All checks that would normally be made payable to the County Clerk, should now be made payable to SMPR Title … Continue reading
Co-op Insurance
Co-Operative Title Insurance – Learn Why Its Needed
Who Needs It: Anyone who owns or is looking to purchase a cooperative unit.
What Is It: As the owner of a co-operative unit, you receive shares of stock in the corporation that owns the building you live in. As a result, a co-op insurance policy is unique. It protects against loss and legal expenses resulting from claims from a previous owner’s creditors, bankruptcy status, or issues with the co-op itself.
Why It Matters: If you own a co-operative unit, it is considered personal property and so it is exposed to a different set of risks than usual ownership. There are a couple of ways your co-op unit could be jeopardized by hidden defects or hazards, including:
- Whenever you are buying a co-operative unit that has been the subject of foreclosure
- Buying from an estate
Under these circumstances, the potential for title problems increase.
When Owning A Co-op Unit You’re Subjected To Unique Types Of Ownership Risks
For example, if a foreclosure was not handled properly, or if all potential heirs or beneficiaries to an estate were not identified, that could significantly affect the buyer’s ownership interest in the apartment.
The SMPR Difference: SMPR has provided co-operative leasehold owner insurance and co-operative leasehold mortgage lender insurance for decades. Our depth of experience will give you the peace of mind needed for these unique transactions.