There are many different issues that may arise when you are purchasing any kind of real estate across the state of New York. A title problem can unfortunately present major challenges in a real estate deal, which is why it’s so important to become familiar with the issues that could prove to be an obstacle. Having the right New York real estate attorney can help you avoid many of these challenges.
When a title problem emerges, this can cause an otherwise good deal to fall apart. If you’re not familiar with your options, either, this could lead to a total breakdown the transaction. Avoiding this should always be a top concern.
Some of the most common types of title problems include:
- Illegal deeds: It’s possible that prior deed was made by an undocumented immigrant, a minor or anyone else who would not be legally permitted to own a property.
- Errors in the public record: A clerical error could impact the deed or survey of your property, thus causing issues when it’s time to transfer it from seller to buyer.
- Unknown liens: It is important to conduct all necessary research to identify any liens that could be held against this property.
- Forgery: In some situations, an individual will may forge a document for purposes of personal gain. This can obscure property ownership and make it more challenging to make a purchase.
- Other mistakes made in the process: Title issues can be extremely complicated and this highlights why it is so important to hire the right New York real estate attorney to conduct an investigation and discovery of title in advance of moving forward with the process.
It can be exciting to make a real estate transaction, but this is not the case when there are potential errors that block you from being able to sell or purchase the property you had in mind. Conducting a thorough investigation at the outset of your case is crucial and hiring the right New York business lawyer goes a long way towards accomplishing this goal.