Residential Real Estate And Title Insurance

For many individuals, the purchase of a home is the largest single investment they will ever make, and therefore, while it is a joyful event it can also be a stressful time. Similarly, the sale of a family home can be an emotional matter. Whether you are buying or selling a home, an experienced attorney will make your transaction a pleasant experience.

When working with a realtor, the contract is usually prepared by the buyer’s agent, executed by the buyer and then submitted to the seller’s agent. Upon being signed by the seller, the contract is then submitted to each party’s attorney for approval. If no real estate agents are involved, the contract may be prepared by either party’s attorney. The contract itself establishes the terms of the transaction, such as any items included or excluded from the sale, when the buyer must complete inspections by, when the buyer must receive their mortgage commitment by and a projected date for the closing.

When the buyer is financing their purchase, the closing is held at the office of the bank attorney. If no bank is involved with the purchase, the closing is generally held at the office of the seller’s attorney. The closing is attended by both the buyer and seller along with the attorney for each, a bank attorney when financing is involved, and a representative from the title company.

Title Insurance

Title insurance is unlike the insurance policies that people are most familiar with. For example, you purchase automobile or health insurance in order to protect yourself from the cost of a future car accident or medical expenses related to an illness. Title insurance, however, provides protection from claims resulting from previous owners that may cause defects in your ownership of the property. These defects may include issues such as liens from unpaid taxes, unsatisfied mortgages, easements or errors in the recording of documents. A careful search of public records for all of the documents related to the property being purchased is conducted in order to determine if any such issues exist.

Another difference from automobile and health insurance is that the purchase of title insurance is a one time fee paid at the time of closing. This one time fee will provide coverage against title claims made against the property so long as you or your heirs own the property.

Title Insurance Rate

Title insurance rates in New York State are set by the New York State Insurance Department. The link for the Rate Calculator for your premiums and endorsements in New York is www.nyrates.fntg.com

In addition to your title premium and any required endorsements there may be additional ancillary charges.

SCHEDULE OF COMPANY ANCILLARY CHARGES

Zone 1 (Including but not limited to Saratoga, Schenectady, Warren and Washington counties):
Search Charges (Residential)	$100- $500
Search Charges (Commercial)	$250- $1000
Closing Continuation	$40 – $100
Tax search	$75

Zone 2 (Including but no limited to Albany, Columbia and Rensselaer counties):
Search Charges (Residential)	n/c
Search Charges (Commercial)	n/c
2 Closing Continuation	n/c
Tax search	$75.00

Patriot Search	$5 per name
Additional tax searches ( per parcel)	$75
Judgment/Lien Search (add’l)	$25per name
Recording Service Charge	n/c
Escrow Service Charge	$75 – $150
Mortgage or Lien Payoff Charge	$70 (each)
UCC-Sec of State	$50per name
Bankruptcy Search	$25per name
Municipal Searches	$200-$300
Wire fee	$50.00
Extra difficulty / extra chains of title	as permitted under TIRSA RATE MANUEL
Additional Closing attendance charge for excessive travel and time	as permitted under TIRSA RATE MANUEL

For further assistance feel free to contact our office.