What is NY title insurance?
January 21st, 2022 by Candis Hall
The purpose of NY title insurance is to help protect you against loss in the event there is a flaw or defect in your title. It can be purchased from MacGregor Abstract, or any other licensed title company.
And every state has different laws and regulations. You need a title company that knows the intricacies of your state’s policies and procedures. At NY Title Insurance Agency, we have been working on residential loans throughout New York City and its surrounding areas for over 40 years. We have built a reputation for superior service, professionalism and integrity. Our staff is dedicated to helping you with all of your real estate needs. We are available to assist you with any type of real estate transaction including purchases, refinances and sales.
A good example is when you want to purchase a home or commercial property that has tenants currently residing there. We can help ensure that you will be able to evict the current residents moving forward just in case they decide not to move out once you purchase the property.
Since our inception we have grown from one location in Manhattan to multiple locations throughout the five boroughs with over 30 experienced title agents who are waiting to assist you today!
The seller will often ask if you want title insurance. Title insurance is protection from unknown claims to the property, that might crop up after the purchase has been finalized. These claims could be from previous owners who didn’t properly transfer their interests in the property. It’s highly unlikely you’ll be aware of a claim against your title, which is why it makes sense to buy this protection in advance.
Trying to sort out these kinds of issues can be a nightmare. That’s where title insurance comes in. It protects the buyer and lender against losses due to title problems, such as defects, liens or encumbrances on the property.
The name “title” is a little misleading, however. Title insurance doesn’t actually insure your title to the property; instead, it insures you against problems with the title.
Insuring your home essentially gives you peace of mind and allows you to avoid problems related to ownership of the property. It’s even sometimes required by lenders before they’ll provide financing for a house, especially if it’s a new construction or an otherwise risky purchase.
A policy issued by a New York-based company protects buyers and lenders when there are any problems with their titles, including those not found during a title search. New York State law requires title insurance for all real property transactions, including sales between private parties.
The first thing to know about title insurance is that it protects your ownership interest in the property and not the loan value of the property.
Title insurance helps protect you if there is any question about who actually owns the property. It provides protection against losses that can occur as a result of defects in or disputes over the title to your property. It also offers protection against losses that occur because of liens on your property that you were unaware of at the time of purchase, such as judgments and unpaid taxes. It also provides protection against claims by heirs of previous owners who may have an interest in your property. In summary, title insurance protects you from many things you cannot see, such as errors in public records, fraud, forgery, and incorrect abstracts.
In addition to protecting your investment, title insurance can save you money! For example, when you buy a home from a private owner, there is no attorney general guarantee attached to that sale like there would be if you purchased from a bank. Without an attorney general guarantee, you are responsible for checking the title yourself or paying someone else to do it for you.