Shaping the NYC Skyline

Nov 07 2024 35 mins 1

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Buckle up, Skyliners, for a fascinating deep dive into the world of title insurance with Zoy Balaskas, Senior Vice President and Chief Underwriting Counsel at Commonwealth Land Title Insurance Company’s New York National Commercial Services. With over 20 years of experience, Zoy takes us through her process of “title forensics”—a meticulous, investigative approach to uncovering and resolving the hidden complexities that go beyond basic title clearance.

Zoy unpacks her methods for tackling intricate title issues, from untangling overlapping property boundaries to clearing old, unpaid mortgages and navigating tricky easements. Each problem demands a custom solution, blending legal expertise with an almost instinctual ability to detect red flags. In one standout story, Zoy describes how her title investigation led her to land records dating back to the 1800s. She even ventured into the “dungeon” archives of the New York Public Library to uncover historical maps—essential clues to solving the title puzzle.

Reflecting on industry evolution, Zoy explains how New York’s traditional, in-person closings have shifted to remote escrow processes, accelerated by the COVID-19 pandemic. She shares how her team creatively adapted to pandemic challenges, from closed clerk’s offices to delayed records, ensuring that deals stayed on track. Technology, she notes, has reshaped the industry, introducing both efficiencies and new pressures for faster decision-making.

Zoy also brings us up to speed on recent changes to the Title Insurance Rate Service Association (TIRSA) Rate Manual, which now offers New York buyers and lenders a broader array of endorsements, aligning the state more closely with national standards. And she unpacks the vital distinction between omitting exceptions from a policy and obtaining affirmative insurance, explaining how transparency and disclosure in title policies are essential for long-term marketability.

Methodical yet adaptive, Zoy tackles each transaction as a unique case, understanding that every property has its own history, quirks, and risks. This episode spotlights the essential, often behind-the-scenes work of title insurance professionals like Zoy, whose expertise plays a critical role in Shaping the NYC Skyline.

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