While people often tend to focus on things like a property’s price or its amenities, the legal status of real estate can matter at least as much as any of its physical features. If you are not careful, you might wind up buying a property that has a defective title. But what exactly does it mean for a property to have a defective title, and what are the potential consequences if that happens?
title defects
Why Do You Need Title Insurance?
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?
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?
