General Title Insurance Questions
1. What is title insurance, and why do I need it?
✅ Title insurance protects property owners and lenders from financial loss due to title defects, ownership disputes, liens, or errors in public records. Unlike other types of insurance that cover future events, title insurance safeguards against past issues that could impact ownership rights.
2. What’s the difference between owner’s title insurance and lender’s title insurance?
✅ Owner’s title insurance protects the homebuyer or property owner, while lender’s title insurance protects the mortgage lender. Most lenders require title insurance as part of the closing process.
3. How much does title insurance cost in New York?
✅ Title insurance costs typically range between 0.5% to 1% of the purchase price and are based on New York State-regulated rates. The fee is a one-time payment at closing that provides coverage for as long as you own the property.
Title Search & Closing Process
4. What is a title search, and how long does it take?
✅ A title search is a detailed examination of public records to verify ownership history, existing liens, easements, and potential title defects. In most cases, a title search takes 5 to 10 business days, but complex cases may require additional time.
5. Can title issues delay my closing?
✅ Yes, if a title search uncovers liens, unpaid taxes, or ownership disputes, these must be resolved before closing. Northway Title works proactively to clear issues quickly and keep your transaction on schedule.
6. Who pays for title insurance—the buyer or seller?
✅ In New York State, the buyer usually pays for title insurance, but this can be negotiated in the purchase agreement. Lender’s title insurance is almost always paid by the buyer as part of their loan closing costs.
Title Issues & Coverage
7. What are common title problems that title insurance covers?
✅ Some of the most common title issues include:
- Liens & unpaid debts (unpaid taxes, mortgages, or contractor liens)
- Forgery & fraud (fake deeds, fraudulent ownership transfers)
- Clerical errors (public record mistakes that impact legal ownership)
- Conflicting wills or missing heirs (previous owners’ heirs claiming the property)
- Boundary disputes & easements (incorrect property line records)
8. What if a title defect is discovered after I buy the property?
✅ If a covered title defect arises after closing, your title insurance policy will protect you. This includes legal defense costs and compensation for financial losses related to the defect.
Commercial & Residential Title Services
9. Does Northway Title handle both residential and commercial transactions?
✅ Yes! We specialize in both residential and commercial title services throughout New York State, including the Capital Region. Our team has extensive experience in complex commercial real estate transactions, development projects, and high-value property deals.
10. How do I order a title search or title insurance policy?
✅ Ordering a title search is simple! You can [Order a Title Online] or call us at (518) 371-9005 for assistance.
Still Have Questions? Contact Us!
📩 Email info@northwaytitle.com | 📞 Call (518) 371-9005