2. “They” say that purchasing your home may be
the biggest investment that U will ever make.
For many, perhaps U, that home is a
Cooperative Apartment (“CO-OP”).
And in today’s market, U might invest as much
in a CO-OP as U might in a Single Family Home
or in a Condominium Unit (“Condo”).
3. The transaction cycle for these purchases is very
similar – there’s a Contract, an Inspection, a
Mortgage Application and specific Ownership
Searches.
Then, U close on your Single Family Home or
Condo and U take the appropriate insurance to
protect your rights to the property with an
Owner’s Title Insurance Policy.
So, we ask…Shouldn’t U be taking out the same
protection when purchasing your CO-OP?
4. Perhaps the reason that U haven’t is that U just didn’t
know that a title insurance product exists that protects
CO-OP Buyers and CO-OP Lenders.
IT Does! It’s called a Cooperative Unit Title Insurance
Policy (“CUTIP”) or CO-OP/Plus and it’s just as necessary!
Still not “buying” it? How about this?
What if the CO-OP Search Provider makes a mistake?
Then U have a claim against the provider up to the
amount of the limit of liability it assumed under its Errors
& Omissions policy, typically no more than $50,000.00.
5. And, just for the record, how sure are U that the
provider’s E & O Policy is in effect and that it is
placed with an A rated insurance carrier?
IfU are not sure, then by taking out a
Cooperative Unit Title Insurance Policy, or
CUTIP…
WE’VE GOT U COVERED!!
And, most importantly, U will never have to be
concerned or worry…
6. Does an Errors & Omissions Policy cover the
costs of defense of a claim against the
ownership rights of the CO-OP purchaser?
With a CUTIP - WE COVER THAT!
Does a CO-OP Search with limited liability
protect a CO-OP purchaser against unpaid
prior security interests inclusive of privately
held security interests?
With a CUTIP - WE COVER THAT!
7. Does a CO-OP Search guaranty that you have
clear and marketable title?
With a CUTIP - WE COVER THAT!
Does a CO-OP Search help when Seller or
Lender has lost the Stock Certificate or
Proprietary Lease and the CO-OP won’t close.
With a CUTIP - WE COVER THEM TOO!
Does a CUTIP have the nation’s largest title
underwriter behind you?
WE’VE GOT U COVERED ON THAT TOO!
8. Because the CUTIP or Coop/Plus is being issued
by East Coast Abstract through its agency
relationship with Fidelity National Financial and
its underwriting companies –
Fidelity National Title Insurance Company
Chicago Title Insurance Company
Commonwealth Land Title Insurance Company
These are the same companies you use when
representing your clients in the purchase of their
condo or single family home.
9. And to make this even more of the proverbial
“no brainer”, consider the cost of the policy.
For a $250,000.00 CO-OP purchase, the insurance is
$400.00 and we send a title closer!
How about one more thing…U can insure for the full
purchase price of the CO-OP and for the full amount of
your loan.
Counselors…this is protection for your clients and for
you in your professional capacity with your clients!
10. About Us
East Coast Abstract Group
Founded in 1980
Triple A rated by the Better Business Bureau
Voted best in 2013 by the Long Island Press!
That’s why we can say ……
We’ve got U covered!
We’ve been doing it for over 30 Years!!!!
