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real estate: Upstate New York Buyers Should Purchase Owner's Title Insurance *
- 12/14/15 08:51 AM
In upstate New York many buyers do not purchase an owner title insurance policy. This seems to be a throwback to the days of how closings used to happen. Before the government basically took over the mortgage industry and required that borrowers buy mortgage title insurance, the cost of owners’ title insurance resulted in a custom of upstate buyers not purchasing owners title insurance. This happened in part because sellers gave warranty deeds, the attorneys actually read the abstracts of title and gave title opinions (of course their legal fees were higher as well) and the incident of fraud was low.
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In upstate New York many buyers do not purchase an owner title insurance policy. This seems to be a throwback to the days of how closings used to happen. Before the government basically took over the mortgage industry and required that borrowers buy mortgage title insurance, the cost of owners’ title insurance resulted in a custom of upstate buyers not purchasing owners title insurance. This happened in part because sellers gave warranty deeds, the attorneys actually read the abstracts of title and gave title opinions (of course their legal fees were higher as well) and the incident of fraud was low.
;)
;)
