The purchaser pays the title insurance premium to the title company.
“Why do I have to buy title insurance?”
When a purchase is financed all institutional lenders require a loan title policy insuring the lender, at the original loan amount, during the life of the loan. The loan title insurance policy protects the lender against title defects that would prevent enforcement of the mortgage. The title report also provides the lender with important information regarding the property being purchased. Items, such as, a certificate of occupancy and building violations, and more, are part of our searching services.
“What does a title insurance policy insure?”
Unlike all other insurance coverages, title insurance protects against the effect of past actions. Benchmark Title Agency insures that judgments, federal tax liens, mortgages and other liens affecting the property are resolved and discharged. We insure that the party claiming to own and have the right to sell the property does actually own it. Your title policy is a shield against a prior owner’s unknown heirs and claimants and potential rights of adjoining owners, and much more.
Why should I buy a policy if I have a title report that is ‘clean’ (no defects or issues of consequence noted)?”
The title report is not a policy of insurance. The title report is prepared for the purpose of resolving known title issues prior to closing the transaction and issuing the policy. However, title defects that are not apparent or easily discovered can arise even after a careful review of the record. Misfiled and missing records, forgeries, fraudulent deeds, unpaid liens are not always readily discovered. With a title insurance policy in hand you can rest assured that the title to your real property is protected.
“How do I choose a title company?”
Typically, the purchaser’s attorney will choose the title company. However, as the client you can make that decision.
“Are title insurance premiums negotiable?”
No. The New York State Department of Financial Services establishes the premium rates based upon filings by the Title Insurance Rate Servicing Agency (TIRSA), a title insurance industry group consisting of most of the title insurance underwriters doing business in New York. Offering a client or customer a reduced premium or other thing of value in exchange for insuring a transaction is prohibited by state regulation.
“How to Order a Title”
1. Click the 'Order Title' link on the Home Page and fill in the requested information.
2. You should have a copy of the deed, prior title policy information, if any, a copy of your school and town tax statements, a survey of the premises, if any. For a Cooperative apartment search a copy of the contract of sale/purchase is, usually, all that is needed.
3. We have a convenient 'Rate Calculator' on our Home page, click the link and input the amount(s), click 'compute' and the rates will be factored for you. It is important to note that factors other than purchase price and/or mortgage amount can impact the rates. The calculator should be used as a guide only.
4. Closing costs are dependent upon a number of factors and circumstances. The title insurance premiums are a factor of the amount of the purchase price and the mortgage, if any, as well as the premium for policy endorsements that lenders require in certain circumstances. Recording fees and taxes to the county and the state are based upon the purchase price and the mortgage amount as well. The mortgage recording tax varies from county to county and in New York City, recording fees (in addition to the taxes) vary as well.</p>
<p>In addition, there are attorney’s fees, bank charges, mortgage broker fees as well as inspection costs and the like. These costs can also vary and this list is not necessarily complete. Check with the various professionals.
5. Benchmark Title Agency, LLC is a full service title agency. We provide title search reports and have underwriting privileges from our underwriters, meaning we write the policies. We also provide closing and escrow services, record the documents and perform all of the tasks of a title insurance underwriter. Our legal staff assists the attorneys in making the transactions as smooth and friction free as possible. We work closely with the attorneys for all parties and create results when others fail to move forward.
6. Buyers of real estate need to purchase a fee title insurance policy to insure their ownership. If a buyer is financing the purchase the lender will require the purchase of a mortgage or loan title insurance policy for the lender. Insurance for the purchase of a Cooperative apartment is available, as well.
7. Benchmark title Agency, LLC is pleased to provide our clients and the general public with a (monthly, bi-weekly, weekly) newsletter available to subscribers and dropped into your inbox.</p>
<p>Or, We have instituted a new feature of the web site, the news forum, available by simply visiting the Home page. The News Forum is filled with news, new developments and important information from the title and real estate industry.
8. Protecting your orders on the Benchmark website is a very simple process. On our Home page you will find a Log-In link. We will assign you a login ID and password, enter that information into the client Log-in Link and log in. Once you have completed that process you will be prompted to create a personalized password. Only you will have access to your title reports via our website.