You’ve reached the final stage of your real estate transaction: closing.
If you’re buying or selling property, it’s important to know what to expect at real estate closing and what role a real estate closing attorney will play in ensuring everything goes smoothly.
This post will consider what to expect at real estate closing and how a real estate closing attorney will assist.
Escrow is the legal process by which a third party holds and disburses funds or other assets to benefit all parties involved in a transaction.
Because the closing process might take many weeks, you will normally be requested to deposit earnest money to secure the commitment.
Before you close on a property, you’ll want to make sure it’s safe for your family and that all systems function properly. Your real estate closing attorney will likely schedule an inspection of the home by a professional inspector who can check for lead paint, termites, mold, and other issues.
New York property owners may also be asked to provide proof of certification for things like well testing, flood search, and underground oil tanks.
A title search investigates the property’s history to ensure a clear and valid title. The search will show whether there are any liens against the property or if there are easements or restrictions on its use. If there are problems with the title, your real estate closing attorney can help resolve them before closing on your home purchase.
The lender may also require the buyer to get title insurance to protect against losses.
The property will be examined again on or before the day of the signing to ensure everything is in order.
Closing is when you’ll sign the final documents that make your purchase official and take possession of the property. A real estate closing attorney will play an important role in ensuring that all parties know their responsibilities and obligations before signing any documents.
At real estate closing, your attorney will review all of the documents that make up your real estate transaction, including:
Once everything is ready, the closing attorney will review all paperwork with you so that you can make sure it’s accurate before signing.
Danziger Legal PLLC‘s experienced real estate closing attorneys are prepared to work with you through closing and ensure the process runs smoothly. Our lawyers are knowledgeable about all aspects of New York real estate law and will offer you the best assistance possible.
We serve Rye Brook, Port Chester, New York City, White Plains, Yonkers, and the neighboring New York areas.