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.
Which related terms should you know?
These are the terms that come up alongside endorsement in the same file.
- Title insurance
- Insurance against loss from title defects that existed before the policy date. New York premiums come from a filed rate schedule, so the figure is calculated rather than negotiated.
- Lender's policy
- Title insurance protecting a lender's lien position, issued in the loan amount. Its coverage falls as the principal balance falls and ends when the loan is paid off.
- Owner's policy
- Title insurance protecting the buyer's ownership interest, issued for the purchase price with a single premium. Coverage continues while the insured or their heirs own the property.
- Gap coverage
- Coverage for matters recorded between the effective date of the search and the recording of the insured instruments. The seller's affidavit of title supports it.
- 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-related charges.
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?
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...
Have a closing coming up?
Tell us about the transaction. An attorney reads every intake form and responds the same business day.
Legal Disclaimer: This page is general information about New York practice. It is not legal advice, it does not account for the terms of any particular contract, building or transaction, and reading it does not create an attorney-client relationship. This is attorney advertising. Prior results do not guarantee similar outcomes.