JEANNE REARDON - Attorney at Law
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Why a Home Buyer Needs Title Insurance
Joint Ownership of Real Property in New York
Home Mortgage Refinance
Will I Pay Capital Gains Taxes on the Sale of My Home
How to Add Someone to the Deed of My New York Home as a Joint Owner

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Real Estate Law Blog

October 2011

Why You Need Title Insurance

Buying a house may be the most significant and expensive purchase you will make.  When you make such a significant investment in the purchase of a home, how can you be sure that there are no problems with the home's title?  Problems with the title can limit your use and enjoyment of the property, as well as cause you financial loss.  This is why you need title insurance.   

Title insurance will pay for defending you against any lawsuit attacking your title, and will either eliminate title defects or pay your financial losses, up to the amount of the policy.

The Right Of First Refusal In Condos

Anyone who has been in the market to purchase either a condo or co-op is acutely aware that it is easier to buy or sell a condominium than a co-op because transferring ownership of a co-op almost always requires the consent of building's board, while the transfer of a condo usually does not.

Since a co-op is not real estate, the board can control who lives in the building by controlling who is allowed to become a shareholder and proprietary leaseholder.  So long as the co-op board does not violate laws against discrimination, it is free to grant or withhold its consent to the sale "for any reason or no reason at all.