Title insurance is not required by law but is usually required by lenders; and is always a good idea for homeowners. Even when a title search is conducted, title insurance is necessary in case there are defects in title that arise in the future that were not or could not have been identified at the time of closing.

You can shop around find your own title insurance company or you can ask your real estate attorney who they prefer to work with.

What is the price of title insurance?

Title Insurance rates are regulated by the Superintendent of Insurance; so rates should be extremely similar between companies. The price of title insurance will vary based on the type of property, the purchase price and loan amount.

One of the companies we work with, CATIC Title, has a calculator on their website which will give live quotes for title insurance policies. You will need the following information to get your title insurance quote:

• Purchase Price, if it’s a purchase
• Loan Amount
• The type of property it is
• Whether you are doing a purchase or a refinance
• the town the property is in

Please visit the link below to access the CATIC Title New York Policy Premium Rate Calculator

The post Cost of Title Insurance in New York? appeared first on Glouzgal Law PLLC.

That’s Right; If you hire Glouzgal Law PLLC to be your real estate attorneys, we will review and advise on the following at NO CHARGE:

1. Real Estate Agency/Brokerage Exclusive Right to Represent Agreements or Listing Agreements;
2. Real Estate Agency/Brokerage Dual Agency Agreements;
3. Offer to Purchase;
4. Purchase and Sale Agreement;
5. Inspection Reports.

If you are Buyer and you engaged Glouzgal Law PLLC to represent you in your real estate purchase, you will not be charged a fee if:

1. We have reviewed documents for you but your offer is not accepted:
2. Your Offer was accepted but the deal falls apart during Attorney Contract negotiation;
3. You sign an offer or contract but you perform inspections and the condition is unsatisfactory, Seller won’t make repairs or offer compensation, so you terminate under the inspection contingency.

Further, only limited fees, assessed on a case by case situation based on work performed, will be charged if the purchase fails because the Buyer/Client cannot get a mortgage and must terminate under the mortgage/financing contingency.

If you are a Seller and you have engaged Glouzgal Law PLLC to represent you in your real estate sale, you will not be charged a fee if:

1. We have reviewed documents for you but the property never sells and you decided to de-list it;
2. You accept and Offer but the deal falls apart during Attorney Contract negotiation;
3. You sign an offer or contract but the Buyer performs an inspection, we cannot come to an agreement on a remedy for inspection items, and the Buyer terminates the purchase under the inspection contingency.

Further, only limited fees, assessed on a case by case situation based on work performed, will be charged if the sale falls apart because the buyer cannot get a mortgage and must terminate under the mortgage/financing contingency.

What are the client’s obligations?

Of course, all clients will still need to sign a Representation Agreement or Engagement Letter officially hiring Glouzgal Law PLLC to be their real estate attorney; this document will outline our services and fees. Also, while there will be no charge for our fees, any third party fees that we incur on behalf of the client will need to be paid.

WHY WOULD GLOUZGAL LAW PLLC OFFER THESE LEGAL SERVICES AT NO CHARGE?

At Glouzgal Law PLLC we want to represent our clients to the best of our ability. We want to stop problems before they occur, rather than have to work twice as hard to fix problems later. We want our clients to not worrying about having to pay us if something happens in the early stages of the real estate transaction that is not their fault. Clients that come to us days or weeks after signing agreements, offers and contracts may get bad news regarding issues that could have been avoided if we were consulted before those documents were signed. Our goal is to properly advise through the entire real estate process.

Lets be honest, whether you are buying or selling, a real estate transaction can be stressful and aggravating. We aim to alleviate some of that burden by eliminating the concerns over getting access to legal counsel.

The post No Attorney Fees on Real Estate Purchases or Sales if Transaction Falls Apart in Offer, Contract or Inspection Phases appeared first on Glouzgal Law PLLC.