Some clients have asked me whether it is necessary to get title insurance when buying real estate in New York, including Westchester County. As a practical matter, if the buyer is financing the acquisition, the lender will require title insurance before funding the mortgage. Even on an “all cash” deal with no mortgage I always recommend obtaining title insurance because it protects the buyer from certain title defects such as liens that were recorded against the property but not revealed in the title search, fraudulent deeds, unpaid taxes and liens filed subsequent to the title search.
The cost of title insurance is regulated by statute and typically a small amount when compared to the total purchase price. Some title companies have title insurance calculators on their website to assist buyers in calculating their preliminary closing costs.
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