Your understanding of how a closing works in a New York real estate transaction is important for your own knowledge but also for ensuring that your transaction falls in line with applicable laws. A closing attorney, who may also serve the purposes of title review, can be essential for reviewing your documents in order to verify that they reflect the transaction at hand.
The closing attorney plays an important role in the process by exploring the title related to the property. This attorney looks at real estate taxes and any other municipal charges linked to the property, and he or she will also be responsible for ordering and reviewing insurance binders and analyzing mortgage payoffs. The title on a property is researched going back over the course of many years, and the title review attorney in New York is looking at this document to ensure there are no defects with the title. If there are any problems that emerge related to the title, the attorney works with the involved parties to rectify these issues.
Title review serves a very important purpose for ensuring that the process happens legally and that both the buyer and the seller have been protected with a thorough analysis of all title-related concerns. Flagging these issues early could help prevent a sale that would have led to legal disputes down the line. As this brief article illustrates, title review is extremely important and not something that should be overlooked. The complicated nature of conducting this research warrants the use of an experienced real estate attorney.