Closings glossary
Title search
The records examination behind a title report, covering the chain of title, encumbrances and court filings against the owners. It precedes the commitment.
How long does a title search take in New York?
Quick Answer
The full definition
The records examination behind a title report, covering the chain of title, encumbrances and court filings against the owners. It precedes the commitment.
Where does title search come up in a New York City closing?
A Brooklyn search turns up a 1978 estate that was never fully probated, and the file needs several extra weeks for the missing paperwork.
What else should you read before closing?
In the glossary
- Title commitmentThe document offering to insure title on stated terms, with Schedule A facts and Schedule B requirements and exceptions. It is the working agenda b...
- Chain of titleThe sequence of recorded conveyances of a property, from an earlier known owner to the present one. Gaps and defective links in the chain are what ...
- Abstract of titleA summarized history of a property's recorded ownership and encumbrances, compiled from the public record. It is the raw material a title examiner ...
- Judgment lienA lien created by docketing a money judgment against the owner. It reaches real property in the county of docketing and is a routine payoff item at...
- Municipal searchThe record search covering agency violations, municipal arrears and occupancy documents for a property. It runs alongside the land records search r...
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 is the difference between a title search and a title commitment?The search is raw discovery. The commitment is the insurer's offer, split into Schedule A, B-I requirements and B-II exceptions. How to read both i...
- 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...
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