Over the years Hallmark Abstract Service has strived to educate the real estate buying community in New York about what they need to know about the title insurance they will be purchasing in the course of their commercial or residential transaction!
The firm has written many articles that stress some of the critical title insurance issues that they, as real estate buyers, should be concerned about.
Being aware of these issues is necessary whether the property in question is commercial or residential or, whether they will be purchasing as an individual or through a corporation.
And further, awareness is essential even if someone else is selecting the title company that will be used.
This ‘someone else’ may be their real estate attorney in a purchase transaction or possibly the mortgage provider if they are refinancing a mortgage for a property they already own.
And while these professionals will be concerned about you, the clients best interests, the consumer should never cede 100% of the decision making to someone else.
You wouldn’t lose total control of the decision if you were buying a car or new sound system, so why do it with the title insurance protecting what may be the largest financial decision of your life?
From the Hallmark Abstract Service article ‘New York Title Insurance: Always Compare Apples To Apples!‘, we continue to strongly suggest the following:
Points To Ponder When Comparing Two Title Insurance Providers!
- Claims experience
- ‘Junk’ fees
How About A Second Opinion About Title Insurance?
The points made below are from the article ‘6 questions to ask about title insurance‘, courtesy of Bankrate.com.
It reconfirms the critical nature of the three points made in the Hallmark Abstract Service article cited above concerning the financial strength of the underwriter being used, the historical claims experience of the title company preparing the report and finally, the fairness of the amounts being charged for the various non-title insurance premium fees.
1. Are title insurance prices regulated?
In many states, they are, so there won’t be much of a price difference among companies.
Still, smart consumers should look at two factors: the quality of the insurance and the quality of the title search, says Ronald Mann, a law professor at Columbia University in New York. The goal is to find a title company or attorney that will do a thorough search and an underwriter that will still be around in 10 or 15 years if there’s a problem.
Even if title insurance costs are regulated, ancillary expenses such as wire transfer fees or courier fees can add up, so ask about the complete transaction price, not just insurance costs.
To learn more about the Hallmark Abstract Service philosophy when it comes to protecting the best interests of our clients, please read, ‘New York Title Insurance: Always Compare Apples To Apples!‘.
Michael Haltman, President
Hallmark Abstract Service
Phone: (646) 741-6101