Navigating the closing process in New York real estate transactions can be intricate. This guide breaks down each step to help buyers and sellers understand what to expect.
- Contract of Sale
Once an offer is accepted, both parties sign a contract of sale. In New York, this contract is typically prepared by the seller’s real estate attorney and reviewed by the buyer’s attorney before signing. The contract outlines essential terms, including the purchase price, contingencies, and timelines.
- Home Inspection and Appraisal
The buyer arranges for a home inspection to assess the property’s condition. If financing is involved, the lender will require an appraisal to determine the property’s value.
- Title Search and Insurance
A title company conducts a title search to ensure the property is free of liens or encumbrances. Title insurance is then obtained to protect against future claims.
- Mortgage Commitment
The buyer secures a mortgage commitment from a lender, satisfying any conditions before closing. Delays in mortgage approval can postpone the closing, so maintaining communication with the lender is crucial.
- Final Walkthrough
A final walkthrough is conducted to ensure the property’s condition hasn’t changed since the inspection and that agreed-upon repairs have been made.
- Closing Day
On the closing day, all parties meet to sign the necessary documents. The buyer pays the remaining balance, and the seller hands over the keys. The deed is recorded, finalizing the transfer of ownership.
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