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Tag: insurance company

What is a Title Company and the Escrow Process?

The Title Company is a third party that acts between a seller or buyer in the transfer of ownership. 

The mechanics

Title Company receives all funds, instructions, documents, and other information necessary to complete the transaction. The Officer enforces the terms and conditions of the purchase contract as well as the lender's requirements. You can also know about your NJ-based title insurance agency online before applying for loans.

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Title insurance, hazard, and grant deeds from the seller to buyer are some of the other duties. To ensure a smooth transaction, everyone involved must sign all paperwork and provide adequate funding.

How do you open an escrow account?

The buyer gives a check within 24 hours of the executed contract. This shows that they are serious. A seasoned title escrow officer is essential to your Team. To prove to the buyer and seller that escrow was opened, a receipt is issued.

What information should one provide to Title Company?

Personal identification can be made from your passport or driver's license. This is a declaration of identity. To confirm that all documents have been legally executed, the Officer acts as a Notary. This is a common procedure in any transaction.

Here are the steps to start a purchase

1. A mortgage professional issues a preapproval letter to a buyer indicating the maximum amount that one can spend on a house.

2. A real estate agent begins looking for a house and makes offers on behalf of the buyer.

3. After both the buyer and the seller have accepted an offer, escrow can be opened.

4. To obtain a mortgage, the buyer must first go through loan underwriting.

All about Lawyers Professional Liability Insurance

Lawyers who are involved in some kind of legal complication know how liability claims can ruin lives. However, many lawyers make the wrong assumption that they themselves are immune from liability just because they have knowledge of the law and work hard in doing their job well.

However, even if they did nothing wrong, they, like any other professional, could still face thousands of dollars in legal bills if sued. Moreover, people who hire lawyers to protect them in court can file a lawsuit against them. That is why lawyers need to make a smart choice to invest in a lawyer’s commercial liability insurance policy.

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Lawsuits against the practice of law are growing every day. Unfortunately, in addition to concerns of satisfied clients, lawyers sometimes face litigation related to workplace issues involving the performance of staff members as well. 

Moreover, the activity of claims against attorneys have steadily increased over the last two decades and lawyers in all parts of the country, all company sizes and all areas of practice are at risk every year.

Dealing with professional liability claims can be expensive. Having professional liability insurance helps to lighten the load to a great extent by sharing some monetary risk and defending against claims. In addition, the insurance policy can also help them to protect against significant losses. It helps the lawyers to fulfill their obligation to protect the interests of their clients even in the worst of circumstances.