The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-01-31
Continued from Third Page.

Il agreed on, that fact is stated with all
details While the owner guarantees
a clear title. he will not usually supply
or pay for title guarantee company
eahcy, nor will he usually pay for q
survey Of the property. II the owner
is not sure about the size of his prop
erty, as sometimes happens, he may
be willing to hire surveyor Jointly
with the purchaser and pay half the
expense.
Whether the purchaser 'cdes to
have the tits examined and guaranteed
by title company or not, he NEEDS n
lawyer to look after things. II n law
yer searches the title and does all the
work his fee will he $40 or $50 or more,
according to the difficulties involved and
his estimate Of the size Of your purse.
II title company II called in, the law
yers work should be nominal and his
fee modest. The chief value Of a title
policy IL perhaps not 80 much the finan-
cial guarantee as the assurance that the
title has been carefully examined and
passed by experts and the moral effect
of the document in rural communities.
IL an honest. capable lawyer makes
the search and provides you with a
Handsomely sealed certificate, the re-
suit II about the same In the rcmotcr
suburbs. where property has been held
in few hands for a long period OF time,
the problem OF searching title Is simpli-
ned. II a lawyer Is engaged and he re-
ports absolutely no defects In title, a
policy may be dispensed with; but
II there are defects Of consequence a title
company should he called in 4 title
company may not be willing to guar
antee serious defects: in that case. don't
buy.
When title company deems survey
necessary. 1t sends It's own surveyor
60 do the work.
The fees charged by one Of the large
title insurance companies are as fol-
lows:
New York county. first examination
Of titles involving $4,000 or less. s65
add 81 for each additional $1,000 up to a
large amount. Kings county. titles OF
$4,000 or less. $40: with s. for each ad-
ditlonal 81 900. Queens and Nassau
same as Kings county except an extra
charge for tax searches Il 50 To 81 for
the first lot, 25X1OO. and 81 for each ad-
ditional lot. Another rate applies TO tax
searches on acreage titles. Westchestcr
county. first examination Of titles involv-
Ing $4,000 or less, $40 for the first $4,000
and $3.50 for each 500 up to $4,000: with
81 for each additional 81 600 mp to a large
amount; tax searches extra, with ex-
ccptions. staten Island rates are about
the same as westChestcr. New Jersey
rates are not very much different from
those in New York State. Where titles
have been insured before. new policies
are usually Issued at half the regular
rates, Not less than the purchase price
will he accepted as a basis for insur-
ance.
Surveyors fees vary and run from
sl5 for single lot upward \ good To-
cal surveyor will charge as LITTLE as s25
for survt wing a tract OF two or three
acres. Only stakes are driven at these
rates; monuments" are extra and come
high.
4 title company's charges for draw |
ing papers are SO to s. for a deed s. |
to $3.50 for bond and mortagage: S.
for release Of mortgage. and so on. The |
average legal fees for recording a desd |
are $3.50 to s2.25; mortgage, around So !
release of mort gage around sl.50. New
jersey offers special bargains in legal
ices. A Jersey commuter who acted |
.s us 0vn lawyer brought a release os
mortgage form for cents, filled 1t |
out himself. had 1t attested by a master |
in chancery for so cents and paid the |
County r. sister SO cents for recording |
it; total cost, sl06.
advise every home buyer not to
leave II all to lawyer. title company
and surveyor. II is worth your while |
merely TO understand your deal and TO /,
act intell'gently. Walk into the County |
Registers once, where deeds and mort |
cages are recorded. you have as much |
night TO as any other citizen. and per- |
sonally examine the pedigree Of the !
properly you are buying. Aftorward /
sse that the documents are properly /
fled. II is a simple matter 10 look up
maps and records through the index |
volumes. An official or any searcher
will he glad to show you how. 1t IL a
particularly good thing TO take your
wife or your best girl along. She has
or will have a legal interest in the
home and she ought to understand the
matter as we'll as yourself 1t is a.
part Of self-education as well as self
interest to know the principles of buy
ing and selling real estate
The same personal attention is desir-
able in regard TO a survey. You can buy
q cloth tape for about - cents and
verify the surveyors distances between
stakes. compare them with his map and
the Officially recorded map and tho fig-
ures in your deed, A little arithmetic
or brushed up geometry will enable you
TO estimate the area OF your plot or
tract.
There was recent home buyer in
the suburbs OF New York who saved
himself not "A few dollars by such a
notification Of the survey. In this case
the surveyor was quite correct The
buyer merely took legitimate advantage
OF a state OF affairs Of which he would
have hem ignorant II he had not made
q personal vcrifcation.
do II Yourself is the motto Of the
canny commuter who buys a home
,The next article will tell about
sites aud sperincations of good house
constructiOnD