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Title Insurance: How to Obtain More Bang for Your Buck
Aside from Russian billionaires who spend tens of millions of dollars for ridiculously expensive Manhattan apartments, the rest of us learned the same lesson from the Great Recession as did our grandparents from the Great Depression: Money is tight. As consumers, we now want more bang or greater value for our dollars. The marketplace, aside from cellular companies and the airlines, now offers us seemingly more for less. Witness the television ads for chain restaurants that purport to offer more food and more choices for less money. We real estate attorneys are no less demanding; we want greater value, even from our staid title policies. Here is how title underwriters are in tune with your wishes.
Background
In title underwriter parlance, New York is a promulgated form state. That means that title underwriters and their agents can only issue title policy forms that, upon the application of the underwriters through the Title Insurance Rate Service Association (“TIRSA”), have been approved by the State's Department of Financial Services (“DFS”) or its predecessor, the Department of Insurance. Every policy issued in New York, whether for a billion-dollar commercial development on the West Side of Manhattan or a house in Jefferson County, must use the exact text found in a state-approved form. There are different forms of policies. For example, DFS has approved a form that can only be issued to the United States or its departments (the United States policy, so aptly named) or the TIRSA Owner's Extended Protection Policy (the “TOEPP”) that can be issued only to natural persons purchasing residential property. Aside from these two exceptions, the text within the owners'/fee policy is exactly the same as all other policies issued to purchasers, and the text of all mortgagee/loan policies is the same as that of all other policies issued to lenders.
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