New York Title Insurance Post-October 1, 2024! · AI for LinkedIn

New York Title Insurance Post-October 1, 2024!

Original post is on LinkedIn here https://www.linkedin.com/posts/titleinsurancenewyork_realestate-nycrealestate-titleinsurance-activity-7249374111162888194-3mlF?utm_source=share&utm_medium=member_desktop

🚨 Important Changes! 🚨

Effective October 1, 2024, the Seventh Revision of the TIRSA Rate Manual will significantly alter the landscape for New York real estate transactions. Here’s what you need to know:

📝 New ALTA Forms: The 2021 ALTA owner’s & loan policy forms replace the 2006 versions, changing how title policies are issued in NY.

🚫 No More No-Fee Insurance: Title insurers can’t issue no-fee insurance (aka affirmative insurance) unless included in a TIRSA-approved endorsement—expect higher costs for added endorsements.

📄 Expanded Endorsements: New special risk endorsements are available, with residential vs. commercial pricing structures.

🔍 More Due Diligence: Some endorsements may now require extra title searches or surveys, adding to transaction complexity.

💰 Impact on Closing Costs: Attorneys & lenders must revise disclosures to account for higher title insurance costs.

Plan ahead and ensure your deals align with these new guidelines.

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