customers.
In summary, a standard owner's title insurance policy provides essential protection, but enhanced insurance can provide valuable additional protection depending on your specific situation and risk tolerance. We recommend discussing your options with a real estate attorney or title insurance agent to understand the best choice for your situation.
In the local market, prices have increased significantly since 2023. Year-to-date Maplewood prices have increased by 14.87%, with homes selling for an average price of $928,930. Unit sales increased by 29% compared to the same period last year. The average home in Maplewood sold for 111.72% below list price, an increase of 6.2% from the previous year.
In South Orange, the average home sale price is up 19.98% year over year, with homes selling for an average price of $1,028,061. Yes, over $1 million! Sales volume has decreased by approximately 10.8% since the beginning of the year. The average home in South Orange sold for 111.31% below list price, an increase of 6.39% from the previous year.
Here are the latest market reports for South Orange:
Here are the latest market reports for Maplewood:
Real estate moves at its own pace. We will help you move according to your wishes.Please email us at hello@njfromatoz.com We would love to discuss your plans and goals with us.
Allison Siefert Real Estate Group is a top real estate team based in Compass, Short Hills, New Jersey. We are experts in the local market, specializing in real estate and homes in Maplewood, South Orange, Milburn/Short Hills, Montclair/Glen Ridge, West Orange, Morristown, and surrounding New Jersey towns. We also provide you with the best connections to top agents across the country in any market you're exploring, giving you worldwide coverage. We are driven by earning great reviews and referral business from our satisfied clients.
