The title records for a property show a chain of ownership and a record of those who have had a financial interest in the property. These records also help validate the easement rights of private property owners and utility companies alike.
Some properties in New York have title histories going back several centuries if you research enough. Of course, the average title review only needs to review the last few transfers of ownership. Many properties in the state have changed hands at least once because of foreclosure, probate proceedings or divorce. There are also countless properties that have mechanic’s liens against them because of work done on the property.
Those blemishes on the title history for a property can lead to complications if you want to sell or refinance the property in the future.
Title issues can prevent transactions
Occasionally, there will be issues with the title records for a property that can complicate the process of securing title insurance and selling it. You won’t be able to transfer ownership of the property until you clarify the current owner.
You could potentially address those issues now before you list the property for sale later. You don’t have to wait for the title insurance research process to resolve title issues.
The courts can help you resolve the title issue
Some title issues allow for quick and simple resolution with the execution of a new deed. However, if the other party is not cooperative or if they are not available to resolve the matter, then a judge can help.
Filing a request for a quiet title hearing can help New York property owners correct issues with their title records. They can eliminate liens that don’t belong and remove individuals who have already received compensation for their interest in the property.
You will need documentation to push a judge to act. If you hope to convince a judge to make changes to the title records for your property, you need evidence that you have settled lean or already properly compensated a former owner for their interest in the property.