Understanding Your Title Report - Peter Zinkovetsky

From Avenue Law Firm - "Understanding Your Title Report" explains what a New York title report contains and how it can affect a real estate closing. The report draws from deeds, mortgages, court judgments, and municipal filings to identify the current record owner and issues that could affect the title, including liens, judgments, unreleased mortgages, and easements. Reviewing the report early gives buyers and their attorneys time to identify and address potential title issues before closing.

The discussion covers what a title report contains, how to read Schedule A and Schedule B before closing, the defects that commonly appear, and how those issues may be resolved. It also addresses what happens if a problem is discovered after closing and the costs associated with title searches and title insurance.

Common title defects include liens from unpaid property taxes or construction work, docketed judgments, mortgages that were paid off but never formally discharged, boundary or easement disputes, and forged or improperly executed deeds. Co-op purchases differ from condo or house purchases because the buyer acquires shares in a corporation along with a proprietary lease rather than deeded real property, so the review instead focuses on the stock certificate, proprietary lease, and liens against the shares.

Listeners with questions about a title report or an issue affecting their closing can call Avenue Law Firm at (212) 729-4090.

Avenue Law Firm

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