What Is Title Insurance and Is It Necessary?
Most people know about homeowners’ insurance, but some may not know that title insurance is also an option. Title insurance gives homeowners an extra layer of protection in the event there are issues with the property.
What is Title Insurance?
When any property is sold or bought, including a single-family home, apartment, or commercial property, the record is then stored in a public archive. Any event that can affect the ownership of the property, like issues with zoning or other types of liens, may also be archived and become part of the title.
Who Needs Title Insurance?
When title insurance is purchased, the title company then performs a search to look for records attached with ownership of the property. These can include the deed, taxes, and even court records to verify who owns the property.
If there are any issues with the transfer of title, having a policy in effect can help both the buyer and seller avoid serious financial repercussions. This can be extremely important if someone comes forward laying claim to the property. Title insurance will pay the policyholder when there’s something wrong with the title. Some of the most common forms of title claims include:
- Liens
- Fraud
- Unknown heirs
- Public record errors
Whether someone needs title insurance coverage depends on many things. While it can be useful to have if issues are discovered with the title’s record, it may not be worth it if the property is very old. The actual cost of title insurance will depend on the type of policy and the location of the property.
Usually, title insurance can cost approximately $1,000. Again, it will depend on how much the property costs and where it’s located. If there’s any risk of being sued, then purchasing title insurance might be a good idea.
The Takeaway
Buying real estate is a considerable investment of both time and money. As such, it’s never a bad idea to have coverage in case something goes awry. While not every home requires extra title insurance, many do. If in doubt, invest in the help of a licensed insurance broker who can explain in detail whether buying a policy is the right thing to do.
Looking Ahead to 2020 in NYC Real Estate
Modern Day New York City
For many decades, New York City has been a very popular destination for prospective residents and tourists. The city combines a variety of cultures with a multitude of activities for people to participate in. As a result, housing in the city is highly demanded by residents and non-residents of New York. Many opportunities are available for real estate investors who would like a piece of the New York City market. There are a few current trends in the New York City market that are signaling a positive investment forecast for 2020.
Increasing House Prices
Home prices have been steadily increasing in New York City since mid-2018. Within the year between July 2018 and July 2019, the median sales price of New York City homes increased by 7%. The 7.1% increase in the median sales price of homes in New York City is greater than the 5.7% increase that the entire real estate market of the United States experienced in 2019.
Decreasing Home Availability
High demand and a limited supply are fueling the increasing house prices in New York. In 2019, the average number of homes for sale decreased by 2.6%. While the figures may not drop much lower, it is still expected that less homes will be available for purchase in 2020.
Rental Market
Investors may want to consider purchasing rental properties in 2020. After performing an in-depth analysis, Mashvisor determined that rental properties in New York City are highly capable of providing strong returns on initial investments. It is important for investors to select properties in the right areas though, as some areas provide lower rate of returns than others.
Conclusion
New York City has been growing tremendously throughout history. There are a variety of reasons why investors should consider investing in the New York City real estate market. The market, based on past and current performance, is expected to grow even further in 2020. Consumer demand is increasing in NYC while home availability is decreasing. In order to make the best returns, there are many strategies that investors can use. The strategies that investors choose should cater to their personal circumstances and what goals they have for their investment careers
Benefits of Purchasing a Home Warranty
Buying your first home is an extraordinary moment. You are now living in a place that you can officially call your own. While this is a magical feeling, it also comes with a few drawbacks. One of the biggest challenges is being responsible for maintaining and repairing everything in the house. If you need a little extra help with these repairs, then you should think about purchasing a home warranty. These are the four most significant benefits of home warranties.
Whole House is Covered
A home warranty plan is entirely different from your homeowner’s insurance. While the insurance covers significant disasters, the warranty will protect against the routine breakdown of the appliances and systems inside the house. This is very similar to a warranty on a new car. If the stove suddenly stops working, then your warranty provider will send out a repair specialist to quickly fix it. Every appliance in the house will be covered as long as they are properly maintained.
Covered for the Unexpected
Life is completely unpredictable. You never know when something is going to go wrong. This will no longer be an issue if you sign up for a home warranty. Instead of stressing about the broken washing machine for a few days, you can get it fixed and return to your laundry in a matter of hours. This is one of the rare opportunities you have to stay protected against life’s hardships.
Protect Your Savings
Saving money is perhaps one of the most important things you can do in your life. Unfortunately, having leftover funds at the end of the month can be very difficult. It becomes even harder when you have to take care of a new house. Do not let all of your hard work disappear because of one broken appliance. Keep the savings protected and avoid costly repair bills with a home warranty.
Timely Professional Repairs
Every home warranty company works with expert repair teams to fix your household appliances. This means you won’t have to worry about your newly repaired refrigerator breaking down in a few weeks. They will also send out a repair specialist almost immediately after your broken appliance is reported, so your life is inconvenienced as little as possible.
About Avraham Glattman
Avraham Glattman is the owner of First American Properties Group, a real estate business based in New York City, New York.
Avraham brings over 26 years of experience working as a real estate agent in the city, where he continues to work today. He graduated from Newport University with a Bachelor’s Degree in Business Administration and Management and remained at the university to attain his Masters of Business Administration (M.B.A.). After graduation, he jumped straight into the real estate field in 1992 in the greater New York City area. Throughout his career, Avraham has explored listings across the New York area, keeping a detailed account of the locations, pricing and comparable properties in the housing market.
After gaining a wealth of knowledge about the real estate marketing in New York, Avraham Glattman decided to take it a step further by creating First American Properties Group with his longtime business partner, Pete Jacov in 2008. First American Properties is a real estate and development company that services the five boroughs of New York. The company currently owns residential and commercial properties in Queens, Downtown Brooklyn, Harlem, and Manhattan. The company focuses on monitoring the growth and development in different areas of the city, so they can work to establish more patterns of growth and help revitalize the area.
While monitoring the different areas of New York City, Avraham Glattman consistently keeps an eye out on up-and-coming neighborhoods that he could potentially invest in. For example, after seeing Harlem, Avraham was immediately impressed by the neighborhood’s charm, leading him to invest in properties in the area. With a convenient location next to the subway and charming business like music venues in the area, it was not hard to see what attracted Avraham to the area.
Today, Avraham Glattman continues to find new investments with First American Properties Group, alongside his business partner, Pete Jacov. Together, they are working towards the goals that they set for First American Properties Group. The goals include acquiring property in the Harlem area to renovate and sell, as well as acquiring properties in all five boroughs.
Avraham Glattman is also the proud owner of 1927 Café Bar Popularr. Located in Harlem, the café serves a variety of open-faced Mediterranean sandwiches, called ‘Toastics’, and many types of coffee. Café Bar Popularr is proud of the rich artistic traditions of Harlem, and invites local musicians, authors, and comedians to visit and share their talents with friends.
Avraham was born and raised in Israel, where he went graduated high school. Not long after, he served in the Israeli army for three years, before he was sent to the United States to work with an Israeli newspaper in Brooklyn, NY. Not long after making the move to New York, Avraham met the woman that would become his wife in 1991. Together, they have three children.
In his spare time, Avraham Glattman enjoys spending his time with his wife and three children and loves to explore new parts of New York City. Avraham’s incredible dedication to both his work and family brings him immense happiness and purpose each day.
To learn more about who Avraham Glattman is, visit AvrahamGlattmanNewYork.com.
