Real estate transactions occur every day and for hundreds of thousands of dollars. These transactions involve big dollars, and when money is involved a lawyer should not be far behind. There are a lot of transactional details going on in a real estate sale. A real estate lawyer in Carmel, NY is not only necessary for a real estate transaction. If anything falls through with the title after acquiring the property, he or she will be the first person a homebuyer calls. Homebuyers think they are covered by title insurance, but this is not always the case. The below is a common scenario that requires the presence of a real estate lawyer in Carmel, NY.
Title Insurance
A title company facilitates the sale of a property. The homebuyer will often purchase title insurance, which accomplishes two vital things:
* It ensures the title is cleaned upon sale
* It ensures that if anything was missed in the title search, the new homeowner is not responsible
In a perfect world, this would end all title disagreements after the closing of a property. Unfortunately, it is often not that cut and dry. A title issue could pop up months or years later dating back to before the new owner ever bought the property. A title company may try to ignore responsibility for the problem despite the purchasing of title insurance. The next step is to contact a lawyer to facilitate the next step.
Title Insurance Gray Areas
A title company will sell title insurance, but they could always make an argument that the title issue was not their fault. Perhaps there was a clerical error in the original tax records that distorted the title. There may have been a forgery in the past that can be originated from the court records. Another example is a past construction on the property. The previous owner did a home expansion without getting the proper permits. They title owes back taxes to this expansion, and this responsibility falls on who?
These are just a few examples of matters that are commonly argued despite the purchase of title insurance. Speak with a representative at Spain and Spain, PC to ensure the title insurance is doing what it is designed to do, and the proper parties are taking responsibility.
