What is an Abstract of Title?
It is the history of the title to real property as revealed by public records. It includes deeds, mortgages, easements, judgments and liens, estate proceedings and other legal matters and proceedings affecting the property for the past forty years.
Will the Abstract reveal all title problems?
It may not..... simply because the public records from which an abstract is prepared, may not be accurate or show everything which may affect title to the property and, it does not reveal description or area problems.
Can ownership rights be protected?
Yes, with an Owner's Title Insurance Policy.
What is Title Insurance?
It is protection for the real estate buyer, or lender, insuring against loss if a defect is found in the title to the property after a closing.
What are the benefits?
It provides security to a buyer or lender through a title insurance policy issued by a Title Insurance Company licensed to do business in the State of New York. The Insurance protection continues to the owner as long the owner holds title to the real property and insures the lender as long as their mortgage is outstanding.
What does Title Insurance cost?
There is a one time premium uniformly established in the State of New York and approved by the New York State Insurance Department. The premium is based on either the purchase price of the property, the assessed value or the amount of the mortgage. If the owner purchases an Owner's Title Insurance policy at the same time as the Loan Title Insurance policy there is a discounted, simultaneous premium.
For a relatively small cost, when making one of your largest investments, it provides security and peace of mind.
It is the history of the title to real property as revealed by public records. It includes deeds, mortgages, easements, judgments and liens, estate proceedings and other legal matters and proceedings affecting the property for the past forty years.
Will the Abstract reveal all title problems?
It may not..... simply because the public records from which an abstract is prepared, may not be accurate or show everything which may affect title to the property and, it does not reveal description or area problems.
Can ownership rights be protected?
Yes, with an Owner's Title Insurance Policy.
What is Title Insurance?
It is protection for the real estate buyer, or lender, insuring against loss if a defect is found in the title to the property after a closing.
What are the benefits?
It provides security to a buyer or lender through a title insurance policy issued by a Title Insurance Company licensed to do business in the State of New York. The Insurance protection continues to the owner as long the owner holds title to the real property and insures the lender as long as their mortgage is outstanding.
What does Title Insurance cost?
There is a one time premium uniformly established in the State of New York and approved by the New York State Insurance Department. The premium is based on either the purchase price of the property, the assessed value or the amount of the mortgage. If the owner purchases an Owner's Title Insurance policy at the same time as the Loan Title Insurance policy there is a discounted, simultaneous premium.
For a relatively small cost, when making one of your largest investments, it provides security and peace of mind.