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Title Review and Title Insurance
Title review is one of the most important steps in any New York real estate transaction. A thorough title examination reveals open liens, unpaid taxes, judgments, easements, deed restrictions, and other defects that could affect a buyer’s ownership of the property. Issues discovered after closing are far more difficult and expensive to resolve than those identified and cleared before the closing date.
Parandian Law reviews title search reports on behalf of buyers in residential and commercial real estate transactions across Westchester County and the greater New York area. We identify issues that require resolution, work with the title company to clear defects, advise on the scope of title insurance coverage, and ensure our clients take title free and clear at closing.
Title insurance protects a buyer against defects in title that were not discovered in the search. In New York, buyers purchase an owner’s title insurance policy at closing. The policy is a one-time premium paid at closing and provides coverage for the life of the buyer’s ownership. Understanding what title insurance does and does not cover is an important part of every real estate transaction.
Title Review Attorney New York · Title Insurance Attorney Westchester · Real Estate Title Attorney · Title Defect Attorney New York · Lien Search Attorney · Title Clearance Attorney · Real Estate Closing Attorney Westchester · New York Title Examination
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New York title review framework
Title review and title insurance — the essentials
A title search in New York examines the chain of ownership of a property going back a minimum of 40 years. The search identifies the current owner of record, any mortgages or liens affecting the property, unpaid real property taxes or municipal charges, judgments against current or prior owners that have attached to the property, easements and deed restrictions that limit use, and any other matters of public record that could affect the buyer’s ownership. The title search is ordered by the title company and reviewed by the buyer’s attorney. Issues identified in the search must be resolved before the title company will insure the transaction and before closing can proceed.
Title insurance in New York comes in two forms. The lender’s policy protects the mortgage lender against title defects up to the loan amount and is required by virtually all lenders as a condition of financing. The owner’s policy protects the buyer against title defects up to the purchase price and is purchased at closing for a one-time premium. The owner’s policy covers defects that the search did not reveal, including forged deeds in the chain of title, undisclosed heirs, recording errors, and fraud. Certain matters are excluded from coverage and appear as exceptions on the title commitment. We review the exceptions with our clients and advise on whether any require negotiation with the seller or further investigation before closing.
Key FACTS
Title search period:
Minimum 40 years in New York
Search covers:
Liens, judgments, taxes, easements, deed restrictions
Required by lenders, covers loan amount
Protects buyer, one-time premium at closing
Coverage period:
Life of ownership for owner’s policy
Common exceptions:
Survey matters, easements, building violations
Title defect responsibility:
Seller must deliver insurable title
Westchester recording:
Filed with County Clerk
What we handle
Title review and title insurance services
Title examination, defect clearance, and title insurance guidance for buyers in residential and commercial transactions across Westchester County and the greater New York area.
Title report review
Review of title search reports and title commitments on behalf of buyers, identifying open liens, judgments, unpaid taxes, easements, deed restrictions, and other matters that require resolution or further investigation before closing. We explain every exception on the title commitment and advise on its practical significance for the buyer’s ownership.
Title defect clearance
Working with the title company, the seller’s attorney, and lienholders to resolve title defects identified in the search before closing. Common defects we clear include open mortgages from prior owners, estate tax liens, judgment liens, unpaid municipal charges, and gaps or breaks in the chain of title. We coordinate clearance so the closing proceeds on schedule.
Title insurance guidance
Advising buyers on the scope of title insurance coverage, the exceptions that will appear on their policy, and whether any exceptions require negotiation with the seller or further investigation. We explain what the owner’s policy covers and does not cover so buyers understand the protection they are receiving before they close.
Survey review and coordination
Review of property surveys in connection with title examination, including identification of encroachments, boundary discrepancies, and survey exceptions that appear on the title commitment. We coordinate with surveyors and the title company to resolve survey issues and advise on whether a new survey is required for the transaction.
How it works
Our title review process
01
Title search and report review
Once the purchase contract is signed, the title company conducts a search of the public records and issues a title report and commitment. We review the report in detail, identify every exception and open item, and advise our client on which matters require resolution before closing and which are standard exceptions that will remain on the policy.
02
Defect identification and clearance
We work with the title company, the seller’s attorney, and relevant lienholders to clear title defects before the closing date. We track the status of each open item and confirm resolution before closing is scheduled. Where a defect cannot be cleared before closing, we advise on the options available including title insurance endorsements, escrow holdbacks, and price adjustments.
03
Closing preparation
We confirm that all title exceptions have been resolved or are acceptable to the buyer before scheduling the closing. We review the final title commitment and advise on any remaining exceptions that will appear on the owner’s policy. We coordinate with the title company to confirm the premium and coverage terms before closing.
04
Closing and post-closing
We attend the closing and confirm the owner’s title policy is issued in the correct amount with the correct insured. After closing, we confirm deed recording with the Westchester County Clerk or applicable recording office and advise on any post-closing title matters that arise, including the receipt of the original title policy.
Common questions
Title review and title insurance FAQ
What does a title search reveal?
A title search examines the public records relating to a property to reveal the chain of ownership, any mortgages or liens that remain open against the property, unpaid real property taxes or municipal utility charges, judgments against current or former owners that have attached to the property as a lien, easements giving others the right to use the property for specific purposes, deed restrictions limiting how the property can be used, and any other recorded matters affecting ownership. The search goes back a minimum of 40 years in New York. Issues identified in the search must be resolved before the title company will insure the transaction and before the closing can proceed.
What does title insurance cover and what does it exclude?
An owner’s title insurance policy in New York covers losses arising from defects in title that were not discovered in the search and are not listed as exceptions on the policy. Covered risks include forged deeds or documents in the chain of title, undisclosed heirs with a claim to the property, recording errors by the county clerk, fraud in prior transactions, and certain survey defects. Matters that are listed as exceptions on the title commitment are excluded from coverage. Common exceptions include easements of record, deed restrictions, survey matters, and building code violations. We review all exceptions with our clients before closing and advise on whether any require further attention.
Who pays for title insurance in a New York real estate transaction?
In New York, the buyer pays for both the owner’s title insurance policy and the lender’s title insurance policy at closing. The premium is a one-time charge based on the purchase price and loan amount respectively and is set by the New York State Department of Financial Services rate schedule. The owner’s policy premium is paid once at closing and provides coverage for as long as the buyer owns the property, with no ongoing premiums. The lender’s policy covers the lender’s interest only and terminates when the loan is paid off. In some transactions, sellers agree to pay for the owner’s title policy as part of the negotiated deal terms, though this is not standard practice in Westchester County.
What happens if a title defect is discovered after closing?
If a title defect is discovered after closing that was not listed as an exception on the owner’s policy, the buyer submits a claim to the title insurance company. The title insurer is obligated to defend the insured’s title against covered claims and to compensate the insured for covered losses up to the policy amount. The claim process involves notifying the title company, providing documentation of the defect and the resulting loss, and cooperating with the title company’s investigation. Title insurance claims can take time to resolve depending on the nature of the defect and whether litigation is required. We advise clients on the claims process and can assist in presenting a claim to the title insurer if a post-closing defect is discovered.
Related services
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Have a real estate transaction coming up?
Title issues discovered after closing are far more difficult and expensive to resolve than those caught before. Get experienced real estate counsel reviewing your title before you close.
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