Closings glossary
Curative work
The clearance steps taken between commitment and closing to remove title requirements: releases, satisfactions, corrective deeds, estate paperwork and payoffs of stale liens.
Which title requirements does curative work clear?
Quick Answer
The full definition
The clearance steps taken between commitment and closing to remove title requirements: releases, satisfactions, corrective deeds, estate paperwork and payoffs of stale liens.
Which related terms should you know?
These are the terms that come up alongside curative work in the same file.
- Title commitment
- The document offering to insure title on stated terms, with Schedule A facts and Schedule B requirements and exceptions. It is the working agenda between contract and closing.
- Satisfaction of mortgage
- The instrument that releases a paid mortgage from the record. Until it is recorded, the old mortgage still appears as a lien against the property.
- Cloud on title
- Any claim or encumbrance that may impair the owner's title. New York owners resolve the serious ones through a quiet title action under RPAPL Article 15.
- Title exception
- A matter the title policy does not insure against, listed on Schedule B. Some exceptions are removed before closing and others are simply accepted by the buyer.
- Clear to close
- The point at which lender conditions are satisfied and the transaction can be scheduled and funded. Title clearance and payoff figures usually have to land before a lender issues it.
- Title officer
- The person at a title agency or underwriter with authority over what a commitment requires and excepts. Clearance decisions on a file run through this role.
Where does curative work come up in a New York City closing?
A Brooklyn file needs a 2003 satisfaction that the bank recorded against the wrong block, and that corrective filing is the curative work holding the date.
What else should you read before closing?
Questions this raises
- What is curative title work?Curative work clears Schedule B-I before closing: payoffs, missing satisfactions, heirship affidavits, ACRIS indexing fixes and escrow holdbacks in...
- What happens if the title search finds a problem before closing?Schedule B-I requirements are the punch list, not a dead deal. How New York closings clear old liens, missing satisfactions and name hits before th...
Title issues
- Unsatisfied mortgage of recordA paid-off mortgage with no recorded satisfaction still reads as a live lien in ACRIS. Here is how it is found, how it is cleared, and who pays for...
- Judgment lien against the sellerA docketed money judgment attaches to New York real property the seller owns in that county. Here is how it surfaces, how it clears, and who pays it.
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