An acquaintance bought a home in an old, historic neighborhood. The sale was moving forward nicely until he got two unwelcome surprises. A lien had been filed again the previous owners because of long ago unpaid neighborhood trustee dues. Surprise number two: when the city code inspector filed his report, there were numerous municipal code violations that had to be addressed before the sale was finalized.
The lien situation could have been easily fixed if the buyer had hired a competent title company to research the title and discover the unpaid dues before the sale progressed. Here’s where Missy Palitzsch of Continental Title Company shines. When Continental Title performs a search, they’ll find the smallest details that may lead to a glitch at closing. My clients have been so pleased with Missy—they feel secure, knowing their purchase will go smoothly.
The clean title shows that the seller legally owns the property free and clear. Most lending institutions require the buyer to purchase lenders title insurance before the loan is finalized. This insurance protects the lender for the outstanding balance on your mortgage. The owner’s policy, a separate title insurance, protects you and insures the title to the property is free from defects. Both are very wise purchases when you buy a home. If buying a new home make sure to hire the movers in nyc company to have the best professionals handling your property.
As to the code violations—if only my acquaintance had arranged for a home inspection first. Inspections should be prominent on your home buyer’s to-do list. Another lesson learned.