Closings glossary
Endorsement
An add-on that modifies a title policy's coverage for a defined risk. Endorsement charges come from the filed New York rate structure rather than from negotiation.
What is a title insurance endorsement?
Quick Answer
The full definition
An add-on that modifies a title policy's coverage for a defined risk. Endorsement charges come from the filed New York rate structure rather than from negotiation.
Also called: ALTA endorsement, Rider.
Where does endorsement come up in a New York City closing?
A lender on a Manhattan mixed-use building asks for a zoning endorsement and an access endorsement before it will treat the loan policy as acceptable.
What else should you read before closing?
In the glossary
- Title insuranceInsurance against loss from title defects that existed before the policy date. New York premiums come from a filed rate schedule, so the figure is ...
- Lender's policyTitle insurance protecting a lender's lien position, issued in the loan amount. Its coverage falls as the principal balance falls and ends when the...
- Owner's policyTitle insurance protecting the buyer's ownership interest, issued for the purchase price with a single premium. Coverage continues while the insure...
- Gap coverageCoverage for matters recorded between the effective date of the search and the recording of the insured instruments. The seller's affidavit of titl...
- Premium (title insurance)The one-time charge for a title policy, computed from the filed New York rate schedule by amount of insurance, plus any endorsement and search-rela...
Questions this raises
- Which ALTA endorsements are common in New York?ALTA 9, 8.1, 22, 17, plus condominium and survey endorsements: the TIRSA endorsement set that shows up on most New York residential and co-op closi...
- What does title insurance cover?Old liens, recording errors, forged deeds, undisclosed heirs, easements: what a New York title policy covers, what Schedule B excludes, and how cla...
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