Danziger Legal PLLC

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Toll Free:

(800) 619-3570

New York City:

(212) 786-7950

Westchester County:

(914) 719-6970

Danziger Legal PLLC

Real Estate ClosingsOur firm will professionally represent you with your real estate transaction.  Our attorneys are familiar with Closings and offer our real estate clients personal attention and top-notch service.  Our firm is focused on the details to ensure our clients are prepared for a smooth and successful closing.

The real estate closing or “closing of title” is the meeting where the real estate sale is finalized.  Usually, the seller and her attorney, the buyer and his attorney, the bank attorney (or attorney for the lender), and the title company attend this meeting.  At a typical Closing, the Deed of Sale is signed by the Sellers, which transfers ownership interest over to the buyer.  In New York, it is customary for the Seller to provide a Bargain and Sale Deed but this may vary based on the details of the transaction.  If the buyer is borrowing money to purchase the property, she signs loan documents including the important Mortgage and Note.  In return the lender provides the loan proceeds for the transaction.  After paying any taxes, closing costs, and expenses, the Seller will receive certified funds for the net proceeds available at the Closing.   Both the Buyer and the Seller will need to pay various fees.  Customary fees for the Buyer and the seller are as follows:

Buyer’s Fees Paid at Closing
  • Closing Costs to Bank
  • New York State Mortgage Tax
  • NYS Mansion Tax (transactions over $1 Million)
  • Prepay any real estate tax due close to Closing Date
  • Title Insurance Fees and Filing Fees
  • Fees to Condominium or Coop
  • Legal Fee
Seller’s Fees Paid at Closing
  • Real Estate Commission
  • Payoff of mortgage or other liens
  • New York State Transfer Tax
  • New York City Transfer Tax, if in five boroughs
  • Fees to Title Company, if any
  • Fees to Condominium or Coop (including Coop Flip Tax if applicable)
  • Legal Fee

A successful closing ends with the Seller getting his money and the buyer getting the keys to her new home!  You should hire an experienced and professional Closing Attorney to help you with the purchase or sale of real estate.

Elliot Danziger, Esq.

Toll Free: (800) 619-3570
New York City: (212) 786-7950
Westchester County: (914) 719-6970

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