Are you buying or selling a real property in New York State? We make the closing process efficient and worry-free, so you can go on doing what matters most to you. The closing process typically begins when an offer is received and accepted by the seller. Once this occurs, you should call your attorney to inform her of the offer. At that time, either the seller’s attorney or real estate agent will draft a residential purchase contract which should include the following essential terms:
Often, additional contract riders will be attached to the contract as they apply, including a Property Condition Disclosure Statement and a Lead-Based Paint Disclosure.
It is important to ask your attorney to review the contract with you very carefully in order to ensure that you understand the terms because any breach of its terms by you may result in a claim against you.
After the contract is approved by your attorney, she will begin to draft all the necessary documents needed for the closing, communicate with the attorney for the other party and/or the lender bank (if applicable) and obtain all the required title work, surveys, title insurance, and tax-related documents to proceed with the closing. Once everything is received and approved by the buyer’s attorney, a closing date will be scheduled.
Once a closing date is scheduled, your attorney will provide you with a closing statement which provides a detailed account of the following: 1) prorated school, city or village, and town/county taxes, 2) county recording fees, 3) realtor’s commissions, 4) attorney’s fees, 5) survey expenses, and 6) expenses for any title work performed. You will have an opportunity to review the closing statement and ask questions regarding the disbursements prior to closing.
Leading up to closing, it is important to remember to change the billing information for utilities, cancel your current homeowner’s policy once the sale goes through (if you are the seller), purchase a homeowner’s policy (if you are the buyer), ensure that the keys are handed over to the buyer, and resolve any issues that may arise from the final inspection.
On closing day, be sure to bring photo identification, your social security card, and any other identification required for the purchase (i.e. power of attorney document if signing on someone else’s behalf).