“Title” refers to the legal rights to own and use a property. A clear title means ownership can be transferred without unresolved claims, liens, or other issues that could affect your rights.
A title search is the review of public records to confirm ownership and identify matters that could affect title. This may include deeds, mortgages, judgments, liens, and other recorded items connected to the property.
A title search may uncover open mortgages, unpaid property taxes, judgments, liens, ownership discrepancies, recording errors, or other issues that need to be addressed before closing.
Title insurance is a policy that helps protect against certain problems tied to ownership history—such as recording errors, undisclosed heirs, fraud/forgery, or liens that weren’t properly discovered or resolved. Unlike most insurance that covers future events, title insurance is tied to past records and ownership.
A Lender’s Policy protects the lender’s interest in the property and is generally required when a mortgage is involved. An Owner’s Policy protects the homeowner’s ownership interest. The two policies serve different purposes, and a lender’s policy does not provide the same coverage as an owner’s policy.
If you are obtaining a mortgage, lenders typically require a Lender’s Title Insurance Policy. An Owner’s Policy is often optional, but it is strongly recommended to help protect the homeowner’s interest.
In a residential purchase, the buyer has the right to choose the title company. While it is customary for the buyer’s attorney to place the title order on the buyer’s behalf, that does not remove the buyer’s ability to select the company.
Even though the buyer typically pays for the title insurance, the attorney is often the one who coordinates directly with the title company. This is because the attorney reviews the title report, addresses any issues that arise, and works with the title team to resolve liens, judgments, or other matters prior to closing.
For this reason, buyers should communicate their preference early in the transaction. Ultimately, the homebuyer retains the right to determine which title company is used.
Buying a home is a major investment. Title insurance helps reduce risk by pairing a thorough title search with policy protection for certain covered issues that could impact ownership.
Closing is the final step where documents are reviewed and signed, funds are disbursed, and the transaction is completed. Your attorney (and other parties, depending on the deal) will guide you through the paperwork. The title team helps confirm required items are in place for recording and policy issuance after closing.
Your attorney will confirm what is needed for your transaction. Common items include a valid government-issued photo ID and any funds required to close, which are typically handled by wire transfer or certified funds.
Always verify wiring instructions by phone using a trusted number to help prevent wire fraud.
If an issue is identified, the title company and attorneys work together to resolve it. Many items can be cleared through payoffs, releases, corrective documents, affidavits, or other supporting documentation prior to closing.
Typically, a refinance requires a new lender’s title insurance policy because the lender is issuing a new loan. Your existing owner’s policy generally remains in place, but lenders require their own coverage tied to the new mortgage.
In New York State, title insurance premiums are regulated. Depending on timing and transaction details, reduced refinance rates may apply in some cases.
Timing varies based on the county, property history, and lender requirements. Providing key details and target dates early helps the parties coordinate efficiently.
A title report summarizes the state of title based on records searched and outlines requirements and conditions for policy issuance. It is used by attorneys and lenders to identify items to clear prior to closing.
When an issue is identified, we communicate requirements promptly and coordinate documentation needed for clearance to support a smooth closing process.
Yes. Following closing, documents are submitted for recording with the appropriate recording office, and title policies are finalized and issued once recording is confirmed.
Expedited handling is often possible depending on the county, record availability, and complexity of clearance. Sharing target timelines early helps align workflow expectations.