Residential Real Estate
Closing in New York City

Closing a real estate transaction requires a lot of time and effort by all of the parties involved. The initial phase is the Contract negotiation and signing where the basic price, closing date and other terms are finalized.

Following the Contract signing, a title report, a mortgage commitment and other financial and property inspection tasks are finalized. A New York City real estate attorney will generally assist the client with all of these matters.

Finally, at the closing the parties will need to execute documents such as a deed, mortgage papers and various tax forms and affidavits. These papers need to be prepared for signing on the closing date. The exact amount of funds necessary to finalize the purchase and pay for any outstanding items such as mortgage pay-offs and financing costs must be calculated beforehand and brought to the closing.