TITLE SERVICES FOR PURCHASING A CONDOMINIUM
NYTA Recommends TOEPP – Our Standard is the Exception℠
You have two choices for title insurance,TOEPP coverage and Standard ALTA Coverage.
The industry standard is the Standard ALTA coverage.
At NYTA, we recommend TOEPP because it provides an enhanced level of coverage.
Our Standard is the Exception℠
TIRSA OWNER'S EXTENDED PROTECTION POLICY (TOEPP)
TOEPP Title Insurance covers actual loss for the following:
• A third party claims an interest in your title
• A document is not properly signed
• Pre-Policy Forgery
• Defective recording of any document
• Undisclosed restrictive covenants
• “Gap” Coverage
• Lien on your property from judgment, HOA dues, mortgage
• Title is unmarketable
• Actual vehicular and pedestrian access, not just technical legal access
• Forced correction or removal of a violation of any covenant or restriction
• Forced removal of a structure encroaching into a setback or easement
• Forced removal of a boundary wall or fence*
• Forced removal of a structure built without building permit*
• Forced removal of a structure built in violation of zoning regulations*
• Forced removal of a boundary wall or fence encroaching a neighbor’s lot*
• Inability to obtain building permit due to a subdivision rule violation*
• A claim for right to an easement arising post-policy
• A claim for coverage for Trustee or Beneficiary arising post-policy
• A claim for Adverse Possession, Prescriptive Easement, or Encroachment arising post policy
• Increase in amount of coverage up to 150% of the original coverage (insured) amount.
NOTE: The Market Value Rider (“MVR”) will increase the title insurance coverage amount to the market value of the original structures and land at the time at which a loss occurs. If you want the MVR as well as TOEPP, the cost of the MVR is reduced from 10% to 5% of the Standard ALTA premium. Consequently, the purchase of TOEPP along with the MVR will increase the cost of the Standard ALTA premium by 25%.
STANDARD ALTA COVERAGE
ALTA Title Insurance covers actual loss for the following:
• A third party claims an interest in your title
• A document is not properly signed
• Pre-Policy Forgery
• Defective recording of any document
• Undisclosed restrictive covenants
• “Gap” Coverage
• Lien on your property from judgment, HOA dues, mortgage
• Title is unmarketable
*Risk subject to a deductible and maximum limit of liability:
• Forced Removal based on Building or Zoning Violation (Deductible: $4,000) (Maximum: $25,000)
• Denial of building permit based on subdivision violation (Deductible: $2,000) (Maximum: $10,000)
• Forced removal of a boundary wall or fence (Deductible: $1,500) (Maximum: $25,000)
• Refusal to buy, lease, or lend based on a subdivision violation (Deductible: $2,000) (Maximum: $10,000)
NYTA Recommended TOEPP Coverage costs 120% of the cost of Standard ALTA Coverage. On a $1,000,000 purchase, this is an additional charge of approximately $1,000. An updated survey and updated certificate of occupancy are required to obtain the benefits of TOEPP coverage
Let us know if you need any assistance:
(631) 537-4400
[email protected]
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New York Title Abstract Services, Inc.
Phone: (631) 537-4400
EFax: (631) 204-6812
[email protected]
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