In short title insurance is very important, before we explain why lets briefly summarize what title insurance is. What is title insurance? Title insurance is a policy that protects residential and commercial property owners and their lenders against the losses resulting from the property title or ownership. There are tow main types, owner’s policy and lender’s policy. Is title insurance mandatory? No, it is not. If there is a mortgage on the property the lender may... [read more]

The topic of co-op units come up when someone sees a very inexpensive unit on the market and asks why so cheap, what’s the catch or is it too good to be true. To understand the issue, we will explain what co-op is, how it differs from the typical unit in a condominium and challenges related to buying, selling and owning a co-op. Legal structure. In a co-operative structure the corporation owns the land and each unit in the building, owner of a co-op doesn’t own the unit but... [read more]