Title Insurance for Long Island, New York and New Jersey

WHAT IS TITLE INSURANCE?

Title insurance is protection against monetary loss if a covered defect is found in your title. Unlike most other types of insurance, the premiums for Title Insurance are paid once either at the time of purchase or refinance. It is a one time charge that provides peace of mind and maximum protection in the event there is a claim against your property.

Title Insurance know-how | Lincoln Land Servives LLCWHO NEEDS TITLE INSURANCE?

An "owners' policy", also called a "fee policy", is offered to the buyers at the time of purchase. It is considered an essential safeguard for the buyers' protection. Title insurance is also available for lenders when a mortgage is given against property. In fact most lenders require title insurance as a condition of lending. This type of coverage is called a "mortgage policy" or "loan policy".

 

WHAT IS COVERED UNDER TITLE INSURANCE?

While polices vary, coverage typically covers against 4 "hidden risk" factors.
  1. Claims of ownership – an example of this would be an heir of a former owner who believes they have an interest in the property.
  2. Invalid deeds – an example of this would be transfer of the property by someone who did not actually own it or by a person who was mentally incompetent.
  3. Liens – these are claims against the property that become the new owner's responsibility upon purchase. For example, unpaid taxes, mortgages, water charges, judgments, etc.
  4. Errors – incorrect information in public records, including deeds, mortgages, etc. an example of this would be an incorrect name.