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Leasehold Policy of Title Insurance

Leasehold Policy of Title Insurance – Needed Extra Protection

Who Needs It: A party or tenant entering into an agreement granting the use or occupancy of land during a specified period of time in exchange for rent.

What Is It: A leasehold policy insures either the owner of a leasehold estate or a lender making a loan secured by a mortgage on the leasehold estate with respect to the title of the property. If a tenant is prevented from using a property because of an insured title matter, the tenant will be covered under this title insurance policy.

Why It Matters: If, in computing loss or damage, it becomes necessary to value the estate or interest of the insured as a result of a covered matter that results in an eviction, the insured may collect the value of the remaining lease term of the leasehold estate.

The tenant may also recover incidental damages, including the following: Reasonable costs of relocating any personal property, rent or damages that the insured might be obligated to pay to any other person who has paramount title to the landlord’s lease, the fair market value of any lease or sublease that the insured had in place at the time of the eviction and reasonable costs in securing a replacement lease, which should include brokerage commissions, costs to obtain zoning and other approvals, architectural and engineering fees, attorney fees and other consulting fees incurred.

Do Not Assume Estate Owners Have Good Titles To Leased Properties

The SMPR Difference: A leasehold policy, particularly for businesses, can be extraordinarily complex and any problems that arise with the title can be even more so. SMPR’s Eugene M. Sneeringer Jr. offers unparalleled expertise in leaseholds coupled with a long tradition of integrity. You can rely on us to be there, and you can count on exceptional guidance throughout the transaction.

 

 

 

 


SMPR Title Agency is a New York Title Insurance company. Our Title Insurance Agency is composed of real estate experts who provide our clients with comprehensive property transaction services including: Property Title Insurance, Mortgage Lender Insurance, Title Searches and Documentation Preparation Services.

We serve the following States, Cities, Zip Codes and Counties:
New York State, Albany County, Saratoga County, Columbia County, Westchester County, Washington County, Fulton County, Troy, Saratoga Springs, New York City, Rochester, Greene County, Rensselaer County, Bronx, Livingston County, Ontario County, Schoharie County, Warren County, Kings County, Madison County, Orange County, Dutchess County, Montgomery County, New York, Monroe County, Orleans County, Rockland County, Albany, Queens County, Oswego County, Schenectady, Rensselaer, Richmond County, Nassau County, Otsego County, Hudson, Long Island, Jefferson County, Niagara County, Putnam County, White Plains, Buffalo, Lewis County, Oneida County, Upstate NY, Capital District, Poughkeepsie, Onondaga County, Schenectady County, Schoharie County, Tompkins County, Broome County, Delaware County, Schuyler County, Ulster County, Cattaraugus County, Erie County, Seneca County, Cayuga County, Essex County, St Lawrence County, Chautauqua County, Franklin County, Steuben County, Wayne County, Chemung County, Genesee County, Suffolk County, Wyoming County, Chenango County, Hamilton County, Sullivan County, Yates County, Clinton County, Herkimer County, Tioga County, Allegany County, Cortland County

Title Insurance - Wikipedia | Internal Revenue Code Section 1031 - Wikipedia | Title Search - Wikipedia