Whether to rent or buy one's home is a big financial decision. For residents of New York City, where residential property prices are among the highest in the country, the stakes are even greater. Whether renting or buying makes more sense will depend on the individual circumstances of each person, including their financial situation, their career plans and their preferences in terms of where they want to live.
If you are purchasing residential real estate in New York, you want to be sure the property is free of unknown title issues. In real estate, title basically means ownership. It can also be defined as evidence of that ownership. Title can be held by an individual, corporation, co-operative or other legal entity. It can be held jointly or in common with others.
The collapse of the Russian ruble has resulted in an increase in Russian investment in New York real estate, according to a recent news report. Russians have been buying up high-end apartments in the city for years, of course, as a cushion against economic instability at home. The ruble has lost half its value over the past year, and sustained a drop in value of 19 percent earlier this month. The currency collapse, caused in part by economic sanctions and falling oil prices, may be fueling an upsurge in foreign real estate purchases.
Purchasing or selling residential real estate in New York requires careful attention to the legal details. Real estate transactions are subject to a variety of state statutes, common law and local codes and ordinances. Federal anti-discrimination statutes can also come into play. Even in a relatively straightforward transaction, there are pitfalls that can trap those who are unprepared.