Quantum Abstract Service LLC
Doing Business the Right Way
Quantum Abstract Service LLC is proud to serve the New York Community. We’re committed to Title Insurance not only providing quality products and services, but going above and beyond to ensure our customers are completely satisfied. We welcome you to look through our site to see all we have to offer.
​
​
Understanding Title Insurance
​
A clear title is necessary for any real estate transaction. Title companies must do a search on every title to check for claims or liens of any kind against them before they can be issued.1
A title search is an examination of public records to determine and confirm a property’s legal ownership and determine whether there are any claims on the property.1 Erroneous surveys and unresolved building code violations are two examples of blemishes that can make the title “cloudy.”
Title insurance protects both lenders and homebuyers against loss or damage occurring from liens, encumbrances, or defects in a property’s title or actual ownership. Common claims filed against a title are back taxes, liens (from mortgage loans, home equity lines of credit (HELOCs), easements), and conflicting wills. Unlike traditional insurance, which protects against future events, title insurance protects against claims for past occurrences.
A basic owner’s title insurance policy typically covers the following hazards
National Association of Insurance Commissioners. “Title Insurance.”
-
Ownership by another party
-
Incorrect signatures on documents, in addition to forgery and fraud
-
Flawed records
-
Restrictive covenants (terms that reduce value or enjoyment), such as unrecorded easements
-
Encumbrances or judgments against property, such as outstanding lawsuits and liens
About Quantum Abstract Service LLC
What we offer:
There are two main types of title insurance policies:
Owner’s Policy: Protects you from various title-related losses listed in the insurance policy. An owner’s policy sets a maximum amount of coverage.
Lender’s Policy: Protects the lender from losses in the event that the property’s mortgage is invalid or unenforceable. A lender’s policy usually provides coverage for the amount of the property’s mortgage.
You can purchase title insurance for both residential and commercial properties.
Types of residential title insurance include:
-
Policies for new homeowners
-
Policies for existing homeowners
-
Policies for lenders in a residential mortgage
Types of commercial title insurance include:
-
Policies for individuals purchasing commercial properties
-
Policies for lenders in a commercial mortgage
WELCOME
For a one-time fee, called a premium, a title insurance policy may provide protection from such losses as:
-
Unknown title defects that impact your ownership of the property
-
Existing liens against the property’s title, such as unpaid debts secured against the property by a previous owner, including:
-
Utility bills
-
Mortgages
-
Property taxes
-
Condominium charges
-
Encroachment issues (e.g. a structure on your property that encroaches on your neighbour’s property)
-
Errors in surveys and public records
-
Other title-related issues that may affect your ability to sell, mortgage, or lease your property in the future
-
Title fraud
Although Title Insurance business is highly competitive, we believe that there is a place for efficient high-quality, innovative services. Our goal is to build and provide excellent communication with homeowners, Attorneys and Lenders.
Book an Appointment
I'm a paragraph. Click here to add your own text and edit me. I’m a great place for you to tell a story and let your users know a little more about you.