Calculate New York Title Insurance Costs at the Very Beginning of a Transaction, Using The ‘GET A QUOTE’ App in the Lower Right-hand Corner of the Hallmark Abstract Service Website!
You can also install our app on your phone to access a title insurance quote anywhere, and in realtime (contact firstname.lastname@example.org for details).
In A New York State Real Estate Transaction, Knowledge Is Power whether You Are the Purchaser, Real Estate Agent, Mortgage Loan Originator or Attorney Representing the Buyer!
For Homebuyers: At the very beginning of a transaction, know what you title insurance costs are going to be by generating a quote using the realtime app in the lower right-hand corner of the Hallmark Abstract Service website! Or, install our app on your phone to get a quote anytime you need to get an idea concerning closing costs (contact email@example.com for details).
If your attorney is using another title insurance provider and the title bill you have received is more costly than Hallmark Abstract’s, our title bill information will provide leverage to get your costs reduced.
And remember that purchasers of real estate in New York do have the right to choose their title insurance provider.
For Real Estate Agents: You can provide even more value-added to your clients real estate purchasing experience, by letting them know at the beginning of the transaction, or at an Open House using the app on your phone, more exact details about the closing costs they can expect.
For Mortgage Loan Originators: For your clients refinance their New York State mortgage, you can let them know what title insurance costs they should expect at the closing table.
For A Buyers Attorney: While you’re speaking with your client, provide them with a rundown of the title insurance expenses they will be paying at the closing table (excluding taxes due).
The output on the app will be almost identical to the data on the title report that Hallmark Abstract Service will ultimately prepare when the contract for purchase is signed or a refinance of a mortgage is ordered.
The Title Insurance Piece of the Real Estate Transaction
For many homebuyers or purchasers of commercial real estate in New York, the first time they may hear about the title insurance premium, other fees on the title bill and even the name of the title insurance provider, will be at the closing table!
For so many reasons this historical practice is wrong! Particularly considering that the title insurance provider is a key cog in protecting what may likely be the largest financial transaction the buyer will make in their lives.
The reasons to learn about your title insurance provider are many, one of them being that the cost of the title insurance (other than the actual premium that will be the same across title insurance providers) will vary widely among firms. And, the difference can be significant, up to $1,000 or more!
Why Knowing Your Title Insurance Provider Matters!
1) Saving Money – While the title insurance premium will be the same regardless of the company being used, the title bill that includes ancillary and ‘junk’ fees will vary from firm-to-firm. This can result in closing costs being paid by the buyer that are $1,000 or more higher than at a firm like Hallmark Abstract Service!
2) The Underwriter – Make sure that the underwriter being used is well capitalized and one of the top companies in the industry. A firm like Fidelity, First American, Old Republic or AmTrust that you know will stand behind you no matter what!
3) Claims Experience – Regardless of the title company that you use, a title insurance policy will be issued at the closing. But that said, you want to make sure that the title company being used has experienced few, and hopefully zero, title claims in the past.
4) Affiliated Arrangements – You should inquire as to whether the title insurance provider has affiliated business arrangements with any of the other participants in your deal. Such an arrangement creates a conflict of interest that you as the buyer should try to avoid!
5) What Company To Use: Remember that while your attorney or mortgage loan originator will likely recommend a company, you have the right to choose the title company that is providing the title insurance for your transaction!
Let’s Say You’re Buying a home with a $1,000,000 Purchase Price and Will Be Financing It With an $800,000 mortgage. The Home is Located in Woodbury, New York
By entering these details in the app located in the lower-right hand corner of the Hallmark Abstract Service website, you will receive the following results: