Good Morning Rose142
Title insurance is absolutely required for your protection. This protects you against any past liens, taxes, or amounts due on the property prior to your closing.
You should also order a structure inspection of the property followed by a survey of the property. Going forward you will of course need homeowner's insurance.
If you have any questions, please let me know.
The "As Is" typically means if you go forward with the purchase the bank will not fix or repair any problems with the property.
In other words, if you put a property inspection in the agreement of sale as a contingency (something you should definitely do), no matter what problems are found wth the property the bank is stating they will not do anything about it. It is being sold "As Is". Your option, since you did a contingency, would be to walk away from the property or accept it "As Is".
Having said that, I have seen some cases in which the bank will do a repair since it may affect the buyer's ability to get a mortgage.
When you buy a property, you purchase title insurance. Title Insurance guarantees you receive the property free and clean of any liens or encumberances. Back taxes fall into this category. The bank must pay these or make it part of the negotiations (that you will pay them) when you do the agreement of sale.
Long & Foster Real Estate, Inc
Lehigh Valley Office, PA
Very rare to find rent to own homes in the area; most owners just want to sell and move on. For by owner sellers, check local print media, any for sale by owner web site such as fsbo.com, forsalebyowner.com, etc., also check out mlsli.com for listed properties.... more
You cant sign 2 buyer broker agreements fo rthe same area or risk having to pay more than 1 person when you do buy. if you feel it is time to switch, ask to be released from your buyer broker agreement and interview new agents. if you have reservation about starting over, perhaps talk to your current agent and let them know your feelings and what can be done to correct them. good luck with your search... more
In Monmouth County our tax record system also include all legal documents relating to a property and that is where I find out this info. This might also apply to NY's online tax records. You may have to do some fishing around the site to find it.... more