Why Title Insurance?

Discussions of title insurance aren't your typical dinner conversation, and many a homebuyer has balked at the need to have yet another fee added to his or her closing costs. But any homeowner who has encountered an undiscovered and uninsured title problem will tell you that full disclosure is everything when it comes to knowing the history and any issues related to the title of a piece of property.

A forgery 50 years ago; a deed executed under duress; an error by someone in the county clerk's office; a misapplied tax payment: these are a few of the hidden "title defects" that could actually cause you to lose your property. Even if that worst case scenario doesn't happen, title problems could make it impossible for you to sell or even give the property away. These problems could also result in lengthy, costly court battles.

A title insurance policy is your best protection against potential defects that could remain hidden - despite the most thorough search of the public records. And it's always best to use a reputable firm with a long track record, like First American Title Insurance Company. For a one-time premium, First American agrees to reimburse homeowners for loss suffered due to defects that existed prior to the issue date of your policy, up to the amount of the policy.

Through its National Commercial Services Division, First American is able to settle and insure complex multi-property and multi-state commercial, retail, office, multi-family, hotel and industrial real estate transactions. A driving force behind the company's success is its in-depth knowledge of the marketplace combined with the dedication and experience of its talented team of professionals.

Today, First American Title Insurance Company of New York has offices in Midtown Manhattan, Long Island, Westchester County and Upstate New York. It has been servicing Suffolk County with offices in Riverhead for more than thirty years. First American Title Insurance Company of New York is a wholly owned subsidiary of First American Title Insurance Company. First American Corporation (NYSE:FAF) - is a Fortune 500 Company with revenues of $8.5 billion in 2006 and more than 39,000 employees

The company traces its history back to 1889 when Orange County, California, a rural undeveloped area at the time, split off from the county of Los Angeles. Two firms opened to handle title matters in the brand-new county. Five years later, the two competitors merged into a single entity called Orange County Title Company, which was the immediate predecessor to today's First American Title Insurance Company, the largest subsidiary of the First American Corporation.

In 1924, it became one of the first abstract companies in California to qualify to issue policies of title insurance. In 1957, the board of directors authorized an expansion plan of the company, and by 1963 it had changed its name to First American and was operating in four states. The company had its initial public offering on the over-the-counter market in 1964. Two years later, First American was restructured into a general holding company, The First American Financial Corporation, which conducted its title operations through First American Title Insurance Company and a trust business through First American Trust Company. By 1982, First American Title served every region of the country.

Shelley Berent, Vincent J. Ferro, Esq., and Timothy P. Smith

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