Why Do I Need Title Insurance In Newburgh NY?

By
Real Estate Agent with Key Properties of the Hudson Valley ~ 845-527-7115 NYS DRE #40BO1055114
http://actvra.in/BYK

  I Just Paid You for a Title Search on My New Home …

Why do I need Title Insurance in Newburgh NY?   

 

Newburgh NY Home InteriorDuring any closing of Real Estate in Newburgh NY, the attorney will go over all the fees and credits given to the buyer. At this time he tells the buyer exactly what the cost of the Title Insurance Policy will be. As a buyer you might be wondering, “ I thought I already paid for a Title Search? If the job was done correctly, why would I still need insurance?”  A great question actually, as it would seem to be a cost that could be eliminated. It is only a one time fee at closing, but with closing costs so high, maybe it could be eliminated. The answer is that mortgage companies all require the buyer to purchase the policy. The reasoning on this is quite logical.Newburgh NY Home For Sale

In a perfect world a search would be easy and clear title would be a non issue. This is actually the case for most transactions. Since we don’t live in a perfect world and mistakes are made, having Title Insurance when buying a Newburgh NY home is important. The policy is usually just for the mortgage value, although you are given a choice to increase the number should the value of the home increase. That option is explored with your attorney at closing.

The policy covers any claims to the property after closing. Sometimes it is the fault of the Title Company and other reasons are from what can be unknown at the time of closing. Fraud has been known to happen and the list goes on. These are some of the issues that can come up after closing.

  • Errors or omissions in deeds

  • Mistakes in examining records

  • Forgery

  • Undisclosed heirs

  • Liens for unpaid taxes

  • Liens by contractors

Of course most people don’t ever have an issue, but being the one in million is not something that anyone would want. Even if you don’t have a mortgage on your home it is advisable to have Title Insurance anyway. Penny wise and pound foolish when purchasing such a large investment can cost you big time if something should arise.

 

When buying your Newburgh NY home it is good to know the process. I hope this answers this question for you. Please contact me when you are ready to buy or sell in Newburgh NY and allow me to help you with all your Real Estate needs.


Janis Borgueta is a Realtor in Newburgh NY. Her blog is about living, working and real estate in The Hudson Valley. If you would like more information about Real Estate in Newburgh NY and Living in the Hudson Valley, please subscribe to this blog.

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Newburgh NY

Licensed Real Estate Salesperson

845-527-7115

Key Properties of the Hudson Valley

436 N Robinson Ave #138

Newburgh NY 12550

JanisBorgueta@verizon.net

Newburgh NY Real Estate | New Construction Homes Newburgh NY

Waterfront Properties in the Hudson Valley

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Comments 11 New Comment

Rainmaker
404,680
Ellen Caruso
Daniel Gale Sotheby's International Realty

Janis, a very clear and convincing perspective. Always better to be safe.

June 04, 2012 08:19 PM
Rainmaker
1,001,871
Ginny Lacey Gorman
Homes for Sale in North Kingstown RI and beyond
Phillips Post Road Realty ~ 401-529-7849~ RI Waterfront Real Estate

Janis, i have had clients who have opted out but I would never advise it especially with all the short sales and REOs purchased..it is your insurance on a home purchase.

June 05, 2012 03:16 PM
Rainmaker
545,744
Janis Borgueta
LIC R.E Salesperson - Homes for Sale Newburgh NY
Key Properties of the Hudson Valley ~ 845-527-7115

Ellen ~ Banks require it so that they are protected... you are ultimately responsible and if you owe money and dont have the house.. they still expect you to pay.

Ginny ~ I have not even had anyone that has paid cash opt out on this.. yet.. lol

June 05, 2012 03:24 PM
Rainer
223,661
Donald Reich
Prudential Centennial

Tittle insurance is even more important when dealing with short sales and foreclosures. There are bound to be more liens on a property like that, and more chances for mistakes to be made. Then the insurance will be a real lifesaver!

 

June 05, 2012 06:43 PM
Rainmaker
545,744
Janis Borgueta
LIC R.E Salesperson - Homes for Sale Newburgh NY
Key Properties of the Hudson Valley ~ 845-527-7115

Yes Donny.. I see cash deals on short sales in the City of Newburgh and it is a choice.. but the attorneys all insist for the buyers to get it.. I have not seen anyone refuse up til now. 

June 05, 2012 06:52 PM
Rainmaker
545,744

Janis Borgueta

LIC R.E Salesperson - Homes for Sale Newburgh NY
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Author Bio: Janis Borgueta is a Licensed Real Estate Salesperson in Newburgh NY. Her blog is about living, working and Real Estate in the Hudson Valley.

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