TIRSA Owner’s Extended Protection Policy (TOEPP)

The TIRSA Owner’s Extended Protection Policy (TOEPP) provides the most comprehensive title coverage for purchasers of one-to-four family residences in the State of New York.  In addition to the coverages provided by the Standard ALTA owner’s policy, the TOEPP policy also provides enhanced coverage against certain covenant, condition or restriction violations, encroachments, certain post policy matters as well as limited zoning and building coverages.  Some of the enhanced features that are included in the TOEPP are:

An automatic increase in the amount of insurance by 10% per year for the first five years following the date of policy.
Expanded access by including Vehicular access to and from the land (other than to a Condominium Unit)
Insurance that the residence with the address shown on Schedule A is located on the land at policy date.
Coverage for Certain Post-policy matters.
Certain Limited Zoning and Building Coverages.*
Protection against actual loss sustained by the forced removal or correction of a violation of a covenant, condition or restriction affecting the land, the violation of which was not excepted in your policy but existed at policy date.
Protection against the loss or taking of your title because of a violation of a covenant, condition or restriction, the violation of which was not excepted in your policy but which occurred before you acquired title.

 

* Subject to deductibles and maximum liability amounts

Please visit the Media Center  on our FNTG agency website (www.fntgnyagency.com) where you will find additional information on the TOEPP. There  you will find seminar materials (including audio) that discuss the TOEPP policy in detail.

Religious Corporations Law Section 12 Amended

Back on July 1, 2014, several changes were made to the New York Not-For-Profit Corporation Law (“NFP”). The Non-Profit Revitalization Act of 2013 amended the NFP law in a few ways.  Among other things it replaced the then four types of NFP corporations (Type A, B, C and D) with just two, namely “charitable” and “non- charitable corporations”.  Type B and C corporations as well as Type D corporations formed for charitable corporations were now deemed “charitable corporations”.  Type A and all other Type D corporations were now deemed “non-charitable corporations”.

NFP Law Section 510 (a) (3) was also amended to provide that the sale, lease, exchange or other disposition of all or substantially all of the assets of a “charitable corporation” can be achieved by either obtaining a court order in accordance with NFP Section 511 or by obtaining the approval of the New York State Attorney General in accordance with NFP Section 511-a. (Prior to these changes the only option for a Type B or C corporation  that was disposing of all or substantially all of its assets was to obtain a court order.)

What the Non-Profit Revitalization Act of 2013 did not do was change what was required of a religious corporation that was selling, mortgaging or leasing its real property.  A religious corporation was still required by Religious Corporation Law Section 12 to get court approval for the disposition of its real property.

On December 11th, 2015, Section 12 of the Religious Corporation was amended to now also give religious corporations the option of obtaining approval from the Attorney General alone. A court order is no longer the exclusive method for a religious corporation to obtain approval to sell, mortgage or lease real property.

Our Next Telephone Seminar

As an agent of FNTG, you have access to an underwriting staff that no other underwriter can match. You also have the opportunity to participate in our underwriting telephone seminars. These seminars are not only informative but also very convenient. All you have to do is register and call in! Our latest seminar on the Mutual Indemnification Agreement And Short Search Procedures was held just last week. Sumera Ahmed answered discussed the Mutual Indemnification Agreement and Frank Carroll  reviewed short search procedures. If you missed the presentation, you can hear the recorded version which is available for an additional 30 days.

The invitation to join our next seminar will be sent to you approximately three weeks prior to the seminar date. The corresponding seminar materials will be emailed to you along with the call in information a few days prior to the seminar date. You can “attend” the typically hour long presentation from the convenience of your office or home. Look for an announcement for our next telephone seminar scheduled for Tuesday, January 21st.  The speakers for that seminar will be Mary Jane Keyse and Michael Miglino.

 

FNTG Telephone Seminars – Update

As an agent of FNTG, you have access to an underwriting staff that no other underwriter can match. You also have the opportunity to participate in our underwriting telephone seminars. These seminars are not only informative but also very convenient. All you have to do is register and call in! Our latest seminar on Short Sales and Flip transactions  was held just a couple of days ago  and was loaded with very important underwriting material. After I discussed how to handle Short sales, Paul Malon addressed the topic of Flip transactions. Hopefully, you didn’t miss the presentation. (If you did, we can always send you the corresponding material)

The invitation to join our next seminar will be sent to you approximately three weeks prior to the seminar date. The corresponding seminar materials will be emailed to you along with the call in information a few days prior to the seminar date. You can “attend” the typically hour long presentation from the convenience of your office or home. Look for an announcement for our next telephone seminar scheduled for Tuesday November 19th.  The speakers for that seminar will be Sumera Ahmed and Frank Carroll. The anticipated topics will be the Mutual Indemnity Agreement and Short Search Guidelines.

Register and attend! But, PLEASE remember to mute your line!

Connecting the Dots on Mortgage payoffs…..

 

Quite often you will find yourself in a situation where you are looking at a mortgage payoff letter from someone other than the record holder of the mortgage. Before you can rely on that payoff letter you will need to connect the dots and establish a relationship between the author of the payoff letter and the mortgagee of record.

 If the payoff letter is from another lender, then let’s see and verify the assignment. (You’re going to need that assignment anyway to properly satisfy the mortgage once you paid it off)

If the payoff letter is from a servicing agent, then let’s see the document (POA or Servicing Agreement) that creates the relationship.

 Wait a minute, is this a short sale? Well, does the servicing agreement specifically authorize the servicing agent to negotiate and accept short sale payoffs? If the agreement doesn’t specifically give that authority then the lender will need to approve, in writing, the specific terms of the short sale.  Our normal short sale procedures also kick in – approval of the HUD, strict compliance with the unconditional payoff letter, no flip transactions, affidavit that the purchaser will occupy the premises and possible HETPA exceptions.

FNTG Telephone Seminars- Take advantage of them

As an agent of FNTG, you have access to an underwriting staff that no other underwriter can match. You also have the opportunity to participate in our underwriting telephone seminars. These seminars are not only informative but also very convenient. All you have to do is register and call in!

The corresponding seminar materials are emailed to you along with the call in information. You can “attend” the typically hour long presentation from the convenience of your office or home. Time is set aside at the end of the presentation for questions. Look for an announcement for our next telephone seminar tentatively scheduled for the end of June. Register and participate! But, PLEASE remember to mute your line!