Below, find answers to the most common questions from home buyers, investors, attorneys, and brokers across New York City, Long Island, and Westchester.

CORNERSTONE

Title insurance protects you from potential disputes over property ownership that could arise after you purchase a property. This insurance secures your ownership rights and defends against any claims made by others, providing peace of mind and safeguarding your investment.

Yes, title insurance is required by most lenders if you’re financing your purchase, and it’s strongly recommended even if you’re paying in cash. It protects you against ownership disputes, liens, and other issues in a property’s history that could surface after closing, some of which may not appear until years later. Without it, you’d be personally responsible for resolving those issues.

The closing process typically involves several key steps: signing the purchase agreement, conducting a title search, securing title insurance, completing any necessary inspections, finalizing the mortgage, and attending the closing meeting, where all documents are signed and ownership is officially transferred.

Escrow generally refers to a process where funds and documents are held by a neutral third party until the conditions of a sale are met – common in states like California, where there’s a gap between depositing funds and the property officially transferring. New York works differently: it isn’t an escrow state, so the property transfers on the same day the deal funds, with a title company like Cornerstone managing the transaction directly.

New York isn’t an escrow state, so there typically isn’t a separate escrow company involved at all. A title company like Cornerstone manages the transaction directly, and the deal closes and funds on the same day — unlike escrow states such as California, where funds sit with an escrow company until the deal officially closes at a later date. Working with one team keeps the process centralized from contract to closing.

The closing process generally takes 30 to 45 days, but it can vary depending on such factors as the responsiveness of parties involved, the complexity of the title search, inspection issues, or financing delays. We work diligently to ensure a smooth and timely closing for all our clients.

In New York, title insurance premiums are regulated by the New York State Department of Financial Services, so premiums will be the same no matter where you go. Given this, it makes sense to choose the best service provider. We offer comprehensive title insurance services to ensure your real estate transaction is protected and seamless.

HOMEBUYERS AND INVESTORS

Yes, in New York, the choice of title company is yours. While your attorney or broker may have a preferred partner, you’re not required to use them. Since title insurance rates are set by the state, the price is the same no matter who you choose, so the decision comes down to service, communication, and how thoroughly your title company protects you. It’s your closing, and your choice.

Lender’s title insurance protects your mortgage lender’s investment in the property and is typically required if you’re financing your purchase. Owner’s title insurance protects you, the buyer, against title issues that surface after closing, such as liens, ownership disputes, or errors in public records, for as long as you own the property. Only one is required. The other is your choice to protect your own investment.

A title search reviews public records to confirm the seller has clear legal ownership and to uncover anything that could interfere with your purchase – unpaid liens, unresolved violations, old easements, or judgments tied to the property. At Cornerstone, we go a step further with the HomeFacts Report, which surfaces these issues earlier in the process before contracts are signed.

A title search typically takes a few days to a couple of weeks, depending on the complexity of the property’s history and the responsiveness of local records offices. At Cornerstone, we start the search early and use the HomeFacts Report to flag potential issues even sooner — giving you more time to address them before they threaten your closing date.

In New York, the buyer pays for title insurance, both the lender’s policy (if you’re financing) and the owner’s policy. This cost is a standard part of your closing costs, at state-regulated rates so it’s the same no matter which title company you choose.

Title and deed fraud, where a criminal files a fraudulent deed or lien against your property, is one of the fastest-growing forms of property crime. Cornerstone offers ongoing deed and title monitoring as an add-on available at every closing for an additional fee, with alerts if any suspicious or unauthorized filing appears. Ask your Cornerstone advisor about adding this protection to your closing.

Our comprehensive Homebuyers Guide provides step-by-step instructions and insights to help you navigate the home-buying process. With our extensive experience in real estate transactions, we ensure that you are well informed and supported throughout your journey.

We specialize in guiding investors through commercial real estate transactions. Our experienced professionals provide expert advice on due diligence, investment strategies, and complex transactions to ensure successful outcomes for your investments.

Absolutely! With over 18 years in the industry and more than 17,500 closings, we have a vast network of vetted professionals in New York. We can refer you to reliable attorneys, mortgage lenders, real estate agents, and other essential service providers to ensure all aspects of your real estate transaction are handled with expertise.

DEVELOPERS AND OWNERS

We provide comprehensive pre-transaction title consulting — including the Cornerstone Report, our upfront due-diligence tool that uncovers covenants, violations, liens, and other issues early — to help developers assess potential title issues before committing to a property. Our team works closely with architects and land use attorneys to identify title restrictions, ensuring that your development plans comply with all legal requirements from the outset.

After the transaction is complete, we offer post-closing lien alerts to keep developers and property owners informed about any liens or claims that may arise against their property. This proactive approach helps protect your investment and ensures prompt resolution of any issues.

Absolutely! Leveraging our extensive experience and industry connections, we can refer you to vetted professionals across various sectors, including architects, land use attorneys, contractors, and more. Our network offers you access to reliable experts who can support every aspect of your commercial property project.

ATTORNEYS

We act as a proactive partner in all closings, working closely with attorneys to navigate any obstacles that may arise. We have in-house counsel with transactional experience to assist throughout the process.

We work with nine different underwriters, each offering a unique advantage in the industry. This diverse network allows us to provide flexible and comprehensive title solutions, giving attorneys multiple options to meet their clients’ needs. Our extensive underwriter relationships enhance our ability to address complex title issues effectively.

Our success with homebuyers and investors means we often refer business to attorneys within our Partners in the American Dream network. Aligning with a well-known and trusted title company not only supports your clients but also adds to your professional credibility.

BROKERS

When we work with brokers, our focus is on becoming a partner in the deal. We understand the importance of having a team of professionals all working together.

With over 18 years of experience and more than 17,500 closings, we have developed a robust network of vetted professionals. We can evaluate and recommend reliable attorneys, mortgage lenders, and other essential service providers, ensuring that your clients work with the best professionals for their specific needs.

Our tagline, “Foundation of the American Dream,” aligns perfectly with the aspirations of homebuyers and investors. Partnering with us not only enhances your brand’s credibility but also reinforces your commitment to helping clients achieve their dreams. Our well-respected and highly-rated brand complements what real estate brokers represent, adding value to your professional offerings.