Title insurance is considered a standard part of most real estate transactions, despite it technically not being mandatory for most real estate deals in New York. However, not everyone understands what it is, despite the essential role it plays in protecting buyers and sellers from potential legal problems. So why do you need title insurance for your real estate transaction, and what might happen if you do not have it?
Real Estate
Five Important Clauses to Know in Your Real Estate Contract
In any real estate contract, there are a number of important clauses that are regularly included. The better you understand these components of your contract, the better equipped you will be to handle your real estate transaction. Here are five important clauses you should know in your real estate contract:
The Importance of Performing a Title Search
It is considered customary to perform a title search as part of any real estate deal, and it is often included as a requirement in real estate contracts. This is important for protecting both the buyer and seller from potential legal woes, both now and in the future. But what exactly is a title search, and what might happen if you do one as part of your real estate transaction?
Should You Have a Real Estate Lawyer Represent You at Closing?
If all goes well, you should have your real estate deal done by the time you are ready to close the transaction. Because of that, some people believe there is not much point in having a lawyer with you at a real estate closing, and may consider trying to handle it all themselves. However, if you do that, you can put yourself at a serious risk of potential legal difficulties, which may emerge at the last minute.
Why Should You Perform an Inspection Before Buying a Home?
It is extremely commonplace for people to perform a professional inspection of the premises before purchasing real estate. This process can be somewhat costly, but can save a great deal of time, money, and trouble in the long run. But why exactly is it so important to have a property inspected before you decide to buy it?
Five Important Contingencies Seen in Real Estate Deals
It is common for real estate deals to have special clauses known as contingencies as part of their terms. These contingencies are conditions that need to be met before the deal can go forward, and the transaction will be canceled if one or both sides cannot meet their requirements. Here are five important contingencies you may see in your real estate transaction:
Five Ways a Real Estate Closing Can Go Wrong
Most people tend to think that by the time you reach the closing on a real estate deal, everything that is left is a formality. However, there is always the risk that something may go awry at the last minute, which you may need a lawyer to help you sort out. Here are five ways a real estate closing might go wrong:
Seven Property Defects That Could Harm Your Real Estate Deal
When you are looking to buy real estate, whether residential or commercial, finding the right location is essential. However, even the most ideal property can potentially have property defects just below the surface that can seriously impact your ability to make use of your new purchase. This can not only cost you a lot of money, but in the most extreme circumstances, it can even pose a threat to your health and well-being. Here are seven property defects that can harm you real estate deal:
What is an HOA, and How Can it Affect You?
Millions of American homeowners are members of Homeowners Associations, also known as HOAs. However, many people do not join voluntarily, and some do not even realize they are members of an HOA until they run afoul of its restrictions. But what exactly is an HOA, and how can it potentially affect you?
How a Title Defect Could Impact Your Real Estate Transaction
Real estate transactions are always a big deal, and for many people, buying or selling a home will be the biggest financial decision they make in their entire lives. However, a surprising number of people do not realize the risks that title defects can pose, making even the best new home into a potential nightmare. But what exactly is a title defect, and how can it affect your real estate transaction?
