What is Title Insurance and How Does It Work?

To put it simply, title insurance is a way to protect yourself from financial loss and related legal expenses in the event there is a
defect in title to your property that is covered by the policy. Title insurance differs from other types of insurance in that it focuses
on risk prevention, rather than risk assumption. With title insurance, title examiners review the history of your property and seek
to eliminate title issues before the purchase occurs. Title insurance also differs in that it comes with no monthly payment. It’s just
a one-time premium paid at closing.

Touchdown Abstract Services, Inc.
350 Moffitt Boulevard - 2nd Floor
Islip, New York 11751
Phone: (631) 224-7196
Fax: (631) 224-7197
#touchdownabstract #realestate

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Boot

- The term used for any property, object, or money a person receives in addition to the like/kind property in a 1031 exchange. While a straight like/kind (or property-for-property) exchange is usually tax-deferred, if you get more boot than you give in the transaction, that extra cash, property, or object will be taxable.

Touchdown Abstract Services, Inc.
350 Moffitt Boulevard - 2nd Floor
Islip, New York 11751
Phone: (631) 224-7196
Fax: (631) 224-7197
#touchdownabstract #realestate

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Common area maintenance (CAM)

• Charges the tenant pays for the upkeep of areas designated for use and benefit of all tenants. CAM charges are common in shopping centers, where tenants are charged for items such as parking lot maintenance, snow removal, and utilities.

Touchdown Abstract Services, Inc.
350 Moffitt Boulevard - 2nd Floor
Islip, New York 11751
Phone: (631) 224-7196
Fax: (631) 224-7197
#touchdownabstract #realestate