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John Martin, general counsel for the All New York Title Agency, in White Plains, said the Tirsa endorsement is known in the industry as "leasehold title insurance".
A John Martin, general counsel for All New York Title Agency in White Plains, said that there are two basic types of covenants: negative covenants and affirmative ones.
A -- "It is a common misconception that a quit-claim deed is uninsurable by title companies," said John M. Martin, general counsel of All New York Title Agency in White Plains.
Peter G. Brav, president of Good Deed Abstract, a title agency in Valley Stream, N.Y., said that it was prudent to resolve boundary-line issues even when an encroachment did not seem to bother either owner.
John Martin, general counsel of All New York Title Agency in White Plains, said, however, that while the letter writer owned the land on either side of the undeveloped mapped street, it was highly unlikely that he had title to the land within the boundaries of the mapped street itself.
A John Martin, general counsel for All New York Title Agency, a title insurance concern based in White Plains, said that when a title company issues title insurance, it usually issues two policies: one for the owner and another for the mortgage lender.
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He advises borrowers to ask a real estate lawyer to recommend an independent title company, and to avoid title agencies that have a business affiliation with the real estate agency or lender recommending them.
Paying for such referrals is illegal, so title agencies design other ways to camouflage kickbacks.
When investigators in Colorado recently sent out letters to the state's 500 title agencies, more than a hundred came back stamped "no such address".
Realtors and builders have referral power on home purchase transactions, referring consumers to lenders and to title agencies.
The problem is that lenders have no financial incentive to shift to a more efficient system – in fact, many have a financial interest in the title agencies to which they refer customers.
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