The Federal Reserve, which is colloquially known as “the Fed,” has proposed to raise interest rates as early as this March. If it goes forward with this plan, it could substantially increase the interest rates for loans of all types, including mortgages. For prospective home buyers and others looking to purchase real estate, it could make efforts to make those purchases a much more expensive proposition.
New York Governor Kathy Hochul has announced new proposed legislation that would repeal a law that limits the population density for residential buildings in New York City. The repeal, if successful, would make it easier for New York City to develop residential buildings with high population density limits. This, in turn, could help make housing more affordable in a city where affordable living space is increasingly rare.
When people are looking to purchase real estate, they are usually most concerned with issues like the price of the property and whether they will be able to get financing for the transaction. However, one issue they should be much more conscious of is the risk of a title defect. At best, this can cause a delay in your closing, at can cause the entire transaction to be at risk. But what exactly constitutes a title defect, and why are they considered to be such a problem?
Every real estate deal comes with the implicit promise that the property has a clear title. This means that the title must be free from any complications that would impair the full transfer of the property from the seller to…