Code: Title Search (Closing and refinancing check)
Description: (Title Search) is a detailed check of public records to confirm who legally owns a property and to find any liens, judgments, violations, or other problems that could affect that ownership. This check is usually done by a title company or attorney before a sale or refinancing, and the results are summarized in a title report.
Practical Meaning: For a NYC homeowner, a title search is the step where the buyer’s or lender’s title company looks for problems attached to your property, such as DOB violations, ECB judgments, mechanics liens, tax liens, and other claims that must be cleared before closing. If they find issues, you may have to pay off liens, fix and close violations, or provide proofs and documents before the sale or refinancing can move forward.
Where You May See It: Real estate contracts and rider clauses, attorney emails, title company engagement letters, lender closing checklists, title reports, and closing disclosures for sales or refinancing.
Why It Matters: A title search can reveal hidden issues, like old DOB violations, unpaid ECB penalties, mechanics liens, or judgments, that you did not know about but that still attach to your property and can block a clean title. If you do not clear these issues before closing, your buyer, lender, or title company can delay or cancel the transaction, or require money to be held in escrow until the problems are resolved.