Bronx New York Response to Notice of Title Defect by Seller to Buyer in Response to Notice
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How to fill out Bronx New York Response To Notice Of Title Defect By Seller To Buyer In Response To Notice?
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FAQ
If a seller fails to disclose, or actively conceals, problems that affect the value of the property; they are violating the law, and may be subject to a lawsuit for recovery of damages based on claims of fraud and deceit, misrepresentation and/or breach of contract.
When a seller fails to disclose a material fact, they may be subject to liability for nondisclosure since the conduct amounts to a representation of the nonexistence of the facts they have failed to disclose.
There are a number reasons you may not have clear title. You may owe back taxes or have an old lien from a previous owner attached to the property. When you purchased the property, you may have signed the deed incorrectly. Sometimes lien holders fail to clear liens after you satisfy a debt.
A defective title is ownership of property or assets that cannot be legally transferred due to claims by someone else. While the seller has an obligation to present marketable title to real property, the buyer is also responsible for examining any title defects and giving notice of any defect to the seller.
Many title issues can be resolved by filing one of three common documents: A quit claim deed removes an heir and clears up title among co-owners or spouses. A release of lien/judgment removes a paid mortgage or spousal or child support lien. A deed of reconveyance records payment of a mortgage under a deed of trust.
A buyer must inspect the goods and notify the seller of any defects within the contractually agreed inspection period.
A title defect may also be referred to as a cloud. These must be resolved before selling the property, and they include some of the following: Errors in the public records. Mechanic's liens. Bankruptcies.
If a seller is aware of such a defect and doesn't disclose it, they can be exposed to a lawsuit by the buyer especially if the defect makes a property dangerous or unfit for occupancy.
Statutes of limitations are typically two to 10 years after closing. Lawsuits may be filed in small claims court relatively quickly and inexpensively, and without an attorney. Lawsuits filed in state court may require an attorney and involve more money than small claims court allows.
