All checks that would normally be made payable to the County Clerk, should now be made payable to SMPR Title … Continue reading
Resources
FAQs:
Are your prices competitive?
Yes. Though rates for all title insurance premiums in New York State are set by the state there is little or no variation in rates between insurance companies, there is a very large differences in the quality of the services performed, financial backing underwriting your policy, and the strength of the legal defense that can be mounted on your behalf. SMPR prides itself on the quality of our work product and you are backed by an agency that has long standing relationships with the nation’s largest underwriters, whose substantial financial resources will fully compensate you in case of financial loss.
Why do I need a separate policy if I am already buying title insurance for my lender?
The lender’s policy does not offer you any protection should a title claim arise. It only covers the lender, up to the amount of the mortgage, which is reduced as you make your monthly payments. Many people mistakenly believe that the lender’s policy covers the buyer from the risk of a title claim. Most title claims do not affect the bank’s interest in the property. A neighbor’s encroachment, the discovery of an easement, improperly indexed tax records, or restrictions on your use, may affect your financial interest in the property, but not the lender’s.
You would not be insuring the mortgage if title was not clean, right?
True, we search a property to discover all title circumstances of your property and if there were serious known title defects, we could not insure the property, and your attorney would probably advise you not to purchase it. However, the lender wants title insurance to protect them from hidden defects. You need the same protection.
Does my seller’s owner’s policy protect me?
No. The seller may have encumbered the property since the policy was issued. Additionally if any title issue predates your ownership, you would have to take action against the seller and the title company would be required to represent and defend the seller in any action you bring.
What if I have no equity in the property?
Your policy still covers free expert defense of any and all title claims. Also as your equity grows over time, so does the value of your policy, up to the original purchase price.
What if the property I’m buying has been in the same family for generations?
Some of the most tangled title claims arise from frauds or forgeries, unrecorded private mortgages, newly discovered heirs, or wills stemming from family arguments or divorce.
Can my bank or my attorney require me to use their affiliated title firm for searching and insurance?
No. You have the absolute right to choose your title agent for any mortgage or owner’s title insurance policy you purchase.