Buying A $10MM Home In New York? Don’t Read This!

By | September 25, 2020

Title Insurance in New York

Just kidding, because ALL homebuyers in New York should be aware of some very important factors when it comes to the title insurance that they will purchasing for their new home!

Number 1 is that title insurance is not a commodity product and, in fact, significant differences do exist between providers.

Number 2 is that you have the RIGHT to choose the title insurance provider that you would like to use.

Number 3 is that, of course, title insurance is not free with the premium cost rising as the cost of the home rises. That amount will be the same regardless of the title insurance provider that you use.

But…

…many of the other fees on the title bill you receive will vary widely between firms! The difference can be in the many hundreds of dollars, money better in the pocket of the homebuyer than in the pocket of the title insurance provider!

Curious what the title insurance premium and other title insurance closing costs might be for a home? Register and use the free Hallmark Abstract Service App for any city/town, purchase price and mortgage amount for a New York State home! Use the link below…

Hallmark Abstract Service App

So How Is Hallmark Abstract Service Different From Other Title Companies? Consider these three factors:

  • First and foremost, what is the title claims experience of the title insurance company being used?
  • Are the fees being charged by the title insurance provider on the title insurance bill fair?
  • Finally, what insurance company is being used as the underwriter of your title insurance 

Read more about each below…

  • First and foremost, what is the title claims experience of the title insurance company being used?

While this question is seldom asked, it is extremely important. Has this company in the past overlooked any issues surrounding a property that should have been taken care of before the closing that may not have been? And did these omissions result in a title claim?

Ask, because one of the more significant purposes of the title insurance company is to ensure that you the buyer, when you close on your residential purchase, are receiving good, clean and clear ownership of that property!

Hallmark Abstract Service, over our 12+ years in business, has NEVER had a valid title insurance claim!

  • Are the fees being charged by the title insurance provider on the title insurance bill fair?

After making sure that the title insurance company being used has a laser-focus on protecting you, the buyer, it’s important to make sure that the fees that they’re charging are fair.

Your attorney will likely provide a title insurance bill from the title insurance provider, that will include many of the costs that you will face at the closing table. This includes the title insurance premium(s), document recording fees, mortgage tax if using financing along with many other fees (any potential taxes due will not be known until close to the closing date).

While many of these costs will be the same regardless of the title insurance company being used (i.e. title insurance premium, mortgage tax, etc.), others fees can and do vary widely by firm, sometimes by as much as $500-$1,000.

Hallmark Abstract Service charges industry low ‘other fees’ and can typically save the homebuyer many hundreds of dollars!

Remember, in New York you have the RIGHT to choose your title insurance provider.

    • Finally, what insurance company is being used as the underwriter of your title insurance policy? 

When you buy insurance, regardless of the type, it’s critical that if a claim is put in that the underwriter will have the financial ability to pay! Remember that the claims-paying ability of companies are not created equal! This is certainly the case with title insurance underwriters as was discovered after the 2008 financial crisis. Make sure that only one of the top firms is being used to protect your real estate investment.

Do you have questions?

Call Hallmark Abstract Service CEO Mike Haltman at (646) 741-6101 or email him at mhaltman@hallmarkabstractllc.com

Hallmark Abstract Service…You Buy, We Protect!

info@hallmarkabstractllc.com (646) 741-6101

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