If you are looking to clear up title issues in the state of New York, it can be confusing to figure out your next step. In some situations, you might be concerned about how to handle problems with the clearing of the title. This article is designed to give you some brief insight into what to do if you have questions about the clearing of a title in this state.
One such example emerges when the buyer and the seller have each signed the contract. The buyer, making an earnest deposit for the home, appeared to indicate their strong desire in obtaining the home. He or she most likely also invested in the home inspection, obtaining the appraisal, searching for the title, and invested in legal fees as well in the state of New York. Your next step for handling a problem with the title largely depends on the wording of the contract of sale.
In the majority of New York State contracts, the buyer is only going to be reimbursed for the title expenses in the event that the seller is not able to deliver a full and clear title to close out the purchase. In another contract, the seller might be responsible for the cost of the title report and the entire down payment and any survey they have completed. This would be included in a clause discussing the terms under which the seller is not able to deliver an insurable title.
If you are concerned about clearing title issues in New York, you need to speak with your attorney about the clauses in your contract and what rights you have under the law. Don’t hesitate to act if you are concerned about a clear title.