Bulletin: NY000393

Due in part to the economic conditions of New York State and the ever rising occurrence of fraud and forgery, when examining title, it is generally accepted that a 40 or 60 year search will be performed Often, evidence of prior title insurance will be provided to facilitate your search. In this instance you may rely upon a prior valid Stewart Title Insurance Company policy. .

When preparing to insure a residential refinance, your search must examine all parties in interest for a 10 year period from the deed prior to the current owner. If the refinance is over $750,000.00, a full search (40 or 60 years) must be done. There is no need to search for covenants and restrictions provided the final policy provides the exception “any Covenants, restriction, easements or leases of record”.

When preparing to insure a residential purchase or any commercial transaction, a full 40 to 60 year search examining all parties in interest must be performed.

When insuring a residential refinance, searching may be done through electronic means, but the underwriting requirements remain the same.

The purpose of this memo is to provide operational guidelines. Additional searches and time periods may be required depending upon the nature of the transaction. In the event you need guidance in your search time frames please contact Agency Legal Services.