Closings glossary
Simultaneous issue
Issuing an owner's policy and a lender's policy together on one transaction, which reduces the charge for the loan policy under the filed New York rate schedule.
What is simultaneous issue in title insurance?
Quick Answer
The full definition
Issuing an owner's policy and a lender's policy together on one transaction, which reduces the charge for the loan policy under the filed New York rate schedule.
Where does simultaneous issue come up in a New York City closing?
A financed Queens purchase pays the full owner's premium and a small additional charge for the lender's policy, rather than two full premiums.
What else should you read before closing?
In the glossary
- Owner's policyTitle insurance protecting the buyer's ownership interest, issued for the purchase price with a single premium. Coverage continues while the insure...
- 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...
- 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...
- TIRSAThe rate service organization whose filed manual sets New York title insurance premiums, endorsement charges and the reissue and simultaneous issue...
- Reissue rateA reduced premium for a property previously insured within the look-back window set by the filed rate schedule. The prior policy, or a copy of it, ...
Questions this raises
- How much does title insurance cost in New York?NY title premiums come from the TIRSA rate manual approved by DFS, so every licensed agent charges the same. What actually changes your closing num...
- What is the difference between an owner's policy and a lender's policy?An owner's policy insures the buyer for the purchase price. A lender's policy insures the bank for the loan amount. How the two differ on a New Yor...
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