CONSUMERS

WHAT IS TITLE INSURANCE?

Title is the evidence that verifies the right to the possession of land. Title insurance plays a major role in making sure your home ownership is free and clear of any rights or claims of prior owners or anyone else. It protects you from potential risks associated with defects in title. There are two basic policies: Owner's and Lender's policy. Owner's Coverage is issued at the time you buy the property. A one-time premium is paid based on the purchase price and lasts for as long as you maintain an interest in the property. If you obtain a mortgage to purchase your, a Lender's policy is simultaneously issued at a reduced premium. Should you choose to refinance at a future point in time, your lender will require you to purchase a new Lender's policy to protect its investment in the property at the time the new loan is made. Under certain circumstances, you may be eligible to receive a substantial discount on the new Lender's policy. That's where we come in. We'll be sure you obtain all discounts you are entitled to.

DO I REALLY NEED TITLE INSURANCE?

Title insurance is necessary to protect against those risks which are present in all real estate transactions. Hidden hazards, which may not be detected upon examination of title include incompetence of the grantor or mortgagor, fraud, unknown heirs, impersonation, judgments and liens or prior taxes. Then, of course, there may be issues associated with prior mortgages, unpaid common charges and assessments all of which are potential liens on the property. These are but a few of the matters covered by a title insurance policy.

WHAT DOES IT COST?

Premiums for title insurance are regulated by the NYS Department of Financial Services and are directly correlated to the purchase price. Premiums are paid only once at the time of purchase but the policy remains in full force and effect as long you own the property. Our underwriters, Security Title Guarantee Corporation and Old Republic National Title both provide rate calculators for your convenience. If you would like to discuss your specific closing costs, contact us and we'll be glad to help.

THE UNDERWRITER MATTERS

Alright, so you buy a title insurance policy but how can you be certain the insurance company is financially stable? In the unlikely event you need to file a claim, you want the peace of mind to know the company's financial well being is strong We issue policies through Security Title Guarantee Corporation and Old Republic National Title each of which enjoy at least an “A” rating from Demotech, the leading insurance rating agency.

WHAT TO EXPECT AT CLOSING

A hassle-free closing experience with minimal stress and no surprises. We appreciate that buying, selling or refinancing is stressful. Our extensive experience has proven that preparation is key to stress-free experience. That's where our team of seasoned professionals can make your closing experience a pleasant one rather than a dismal nightmare.

THE IMPORTANCE OF SURVEYS

A policy of title insurance guarantees your free and clear ownership of the land. The exact location of the land is derived from a map filed with the municipality and further designated by a metes and bounds description which specifically identifies your property and its boundaries. When dealing with 1-4 family residential dwellings we can often use existing surveys and perform a visual inspection to determine any changes which proves to be a cost effective alternative to purchasing a new survey. If we are unable to locate a suitable survey, we will gladly obtain a quote for you.

TITLE CLOSERS

Title closers review documents for compliance with county recording requirements, offer notarial services, mark-up title commitments, payoff mortgages, deliver policies of title insurance and collect the fees required to complete your transaction. We retain independent title closers to attend your closing. Additional charges for closing attendance in excess of two hours and for any closings extending beyond normal business hours and where additional attendances are necessary or travel arrangements and distance warrant may be imposed.