| Gifford Abstract Corp. |
When you buy a home, there so many different things to worry
about that
title insurance can be
overlooked.
However, if you are well informed about title insurance, and
learn more
about the process, you can end up saving hundreds of dollars and
prevent
future headaches. 
The pictures on this page are just a few of the thousands of
homes insured
by Gifford Abstract. Gifford Abstract can
give you
the highest quality, most reliable policy available, and leave
you with
the peace of mind of a protected and guaranteed asset. Take
a few
minutes to read through this page, and learn how title insurance
can help
you.
The Purpose of Title Insurance. Title insurance guarantees that no one else can claim your new property. This gives you the confidence that you will not incur unexpected debts, or end up losing your home entirely. Even if you have owned a property for years, unforeseen problems can arise that would place your ownership in jeopardy. Title insurance means that the lender can be reassured of its loan, and that you can be reassured of your purchase.
Title Insurance Protections. There
are any number of different problems that can arise when buying a
home.
A previous owner could have a lien
on the
property, which would become the new owner's debt. A lost heir
could have 
a claim to a property. In a divorce or separation, one of the
owners could
take out a mortgage on the
property without
the other owner's knowledge. Other potential problems range from
fraudulent
ownership and sale to boundary and fence disputes with
neighbors.
Title Insurance guards against these and other potential pitfalls. If you have fee title insurance, the title company will handle any litigation or payments. In the even rarer event of total title loss, the title company can either pay or buy the mortgage from the bank. Without a title policy you could be forced to move, and could legally be required to pay the debt on a house you no longer own.
People regularly insure their homes against fires, floods, and
other
unforeseen disasters. In a natural disaster, though, you would
still own
the land 
itself. Title Insurance protects against those risks that could
take away
the property itself. For all that, Title Insurance
coverage lasts
as long as you own the home, with only the initial premium.
Types of Title Insurance. Most banks require that you purchase mortgage insurance for purchases. This only guarantees the bank; you are not protected from property problems. Protection for you comes when you ask for fee insurance. This policy guards your home against legal challenges from other people with claims, boundary disputes, and other factors that could threaten your ownership.
Cost of Title Insurance. Title insurance rates are set by New York State, and are the same no matter what title insurance company you choose. Fee insurance, the greater level of protection, means a higher cost, based upon the cost of the house. This insurance has only one premium; one payment at the closing guarantees your property for as long as you own it. Fees vary depending on the level of insurance and type of property; for an estimate, please contact us.
Other Important Home-buying Considerations (services not provided by Gifford Abstract). As part of your title insurance coverage, when purchasing a house you should also consider getting a survey done by a licensed land surveyor. Only a surveyor can tell you for sure that the house you looked at is really on the land you bought. In the absence of a survey, the fee insurance will be subject to anything an accurate survey might show.
Another vital part of the process is the lawyer. We have all heard lawyer jokes, but the fact is that the smoothest and most hassle-free closings are those in which each side (bank, buyer, and seller) is represented by separate attorneys. Buying a home is complicated, and a lawyer's experience can be critical to guide you through the paperwork and the closing. Also at the closing, a representative of the title company sits at the end of the table, to make sure that your title is good. For help finding a lawyer, see the New York State Bar Association's Lawyer Referral Service.
How to Buy Title Insurance. Too frequently, the lending bank will ask the home buyer to sign away their right to choose a title insurance company. At the closing, title insurance appears a minor annoyance that you forget quickly. Now that you know more about title insurance, though, you can save yourself money, and make sure that you buy the best quality title insurance for your new home. When you start the home-buying process, ask your lawyer for Gifford Abstract to handle your policy, and request fee insurance for complete protection. Then, you can enjoy your new home with the confidence that your ownership is secure.
If you have any questions about title insurance, please do not hesitate to contact Gifford Abstract. We look forward to working with you!