Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Followed Discussions Followed Categories Followed People Followed Locations
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 7 years ago on . Most recent reply

User Stats

143
Posts
84
Votes
John Franczyk
  • Wholesaler
  • Racine, WI
84
Votes |
143
Posts

Abstract of Title Question - New York State

John Franczyk
  • Wholesaler
  • Racine, WI
Posted

My elderly mom in New York State is selling her house. My sister (who lives near her) is helping her with that sale.  The lawyer my sister retained asked if we had a copy of the abstract of title from when my mom and dad bought the house in 2004. My sister told me that if we are unable to locate the abstract of title, we will be charged $750 for a new abstract.  I haven't contacted the attorney about this yet, and I am trying to figure out a few things before I do call him:

1. I assume that the "abstract of title" in New York State the same thing that I would call a "title insurance policy" here in the midwest. When we get a title commitment on a purchase or sale, the property's title is described in detail in parts A and B of the policy commitment.

2. Why would we be charged an additional $750 to generate a new abstract? We are giving the buyers a new owner's policy, and the buyers are getting their own mortgagor's policy for their financing. As far as I'm concerned, all title fees should be wrapped into those policies and there shouldn't be an additional fee just to generate a new abstract.

3. What questions do I need to ask the attorney in New York to verify that he's not just tacking an additional fee onto his bill?

I guess that this issue comes down to "what are reasonable title charges for a house sale in New York State/Western New York?"

Thanks!

  • John Franczyk
  • Loading replies...