Garden City Real Estate Closing Attorney

The closing is the final step and ultimate goal of every commercial and residential real estate transaction. By this stage, the parties should be satisfied with the deal and ready to wrap up the last remaining details. However, the path to the closing is always the product of careful deliberation and ensuring that all legal requirements have been met.

In some cases, surprises emerge on the days leading up to this event or perhaps on the closing date itself. Having a seasoned real estate attorney who is ready and able to meet these challenges is essential to protecting your rights and ensuring you walk away with the deal for which you bargained. Count on the real estate closing firm of Yaqubie Law.

What Is Required Before Closing?

Whether you are closing on a commercial or residential property, the steps required to finalize the purchase and sale are similar. To get to the closing, you must:

• Conduct an inspection: It’s important to never purchase property of any kind without checking for pests, damage, and other problems first. This is especially true if the property is older, but even new properties should be inspected.
• Certifications and documents: The buyer may need to obtain certain certifications regarding the property. One document you will eventually need is a Certificate of Occupancy which proves the property has met all zoning and building code regulations and is safe to live in.
• Title search and insurance: The buyer’s attorney will need to conduct a title search to ensure the seller is conveying clear title, and to obtain insurance regarding the same. The search should uncover any liens, tax liabilities, and ambiguities regarding property ownership.
• Mortgage approval: The mortgage process takes time, so it should be started well before the closing. Once you have proof that the mortgage has been approved, you are ready to move forward.
• Property insurance: The lender will require the buyer to obtain an insurance policy to protect its interest in the residential or commercial real estate. From the buyer’s perspective, it simply makes sense to have coverage in case of a disaster.
• Walkthrough: A final walkthrough will be conducted, often on the eve of closing, to ensure the buyer is ready to take possession of the property. The buyer should ensure that any defects previously identified have been fixed.
• Signing documents and wiring funds: Lastly, all documents will be signed and recorded, including the deed, and the purchase funds will be wired to the seller (or instructions will be provided to do so). Your attorney can oversee and explain these final steps.

Problems That May Emerge Before Closing

Any number of issues could crop up right before or on the day of closing. It is critical that you have an attorney who is ready to respond and adapt to such a situation. Examples include:

• Title defects: The title search will likely come back clean, but this is never a guarantee. If a lien was never removed or a tax liability wasn’t paid, or another party can lay claim to the property, the closing cannot proceed until these matters are resolved.
• Financing problems: Financing for the purchase can fall through at the last minute, even if the buyer was preapproved for a mortgage. This will not necessarily terminate the deal but it will take work to correct.
• Paperwork errors: Clerical errors and other paperwork mistakes may seem minor, but they could have drastic consequences. Your attorney should review these documents closely and make sure mistakes have been fixed.
• Walkthrough problems: If you requested repairs to be made or there were building code issues with the property, these should be addressed before the walkthrough. If they are not, the closing date may need to be rescheduled or the buyer may need to request a credit to repair them.
• Items removed: Sellers are expected to leave certain items at the property as agreed upon, especially fixtures and sometimes things like appliances and trees. If these were removed, the buyer has the right to request them to be returned or replaced.

What Does a Closing Attorney Do?

The New York real estate market is one of the most competitive in the world, so having an experienced attorney is critical. We represent buyers and sellers in real estate deals by:

• Conducting the title search: As mentioned above, this crucial step ensures that the buyer gets the deal he or she bargained for. Your lawyer will explain any problems uncovered during the title search and help remedy them.
• Preparing and reviewing closing documents: The real estate attorney is responsible for preparing and reviewing all necessary closing documents. These may include the purchase agreement, deed, mortgage documents, and others.
• Managing escrow: Funds held in escrow should not be released until all requirements for doing so have been met. Your attorney will communicate with the escrow agent to verify that all necessary items are complete and that funds are correctly and timely disbursed.
• Explaining the mortgage: Mortgage documents are often lengthy and complex, and few individuals have read them without having at least a few questions. We will make sure you understand the basics of the mortgage.
• Identifying and managing risks: If risks should emerge that threaten your position in the deal, your attorney will flag them and determine how to resolve them. This may take some creativity so we are prepared to bring our best to the table.
• Legal advice and counsel: Regardless of which party you are in the deal, you have both rights and obligations concerning the purchase and sale of the property. We will counsel and advise you throughout the process.
• Handling communications: The parties to the deal must have effective communication to ensure everything goes as planned. This is essential if problems come up before closing, so your attorney will manage these relationships.
• Taking care of post-closing tasks: Certain matters must be addressed after the closing. Some of these, like ensuring the deed has been recorded, are standard. Others are unique to the deal. We will do what is needed to complete your deal.

Contact Our Garden City Real Estate Closing Attorney

For many individuals, a real estate transaction is the most financially significant deal they will ever make. The benefits of having a real estate closing attorney cannot be overstated. From knowing how to finalize the closing to understanding how to address unexpected issues, Yaqubie Law has you covered. Call us today to learn more.

Yaqubie Law, located in Garden City, also serves Manhattan, Brooklyn, Bronx, Queens, Staten Island, Syosset, Nassau County, Suffolk County, Long Island, and the greater New York area.