What service does Hudson Abstract Services LLC provide?

Hudson Abstract issues title insurance policies as an agent for two national title insurance underwriters, First American Title Insurance Company of New York and Chicago Title. Our responsibilities include conducting the searches that determine whether a property is properly insurable, including performing comprehensive searches of county records to trace titles to properties and check for existing code violations. The results of our searches will determine whether a policy can be issued by our underwriters.

What is title insurance and why do I need it?

Title insurance protects you against potential defects in the title to property, providing assurance that the property you are purchasing (and will soon own) is clear from any competing claims to ownership. You need title insurance to protect yourself against the possibility (however remote) that someone else might have an undisclosed ownership interest in the property, including by fraud or forgery. Title insurance also protects lenders, who generally require title insurance to make sure that the priority of their loans on property are protected against any blemishes on the title.

How often do I have to pay premiums?

Unlike other types of insurance, owners do not need to pay ongoing premiums to maintain the protection. Title insurance requires only a one-time payment at the time of purchase. The owners’ title insurance you purchase through Hudson Abstract Services LLC will be good for as long as you own the property.

Who sets the prices charged for title insurance?

In the interests of consumer protection, the fee for the title insurance itself is set by the New York State Insurance Department. The fees for various other settlement services that are provided at closing are set by your lender or title agent.

What should I look for in choosing an abstract company?

Most importantly, you want to use a company that has a strong reputation in the industry for thoroughness, professional expertise, and attention to detail. The hallmark of a top abstract company is the ability to provide a comprehensive title report quickly, efficiently, and correctly. Hudson Abstract Services LLC is managed by Barbara Cummaro, recognized as one of the most knowledgeable managers in the business.

• Prior to closing be sure to provide all documents requested by your lender and Title Company in a timely fashion.
• Make a list of any questions you may have for the closer. Diligence during the pre-closing stage will eliminate possible future problems.
• Don’t be afraid to ask questions. Each party to the transaction has a particular function. Hudson Abstract will be happy to explain or guide you to the correct source for your particular need.
• Be sure to bring proper ID to the closing. A driver’s license, passport, military ID or other state or federally issued ID are acceptable. Some lenders also require your social security card.
• Flexibility is key in scheduling your closing time and date. Lenders are mindful of rate lock issues. If you are closing at the end of the month it can be a very busy time.
• Cashier’s Checks or Wire Transfers are required by closing agents. You will need to make arrangements ahead of time for these types of payments.