When conducting a title search in New York, it's crucial to have a checklist of matters to consider in order to create a comprehensive abstract or opinion of title. The following is a detailed description of these matters, highlighting the essential components and possible variations based on different types of abstracts or opinions. 1. Property Identification: Begin by clearly identifying the property for which the title search is being conducted. This includes the street address, lot and block numbers, and any other relevant identifiers. 2. Ownership Records: Collect all available records of previous and current ownership of the property. This involves examining deeds, mortgages, liens, and other related documents. 3. Property Description: Carefully review the legal description of the property to ensure it aligns with the physical boundaries and meets the requirements of the applicable land survey. 4. Encumbrances and Liens: Identify any outstanding encumbrances, such as mortgages, tax liens, mechanic's liens, or judgments, that may affect the property's title. Thoroughly analyze these encumbrances to determine their impact on the ownership rights. 5. Easements and Rights-of-Way: Explore the existence of any easements or rights-of-way that may provide third parties with certain rights on the property. This entails reviewing utility easements, conservation easements, and access rights. 6. Zoning and Land Use Restrictions: Assess the property's zoning regulations and any land use restrictions imposed by local authorities. These can include setbacks, building height limitations, use restrictions, and other relevant rules. 7. Surveys and Boundaries: Obtain and evaluate the property survey to ensure the boundaries accurately reflect the legal description and any discrepancies are resolved appropriately. 8. Litigation and Legal Actions: Conduct a comprehensive search for any pending or historical legal actions filed against the property or involving previous owners. This includes lawsuits, foreclosures, divorces, or probate proceedings. 9. Bankruptcies and Insolvencies: Investigate the property's history to uncover any bankruptcies or insolvencies that may impact the ownership rights or ability to transfer the property. 10. Environmental Concerns: Address any potential environmental issues associated with the property, such as contaminated soil, underground tanks, or hazardous waste. Compliance with local, state, and federal regulations is critical. Different types of abstracts or opinions can be derived from the mentioned checklist of matters, based on specific requirements. For example: a. Residential Abstract or Opinion: Focusing primarily on residential properties, this type of abstract or opinion emphasizes matters relevant to single-family homes, townhouses, or condominium units. b. Commercial Abstract or Opinion: With a specific focus on commercial properties, this type may delve deeper into intricate zoning regulations, lease agreements, and corporate ownership structures. c. Agricultural or Rural Property Abstract or Opinion: Tailored to farms and rural lands, this type may involve evaluating water rights, grazing leases, conservation easements, and other factors unique to agricultural properties. d. Development or Construction Abstract or Opinion: Geared towards undeveloped land or properties undergoing development, this type of abstract or opinion may emphasize subdivision regulations, building permits, and construction liens. It should be noted that these variations are not exhaustive, as specific requirements for abstracts or opinions may vary depending on the purpose of the title search, client needs, or legal considerations.
New York Checklist of Matters that Should be Considered in Making an Abstract or Opinion of Title
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