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See attached list of endorsements.
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| Short Form Loan Residential Policy |
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Please see attached bulletin for instructions and search/examination requirements for the issuance of short form residential loan policies.
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Judgments - effective 20 years, but only a lien on the property for 10 tears, unless a lien was filed on the property.
NY State Warrants - 10 years.
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For rental properties foreclosed on or after 05/20/09, a "bona fide" tenant shall receive at least 90 days notice before they may be evicted. Please see attached bulletin for more information.
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| Use of Starters for Title Searches |
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Please see attached bulletin for regulations in regard to the use of starters or prior searches/title policies to begin a title search.
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Invoice issued with title report
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Varies by county as well as by custom and practice.
Upstate (Zone 1); while the title company/agent may employ an attorney as a closer, most title companies use employee closers. Downstate ( Zone 2); title closers commonly close loans. The buyer traditionally pays a "gratuity" to the title closer.
Closing requires simultaneous transfer of documents and consideration by parties. Recording is done post closing.
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Bargain and sale deed with covenant
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"Paid by seller. Certain exemptions apply. If applicable, the Affidavit of Consideration for use by seller must be completed and attached to the deed. Click on the link below to view the form and see complete instructions.
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Usually judicial; minimum 180 days
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American Land Title Association (ALTA 2006)
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Yes, depends on transaction type
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Both Loan and Owner's Policy Premiums paid by buyer
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May be used at closing, statutory form preferred.
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Varies by city and township
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Simultaneous transfer at closing; recording takes place after closing
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| Redemption Period after Sale |
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| Special Statutes for Non-resident Sellers |
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| Title Search & Examination |
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Paid by buyer. Look back period is 40 years; downstate only fees are included in title rate
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