Frederick R. Xlander

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Q. Can I rely on closing on the date in my contract? A. No. The purchase contract date is a target only. Many factors including the banks’ ability to process your loan, the schedule of the parties including their attorneys, and other inevitable eventualities affect the closing date. Q. Does the seller’s Star exemption transfer to me after I close? A. No. You must apply for STAR before the end of February by filing the simple STAR application with the assessor in your municipality. Q. As a Buyer, if my inspection results are unsatisfactory, can I get out of the contract? A. Maybe. The seller first has a right to cure the problems. If the seller refuses, you probably can nullify the contract. Q. Do I need a survey? A. Probably not. Most residential transactions can be closed without a survey. However, various circumstances may arise wherein a survey may be advisable. Q. If I’m selling real estate and cannot find my abstract what will it cost to replace it? A. The typical cost of replacing an abstract is $400.00- $600.00 depending upon complexity. Q. Should I buy title insurance for myself (fee title insurance)? A. There are two types of title insurance: lender and fee. If you are a buyer financing the purchase through a bank you will be required to purchase on behalf of the bank a lender policy of title insurance. That insurance protects the bank from title problems if it has to later foreclose due to the buyer’s default. Examples of such title problems interfering with the bank’s foreclosure process are preexisting undischarged mortgages, judgments, tax liens or improperly handled estate issues. A lender’s title insurance policy, however, protects the buyer from nothing. If, for example, after closing a neighbor claims that part of the back yard the buyer thought he or she was buying in fact belongs to the neighbor, the buyer must bear the cost of resolving the matter including the cost of litigation. If, on the other hand, the buyer purchased fee title insurance, the insurance company would pay the cost of resolving the matter, including the cost of going to court if necessary. How much does fee insurance cost? It depends. The buyer gets a break if a lender and fee policy are purchased at the same time, that is, at the time of closing. If the buyer does that the cost is reasonable: in the upstate New York market usually $150.00-400.00 above the lender’s title insurance premium. The premium cost increases as the value of the real property increases. Remember that title insurance is a one time premium. The buyer does not pay annually during the real property ownership as the buyer would, for instance, for auto insurance. On balance, then, fee title insurance represents good value to the home buyer. Purchasing a home is one of the biggest investments a person or family makes. An extra few hundred dollars for the coverage that is provided is well spent. Please contact our office for further information including a quote for fee title insurance on your specific transaction. Q. What if I as a buyer (prepossession) or I as a seller (post possession) need to occupy the premises before (after) closing? A.

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