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New York may soon allow title insurance for state land purchases, a shift that could streamline conservation efforts and resolve longstanding property disputes. Proposed changes New York is currently the only state that does not accept title insurance for government land purchases. The change, which was included in Gov.
As someone who spent a career in the title insurance industry – both as a builder of a title business and leader of the industry’s trade group, — I am proud of the role we play in helping to protect what most Americans consider the biggest purchase of their lives. Why is a title search necessary for refinancing?
Buyer representation becomes mainstream The dramatic volume of lawsuits filed by aggrieved buyers highlighted the urgent need for change—a need our government in all of its infinite wisdom (sarcasm intended) failed to address at the time. These are areas where professional expertise is not just beneficial but essential.
Scenarios Necessitating Appraisers as Expert Witnesses: Property Disputes : Appraisers are crucial in resolving boundary disagreements, easement issues, or broader disputes over property rights. Eminent Domain Cases : When government entities acquire private land for public use, appraisers determine just compensation for property owners.
One of these is lender’s title insurance, which is as essential when refinancing as it is when buying a property. Title insurance protects the property rights of the homeowner and the lender’s investment (the loan) from any title defects discovered or risks that may appear years later.
EASEMENTS: An irrevocable right to use some part of another person’s real property for a particular purpose. Most easements are routine, in which a utility company needs access to the property to maintain service of its electricity, water or internet.
The clarifications were made to long-standing policies in our Guides intended to ensure the borrower has sufficient property insurance coverage in the event of a loss, and the February announcements did not change these policies. If buyers cannot get insurance or it is very expensive, it will affect value.
” “I have a life long time in agriculture and worked at a title company, giving me a good understanding of legal descriptions and easements.” Also, I have appraised multiple airports and done various easement studies for research.” ” “Background in landscape architecture and real estate sales.”
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