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
A) The buyer pays the full premium for both owner's and lender's title insurance policies
In New York, the customary practice is that the buyer pays the premiums for both the owner's and lender's title insurance policies at closing.
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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?