Buying property in New York is a process that requires the completion of several steps. One of the most important steps in this process is looking over a property’s title report. With that said, this report can be a little overwhelming for someone who isn’t used to looking at these documents. To help ensure you have a clean title, watch out for these potential problems.
Clerical or filing errors
As is the case with any kind of prepared document, title reports aren’t exempt from human error. While you’re looking through a title report, keep an eye out for any clerical, filing or administrative errors. If you find any of these errors, make sure they get corrected right away.
Outstanding liens
When someone hopes to find a clean title, one of the last things they want to encounter is a lien. A lien on a property typically means that a person or company besides a property’s owner has rights to this building. Trying to own a property with a title that contains a lien on it could quickly become a real estate law matter.
Any newly created estate plans
Another thing to keep an eye on is a newly discovered estate plan or beneficiary. An example of new estate plans creating problems would be if a previously unknown heir stepped forth to claim an inherited property. If they’re a valid beneficiary, this person might be able to claim this property for themselves.
Building code violations
It’s also important to look over a title report for any potential building code violations. Building codes are ways for professional contractors and inspectors to ensure a property is safe to work or live in. Sometimes, building code violations can go unresolved. If this is the case, it can affect the title associated with a property.
To summarize, there are many things to look over in a title report. If you’d like help understanding title reports, it might be time to seek out a real estate attorney.
