Posted by Sheik on May 25, 1999 at 16:46:24:
B.L.
Nice to see a fellow NYer.
In my area of NY, the deed that is usually used is
a Bargain & Sale Deed with Covenant for Grantor’s Act
(I think that’s it). So I would assume the CVG you mention stands for “Covenant for Grantor’s Act” though I personally have never seen it abbreviated.
Hope this helps.
Sheik
New York and Title Companies…What’s the Story? - Posted by B.L. Renfrow
Posted by B.L. Renfrow on May 25, 1999 at 16:23:35:
As I am relatively new at this - I’ve done a couple of flips - I’m looking to expand into other areas of REI and need advice from more experienced New York investors. What’s the story on title companies in NY? Seems as if I recall hearing somewhere that they will only work with attorneys here. Does this mean we New Yorkers don’t have the option that many of you refer to of calling up a title company and getting “free” data in exchange for using their services in preparing the abstract and purchasing title insurance? If I have to pay an attorney for every quick, informal title search, that could run up expenses pretty quickly.
And, on a completely unrelated note, when referring to a deed, what does “CVG” mean? I’ve come across several purchase offers referring to a “Bargain & Sale/CVG” deed. I know, of course, what a bargain & sale deed is, but I cannot locate an explanation for the “CVG” part.
Commission Very Good? Creative Visual Guru?? Don’t think I’m even close. As always, any advice is appreciated.
Brian
Re: New York and Title Companies…What’s the Story? - Posted by Bob Eberle
Posted by Bob Eberle on May 25, 1999 at 20:27:16:
Here’s the deal… title companies are tied to the attorney’s as you’ll need a title company rep at the closing and they use… attorney’s (generally). It is usually either the sellers or the buyers attorney. As for getting “free” info. Forget it. That does happen on the west coast but not here. Especially if your a newbie. Maybe after you’ve been around a while and have established some relationships. Best advice… learn how to do it yourself, then if your concerned you will be reasonably sure of any problems.