The Importance of Recording a Title

Buying real estate, whether as a home or for your business, is always a complicated affair. You need to secure financing, you need to have the premises inspected, you need to negotiate the price, and so on. However, there’s one additional factor you may need to worry about that isn’t always obvious: officially recording the fact that you’ve bought the real estate.

Whenever you purchase real estate, a part of that process is supposed to include recording the transfer of title with the local clerk’s office. This is to make sure there is a consistent record showing the transfer of ownership between one person to another. However, not everyone remembers, or knows, to have their deed recorded, which can potentially lead to a lot of issues down the line, if there’s ever a dispute over who truly owns the property.

For example, there have been cases where one person attempted to claim a house they inherited from a deceased relative, only to find that the house was sold years before and the deceased relative never changed their will to reflect that. At other times, less-than-honorable people have sold the same property to multiple buyers, creating duplicate deeds for every person they sold it to. In these cases, whether someone recorded their deed can mean the difference between whether they get to keep the property they bought (or inherited, as the case may be).

Wingate, Kearney & Cullen, LLP represents buyers and sellers of residential and commercial properties including co-ops, condominiums, single-family homes, and multiple family dwellings. With law offices conveniently located in Brooklyn, New York, and Melville, New York, our lawyers are available to assist residents of the five boroughs of New York City and Nassau and Suffolk County on Long Island with their real estate needs. If you are looking to buy or sell real estate, call (718) 852-5900, or reach us through our contact page.

PropertyShark: Tribeca is the Most Expensive Neighborhood in NYC

Brooklyn real estate lawyerAccording to PropertyShark, Tribeca was No. 1 among the 50 most expensive neighborhoods in New York City during the first quarter of 2019. The median home sale price in that area was $4.2 million. SoHo was a distant second with a median price of $2.9 million. Rounding out the Top 10 were the Garment District ($2.5 million), Hudson Square ($2.4 million), Flatiron District ($2.1 million), Theatre District-Times Square ($1.7 million), Central Midtown, Columbia Street Waterfront District and DUMBO (all at $1.5 million) and Carroll Gardens ($1.4 million). Continue reading “PropertyShark: Tribeca is the Most Expensive Neighborhood in NYC”

Manhattan Home Sales Prices Fall to Lowest Level in Three Years

A report from StreetEasy showed that its Manhattan Price Index during the month of November 2018 fell to $1,133,988. That is the lowest level since October 2015, when the Price Index was $1,132,855. Further, the Price Index fell slightly by 0.6% from the previous month at $1,141,397 and was a 3.3% year-over-year decrease from November 2017’s price of $1,172,189. Continue reading “Manhattan Home Sales Prices Fall to Lowest Level in Three Years”

An Attorney’s Role in Real Estate Transactions

While engaging in the process of buying a home or a piece of property, many may overlook the importance of using an attorney. A real estate attorney plays an important role in the drafting of any documents relating to the sale and transfer of ownership of the home or property. One of the most pertinent documents that a real estate attorney will draft in this situation is the contract of sale, also known as the purchasing agreement. This document outlines the following: Continue reading “An Attorney’s Role in Real Estate Transactions”

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