Title Insurance (Operational Concept)
Title insurance is used to allocate certain title risks to an insurer, subject to policy terms, conditions, and exceptions. In NY transactional practice, it is the primary tool to manage unknown pre-existing title defects in deeded transactions rather than relying solely on seller warranties.
- Where it applies
- New York State
- When it comes up
- Closing; post-closing risk period
- Property types
- Fee and condo purchases and refinances; commercial transactions
Read more in the Knowledge Base
- Title Insurance and Surveys - Resolving Title Issues Before ClosingBuyers
- Statewide Closing Mechanics - Attorney Practice, Title, and Recording Outside NYCSellers
- Boundary Lines, Surveys, and Title Defects in New York Residential PurchasesBuyers
- Property Documentation and Record ManagementBuyers
- Post-Closing Survival of Representations in NYC Residential Contracts - Caveat Emptor and Practical RemediesBuyers
Related terms
Risk and Liability Terminology
- Closing Protection Letter (CPL)
- Closing Wire Fraud / Business Email Compromise (BEC)
- Deed Fraud
- Directors and Officers (D&O) Insurance
- Errors & Omissions (E&O) Insurance
- Force Majeure
- Indemnification
- Limitation of Liability
- Liquidated Damages
- Notice of Recorded Document (NRD) Monitoring
General information, not legal, tax or financial advice.