We Are a Full Service Title Insurance Agency
Our expertise even extends in to:
- Multi-state transactions
- New developments and subdivisions
- Building loan mortgages
- Bulk purchases and refinances
- Religious and not-for-profit organizations
- Co-op refinances
- Marinas, resorts, and farms
- Reverse Mortgages
- 1031 Tax Deferred Exchanges
- Foreclosures and short sales
We can help you.
Our long-standing relationships with NYC centric real estate professionals including lawyers, title insurance professionals, realtors, mortgage professionals, property managers, investors, and even other title agencies, are the cornerstone of our success.
Why you need a New York Title Insurance Company
New York Title Insurance is a completely unique experience compared to buying a property in any other state. Because of this, you will need to work with a detail-oriented, local title company, attorney, and realtor in order to ensure a smooth, efficient, and successful closing.
Steps to purchasing a property in New York
Buyer’s counsel will help ensure that all of your rights are protected. Most NY buyer attorneys will assist in all of the following:
- Review and negotiate the contract of sale with you
- Verify that all terms of the contract, dates, etc are complied with, and help keep you on track
- Assist in dealings with bank counsel and facilitate obtaining the mortgage financing
- Work closely with the New York title insurance company of your choice to make sure that a clean title is being provided
- Solidify the logistics of the closing logistics with all related parties to the transaction
- Preparation of the Closing Statement
Why is New York state title insurance different than title insurance in other states?
The biggest difference between a real estate transaction in NY and a transaction in any other state is that NY title companies cannot disburse funds from their escrow account. In fact, the NY insurance department issued a letter in December of 1992 explicitly prohibiting NY title companies from issuing closing protection letters in NY state.
Because of this ruling NY title insurance companies have been prohibited from issuing closing letters for lender’s counsel. Since these letters cannot come from abstracting companies the way they do in other states, it is bank counsel that typically disburses the funds pursuant to the settlement statement in a NY real estate transaction. If a bank is not involved in the transaction, the attorneys involved in the transaction will handle this process. The mortgage tax collected on a purchase or refinance in NY state is significantly higher than what is collected in other states. Since home financing is heavily taxed, the state provides protection for borrowers to not get taxed twice on the same money. A “Consolidation Extension Modification Agreement” (CEMA for short) allows borrowers to consolidate their old mortgage with their new mortgage financing. By doing so the borrower can escape paying the same tax twice.
NY state closing costs explained:
Because of the major differences between the title policies in NY state and the rest of the country, this section is intended to give you an idea of the general costs associated with closing a real estate transaction in New York state. Be it a condominium, townhouse, farm, or Co-Op. You need to consider elements such as legal fees, inspections, abstracting fees, taxes, and realtor fees. Because of this, you should work with your attorney and real estate agent to estimate how much money will be required in addition to the purchase price to actually seal the deal.
We provide comprehensive New York State Title Insurance in all of the following cities and Counties:
Albany County, Saratoga County, Columbia County, Westchester County, Washington County, Fulton County, Troy, Saratoga Springs, New York City, Rochester, Greene County, Rensselaer County, Bronx, Livingston County, Ontario County, Schoharie County, Warren County, Kings County, Madison County, Orange County, Dutchess County, Montgomery County, New York, Monroe County, Orleans County, Rockland County, Albany, Queens County, Oswego County, Schenectady, Rensselaer, Richmond County, Nassau County, Otsego County, Hudson, Long Island, Jefferson County, Niagara County, Putnam County, White Plains, Buffalo, Lewis County, Oneida County, Upstate NY, Capital District, Poughkeepsie, Onondaga County, Schenectady County, Schoharie County, Tompkins County, Broome County, Delaware County, Schuyler County, Ulster County, Cattaraugus County, Erie County, Seneca County, Cayuga County, Essex County, St Lawrence County, Chautauqua County, Franklin County, Steuben County, Wayne County, Chemung County, Genesee County, Suffolk County, Wyoming County, Chenango County, Hamilton County, Sullivan County, Yates County, Clinton County, Herkimer County, Tioga County, Allegany County, Cortland County.