As described in 5 Essentials Steps to Buying Property in New York I will be writing a series of more detailed articles about each of the 5 essential steps.
This article covers the fifth step in buying property in New York, closing:
Closing is the final phase of the home buying process. Your closing is when money and documents are transferred in order to transfer ownership of the property to the buyer.
The closing date is the date ownership of the property is officially transferred from the seller to the buyer; it’s an exciting moment!
At your mortgage closing, you meet with various legal representatives to sign your mortgage and other documents, make any required payments and receive the keys and deed to your new property. You give a certified or cashier’s check to cover the remaining portion of the down payment (if applicable), closing costs, prepaid interest, taxes, and insurance.
At Piccinnini Law, we will prepare a final closing statement that outlines the entirety of the transaction in a way that will be easily understood by both you, as a buyer, and the lender’s party.
As the closing paperwork can be quite extensive and overwhelming, at closing we will also review all the loan and title documents so as to ensure that you are fully aware of what you are signing, and to make sure your investment and best interest are safeguarded.
As a buyer, it is important to know that simply because a closing date has been scheduled, it does not always mean that you will be receiving possession of the premises on the day of closing
As your real estate attorney, we will expedite and inform you when you will be receiving the actual ownership and keys to your new property.
According to New York real estate law, the seller will have no liability for the property after closing. For this reason, we recommend that you schedule your final walkthrough inspection of the property as close to the closing date as possible with the seller or the seller’s agent. This is to ensure that the property is in the same condition as when you made your original offer and signed the real estate contract.
On the day of the closing, the closing will usually be held at the office of the attorney for the lending institution, or if there is no mortgage involved, you will meet at the office of the seller’s attorney. Your attorney and real estate agent will also attend.
As there is a lot of paperwork and documentation to ensure is settled, allow for 2-3 hours time, this is generally how long a closing takes.
During the closing, you will sign the bank’s loan documents to complete the loan transaction including the note and mortgage. The seller will sign all documents needed to transfer ownership of the home to you.
In order for us to calculate your approximate closing costs, we will require an invoice from the title company, the seller’s certified check request, and the lender’s fees.
Once the closing is complete, you will receive full ownership of your new property – congratulations!
For more information, contact Piccinnini Law at 516-500-2110