A property title search is an important step to take any time you are making a new real estate deal. We do not recommend skipping this step under any circumstances, because not knowing everything that there is to know about a property before you purchase it can cause problems later on. If you are at all confused about this process or you are just looking for a steady guiding hand as you make this deal, talk to a Long Island, NY real estate closing lawyer to learn more about how we can help you protect yourself.
Now, here is what you should know about the property title search and why it is a necessity.
How Does a Property Title Search Work?
The property title search itself is not all that complicated. It just requires a quick look at public records. The goal is to confirm everything that you have already been told about the property so that you know exactly what you are getting into. Without doing the search yourself, you cannot actually confirm anything the seller of the property is telling you. This can be risky, and buying a property without a title search could even end up leaving you in a precarious financial situation.
What Do I Look for in a Property Title Search?
When you do a property title search, you want to confirm a few different things. You want to see:
- If there are any liens, tax bills, or other restrictions associated with the property
- Who legally owns the property
- Whether the person selling you the property is actually allowed to sell the property
You should also be able to establish a chain of title, stretching back decades. That should establish a clear pattern of ownership. Any inconsistencies in the chain of title could be a source of risk.
What Are the Benefits of Taking This Step?
When you do a property title search, you know exactly what you are getting into. You can see if other people have some kind of ownership interest in a property, or you can see if there are other financial issues with the property that need to be solved before your purchase is finalized. In some cases, these issues are easy enough to fix. You can negotiate with the seller to make sure that any of these problems are resolved before the sale is complete or you can make a deal to be compensated for fixing the property’s issues yourself.
If you do not like what you find during a search, you can also decide to walk away. You can talk to your lawyer, weigh the risks, and decide whether this is the right deal for you.
Call Our Law Firm Today
If you are looking for the best way to protect yourself in any real estate deal, you need a competent lawyer on your side. So contact David A. Gallo & Associates LLP and tell us more about your goals, what deals you want to make, and how we can help you. We look forward to hearing from you.
