A real estate closing finalizes the purchase of a home. At closing, the buyer and seller sign legal documents to transfer ownership. The buyer provides funds for the purchase, and the seller hands over the deed. If the buyer has a mortgage, their lender disburses the funds. An attorney conducts a title search to ensure there are no outstanding claims on the property and reviews the closing documents to confirm their accuracy. The parties pay closing costs, including attorney fees, taxes, and title insurance. Once the parties meet all relevant requirements, the deed is recorded with the Nassau County Clerk’s Office. The buyer then receives the keys and officially owns the property.
The Real Estate Closing Process in New York
A real estate closing in New York transfers ownership from the seller to the buyer. Buyers and sellers must meet all legal and financial requirements before closing. Attorneys ensure that these transactions follow state laws and that all necessary documents are in place.
Title Search and Title Insurance
A title search confirms that no one else has a legal claim to the property. Attorneys or title companies review public records to check for liens, unpaid taxes, or disputes. If they find issues, the seller must resolve them before closing. Buyers typically purchase title insurance, which helps cover legal costs if a dispute arises after the sale, to protect against future claims.
Mortgage and Financing Considerations
Buyers who finance their purchases must meet their lender’s requirements before closing. Lenders review buyers’ credit, income, and debts to approve mortgage loans. They also order appraisals to confirm the property’s value. Once approved, the lender provides a loan commitment, which confirms the financing terms.
Reviewing and Signing Closing Documents
At closing, the buyer and seller sign several legal documents. These include the deed, which transfers ownership, and the closing disclosure, which lists all final costs. If the buyer has a mortgage, they sign the loan agreement and promissory note. Attorneys review each document to confirm accuracy before signing.
Closing Costs and Fees
Both buyers and sellers must pay certain fees at closing. Buyers pay for title insurance, attorney fees, and lender costs. They also pay a mortgage recording tax if they finance their purchases. Sellers pay real estate transfer taxes and agent commissions. Closing disclosures list all costs so each party knows what they owe.
Final Walkthrough and Last-Minute Issues
Buyers complete final walkthroughs before closing to check property conditions. They verify that sellers have completed any agreed-upon repairs and that no new damage occurred. If they find issues, they can request repairs or negotiate credits before signing the final documents.
Escrow and Fund Transfers
During closing, the buyer transfers funds to an escrow account. An escrow agent holds the funds until all conditions are met. Once all parties sign the documents, the escrow agent releases the money to the seller. The buyer then receives the keys to the property.
Recording the Deed and Finalizing Ownership
The final step in the closing process involves recording the deed with the Nassau County Clerk’s Office. This step officially transfers ownership to the buyer. The county updates public records to show the new owner. After recording, the buyer receives the original deed and can take full possession of the property.
Contact a Garden City Real Estate Lawyer
Buying or selling a home involves important legal and financial considerations. The real estate attorneys at Yaqubie Law can review your contracts, resolve title issues, and guide you through the closing process. Contact us today to arrange your initial consultation session and get the legal support you need for a smooth real estate transaction.
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.
