Everything you need to know to protect your investment and your home.
Peace of Mind and a Whole Lot More
When you purchase property, it's important that your title - your proof of ownership - not be subject to claims associated with the actions of previous owners. For example, unpaid taxes or mortgages, past court actions and judgments can threaten or even invalidate your title to the property.
Caution! Only Owner's Title Insurance Protects Your Personal Interests and Property Rights.
Most mortgage lenders in New York State require you to pay for mortgage title insurance which insures only the lender against financial loss associated with a faulty title. To protect your personal interests as the owner, you need to purchase a separate owner's title insurance policy which safeguards your ownership rights.
Protection Against Risks That Can't Be Discovered.
Title searches of public records are conducted to verify the seller's right to transfer ownership. Unfortunately, public records can contain errors that even the most diligent title search will not reveal. As a result, undiscovered interests could surface after you buy the property, which could give someone else legal claim to your home. Owner's title insurance covers these risks.
Owner's title insurance also protects your ownership rights from many hidden risks that can't be discovered by a search of public records, such as:
Forged deeds, mortgages, satisfactions of mortgages and other instruments.
False impersonation of the true owner of the land or property.
Instruments executed under fabricated or expired powers of attorney.
Ownership claims of a spouse or child of a former owner involving a contested will or divorce proceeding.
Invalid deed transfers by a former owner who was not mentally competent, or who did not actually own the property.
Misinterpretation of wills, deeds and other instruments.
Defense of Valid and Invalid Claims.
If you have owner's title insurance and your ownership is challenged, Monroe will defend your title at no cost to you, pay all legal fees and pay the cost of settling any valid claim. In addition, owner's title insurance covers any legal costs you incur to defend yourself against wrongful lawsuits that are decided in your favor. When you consider that even a simple boundary dispute can cost thousands of dollars in legal fees, owner's title insurance is one of the smartest investments you can make.
Single Low-Cost Premium Saves You Money.
If you are required to pay for mortgage title insurance, Monroe makes it possible for you to buy your owner's policy at the same time at a significantly reduced cost. Unlike other forms of insurance, you pay for your owner's policy in a single low-cost premium. From the time you close on your property, owner's title insurance continues to protect you against claims, even after you sell. Monroe also gives you the option to purchase a low-cost rider on your owner's policy which automatically increases your coverage as the market value of your home grows.