Closings glossary
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.
What is gap coverage in a title policy?
Quick Answer
The full definition
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.
Which related terms should you know?
These are the terms that come up alongside gap coverage in the same file.
- Affidavit of title
- A sworn seller statement given at closing affirming no undisclosed liens, judgments or claims against the property. It supports the coverage written between the final search and the moment of recording.
- Recording
- Filing an instrument with the register or county clerk so it becomes part of the public record. Recording establishes priority against later purchasers and lenders.
- 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.
- 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.
- Judgment lien
- A lien created by docketing a money judgment against the owner. It reaches real property in the county of docketing and is a routine payoff item at a closing.
Where does gap coverage come up in a New York City closing?
A Manhattan deed recorded eleven days after closing sits ahead of nothing, because the gap period is covered and no intervening judgment was docketed.
What else should you read before closing?
Questions this raises
- How long does recording take in New York City?ACRIS e-recording usually accepts clean residential instruments within days. What causes rejections, how indexing works, and why recorded copies ar...
- What gets recorded after a NYC closing?Deed, mortgage, assignments and satisfactions record through ACRIS with the City Register, along with transfer tax returns. What is filed instead o...
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.