Closings glossary
Tax search
The search reporting property tax status, water and sewer balances and municipal charges. Its results drive the tax adjustments shown on the closing statement.
What is a tax search in a title report?
Quick Answer
The full definition
The search reporting property tax status, water and sewer balances and municipal charges. Its results drive the tax adjustments shown on the closing statement.
Where does tax search come up in a New York City closing?
A Bronx tax search shows a $3,200 water balance, and the amount is deducted from the seller's proceeds and paid directly at the closing.
What else should you read before closing?
In the glossary
- LienA claim against property securing payment of a debt. Liens rank by priority, and closing normally means paying or releasing every one ahead of the ...
- Municipal searchThe record search covering agency violations, municipal arrears and occupancy documents for a property. It runs alongside the land records search r...
- Closing statementThe itemized accounting of every credit, debit and disbursement at a closing. Commercial deals use a HUD-1 or ALTA settlement statement; consumer m...
- Title searchThe records examination behind a title report, covering the chain of title, encumbrances and court filings against the owners. It precedes the comm...
- Violation (cited against the premises)An agency record that a condition at a property does not comply with a code or rule. It attaches to the premises and follows the property through a...
- Bulk saleA sale of substantially all of a business's tangible assets, carrying New York bulk sale notice requirements. It comes up on commercial closings wh...
Questions this raises
- How long does a title search take?Three to five business days for a clean NYC house or condo, longer for co-ops, estates and multi-parcel files. What slows a New York title search d...
- What do I need to bring to a closing in NYC?Photo ID, funds in the form the agent instructed, a checkbook for adjustments, and every signer. The New York City closing checklist for buyers and...
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