Title Insurance on an Auction Property
2 Replies
Vitaliy Volpov
Attorney from Albany, NY
posted over 2 years ago
Hey guys,
Has anyone tried getting title insurance on a property they bought in a tax or mortgage foreclosure by a quit claim deed? If so, who did you use?
The response I got in my area is that title companies won't insure title on such a property until the new owner holds it for 1 or 2 years after purchase. Has anyone been able to get title insurance sooner, specifically in New York State?
The intent behind the question is either a bank refinance or a re-sale to a buyer using conventional financing (i.e. both of which require insurable title). Thanks!
Vitaliy
Chad U.
Investor from Boca Raton, FL
replied over 2 years ago
I've never done it in NY state, but have done so several times in FL and recently in PA & MO. However in all cases I believe the buyer paid cash though.
Vitaliy Volpov
Attorney from Albany, NY
replied over 2 years ago
Thanks, Chad. Do you remember what type of deed you used to sell the property? Did you provide a warranty deed? Was the buyer able to obtain title insurance?