Every day throughout the New York City region, people are buying and selling all types of real estate. This includes residential properties as well as commercial buildings.
Regardless of the purchase type, both the buyer and seller have a long list of things they must do to ensure that everything moves forward in an efficient manner.
When buying real estate, title issues are often at the forefront. For most, there is concern that something could be wrong with the title; however, nothing ever comes up. For others, there are title issues to clear up before signing on the dotted line and taking ownership of a property.
According to a spokesperson for American Land Title Association, as quoted by Bankrate, "One out of every three searches reveals a title or public record defect that's fixed before the transaction closes."
Here are some of the questions to ask as a means of avoiding title issues:
-- What type of title insurance coverage is necessary for this type of purchase?
-- Who is responsible for paying for title insurance?
-- Which title insurance company is best equipped to handle the finer details of the transaction?
Title issues are not a common problem when buying real estate, due to the fact that most of these are caught before they turn into a headache for the buyer. Even then, there are times when something slips through the cracks and a problem comes to the surface. Some buyers are beginning to consider the benefits of consulting with a real estate attorney before making such a big decision.
Source: Bankrate, "6 questions to ask about title insurance" Oct. 30, 2014