If you are a residential or commercial real estate owner, you want to ensure your property is protected against claims against it. Likewise, if you are buying a home or business property, you want to make sure that the property’s title is clear and unencumbered by liens or defects so the transaction can proceed. In both cases, you can have that assurance through title insurance. At The Law Office of Terrance J. Dougherty, Esq., our real estate attorneys have the experience and skills to provide meticulous analyses of real estate documents that affect your property rights. We represent buyers and sellers in the Floral Park area and throughout New York by arranging for title searches and assisting with title insurance policies. We understand that title insurance protects your rights to your property, and we draw on our experience to ensure policies fully protect you against risks.
There are two basic types of title insurance policies — one for lenders and one for homeowners. Lenders’ title insurance protects banks, mortgage companies and other lending institutions involved in loans for real estate transactions; it does not protect you if a claim is made against the title to your property. That’s why it’s essential that you have a thorough title search done before purchasing a home or business property so that you can purchase your own title insurance policy. Depending on the jurisdiction and the terms of your loan, you may need both types of coverage.
It pays for you to be knowledgeable about your policy by knowing what it covers and what it doesn’t. A title search, which is required before an insurer will underwrite a title insurance policy, protects property owners by investigating whether these defects or claims exist:
In the event that any of these conditions are not found before your property transaction is complete, you have protection through your title insurance policy. But policies may also have coverage exclusions, and it’s important to read the fine print to know what they are. They may include:
There are just some of the exclusions from coverage that your policy may have, and all homeowners should discuss these issues with their attorneys before closing or refinancing. To find out how we can help protect you and your property from unnecessary risk and harm, contact us today.
We assist clients throughout New York with legal matters involving title insurance. To schedule a consultation, call The Law Office of Terrance J. Dougherty, Esq. at 516-352-2400 or contact us online today. Our office is located in Floral Park.