Purchasing property is an investment of time as well as money. It is crucial to protect your investment. Our team will assist and guide you through the process, researching the property’s history, reporting any issues discovered and working with the parties to remedy any defects found, so that we may reach the ultimate goal of issuing you a clear policy of title insurance at your closing.
There are two types of title insurance products:
Typically required when a lender issues a mortgage loan and protects the lender’s interest only.
Protects new owner (buyer) for as long as their heirs have an interest in the property.
How These Policies Work
Both Lender’s and Owner’s policies protect against loss from claims for various possible defects in title, such as fraud, forgery, improperly recorded documents and errors or omissions in prior deeds. Unlike other types of insurance, such as homeowner’s or auto insurance, which insures against future loss and carries ongoing annual premiums, title insurance is purchased with a one-time premium paid at closing and insures against PRIOR defects in title.
Policies are issued at the time of closing, only after extensive review of the subject property’s history. Public records of prior transactions, including deeds, mortgages, judgments and taxes are searched, and a title report (or commitment) is produced. The report itemizes the current owner of the property, any open liens or unpaid taxes, restrictions that might run with the land in question, as well as a list of requirements that must be met in order for the company to issue a policy or policies of insurance.
Policy rates are based upon either the purchase price or mortgage loan amount on the property being insured. Premium charges are fixed and subject to the approval of the NYS Department of Financial Services. Both Lender’s Policy and Owner’s Policy premiums are paid by the purchaser.
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