Title Insurance
Real estate · Reinvent NY glossary
Title insurance protects property buyers and lenders against claims, liens, or defects in the property's ownership history that were not discovered during the title search. A one-time premium is paid at closing — typically 0.5-1% of the purchase price. There are two types: lender's title insurance (required by mortgage lenders) and owner's title insurance (optional but strongly recommended). Title insurance covers issues like forged documents, undisclosed heirs, recording errors, and outstanding liens. In New York, title insurance costs approximately $4,000-$7,000 for a $1M property.
Related Terms
Related Articles
- →All Cash vs Mortgage in NYC: How Foreign Buyers Decide
Cash closes faster and wins bids in NYC, but financing has quiet advantages for foreign buyers: estate tax exposure, liquidity, and yield.
- →NYC Apartment Renovation Rules: Permits, Boards, Approvals
What it takes to renovate a NYC condo or co-op: alteration agreements, board approval, DOB permits, landmark review, and honest timelines before work begins.
- →NYC Landlord Requirements: Deposits, Heat and Disclosures
The legal duties that come with renting out a NYC apartment: the deposit cap, heat season rules, required disclosures and filings.
- →NYC Eviction Process for Landlords: Steps and Timeline
How eviction works in New York City: why a lockout is illegal, the notices that start the case, the housing court steps, and the timelines to plan around.
Keep reading
Looking at a specific building or budget?
Talk to us about it