Brooklyn, NY asked in Real Estate Law for New York

Q: What exactly need to be done to get a clearance to close on a property in foreclosure?

selling a property in foreclosure. property is being sold before going to auction.

Mortgage broker told me they cant close until title is clear. What exactly needs to be done by the attorney to have it cleared?

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2 Lawyer Answers
Elaine Shay
Elaine Shay
PREMIUM
Answered
  • New York, NY
  • Licensed in New York

A: There is not a one-size fits all answer to your question. You will have to review the title report to see what exception are listed that need to be cleared.

Tim Akpinar agrees with this answer

Michael David Siegel
Michael David Siegel
Answered
  • New York, NY
  • Licensed in New York

A: You should have a lawyer. The buyer will have run a title search showing what needs to be cleared. Often in a foreclosure there is not enough money to clear everything and the foreclosure goes through.

Tim Akpinar agrees with this answer

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