Closings glossary
Forgery
A falsified signature or instrument in the chain of title. Because a forged deed passes no interest, it sits among the hidden risks a title policy is designed to answer.
Does title insurance cover a forged deed?
Quick Answer
The full definition
A falsified signature or instrument in the chain of title. Because a forged deed passes no interest, it sits among the hidden risks a title policy is designed to answer.
Where does forgery come up in a New York City closing?
A Brooklyn deed was signed by a relative using a revoked power of attorney, and the heirs surface four years after the sale to challenge the transfer.
What else should you read before closing?
In the glossary
- Chain of titleThe sequence of recorded conveyances of a property, from an earlier known owner to the present one. Gaps and defective links in the chain are what ...
- Owner's policyTitle insurance protecting the buyer's ownership interest, issued for the purchase price with a single premium. Coverage continues while the insure...
- Power of attorneyWritten authority for one person to act for another. New York requires the statutory short form for most real property transactions, with specific ...
- Cloud on titleAny claim or encumbrance that may impair the owner's title. New York owners resolve the serious ones through a quiet title action under RPAPL Artic...
- 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 ...
Questions this raises
- 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...
- Do I need an owner's title policy if my lender already requires one?A lender's policy protects the bank, not you, and ends when the loan is paid. What an owner's policy adds on a New York purchase, and what it costs...
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