News & Updates

"Title Insurance — A Must-Buy in Real Estate Transactions," Buffalo Business First November 15, 2017

“A decision not to purchase title insurance is a classic case of being pennywise and pound foolish,” Goldberg Segalla partner Marc W. Brown writes in Buffalo Business First. In his column, Marc argues against the impulse to cut-costs and skip title insurance when purchasing a property. “Although it may seem like a good idea to save the cost associated with purchasing an owner’s policy,” he writes, “the costs associated with the ultimate litigation that results in a title dispute years later far outweigh the cost to purchase a policy that lasts throughout the purchaser’s ownership of the property.”

To illustrate, Marc analyzes four recent property disputes in Monroe County, Tompkins County, Genesee County, and Ontario County. Though the types of property and circumstances varied widely, in each matter property purchasers found themselves involved in unexpected title disputes — and in each instance, the choice to purchase title insurance saved the new owners from the significant expense of litigation. As Marc points out, “in each of these cases … subsequent representation of the insureds under their owner’s policies involved significant litigation wherein the cost to defend them and, if necessary, indemnify them substantially outweighed the amount of title insurance policy premium they purchased.”

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