Sarah Martinez is purchasing a home in Albany, New York for $350,000. Her attorney recommends obtaining an owner's title insurance policy. In New York, what is the standard practice regarding title insurance premiums?
Correct Answer
D) The seller traditionally pays for the owner's title insurance policy premium
In New York, it is standard practice and custom for the seller to pay the premium for the owner's title insurance policy. This is a long-established tradition in New York real estate transactions, though it can be negotiated differently in the purchase contract.
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Previous Question
James owns property in Manhattan and executes a quitclaim deed to his business partner Karen. The deed is properly signed, acknowledged, and delivered. Later, it is discovered that James never actually owned the property due to a forged deed in his chain of title. What are Karen's rights against James?
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In New York, what is the primary difference between an owner's title insurance policy and a lender's title insurance policy?