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TOEPP: What New York Property Owners and Real Estate Investors Should Know


TOEPP: What New York Property Owners and Real Estate Investors Should Know

Brief Overview of TIRSA

Homeowners and real estate investors should be familiar with the Title Insurance Rate Service Association, or TIRSA.  TIRSA is the organization that regulates title insurance rates in the state of New York. In 1993, under Article 23 of the New York Insurance Law, the Superintendent of the Department of Financial Services (DFS) of the State of New York established and licensed TIRSA on September 1, 1993.  The TIRSA’s most recent revision (Revision 6) went into effect on January 14, 2021.

What is TOEPP?

The TIRSA Owner’s Extended Protection Policy (TOEPP) offers homeowners and real estate investors more extensive and comprehensive coverage than the standard ALTA coverage. TOEPP coverage provides benefits that ensure the highest level of protection for commercial and residential real estate owners.  To make the most favorable and informed decision about one‘s property insurance, policyholders must consider the benefits, value, and costs of TOEPP.

TOEPP Benefits

According to the TOEPP Owner’s Policy, title coverage to owners of 1-4 residential/family homes, including condominium units ex, tends to provide the highest levels of protection available to homeowners and real estate investors.

Additional Cover Includes:

  • Protection from identity theft fraud, forgery, or incidents of impersonation after closing.
  • Complete comprehensive coverage in the event that a forged signature is used to record a deed. The title company corrects the issue and covers all expenses of all litigation.
  • Protection from/against violations of zoning laws, subdivision laws, and other local building ordinances or regulations result in the forced removal of structures or parts built on the owned property.
  • Protection from a lack of vehicle and pedestrian accessibility to and from the property.
  • Protection against objections to operating a legal cooperating purchase the premises due to encroachments or infringements from neighboring formations or structures on the premises.
  • Protection from additional real estate tax assessment methods that were not previously evaluated against the premises for any period leading up to the policy date due to construction or a change in ownership status or use that occurred before the policy date.
  • The TOEPP Policy includes market value protection and automatically increases policy coverage to 150 per cent after five years.   The protection measures provided by the TOEPP policy are advantageous to the client and vital to the real estate professional involved in delivering legal counsel to residential real estate buyers.
  • TOEPP may also be granted to a trustee that is not a human who is not a human being, in the living trust was established prior by a natural person for real estate applications.

Covered Risks of the TOEPP Format Statement of Coverage Are Listed Below:


NOTE: The TOEPP Format Statement of Coverage Collectively includes 28 covered risks.

  1. Another individual or party holds a stake in the title
  2. Another individual or party reserves rights that affect the title regarding leases, contracts, or options
  3. Protection from false claims, forgery, or impersonation that affect your title
  4. Another individual or party maintains an easement on the land
  5. Another individual or party has the right to limit the use of the property
  6. The title is defunct
  7. In addition to ALTA coverage, risk seven includes protection after the policy date
  8. Another individual or party has a lien on the title, including state or federal tax lien, judgement, mortgage, or specialized assessment; surcharge issued by homeowners or condominium association; lien took place prior or after the policy date, for labor or material furnished before the date that the policy took place
  9. Another individual or party holds an encumbrance on the title
  10. Another individual or party affects the title due to false claims of rights through fraud, duress, incompetency, or incapacity
  11. In addition to ATLA coverage, except for vehicular access to a condominium unit, there is no right to both actual pedestrian and vehicular access to and from the land
  12. In addition to ATLA coverage, the requirement to correct or eliminate any violation of any covenant, condition, or restriction affecting the land that existed at the policy date, even if the agreement, constant restraint is accepted in Schedule B, given that such breach of the contractual agreement, condition, or limitation is not deemed acceptable in Schedule B
  13. In addition to ATLA coverage, the title is lost or collected because of a violation of any agreement, condition, or limits that occurred before acquiring the title, even if the covenant, situation, or constraint is accepted in Schedule B, indicated that such breach is not received in Schedule B
  14. In addition to ATLA coverage, due to a violation of subdivision law or regulation in effect at the policy date, acquiring a building permit is prohibited; b) required to correct or eliminate the infringement; or c) another individual or party has a right to withhold to perform a contract to purchase a lease, or mortgage the land.  This is subject  to deductible and liability limit
  15. In addition to ATLA coverage, the charge of forced removal of the structures, or any component of them, apart from perimeter wall or fences, as they existed at the time of the policy date since any part was constructed without acquiring a building permit from the appropriate government office prior. This is subject  to deductible and liability limit
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Peter Spino

Peter Spino, Jr., Esq., is an attorney that has a general law practice but specializes in residential and commercial real estate. His business and real estate experience make him uniquely qualified to represent you in any legal matter you may be faced with. Over the past five years Peter Spino, Jr., Esq., has assisted over a thousand homeowners with loan modifications, foreclosure defense, short sales, deeds in lieu, settlement of second mortgages and bankruptcy.

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